Supplemental Guarantor Condensed Financial Information

On March 18, 2011, Euramax Holdings (presented as Parent in the following schedules), through its 100% owned subsidiary, Euramax International (presented as Issuer in the following schedules) issued $375 million of its 9.50% Senior Secured Notes due 2016 (the "Notes"). The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by Euramax Holdings. Additionally, the Notes were fully and unconditionally guaranteed by all material domestic subsidiaries, collectively referred to as the "Guarantors." On December 30, 2011, as permitted by the First Supplemental Indenture, the Company completed the merger of the Guarantor subsidiaries with Euramax International. This merger does not adversely affect the legal rights under the Indenture of any holder of the Notes in any material respect. All other subsidiaries of Euramax International, whether direct or indirect, do not guarantee the Notes (the "Non-Guarantors").

Additionally, the Notes are secured on a second priority basis by liens on all of the collateral (subject to certain exceptions) securing Euramax International's senior secured credit facilities. In the event that secured creditors exercise remedies with respect to Euramax International's pledged assets, the proceeds of the liquidation of those assets will first be applied to repay obligations secured by the first priority liens under the senior secured credit facilities and any other first priority obligations.

The Indenture contains restrictive covenants that limit, among other things, the ability of Euramax International and certain of its subsidiaries to incur additional indebtedness, pay dividends and make certain distributions, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets and enter into certain transactions with affiliates, in each case, subject to exclusions, and other customary covenants. These restrictive covenants also limit Euramax's ability to transfer cash or assets to Euramax Holdings, whether by dividend, loan or otherwise.

The following condensed consolidating financial statements present the results of operations, financial position and cash flows of (1) the Parent, (2) the Issuer (including all Guarantor subsidiaries prior to the merger), (3) the Non-Guarantor Subsidiaries, and (4) eliminations to arrive at the information for Euramax Holdings on a consolidated basis.

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	4		$	2,070		$	—		$	2,074
Accounts receivable, less allowance for doubtful accounts	—			39,607			40,722			—			80,329
Inventories, net	—			75,512			30,873			—			106,385
Income taxes receivable	—			235			1,499			—			1,734
Deferred income taxes	—			381			45			—			426
Other current assets	—			5,425			1,584			—			7,009
Total current assets	—			121,164			76,793			—			197,957
Property, plant, and equipment, net	—			53,042			58,122						111,164
Amounts due from affiliates	—			202,008			19,277			(221,285		)	—
Goodwill	—			81,359			108,799			—			190,158
Customer relationships, net	—			16,826			9,489			—			26,315
Other intangible assets, net	—			6,495			—			—			6,495
Investment in consolidated subsidiaries	(167,335		)	(5,318		)	—			172,653			—
Other assets	—			2,883			1,804			—			4,687
Total assets	$	(167,335	)	$	478,459		$	274,284		$	(48,632	)	$	536,776

Liabilities and Shareholders' (deficit) equity
Current liabilities:
Accounts payable	$	—		$	49,869		$	28,977		$	—		$	78,846
Accrued expenses	—			16,284			9,225			—			25,509
Accrued interest payable	—			12,837			75			—			12,912
Deferred income taxes	—			—			895			—			895
Current portion of long -term debt	—			—			4,663			—			4,663
Total current liabilities	—			78,990			43,835			—			122,825
Long-term debt	—			534,852			—			—			534,852
Amounts due to affiliates	5,771			11,982			203,532			(221,285		)	—
Deferred income taxes	—			10,468			5,426			—			15,894
Other liabilities	—			9,502			26,809			—			36,311
Total liabilities	5,771			645,794			279,602			(221,285		)	709,882

Shareholders' (deficit) equity:
Common stock	196			—			21			(21		)	196
Additional paid-in capital	724,562			661,673			199,453			(861,126		)	724,562
Accumulated loss	(903,029		)	(834,173		)	(215,570		)	1,049,743			(903,029		)
Accumulated other comprehensive income	5,165			5,165			10,778			(15,943		)	5,165
Total shareholders' (deficit) equity	(173,106		)	(167,335		)	(5,318		)	172,653			(173,106		)
Total liabilities & shareholders' (deficit) equity	$	(167,335	)	$	478,459		$	274,284		$	(48,632	)	$	536,776

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	1,700		$	7,277		$	—		$	8,977
Accounts receivable, less allowance for doubtful accounts	—			35,012			38,984			—			73,996
Inventories, net	—			62,270			27,490			—			89,760
Income taxes receivable	—			341			641			—			982
Deferred income taxes	—			559			21			—			580
Other current assets	—			5,462			1,546			—			7,008
Total current assets	—			105,344			75,959			—			181,303
Property, plant, and equipment, net	—			62,185			67,929						130,114
Amounts due from affiliates	—			229,101			18,828			(247,929		)	—
Goodwill	—			81,359			122,694			—			204,053
Customer relationships, net	—			24,626			16,005			—			40,631
Other intangible assets, net	—			7,073			—			—			7,073
Investment in consolidated subsidiaries	(103,217		)	2,407			—			100,810			—
Deferred income taxes	—			—			87			—			87
Other assets	—			4,185			4,527			—			8,712
Total assets	$	(103,217	)	$	516,280		$	306,029		$	(147,119	)	$	571,973

Liabilities and Shareholders' equity (deficit)
Current liabilities:
Accounts payable	$	—		$	30,312		$	26,950		$	—		$	57,262
Accrued expenses	14			16,133			10,219			—			26,366
Accrued interest payable	—			8,973			47			—			9,020
Deferred income taxes	—			—			605			—			605
Total current liabilities	14			55,418			37,821			—			93,253
Long-term debt	—			535,396			—			—			535,396
Amounts due to affiliates	5,332			12,086			230,511			(247,929		)	—
Deferred income taxes	—			9,561			9,419			—			18,980
Other liabilities	—			7,036			25,871			—			32,907
Total liabilities	5,346			619,497			303,622			(247,929		)	680,536

Shareholders' equity (deficit):
Common stock	195			—			21			(21		)	195
Additional paid-in capital	724,071			661,180			199,452			(860,632		)	724,071
Accumulated loss	(843,750		)	(775,318		)	(210,242		)	985,560			(843,750		)
Accumulated other comprehensive income	10,921			10,921			13,176			(24,097		)	10,921
Total shareholders' (deficit) equity	(108,563		)	(103,217		)	2,407			100,810			(108,563		)
Total liabilities & shareholders' (deficit) equity	$	(103,217	)	$	516,280		$	306,029		$	(147,119	)	$	571,973

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

For the Year Ended December 31, 2014

(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	—		$	590,742		$	271,527		$	(7,524	)	$	854,745
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			508,022			225,250			(7,524		)	725,748
Selling and general (excluding depreciation and amortization)	424			48,358			22,838			—			71,620
Depreciation and amortization	—			21,539			10,889			—			32,428
Other operating charges	—			4,432			1,927			—			6,359
Income (loss) from operations	(424		)	8,391			10,623			—			18,590
Equity in earnings of subsidiaries	(58,855		)	(5,328		)	—			64,183			—
Interest expense	—			(54,078		)	(1,440		)	—			(55,518		)
Intercompany interest income (expense)	—			18,033			(18,033		)	—			—
Other (loss) income, net	—			(25,129		)	1,976			—			(23,153		)
Loss before income taxes	(59,279		)	(58,111		)	(6,874		)	64,183			(60,081		)
(Benefit from) provision for income taxes	—			744			(1,546		)	—			(802		)
Net loss	$	(59,279	)	$	(58,855	)	$	(5,328	)	$	64,183		$	(59,279	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
For the Year Ended December 31, 2014

(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations			Total
Net loss	$	(59,279	)	$	(58,855	)	$	(5,328	)	$	64,183		$	(59,279	)
Other comprehensive loss:
Foreign currency translation adjustment	276			276			276			(552		)	276
Pension liability adjustment, net of tax	(6,032		)	(6,032		)	(2,674		)	8,706			(6,032		)
Total other comprehensive loss	$	(5,756	)	$	(5,756	)	$	(2,398	)	$	8,154		$	(5,756	)
Total comprehensive loss	$	(65,035	)	$	(64,611	)	$	(7,726	)	$	72,337		$	(65,035	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

For the Year Ended December 31, 2013

(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	—		$	561,277		$	272,942		$	(7,547	)	$	826,672
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			479,813			227,696			(7,547		)	699,962
Selling and general (excluding depreciation and amortization)	668			49,670			25,090			—			75,428
Depreciation and amortization	—			23,349			11,750			—			35,099
Other operating charges	—			3,196			5,969			—			9,165
Income (loss) from operations	(668		)	5,249			2,437			—			7,018
Equity in earnings of subsidiaries	(24,227		)	(14,391		)	—			38,618			—
Interest expense	—			(52,888		)	(1,190		)	—			(54,078		)
Intercompany interest income (expense)	—			17,678			(17,678		)	—			—
Other income (loss), net	—			8,191			(787		)	—			7,404
Loss before income taxes	(24,895		)	(36,161		)	(17,218		)	38,618			(39,656		)
Benefit from income taxes	—			(11,934		)	(2,827		)	—			(14,761		)
Net loss	$	(24,895	)	$	(24,227	)	$	(14,391	)	$	38,618		$	(24,895	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
For the Year Ended December 31, 2013
(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations		Total
Net loss	$	(24,895	)	$	(24,227	)	$	(14,391	)	$	38,618	$	(24,895	)
Other comprehensive income (loss):
Foreign currency translation adjustment	(815		)	(815		)	(815		)	1,630		(815		)
Pension liability adjustment, net of tax	931			931			(936		)	5		931
Total other comprehensive income (loss)	$	116		$	116		$	(1,751	)	$	1,635	$	116
Total comprehensive loss	$	(24,779	)	$	(24,111	)	$	(16,142	)	$	40,253	$	(24,779	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF OPERATIONS

For the Year Ended December 31, 2012

(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations			Total
Net sales	$	—		$	565,237		$	281,912		$	(10,009	)	$	837,140
Costs and expenses:
Cost of goods sold (excluding depreciation and amortization)	—			474,058			236,996			(10,009		)	701,045
Selling and general (excluding depreciation and amortization)	318			55,752			27,422			—			83,492
Depreciation and amortization	—			22,403			12,381			—			34,784
Other operating charges	—			2,336			4,089			—			6,425
Multiemployer pension withdrawal expense	—			39			—			—			39
Income (loss) from operations	(318		)	10,649			1,024			—			11,355
Equity in earnings of subsidiaries	(36,450		)	(13,618		)	—			50,068			—
Interest expense	—			(53,859		)	(999		)	—			(54,858		)
Intercompany interest income (expense)	—			17,353			(17,353		)	—			—
Other income, net	—			4,960			52			—			5,012
Loss before income taxes	(36,768		)	(34,515		)	(17,276		)	50,068			(38,491		)
(Benefit from) provision for income taxes	—			1,935			(3,658		)	—			(1,723		)
Net loss	$	(36,768	)	$	(36,450	)	$	(13,618	)	$	50,068		$	(36,768	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS
For the Year Ended December 31, 2012
(in thousands)



	Parent			Issuer			Non-Guarantor Subsidiaries			Eliminations			Total
Net loss	$	(36,768	)	$	(36,450	)	$	(13,618	)	$	50,068		$	(36,768	)
Other comprehensive income:
Foreign currency translation adjustment	80			80			367			(447		)	80
Pension liability adjustment, net of tax	953			953			1,196			(2,149		)	953
Total other comprehensive income	$	1,033		$	1,033		$	1,563		$	(2,596	)	$	1,033
Total comprehensive loss	$	(35,735	)	$	(35,417	)	$	(12,055	)	$	47,472		$	(35,735	)

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2014

(in thousands)



	Parent		Issuer			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash used in operating activities	$	—	$	1,080		$	(4,750	)	$	—		$	(3,670	)
Cash flows from investing activities:
Proceeds from sale of assets	—		776			9			—			785
Capital expenditures	—		(4,516		)	(2,817		)	—			(7,333		)
Distribution from affiliate	—		2,189			—			(2,189		)	—
Net cash used in investing activities	—		(1,551		)	(2,808		)	(2,189		)	(6,548		)
Cash flows from financing activities:
Net repayments on ABL Credit Facility	—		(1,137		)	—			—			(1,137		)
Net borrowings on European Credit Facilities	—		—			4,663			—			4,663
Deferred financing fees	—		(88		)	—			—			(88		)
Distribution to affiliate	—		—			(2,189		)	2,189			—
Net cash provided by financing activities	—		(1,225		)	2,474			2,189			3,438
Effect of exchange rate changes on cash	—		—			(123		)	—			(123		)
Net decrease in cash and cash equivalents	—		(1,696		)	(5,207		)	—			(6,903		)
Cash and cash equivalents at beginning of year	—		1,700			7,277			—			8,977
Cash and cash equivalents at end of year	$	—	$	4		$	2,070		$	—		$	2,074

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2013

(in thousands)



	Parent		Issuer			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash used in operating activities	$	—	$	(7,396	)	$	(2,919	)	$	—		$	(10,315	)
Cash flows from investing activities:
Proceeds from sale of assets	—		324			2,022			—			2,346
Capital expenditures	—		(5,829		)	(4,913		)	—			(10,742		)
Distribution from affiliate	—		—			5,068			(5,068		)	—
Net cash (used in) provided by investing activities	—		(5,505		)	2,177			(5,068		)	(8,396		)
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	—		18,270			—			—			18,270
Deferred financing fees	—		(175		)	—			—			(175		)
Distribution to affiliate	—		(5,068		)	—			5,068			—
Net cash provided by financing activities	—		13,027			—			5,068			18,095
Effect of exchange rate changes on cash	—		—			(431		)	—			(431		)
Net (decrease) increase in cash and cash equivalents	—		126			(1,173		)	—			(1,047		)
Cash and cash equivalents at beginning of year	—		1,574			8,450			—			10,024
Cash and cash equivalents at end of year	$	—	$	1,700		$	7,277		$	—		$	8,977

EURAMAX HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2012

(in thousands)



	Parent		Issuer			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	—	$	(539	)	$	4,524		$	—		$	3,985
Cash flows from investing activities:
Proceeds from sale of assets	—		1,317			4			—			1,321
Capital expenditures	—		(4,158		)	(2,982		)	—			(7,140		)
Purchase of a business, net of cash acquired	—		(6,445		)	—			—			(6,445		)
Distribution from affiliate	—		—			(2,165		)	2,165			—
Net cash used in investing activities	—		(9,286		)	(5,143		)	2,165			(12,264		)
Cash flow from financing activities:
Net borrowings on ABL Credit Facility	—		8,280			—			—			8,280
Deferred financing fees	—		(8		)	(26		)	—			(34		)
Distribution to affiliate	—		2,165			—			(2,165		)	—
Net cash provided by (used in) financing activities	—		10,437			(26		)	(2,165		)	8,246
Effect of exchange rate changes on cash	—		—			(4,270		)	—			(4,270		)
Net (decrease) increase in cash and cash equivalents	—		612			(4,915		)	—			(4,303		)
Cash and cash equivalents at beginning of year	—		962			13,365			—			14,327
Cash and cash equivalents at end of year	$	—	$	1,574		$	8,450		$	—		$	10,024