Lee Jimmy S H – ‘5’ for 12/31/98 re: Mercer International Inc.

As of:  Friday, 2/26/99   ·   For:  12/31/98   ·   Accession #:  927087-99-32   ·   File #:  0-09409

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Annual Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 5   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 5           Annual Statement of Changes in Beneficial              2     17K 
                Ownership of Securities by an Insider                            

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--------                                          ---------------------------   
FORM 5                                                   OMB APPROVAL         
--------                                          ---------------------------   
                                                  OMB Number:          3235-0362
                                                  Expires:    September 30, 1998
                                            Estimated average burden
                                                  hours per response ......  1.0
                                                 -----------------------------

/ / Check box if no               U.S. SECURITIES AND EXCHANGE COMMISSION       
longer subject to                       WASHINGTON, DC 20549            
Section 16. Form                                                        
   4 or Form 5             ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
obligations may                                                         
  continue. See            Filed pursuant to Section 16(a) of the Securities
Instruction 1(b)                         Exchange Act of 1934,          
/X/ Form 3 Holdings                  Section 17(a) of the Public Utility        
Reported                 Holding Company Act of 1935 or Section 30(f) of
/ / Form 4                              the Investment Company Act              
Transactions                                   of 1940                  
Reported                                                                

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 1. Name and Address of Reporting Person*      2. Issuer Name and Ticker or Trading Symbol   6. Relationship of Reporting Person to
    Lee,          Jimmy            S.H.           Mercer International Inc. (MERCS)             Issuer (Check all applicable)      
- -------------------------------------------    ----------------------------------------------       Director        10% Owner    
  (Last)          (First)          (Middle)    3. IRS or Social Security  4. Statement for      ----              ---              
    Burglistrasse 6, Postfach                     Number of Reporting        Month/Year          X  Officer (give  X  Other(specify
- -------------------------------------------       Person (Voluntary)         1998             ----        title ---      below)  
                 (Street)                                                 -------------------               below)                 
    8002 Zurich Switzerland                                                5. If Amendment,          Chief Executive Officer       
- -------------------------------------------                                  Date of Original       and Trustee                  
  (City)           (State)           (Zip)                                   (Month/Year)           ------------------------------ 
                                                                                             7. Individual or Joint/Group Filing   
                                                                          ------------------    (Check applicable line)            
                                                                                                  X   Form Filed by One            
                                                                                                ----  Reporting Person             
                                                                                                      Form Filed by more than      
                                                                                                ----  One Reporting Person         
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                         TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED                         
--------------------------------------------------------------------------------------------------------------------------------   
 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of Se-    6. Owner-      7. Nature 
    (Instr. 3)                     action      tion         or Disposed of (D)           curities Benefi-    ship           of In- 
                                   Date        Code         (Instr. 3, 4 and 5)          cially Owned at     Form:          direct 
                                               (Instr. 8)                                End of Month        Direct         Benefi-
                                  (Month/                                                (Instr. 3 and 4)    (D) or         cial   
                                   Day/                 ----------------------------                         Indirect       Owner- 
                                   Year)                Amount    (A) or      Price                          (I)            ship   
                                                                  (D)                                        (Instr. 4)     (Instr.
                                                                                                                            4)     

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  Common Stock                                                                           14,000                D                   
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*If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).                                                  
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                 (Over) 

                                                                               (Print or Type Responses)                           

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FORM 5 (CONTINUED)        TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED                          
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)                                  

                                                                                                                                  
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1. Title of Derivative    2. Conver-   3. Trans-  4. Trans-   5. Number of     6. Date Exer-   7. Title and Amount   8. Price     
   Security                  sion or      action     action      Derivative       cisable and     of Underlying         of        
   (Instr. 3)                Exercise     Date       Code        Securities Ac-   Expiration      Securities            Deriv-    
                             Price of     (Month/    (Instr. 8)  quired (A) or    Date            (Instr. 3 and 4)      ative     
                             Deriv-       Day/                   Disposed of (D)  (Month/Day/                           Secur-    
                             ative        Year)                  (Instr. 3, 4,    Year)                                 ity       
                             Security                            and 5)                                                 (Instr. 5)
                                                                               -----------------------------------                
                                                                               Date    Expira-            Amount or               
                                                               --------------- Exer-   tion       Title   Number of               
                                                                (A)     (D)    cisable Date               Shares                  
-------------------------------------------------------------------------------------------------------------------------------   
  Employee Stock Option                                                                                                           
  (Right to Buy)             $18.47      12/24/96      A        75,000        12/24/96 12/24/06  Common    75,000                 
                                                                                (2)              Stock                            
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  Employee Stock Option                                                                                                           
  (Right to Buy)             $ 8.50       7/8/97       A       160,000         7/8/97   7/8/07   Common   160,000                 
                                                                                (2)                                               
--------------------------------------------------------------------------------------------------------------------------------  
  Employee Stock Option                                                                                                           
  (Right to Buy)             $ 6.00      10/28/98      A        90,000        10/28/98 10/28/08  Common    90,000                 
                                                                                (2)                                               
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1. Title of Derivative       9. Number of           10. Ownership               11. Nature of            
   Security                     Derivative              of Derivative               Indirect             
   (Instr. 3)                   Securities              Security:                   Beneficial           
                                Beneficially            Direct (D)                  Ownership            
                                Owned at End            or Indirect (I)             (Instr. 4)           
                                of Month                (Instr. 4)                                       
                                (Instr. 4)                                                               

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  Employee Stock Option                                                                                  
  (Right to Buy)                75,000                   D                                               
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  Employee Stock Option                                                                                  
  (Right to Buy)               160,000                   D                                               

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  Employee Stock Option                                                                                  
  (Right to Buy)                90,000                   D                                               

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Explanation of Responses:                                                                                


     (1) Granted pursuant to the issuer's Amended and Restated 1992 Stock Option
Plan.                                                                           

     (2)  One-third of the options  vests upon grant and one third vests on each
of the first two anniversaries of the grant date.                               

                       /s/ Jimmy S. H. Lee                 2/26/99
                             _______________________________     _____________
                    **Signature of Reporting Person     Date

     **  Intentional  misstatements  or  omissions of facts  constitute  Federal
Criminal Violations.  See 18 U.S.C. 1001 and 15 U.S.C.  78ff(a).                

     Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.             

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘5’ Filing		Date		First		Last			Other Filings
Filed on:		2/26/99
For Period end:		12/31/98							10-K,  10-K405
		9/30/98		1					10-Q
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