TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Method: The solvent of step (c) is an aqueous alcohol comprising no more than 10C. The step (c) is performed at 250-400 degrees C, preferably 320 degrees C, and a reaction pressure of 12-24 MPa, preferably 20 MPa, for 2-60 minutes, preferably 5-30 minutes. The lignin and cellulose in step (c) is in the form of a slurry. The step (a) is performed at 100-250 degrees C, and a reaction pressure of 0.2-5 MPa. The solvent of step (a) is: an aqueous acid and the treatment is performed at a pH of below 6.5; an aqueous base and the treatment is performed at a pH of above 7.5; and water. The method further comprises pre-treating the lignocellulosic matter prior to solvating hemicellulose. The pre-treating comprises producing a slurry comprising a mixture of a solvent and particles derived from the lignocellulosic matter. The lignin and cellulose is fractionated from the solid matter remaining after step (a) prior to performing step (c) of solvating to produce the bio-oil. The solvated hemicellulose removed in step (b) is subjected to saccharification to produce a fermentable saccharide. The saccharide is fermented to produce an alcohol comprising ethanol, butanol, xylitol, mannitol or arabinol. Preferred Components: The lignocellulosic matter comprises hemicellulose 10-35 (preferably 20-35) %, cellulose 15-45 (preferably 20-45%), and lignin 2-35 (preferably 20-35) %. The aqueous alcohol is an ethanol (preferred) or methanol. The aqueous alcohol comprises alcohol 1-30 (preferably 20) wt.%. The slurry comprises solid matter 2-45 (preferably 5) wt.%. The particles are present at 50-500 microns in size. The slurry comprises lignocellulosic matter (5-20%). EXAMPLE - Wood flour (18%) and water (82%) were added to form wood flour slurry. The slurry was treated at 190 degrees C and a pressure of 31 bar for 5 minutes to extract hemicellulose to form filter cake. The resultant filter cake (lignin and cellulose) was transferred to another reactor. The filter cake was treated with aqueous ethanol (25 vol.%) at 320 degrees C and a pressure of 200 bar for 18 minutes and worked up to give bio-oil (comprising methoxyphenol, ethylmethoxyphenol, methoxypropenylphenol).