Guarantor Information (Tables)

AXIALL CORPORATION

Guarantor Condensed Consolidating Balance Sheet

As of March 31, 2016

(Unaudited)


*(In millions)*	Parent Company (a)		Eagle Spinco Inc.		Guarantor Subsidiaries Excluding Eagle Spinco Inc.		Guarantor Subsidiaries Including Eagle Spinco Inc. (b)		Non- Guarantor Subsidiaries (c)		Eliminations (d)		Consolidated (a)+(b)+(c)+(d)
Assets:
Cash and cash equivalents	$	0.5	$	-	$	80.6	$	80.6	$	120.3	$	-	$	201.4
Receivables, net of allowance for doubtful accounts		38.6		0.6		436.3		436.3		62.4		(156.1)		381.2
Inventories		-		-		246.2		246.2		61.0		-		307.2
Prepaid expenses and other		0.4		-		62.6		62.6		6.1		-		69.1
Current assets of discontinued operations		-		-		0.6		0.6		-		-		0.6

Total current assets		39.5		0.6		826.3		826.3		249.8		(156.1)		959.5
Property, plant and equipment, net		10.7		-		1,359.7		1,359.7		169.4		-		1,539.8
Long-term receivables—affiliates		900.0		-		-		-		-		(900.0)		-
Goodwill		-		-		707.8		707.8		148.4		-		856.2
Customer relationships, net		-		-		809.4		809.4		129.5		-		938.9
Other intangible assets, net		-		-		62.0		62.0		-		-		62.0
Other assets, net		4.9		1.7		61.8		61.8		3.4		-		70.1
Investment in subsidiaries		1,207.1		1,827.5		466.8		466.8		-		(1,673.9)		-

Total assets	$	2,162.2	$	1,829.8	$	4,293.8	$	4,293.8	$	700.5	$	(2,730.0)	$	4,426.5

Liabilities and Equity:
Current portion of long-term debt	$	-	$	-	$	2.5	$	2.5	$	-	$	-	$	2.5
Accounts payable		123.6		38.5		222.9		260.7		32.1		(156.1)		260.3
Interest payable		8.6		4.2		-		4.2		-		-		12.8
Income taxes payable		-		-		-		-		2.3		-		2.3
Accrued compensation		1.9		-		28.2		28.2		7.9		-		38.0
Other accrued liabilities		15.3		-		37.7		37.7		31.4		-		84.4
Current liabilities of discontinued operations		-		-		5.5		5.5		-		-		5.5

Total current liabilities		149.4		42.7		296.8		338.8		73.7		(156.1)		405.8
Long-term debt, excluding the current portion of long-term debt		444.4		678.8		241.3		920.2		-		-		1,364.6
Long-term payables—affiliates		-		900.0		-		900.0		-		(900.0)		-
Lease financing obligation		-		-		-		-		46.9		-		46.9
Deferred income taxes		19.2		-		629.6		627.9		31.6		-		678.7
Pension and other post-retirement benefits		3.3		-		184.0		184.0		6.5		-		193.8
Other non-current liabilities		11.0		-		116.0		116.0		8.5		(10.7)		124.8

Total liabilities		627.3		1,621.5		1,467.7		3,086.9		167.2		(1,066.8)		2,814.6
Equity:
Total Axiall stockholders’ equity		1,534.9		208.3		2,826.1		1,206.9		456.3		(1,663.2)		1,534.9
Noncontrolling interest		-		-		-		-		77.0		-		77.0

Total equity		1,534.9		208.3		2,826.1		1,206.9		533.3		(1,663.2)		1,611.9

Total liabilities and equity	$	2,162.2	$	1,829.8	$	4,293.8	$	4,293.8	$	700.5	$	(2,730.0)	$	4,426.5

AXIALL CORPORATION

Guarantor Condensed Consolidating Balance Sheet

As of December 31, 2015

(Unaudited)


*(In millions)*	Parent Company (a)		Eagle Spinco Inc.		Guarantor Subsidiaries Excluding Eagle Spinco Inc.		Guarantor Subsidiaries Including Eagle Spinco Inc. (b)		Non- Guarantor Subsidiaries (c)		Eliminations (d)		Consolidated (a)+(b)+(c)+(d)
Assets:
Cash and cash equivalents	$	0.3	$	-	$	161.7	$	161.7	$	96.0	$	-	$	258.0
Receivables, net of allowance for doubtful accounts		27.1		5.5		377.8		377.8		48.0		(97.6)		355.3
Inventories		-		-		217.6		217.6		63.3		-		280.9
Prepaid expenses and other		0.7		-		55.9		55.9		2.7		(0.4)		58.9
Current assets of discontinued operations		-		-		19.3		19.3		17.6		-		36.9


Total current assets		28.1		5.5		832.3		832.3		227.6		(98.0)		990.0
Property, plant and equipment, net		11.0		-		1,357.9		1,357.9		187.6		-		1,556.5
Long-term receivables—affiliates		900.0		-		-		-		-		(900.0)		-
Goodwill		-		-		707.8		707.8		144.3		-		852.1
Customer relationships, net		-		-		823.1		823.1		127.2		-		950.3
Other intangible assets, net		-		-		63.1		63.1		0.3		-		63.4
Non-current assets of discontinued operations		-		-		18.4		18.4		43.6		-		62.0
Other assets, net		5.6		1.7		56.2		56.2		3.3		-		65.1
Investment in subsidiaries		1,235.5		1,833.3		473.2		473.2		-		(1,708.7)		-

Total assets	$	2,180.2	$	1,840.5	$	4,332.0	$	4,332.0	$	733.9	$	(2,706.7)	$	4,539.4

Liabilities and Equity:
Current portion of long-term debt	$	-	$	-	$	2.5	$	2.5	$	-	$	-	$	2.5
Accounts payable		81.7		27.0		214.9		236.4		24.3		(97.6)		244.8
Interest payable		3.2		12.2		-		12.2		-		-		15.4
Income taxes payable		-		-		0.4		0.4		2.2		(0.4)		2.2
Accrued compensation		9.5		-		23.7		23.7		7.8		-		41.0
Other accrued liabilities		16.2		-		45.6		45.6		32.9		-		94.7
Current liabilities of discontinued operations		-		-		9.3		9.3		6.2		-		15.5

Total current liabilities		110.6		39.2		296.4		330.1		73.4		(98.0)		416.1
Long-term debt, excluding the current portion of long-term debt		444.2		678.4		241.9		920.3		-		-		1,364.5
Long-term payables—affiliates		-		900.0		-		900.0		-		(900.0)		-
Lease financing obligation		-		-		-		-		44.0		-		44.0
Deferred income taxes		18.0		-		636.1		634.4		30.6		-		683.0
Pension and other post-retirement benefits		3.6		-		189.9		189.9		9.3		-		202.8
Non-current liabilities of discontinued operations		-		-		-		-		35.6		-		35.6
Other non-current liabilities		25.5		-		113.2		113.2		8.8		(7.2)		140.3

Total liabilities		601.9		1,617.6		1,477.5		3,087.9		201.7		(1,005.2)		2,886.3
Equity:
Total Axiall stockholders’ equity		1,578.3		222.9		2,854.5		1,244.1		457.4		(1,701.5)		1,578.3
Noncontrolling interest		-		-		-		-		74.8		-		74.8

Total equity		1,578.3		222.9		2,854.5		1,244.1		532.2		(1,701.5)		1,653.1

Total liabilities and equity	$	2,180.2	$	1,840.5	$	4,332.0	$	4,332.0	$	733.9	$	(2,706.7)	$	4,539.4

AXIALL CORPORATION

Guarantor Condensed Consolidating Statement of Operations and

Comprehensive Income (Loss)

For the Three Months Ended March 31, 2016

(Unaudited)


*(In millions)*	Parent Company (a)		Eagle Spinco Inc.		Guarantor Subsidiaries Excluding Eagle Spinco Inc.		Guarantor Subsidiaries Including Eagle Spinco Inc. (b)		Non- Guarantor Subsidiaries (c)		Eliminations (d)		Consolidated (a)+(b)+(c)+(d)
Net sales	$	-	$	-	$	627.2	$	627.2	$	112.2	$	(40.2)	$	699.2
Operating costs and expenses:
Cost of sales		-		-		567.6		567.6		91.6		(40.2)		619.0
Selling, general and administrative expenses		12.9		-		44.3		44.3		12.9		-		70.1
Restructuring and divestiture costs		5.4		-		9.5		9.5		21.8		-		36.7
Integration-related costs and other, net		0.5		-		2.9		2.9		-		-		3.4
Fees associated with unsolicited offer and strategic alternatives		5.2		-		-		-		-		-		5.2

Total operating costs and expenses		24.0		-		624.3		624.3		126.3		(40.2)		734.4

Operating income (loss)		(24.0)		-		2.9		2.9		(14.1)		-		(35.2)
Other expense:
Interest income (expense), net		4.6		(19.8)		(0.9)		(20.7)		(0.9)		-		(17.0)
Foreign currency exchange loss		-		-		-		-		(0.9)		-		(0.9)
Equity in loss of subsidiaries		(45.0)		(10.3)		(22.5)		(22.5)		-		67.5		-

Loss from continuing operations before income taxes		(64.4)		(30.1)		(20.5)		(40.3)		(15.9)		67.5		(53.1)
Provision for (benefit from) income taxes		(10.8)		(11.0)		(2.1)		(13.1)		1.1		-		(22.8)

Loss from continuing operations		(53.6)		(19.1)		(18.4)		(27.2)		(17.0)		67.5		(30.3)
Discontinued operations:
Loss from discontinued operations		-		-		(26.2)		(26.2)		(5.2)		-		(31.4)
Benefit from income taxes of discontinued operations		-		-		(8.4)		(8.4)		-		-		(8.4)

Net loss from discontinued operations		-		-		(17.8)		(17.8)		(5.2)		-		(23.0)

Consolidated net loss		(53.6)		(19.1)		(36.2)		(45.0)		(22.2)		67.5		(53.3)
Less: net income attributable to noncontrolling interest		-		-		-		-		0.3		-		0.3

Net loss attributable to Axiall	$	(53.6)	$	(19.1)	$	(36.2)	$	(45.0)	$	(22.5)	$	67.5	$	(53.6)



Comprehensive income (loss) attributable to Axiall	$	(31.7)	$	(14.6)	$	(14.3)	$	(23.1)	$	4.2	$	18.9	$	(31.7)

AXIALL CORPORATION

Guarantor Condensed Consolidating Statement of Operations and

Comprehensive Loss

For the Three Months Ended March 31, 2015

(Unaudited)


*(In millions)*	Parent Company (a)		Eagle Spinco Inc.		Guarantor Subsidiaries Excluding Eagle Spinco Inc.		Guarantor Subsidiaries Including Eagle Spinco Inc. (b)		Non-Guarantor Subsidiaries (c)		Eliminations (d)		Consolidated (a)+(b)+(c)+(d)
Net sales	$	-	$	-	$	712.7	$	712.7	$	120.1	$	(48.2)	$	784.6
Operating costs and expenses:
Cost of sales		-		-		626.3		626.3		102.6		(48.2)		680.7
Selling, general and administrative expenses		12.4		-		47.2		47.2		16.4		-		76.0
Restructuring and divestiture costs		0.5		-		-		-		0.2		-		0.7
Integration-related costs and other, net		3.4		-		1.1		1.1		0.6		-		5.1

Total operating costs and expenses		16.3		-		674.6		674.6		119.8		(48.2)		762.5

Operating income (loss)		(16.3)		-		38.1		38.1		0.3		-		22.1
Other income (expense):
Interest income (expense), net		6.0		(20.9)		(0.1)		(20.9)		(2.7)		-		(17.6)
Debt refinancing costs		-		(0.1)		(3.1)		(3.2)		-		-		(3.2)
Foreign currency exchange gain (loss)		(0.1)		0.1		(0.1)		(0.1)		(0.5)		-		(0.7)
Equity in loss of subsidiaries		(3.0)		(7.0)		(4.5)		(4.5)		-		7.5		-

Income (loss) from continuing operations before income taxes		(13.4)		(27.9)		30.3		9.4		(2.9)		7.5		0.6
Provision for (benefit from) income taxes		(2.8)		(5.6)		10.5		4.9		0.9		-		3.0

Income (loss) from continuing operations		(10.6)		(22.3)		19.8		4.5		(3.8)		7.5		(2.4)
Discontinued operations:
Loss from discontinued operations, before tax		-		-		(2.6)		(2.6)		(4.6)		-		(7.2)
Benefit from income taxes of discontinued operations		-		-		(0.8)		(0.8)		-		-		(0.8)

Net loss from discontinued operations		-		-		(1.8)		(1.8)		(4.6)		-		(6.4)

Consolidated net income (loss)		(10.6)		(22.3)		18.0		2.7		(8.4)		7.5		(8.8)
Less: net income attributable to noncontrolling interest		-		-		-		-		1.8		-		1.8

Net income (loss) attributable to Axiall	$	(10.6)	$	(22.3)	$	18.0	$	2.7	$	(10.2)	$	7.5	$	(10.6)



Comprehensive loss attributable to Axiall	$	(38.4)	$	(6.8)	$	(11.9)	$	(27.2)	$	(57.0)	$	84.2	$	(38.4)

AXIALL CORPORATION

Guarantor Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2016

(Unaudited)


*(In millions)*	Parent Company (a)		Eagle Spinco Inc.		Guarantor Subsidiaries Excluding Eagle Spinco Inc.		Guarantor Subsidiaries Including Eagle Spinco Inc. (b)		Non- Guarantor Subsidiaries (c)		Eliminations (d)		Consolidated (a)+(b)+(c)+(d)
Cash provided by (used in) operating activities - continuing operations	$	25.6	$	-	$	(35.7)	$	(35.7)	$	(2.1)	$	(8.8)	$	(21.0)
Cash provided by (used in) operating activities - discontinued operations		-		-		8.1		8.1		(4.1)		-		4.0

Net cash provided by (used in) operating activities		25.6		-		(27.6)		(27.6)		(6.2)		(8.8)		(17.0)

Cash flows from investing activities:
Capital expenditures		(0.2)		-		(55.7)		(55.7)		(1.4)		-		(57.3)
Proceeds from the sale of business assets		-		-		0.1		0.1		11.0		-		11.1

Cash used in investing activities - continuing operations		(0.2)		-		(55.6)		(55.6)		9.6		-		(46.2)
Cash provided by investing activities - discontinued operations		-		-		7.3		7.3		19.5		-		26.8

Net cash provided by (used in) investing activities		(0.2)		-		(48.3)		(48.3)		29.1		-		(19.4)

Cash flows from financing activities:
Long-term debt payments		-		-		(0.8)		(0.8)		-		-		(0.8)
Deferred acquisition payments		(15.0)		-		-		-		-		-		(15.0)
Dividends paid		(11.3)		-		-		-		-		-		(11.3)
Distribution to affiliate		-		-		(4.4)		(4.4)		(4.4)		8.8		-
Share-based compensation plan activity		1.1		-		-		-		-		-		1.1

Net cash used in financing activities		(25.2)		-		(5.2)		(5.2)		(4.4)		8.8		(26.0)
Effect of exchange rate changes on cash and cash equivalents		-		-		-		-		5.8		-		5.8

Net change in cash and cash equivalents		0.2		-		(81.1)		(81.1)		24.3		-		(56.6)
Cash and cash equivalents at beginning of period		0.3		-		161.7		161.7		96.0		-		258.0

Cash and cash equivalents at end of period	$	0.5	$	-	$	80.6	$	80.6	$	120.3	$	-	$	201.4

AXIALL CORPORATION

Guarantor Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2015

(Unaudited)


*(In millions)*	Parent Company (a)		Eagle Spinco Inc.		Guarantor Subsidiaries Excluding Eagle Spinco Inc.		Guarantor Subsidiaries Including Eagle Spinco Inc. (b)		Non-Guarantor Subsidiaries (c)		Eliminations (d)		Consolidated (a)+(b)+(c)+(d)
Cash provided by (used in) operating activities - continuing operations	$	22.1	$	-	$	(24.9)	$	(24.9)	$	(16.4)	$	-	$	(19.2)
Cash provided by (used in) operating activities - discontinued operations		-		-		5.0		5.0		(4.6)		-		0.4

Net cash provided by (used in) operating activities		22.1		-		(19.9)		(19.9)		(21.0)		-		(18.8)

Cash flows from investing activities:
Capital expenditures		(0.2)		-		(32.2)		(32.2)		(2.7)		-		(35.1)

Cash used in investing activities - continuing operations		(0.2)		-		(32.2)		(32.2)		(2.7)		-		(35.1)
Cash used in investing activities - discontinued operations		-		-		(0.7)		(0.7)		(1.0)		-		(1.7)

Net cash used in investing activities		(0.2)		-		(32.9)		(32.9)		(3.7)		-		(36.8)

Cash flows from financing activities:
Issuance of long-term debt		-		-		248.8		248.8		-		-		248.8
Long-term debt payments		-		(194.4)		(0.8)		(195.2)		-		-		(195.2)
Intercompany financing		-		194.4		(194.4)		-		-		-		-
Deferred acquisition payments		(10.0)		-		-		-		-		-		(10.0)
Fees paid related to financing activities		(0.3)		-		(2.7)		(2.7)		-		-		(3.0)
Dividends paid		(11.2)		-		-		-		-		-		(11.2)
Share-based compensation plan activities		(0.4)		-		-		-		-		-		(0.4)

Net cash used in financing activities		(21.9)		-		50.9		50.9		-		-		29.0
Effect of exchange rate changes on cash and cash equivalents		-		-		-		-		(5.5)		-		(5.5)

Net change in cash and cash equivalents		-		-		(1.9)		(1.9)		(30.2)		-		(32.1)
Cash and cash equivalents at beginning of period		-		-		78.2		78.2		88.6		-		166.8

Cash and cash equivalents at end of period	$	-	$	-	$	76.3	$	76.3	$	58.4	$	-	$	134.7