Condensed Consolidating Financial Information

Our 2021 Notes are guaranteed by each of our material existing and future domestic subsidiaries (The "Guarantor Subsidiaries"), except for Nordural US LLC, Century Aluminum Development LLC and Century Aluminum of West Virginia, Inc. 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, Century Aluminum Development LLC and Century Aluminum of West Virginia, Inc., 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 twelve months ended December 31, 2018, 2017 and 2016, condensed consolidating balance sheets as of December 31, 2018 and December 31, 2017 and the condensed consolidating statements of cash flows for the twelve months ended December 31, 2018, 2017 and 2016 present separate results for Century, the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries, consolidating adjustments and total consolidated amounts.



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments		Total Consolidated
NET SALES:
Related parties	$	—		$	453.6		$	750.9		$	—	$	1,204.5
Other customers	—			685.0			3.7			—		688.7
Total net sales	—			1,138.6			754.6			—		1,893.2
Cost of goods sold	—			1,169.2			746.9			—		1,916.1
Gross profit (loss)	—			(30.6		)	7.7			—		(22.9		)
Selling, general and administrative expenses	23.3			11.6			5.3			—		40.2
Helguvik (gains)	—			—			(4.5		)	—		(4.5		)
Other operating expense - net	—			—			0.4			—		0.4
Operating income (loss)	(23.3		)	(42.2		)	6.5			—		(59.0		)
Interest expense	(20.6		)	(1.6		)	(0.2		)	—		(22.4		)
Intercompany Interest	36.3			9.5			(45.8		)	—		—
Interest income	0.3			—			1.2			—		1.5
Net gain on forward and derivative contracts	1.3			1.4			3.6			—		6.3
Other income (expense) - net	2.1			(1.9		)	2.8			—		3.0
Income (loss) before income taxes and equity in earnings of joint ventures	(3.9		)	(34.8		)	(31.9		)	—		(70.6		)
Income tax (expense) benefit	2.6			—			(2.4		)	—		0.2
Income (loss) before equity in earnings of joint ventures	(1.3		)	(34.8		)	(34.3		)	—		(70.4		)
Equity in earnings (loss) of joint ventures	(64.9		)	0.6			4.2			64.3		4.2
Net income (loss)	(66.2		)	(34.2		)	(30.1		)	64.3		(66.2		)
Other comprehensive income (loss) before income tax effect	(5.5		)	(24.2		)	5.2			19.0		(5.5		)
Income tax effect	(1.5		)	—			—			—		(1.5		)
Other comprehensive income (loss)	(7.0		)	(24.2		)	5.2			19.0		(7.0		)
Total comprehensive income (loss)	$	(73.2	)	$	(58.4	)	$	(24.9	)	$	83.3	$	(73.2	)



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2017*
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	547.5		$	650.6		$	—		$	1,198.1
Other customers	—			390.9			0.1			—			391.0
Total net sales	—			938.4			650.7			—			1,589.1
Cost of goods sold	—			885.5			572.3			—			1,457.8
Gross profit	—			52.9			78.4			—			131.3
Selling, general and administrative expenses	27.2			12.9			4.7			—			44.8
Helguvik (gains)	—			—			(7.3		)	—			(7.3		)
Ravenswood (gains)	—			—			(5.5		)	—			(5.5		)
Other operating expense - net	—			—			2.1			—			2.1
Operating income (loss)	(27.2		)	40.0			84.4			—			97.2
Interest expense	(20.4		)	(1.6		)	(0.2		)	—			(22.2		)
Intercompany Interest	37.3			8.6			(45.9		)	—			—
Interest income	0.5			—			0.9			—			1.4
Net gain (loss) on forward and derivative contracts	—			(17.0		)	0.5			—			(16.5		)
Other income (expense) - net	0.2			0.4			(5.1		)	—			(4.5		)
Income (loss) before income taxes and equity in earnings of joint ventures	(9.6		)	30.4			34.6			—			55.4
Income tax (expense) benefit	0.5			0.9			(9.0		)	—			(7.6		)
Income (loss) before equity in earnings of joint ventures	(9.1		)	31.3			25.6			—			47.8
Equity in earnings (loss) of joint ventures	57.7			2.7			0.8			(60.4		)	0.8
Net income	48.6			34.0			26.4			(60.4		)	48.6
Other comprehensive income before income tax effect	23.7			12.7			1.5			(14.2		)	23.7
Income tax effect	(1.5		)	—			0.0			0.0			(1.5		)
Other comprehensive income	22.2			12.7			1.5			(14.2		)	22.2
Total comprehensive income	$	70.8		$	46.7		$	27.9		$	(74.6	)	$	70.8

*As adjusted due to the adoption of ASU 2017-07



Condensed Consolidating Statements of Comprehensive Income (Loss)
For the year ended December 31, 2016*
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
NET SALES:
Related parties	$	—		$	668.5		$	510.1		$	—		$	1,178.6
Other customers	—			140.4			0.1			—			140.5
Total net sales	—			808.9			510.2			—			1,319.1
Cost of goods sold	—			857.7			467.5			—			1,325.2
Gross profit (loss)	—			(48.8		)	42.7			—			(6.1		)
Selling, general and administrative expenses	19.4			9.9			9.6			—			38.9
Helguvik impairment	—			—			152.2			—			152.2
Ravenswood losses	—			—			26.8			—			26.8
Other operating expense - net	—			—			3.9			—			3.9
Operating income (loss)	(19.4		)	(58.7		)	(149.8		)	—			(227.9		)
Interest expense	(20.3		)	(1.7		)	(0.2		)	—			(22.2		)
Intercompany Interest	39.2			8.1			(47.3		)	—			—
Interest income	0.2			0.0			0.6			—			0.8
Net gain on forward and derivative contracts	—			3.5			—			—			3.5
Other income (expense) - net	(0.1		)	(4.7		)	(0.3		)	—			(5.1		)
Loss before income taxes and equity in earnings of joint ventures	(0.4		)	(53.5		)	(197.0		)	—			(250.9		)
Income tax (expense) benefit	1.9			—			(4.7		)	—			(2.8		)
Loss before equity in earnings (loss) of joint ventures	1.5			(53.5		)	(201.7		)	—			(253.7		)
Equity in earnings (loss) of subsidiaries and joint ventures	(253.9		)	12.5			1.3			241.4			1.3
Net loss	(252.4		)	(41.0		)	(200.4		)	241.4			(252.4		)
Other comprehensive income before income tax effect	0.3			1.9			5.1			(7.0		)	0.3
Income tax effect	(1.5		)	—			0.0			0.0			(1.5		)
Other comprehensive income (loss)	(1.2		)	1.9			5.1			(7.0		)	(1.2		)
Total comprehensive loss	$	(253.6	)	$	(39.1	)	$	(195.3	)	$	234.4		$	(253.6	)

*As adjusted due to the adoption of ASU 2017-07



Condensed Consolidating Balance Sheet
As of December 31, 2018
	The Company			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	0.1		$	0.0	$	38.8	$	—		$	38.9
Restricted cash	—			0.8		—		—			0.8
Accounts receivable - net	0.5			81.8		0.2		—			82.5
Due from affiliates	—			13.1		9.6		—			22.7
Inventories	—			210.7		133.1		—			343.8
Prepaid and other current assets	6.4			3.4		8.2		—			18.0
Total current assets	7.0			309.8		189.9		—			506.7
Property, plant and equipment - net	20.6			320.7		626.0		—			967.3
Investment in subsidiaries	668.3			54.5		—		(722.8		)	—
Due from affiliates - long term	751.7			517.6		7.2		(1,276.5		)	—
Other assets	29.8			2.1		31.6		—			63.5
TOTAL	1,477.4			1,204.7		854.7		(1,999.3		)	1,537.5

Accounts payable, trade	3.7			84.1		31.6		—			119.4
Due to affiliates	—			—		10.3		—			10.3
Accrued and other current liabilities	15.8			22.8		13.9		—			52.5
Accrued employee benefits costs	1.9			8.3		0.8		—			11.0
Revolving credit facility	23.3			—		—		—			23.3
Industrial revenue bonds	—			7.8		—		—			7.8
Total current liabilities	44.7			123.0		56.6		—			224.3
Senior notes payable	248.6			—		—		—			248.6
Accrued pension benefits costs - less current portion	23.2			20.7		7.0		—			50.9
Accrued postretirement benefits costs - less current portion	0.7			98.9		1.6		—			101.2
Other liabilities	2.8			23.5		19.7		—			46.0
Due to affiliates - long term	395.4			307.6		573.5		(1,276.5		)	—
Deferred taxes	(0.2		)	1.8		102.7		—			104.3
Total noncurrent liabilities	670.5			452.5		704.5		(1,276.5		)	551.0
Preferred stock	0.0			—		—		—			0.0
Common stock	1.0			—		0.1		(0.1		)	1.0
Other shareholders' equity	761.2			629.2		93.5		(722.7		)	761.2
Total shareholders' equity	762.2			629.2		93.6		(722.8		)	762.2
TOTAL	$	1,477.4		$	1,204.7	$	854.7	$	(1,999.3	)	$	1,537.5



Condensed Consolidating Balance Sheet
As of December 31, 2017
	The Company		Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Consolidating Adjustments			Total Consolidated
Cash & cash equivalents	$	64.3	$	(0.1	)	$	103.0	$	—		$	167.2
Restricted cash	—		0.8			—		—			0.8
Accounts receivable - net	—		42.8			0.3		—			43.1
Due from affiliates	0.1		10.3			—		—			10.4
Inventories	0.2		205.1			112.2		—			317.5
Prepaid and other current assets	3.3		0.8			10.6		—			14.7
Total current assets	67.9		259.7			226.1		—			553.7
Property, plant and equipment - net	19.4		295.8			656.7		—			971.9
Investment in subsidiaries	751.8		54.0			—		(805.8		)	—
Due from affiliates - long term	513.3		349.6			9.4		(872.3		)	—
Other assets	28.0		34.1			25.9		(32.0		)	56.0
TOTAL	1,380.4		993.2			918.1		(1,710.1		)	1,581.6

Accounts payable, trade	6.3		51.4			32.2		—			89.9
Due to affiliates	0.4		2.6			17.4		—			20.4
Accrued and other current liabilities	16.0		19.3			26.1		—			61.4
Accrued employee benefits costs	1.9		8.3			0.8		—			11.0
Industrial revenue bonds	—		7.8			—		—			7.8
Total current liabilities	24.6		89.4			76.5		—			190.5
Senior notes payable	248.2		—			—		—			248.2
Accrued pension benefits costs - less current portion	39.5		18.3			13.1		(32.0		)	38.9
Accrued postretirement benefits costs - less current portion	0.9		110.4			1.7		—			113.0
Other liabilities	3.5		32.0			22.4		—			57.9
Due to affiliates - long term	234.1		53.8			584.4		(872.3		)	—
Deferred taxes	—		1.7			101.8		—			103.5
Total noncurrent liabilities	526.2		216.2			723.4		(904.3		)	561.5
Preferred stock	0.0		—			—		—			0.0
Common stock	0.9		—			0.1		(0.1		)	0.9
Other shareholders' equity	828.7		687.6			118.1		(805.7		)	828.7
Total shareholders' equity	829.6		687.6			118.2		(805.8		)	829.6
TOTAL	$	1,380.4	$	993.2		$	918.1	$	(1,710.1	)	$	1,581.6



Condensed Consolidating Statement of Cash Flows
For the year ended December 31, 2018
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(53.0	)	$	(19.5	)	$	3.4		$	—		$	(69.1	)
Purchase of property, plant and equipment	(4.4		)	(65.1		)	(13.5		)	—			(83.0		)
Proceeds from sale of property, plant and equipment	—			—			0.1			—			0.1
Intercompany transactions	21.6			54.7			2.2			(78.5		)	—
Net cash provided by (used in) investing activities	17.2			(10.4		)	(11.2		)	(78.5		)	(82.9		)
Borrowings under revolving credit facilities	120.1			—			—			—			120.1
Repayments under revolving credit facilities	(96.8		)	—			—			—			(96.8		)
Issuance of common stock	0.4			—			—			—			0.4
Intercompany transactions	(52.1		)	30.0			(56.4		)	78.5			—
Net cash provided by (used in) financing activities	(28.4		)	30.0			(56.4		)	78.5			23.7
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(64.2		)	0.1			(64.2		)	—			(128.3		)
Cash, cash equivalents, and restricted cash, beginning of period	64.3			0.7			103.0			—			168.0
Cash, cash equivalents, and restricted cash, end of period	$	0.1		$	0.8		$	38.8		$	—		$	39.7



Condensed Consolidating Statement of Cash Flows
For the year ended December 31, 2017*
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by (used in) operating activities	$	(34.5	)	$	(7.0	)	$	96.0		$	(3.0	)	$	51.5
Purchase of property, plant and equipment	(10.9		)	(8.1		)	(12.8		)	—			(31.8		)
Proceeds from sale of property, plant and equipment	—			0.9			13.5			—			14.4
Intercompany transactions	75.6			6.2			(7.6		)	(74.2		)	—
Net cash provided by (used in) investing activities	64.7			(1.0		)	(6.9		)	(74.2		)	(17.4		)
Borrowings under revolving credit facilities	1.3			—			—			—			1.3
Repayments under revolving credit facilities	(1.3		)	—			—			—			(1.3		)
Issuance of common stock	0.4			—			—			—			0.4
Intercompany transactions	(3.1		)	8.2			(82.3		)	77.2			—
Net cash provided by (used in) financing activities	(2.7		)	8.2			(82.3		)	77.2			0.4
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	27.5			0.2			6.8			—			34.5
Cash, cash equivalents, and restricted cash, beginning of period	36.8			0.5			96.2			—			133.5
Cash, cash equivalents, and restricted cash, end of period	$	64.3		$	0.7		$	103.0		$	—		$	168.0

*As adjusted due to the adoption of ASU 2016-18.



Condensed Consolidating Statement of Cash Flows
For the year ended December 31, 2016*
	The Company			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Consolidating Adjustments			Total Consolidated
Net cash provided by operating activities	$	(63.4	)	$	19.0		$	82.6		$	—		$	38.2
Purchase of property, plant and equipment	(1.4		)	(7.8		)	(12.7		)	—			(21.9		)
Proceeds from sale of property, plant and equipment	—			—			1.0			—			1.0
Intercompany transactions	27.8			(15.4		)	(0.9		)	(11.5		)	—
Net cash used in investing activities	26.4			(23.2		)	(12.6		)	(11.5		)	(20.9		)
Borrowings under revolving credit facilities	1.2			—			—			—			1.2
Repayments under revolving credit facilities	(1.2		)	—			—			—			(1.2		)
Intercompany transactions	15.4			7.5			(34.4		)	11.5			—
Net cash used in financing activities	15.4			7.5			(34.4		)	11.5			—
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(21.6		)	3.3			35.6			—			17.3
Cash, cash equivalents, and restricted cash, beginning of period	58.4			(2.8		)	60.6			—			116.2
Cash, cash equivalents, and restricted cash, end of period	$	36.8		$	0.5		$	96.2		$	—		$	133.5

*As adjusted due to the adoption of ASU 2016-18.