TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The alcoholic component comprises a monohydric alcohol, glycol and/or triol (preferably glycol). The catalyst comprises a slurry catalyst.    TECHNOLOGY FOCUS - POLYMERS - Preferred Method: The alcoholic component is formed by a catalytic reduction reaction of soluble carbohydrates, where the soluble carbohydrates are derived from the cellulosic biomass solids. At least a portion of the aqueous phase is maintained with the cellulosic biomass solids after separating the phenolics liquid phase. The method further involves: circulating at least a portion of the aqueous phase through the cellulosic biomass solids, where at least a portion of the slurry catalyst is circulated with the aqueous phase; at least partially depolymerizing the lignin in the phenolics liquid phase; measuring the viscosity of the phenolics liquid phase; at least partially depolymerizing the lignin until a desired viscosity has been reached, where the viscosity of the phenolics liquid phase is decreased by 20% by at least partially depolymerizing the lignin; forming methanol in the phenolics liquid phase while at least partially depolymerizing the lignin; combining the methanol with the alcoholic component; after separating the phenolics liquid phase from the aqueous phase, at least partially separating the alcoholic component from at least a portion of the aqueous phase; removing the slurry catalyst from the phenolics liquid phase and returning the slurry catalyst to the cellulosic biomass solids; at least partially depolymerizing the lignin in the phenolics liquid phase before removing the slurry catalyst from its; removing at least a portion of the phenolics liquid phase from the hydrothermal digestion unit and returning it to that, where the lignin within the phenolics liquid phase is at least partially depolymerized in the hydrothermal digestion unit; and removing at least a portion of the phenolics liquid phase from the hydrothermal digestion unit and returning it to that, where the lignin within the phenolics liquid phase is at least partially depolymerized external to the hydrothermal digestion unit. The partially depolymerizing the lignin comprises heating the phenolics liquid phase to a temperature of 270 degrees C in the presence of molecular hydrogen and a catalyst capable of activating molecular hydrogen. The partially depolymerizing the lignin takes place after separating the phenolics liquid phase from the aqueous phase. The partially converting the cellulosic biomass solids into a phenolics liquid phase comprising lignin, an aqueous phase comprising an alcoholic component derived from the cellulosic biomass solids, and an optional light organics phase takes place in a hydrothermal digestion unit in the presence of molecular hydrogen and a slurry catalyst capable of activating molecular hydrogen, where the slurry catalyst is at least partially distributed in the cellulosic biomass solids using upwardly directed fluid flow, and where at least a portion of the slurry catalyst accumulates in the phenolics liquid phase as it forms. Removing the slurry catalyst from the phenolics liquid phase and at least partially depolymerizing the lignin in the phenolics liquid phase takes place external to the hydrothermal digestion unit. The method involves: providing cellulosic biomass solids in a digestion solvent; heating the cellulosic biomass solids and the digestion solvent in the presence of molecular hydrogen and a slurry catalyst capable of activating molecular hydrogen, thereby forming a phenolics liquid phase comprising lignin, an aqueous phase comprising an alcoholic component derived from the cellulosic biomass solids, and an optional light organics phase, where the slurry catalyst is at least partially distributed in the cellulosic biomass solids using upwardly directed fluid flow and at least a portion of the slurry catalyst accumulating in the phenolics liquid phase as it forms; and separating the phenolics liquid phase from the aqueous phase. EXAMPLE - No suitable example given.