Condensed consolidating financial information

Our 2021 Notes are guaranteed by each of our material existing and future domestic subsidiaries, except for Nordural US LLC and Century Aluminum Development LLC. The Guarantor Subsidiaries are 100% owned by Century. All guarantees are full and unconditional; all guarantees are joint and several. These notes are not guaranteed by our foreign subsidiaries (such foreign subsidiaries, Nordural US LLC and Century Aluminum Development LLC, collectively the “Non-Guarantor Subsidiaries”). We allocate corporate expenses or income to our subsidiaries and charge interest on certain intercompany balances.

The following summarized condensed consolidating statements of comprehensive income (loss) for the three months ended March 31, 2016 and 2015, condensed consolidating balance sheets as of March 31, 2016 and December 31, 2015 and the condensed consolidating statements of cash flows for the three months ended March 31, 2016 and 2015 present separate results for Century, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries, consolidating adjustments and total consolidated amounts. Although Century Aluminum West Virginia (which owns our curtailed Ravenswood smelter) has guaranteed our Notes due 2021, because we are in the process of selling substantially all of its assets, we have included its assets and results of operations in the columns under the caption Non-Guarantor Subsidiaries.



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	162,120		$	141,654		$	(23,397	)	$	280,377
Third-party customers	—			38,468			9			—			38,477
Total net sales	—			200,588			141,663			(23,397		)	318,854
Cost of goods sold	—			209,573			136,304			(23,971		)	321,906
Gross profit (loss)	—			(8,985		)	5,359			574			(3,052		)
Selling, general and administrative expenses	8,299			—			1,326			—			9,625
Other operating expense - net	—			—			881			—			881
Operating income (loss)	(8,299		)	(8,985		)	3,152			574			(13,558		)
Interest expense - third parties	(5,065		)	(382		)	(46		)	—			(5,493		)
Interest income (expense) - affiliates	9,548			—			(9,548		)	—			—
Interest income - third parties	37			—			77			—			114
Net gain on forward and derivative contracts	—			353			—			—			353
Other income (expense) - net	771			(6		)	(771		)	—			(6		)
Loss before income taxes and equity in earnings (loss) of joint ventures	(3,008		)	(9,020		)	(7,136		)	574			(18,590		)
Income tax benefit	620			—			1,450			—			2,070
Loss before income taxes and equity in earnings (loss) of joint ventures	(2,388		)	(9,020		)	(5,686		)	574			(16,520		)
Equity in earnings (loss) of joint ventures	(13,775		)	—			357			13,775			357
Net loss	$	(16,163	)	$	(9,020	)	$	(5,329	)	$	14,349		$	(16,163	)
Other comprehensive income before income tax effect	1,206			778			303			(1,081		)	1,206
Income tax effect	(383		)	—			8			(8		)	(383		)
Other comprehensive income (loss)	823			778			311			(1,089		)	823
Total comprehensive loss	$	(15,340	)	$	(8,242	)	$	(5,018	)	$	13,260		$	(15,340	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2015
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	403,064		$	173,779		$	(1,114	)	$	575,729
Third-party customers	—			12,874			6			(698		)	12,182
Total net sales	—			415,938			173,785			(1,812		)	587,911
Cost of goods sold	—			362,302			136,028			(4,514		)	493,816
Gross profit	—			53,636			37,757			2,702			94,095
Selling, general and administrative expenses	10,837			(944		)	1,078			1,000			11,971
Other operating expense - net	—			—			2,079			—			2,079
Operating income (loss)	(10,837		)	54,580			34,600			1,702			80,045
Interest expense - third parties	(5,109		)	(396		)	(46		)	—			(5,551		)
Interest income (expense) - affiliates	10,226			—			(10,226		)	—			—
Interest income - third parties	15			4			123			—			142
Net gain on forward and derivative contracts	—			353			—			—			353
Unrealized gain on fair value of contingent consideration	—			6,527			—			—			6,527
Other income (expense) - net	537			(484		)	2,731			(1,730		)	1,054
Income (loss) before income taxes and equity in earnings of joint ventures	(5,168		)	60,584			27,182			(28		)	82,570
Income tax expense	(299		)	—			(9,052		)	50			(9,301		)
Income (loss) before equity in earnings of joint ventures	(5,467		)	60,584			18,130			22			73,269
Equity in earnings of joint ventures	79,246			—			510			(79,246		)	510
Net income	$	73,779		$	60,584		$	18,640		$	(79,224	)	$	73,779
Other comprehensive income before income tax effect	461			33			245			(278		)	461
Income tax effect	(383		)	—			8			(8		)	(383		)
Other comprehensive income (loss)	78			33			253			(286		)	78
Total comprehensive income	$	73,857		$	60,617		$	18,893		$	(79,510	)	$	73,857



Condensed Consolidating Balance Sheet
As of March 31, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	49,667		$	(74	)	$	76,868		$	—		$	126,461
Restricted cash	—			795			—			—			795
Accounts receivable - net	—			12,088			580			—			12,668
Due from affiliates	382			13,955			1,141			—			15,478
Inventories	180			142,070			80,526			(2,274		)	220,502
Prepaid and other current assets	7,073			4,290			18,259			—			29,622
Assets held for sale	—			—			29,715			—			29,715
Total current assets	57,302			173,124			207,089			(2,274		)	435,241
Property, plant and equipment - net	8,863			352,384			853,975			—			1,215,222
Investment in subsidiaries	580,999			—			—			(580,999		)	—
Due from affiliates - less current portion	639,780			—			—			(639,780		)	—
Other assets	30,025			19,328			16,371			7,418			73,142
TOTAL	$	1,316,969		$	544,836		$	1,077,435		$	(1,215,635	)	$	1,723,605

Accounts payable, trade	$	2,582		$	47,777		$	34,228		$	—		$	84,587
Due to affiliates	1,500			1,210			547			2,916			6,173
Accrued and other current liabilities	14,280			11,073			24,816			—			50,169
Accrued employee benefits costs	1,824			7,550			680			—			10,054
Industrial revenue bonds	—			7,815			—			—			7,815
Total current liabilities	20,186			75,425			60,271			2,916			158,798
Senior notes payable	247,380			—			—			—			247,380
Accrued pension benefits costs cost - less current portion	39,552			(11,009		)	14,894			—			43,437
Accrued postretirement benefits costs - less current portion	4,834			119,529			1,578			—			125,941
Other liabilities	1,893			30,749			11,739			7,418			51,799
Intercompany loan	—			126,343			518,353			(644,696		)	—
Deferred taxes	—			—			93,399			—			93,399
Total noncurrent liabilities	293,659			265,612			639,963			(637,278		)	561,956
Series A Preferred stock	1			—			—			—			1
Common stock	942			—			228,424			(228,424		)	942
Additional paid-in capital	2,513,952			191,023			2,182,533			(2,373,556		)	2,513,952
Treasury stock, at cost	(86,276		)	—			—			—			(86,276		)
Accumulated other comprehensive loss	(13,391		)	(59,249		)	(39,187		)	—			(111,827		)
Accumulated deficit	(1,412,104		)	72,025			(1,994,569		)	2,020,707			(1,313,941		)
Total shareholder's equity	1,003,124			203,799			377,201			(581,273		)	1,002,851
TOTAL	$	1,316,969		$	544,836		$	1,077,435		$	(1,215,635	)	$	1,723,605



Condensed Consolidating Balance Sheet
As of December 31, 2015
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	58,421		$	(3,647	)	$	60,619		$	—		$	115,393
Restricted cash	—			791			—			—			791
Accounts receivable - net	104			8,891			480			—			9,475
Due from affiliates	13			14,493			2,911			—			17,417
Inventories	180			148,280			85,937			(2,525		)	231,872
Prepaid and other current assets	7,713			16,242			18,457			—			42,412
Assets held for sale	—			—			30,697			—			30,697
Total current assets	66,431			185,050			199,101			(2,525		)	448,057
Property, plant and equipment - net	9,188			361,626			861,442			—			1,232,256
Investment in subsidiaries	593,604			—			—			(593,604		)	—
Due from affiliates - less current portion	632,170			—			—			(632,170		)	—
Other assets	29,536			19,153			16,047			7,419			72,155
TOTAL	$	1,330,929		$	565,829		$	1,076,590		$	(1,220,880	)	$	1,752,468

Accounts payable, trade	$	2,380		$	53,145		$	34,964		$	—		$	90,489
Due to affiliates	2,143			7,167			735			—			10,045
Accrued and other current liabilities	11,247			14,759			22,816			—			48,822
Accrued employee benefits costs	1,824			7,644			680			—			10,148
Industrial revenue bonds	—			7,815			—			—			7,815
Total current liabilities	17,594			90,530			59,195			—			167,319
Senior notes payable	247,278			—			—			—			247,278
Accrued pension benefits costs cost - less current portion	39,831			(11,021		)	15,189			—			43,999
Accrued postretirement benefits costs - less current portion	4,524			119,911			1,564			—			125,999
Other liabilities	3,307			30,505			11,779			7,418			53,009
Intercompany loan	—			124,518			509,652			(634,170		)	—
Deferred taxes	—			—			96,994			—			96,994
Total noncurrent liabilities	294,940			263,913			635,178			(626,752		)	567,279
Series A Preferred stock	1			—			—			—			1
Common stock	942			—			224,424			(224,424		)	942
Additional paid-in capital	2,513,631			191,023			2,038,138			(2,229,161		)	2,513,631
Treasury stock, at cost	(86,276		)	—			—			—			(86,276		)
Accumulated other comprehensive loss	(13,125		)	(60,026		)	(39,499		)	—			(112,650		)
Accumulated deficit	(1,396,778		)	80,389			(1,840,846		)	1,859,457			(1,297,778		)
Total shareholder's equity	1,018,395			211,386			382,217			(594,128		)	1,017,870
TOTAL	$	1,330,929		$	565,829		$	1,076,590		$	(1,220,880	)	$	1,752,468



Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2016
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(8,754	)	$	5,435		$	9,956		$	8,266		$	14,903
Purchase of property, plant and equipment	—			(1,426		)	(2,409		)	—			(3,835		)
Net cash used in investing activities	—			(1,426		)	(2,409		)	—			(3,835		)
Borrowings under revolving credit facilities	371			—			—			—			371
Repayments under revolving credit facilities	(371		)	—			—			—			(371		)
Intercompany transactions	—			(436		)	8,702			(8,266		)	—
Net cash provided by (used in) financing activities	—			(436		)	8,702			(8,266		)	—
CHANGE IN CASH AND CASH EQUIVALENTS	(8,754		)	3,573			16,249			—			11,068
Cash and cash equivalents, beginning of period	58,421			(3,647		)	60,619			—			115,393
Cash and cash equivalents, end of period	$	49,667		$	(74	)	$	76,868		$	—		$	126,461



Condensed Consolidating Statement of Cash Flows
For the three months ended March 31, 2015
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	113,179		$	40,025		$	(222,561	)	$	185,624		$	116,267
Purchase of property, plant and equipment	(348		)	(6,726		)	(5,553		)	—			(12,627		)
Restricted and other cash deposits	—			(21,012		)	—			—			(21,012		)
Net cash used in investing activities	(348		)	(27,738		)	(5,553		)	—			(33,639		)
Borrowings under revolving credit facilities	455			—			—			—			455
Repayments under revolving credit facilities	(455		)	—			—			—			(455		)
Repurchase of common stock	(19,439		)	—			—			—			(19,439		)
Intercompany transactions	—			(11,164		)	196,788			(185,624		)	—
Net cash provided by (used in) financing activities	(19,439		)	(11,164		)	196,788			(185,624		)	(19,439		)
CHANGE IN CASH AND CASH EQUIVALENTS	93,392			1,123			(31,326		)	—			63,189
Cash and cash equivalents, beginning of period	70,683			(1,187		)	93,746			—			163,242
Cash and cash equivalents, end of period	$	164,075		$	(64	)	$	62,420		$	—		$	226,431