Condensed Guarantor and Non-Guarantor Financial Information

The Company issued $225.0 aggregate principal amount of its Senior Notes pursuant to an indenture dated May 23, 2012

(the “Indenture”), among Kaiser Aluminum Corporation (the “Parent’), the subsidiary guarantors party thereto (the “Guarantor

Subsidiaries”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The Guarantor Subsidiaries currently

include Kaiser Aluminum Investments Company, Kaiser Aluminum Fabricated Products, LLC, Kaiser Aluminum Mill Products

Inc., Kaiser Aluminum Washington, LLC and Kaiser Aluminum Alexco, LLC, all of which are 100% owned by the Parent. The guarantees are full and unconditional and joint and several.

Pursuant to the requirements of Section 210.3-10(f) of Regulation S-X, the following condensed consolidating balance sheet as of March 31, 2013 and December 31, 2012, condensed consolidating statements of comprehensive income for the quarters ended March 31, 2013 and March 31, 2012 and condensed consolidating statements of cash flow for the quarters ended March 31, 2013 and March 31, 2012 present (i) the financial position, results of operation and cash flows for each of (a) the Parent, (b) the Guarantor Subsidiaries on a combined basis, and (c) the Non-Guarantor Subsidiaries (as defined below) on a combined basis, (ii) the adjustments necessary to eliminate investments in subsidiaries and intercompany balances and transactions among the Parent, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, and (iii) the resulting totals, reflecting information for the Company on a consolidated basis, as reported. In the following tables, “Non-Guarantor Subsidiaries” refers to Kaiser Aluminum Canada Limited, Trochus Insurance Company, DCO Management, LLC, Kaiser Aluminum France, S.A.S. and Kaiser Aluminum Beijing Trading Company; and “Consolidating Adjustments” represent the adjustments necessary to eliminate the investments in the Company’s subsidiaries and other intercompany sales and cost of sales transactions. The condensed consolidating financial information should be read in conjunction with the consolidated financial statements herein.

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2013



	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	5.0	$	241.6	$	1.4		$	—		$	248.0
Short-term investments	—		85.6		—			—			85.6
Receivables:
Trade, less allowance for doubtful receivables	—		137.8		4.0			—			141.8
Intercompany receivables	—		0.2		0.3			(0.5		)	—
Other	—		1.6		10.2			—			11.8
Inventories	—		193.0		6.6			(0.3		)	199.3
Prepaid expenses and other current assets	—		68.9		2.1			—			71.0
Total current assets	5.0		728.7		24.6			(0.8		)	757.5
Investments in and advances to unconsolidated affiliates	1,331.5		15.8		—			(1,347.3		)	—
Property, plant, and equipment — net	—		373.9		12.5			—			386.4
Long-term intercompany receivables	140.4		0.9		8.9			(150.2		)	—
Net asset in respect of VEBA	—		372.5		—			—			372.5
Deferred tax assets — net	—		78.7		(1.0		)	9.3			87.0
Intangible assets — net	—		35.0		—			—			35.0
Goodwill	—		37.2		—			—			37.2
Other assets	69.5		19.2		0.1			—			88.8
Total	$	1,546.4	$	1,661.9	$	45.1		$	(1,489.0	)	$	1,764.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1.5	$	64.7	$	7.0		$	—		$	73.2
Intercompany payable	—		3.2		0.2			(3.4		)	—
Accrued salaries, wages, and related expenses	—		30.3		2.8			—			33.1
Other accrued liabilities	10.1		27.0		1.3			—			38.4
Payable to affiliate	—		12.3		—			—			12.3
Short-term capital lease	—		0.2		—			—			0.2
Total current liabilities	11.6		137.7		11.3			(3.4		)	157.2
Net liability in respect of VEBA	—		4.9		—			—			4.9
Long-term intercompany payable	—		149.3		0.9			(150.2		)	—
Long-term liabilities	67.7		48.0		19.5			—			135.2
Long-term debt	382.3		—		—			—			382.3
Total liabilities	461.6		339.9		31.7			(153.6		)	679.6

Total stockholders’ equity	1,084.8		1,322.0		13.4			(1,335.4		)	1,084.8
Total	$	1,546.4	$	1,661.9	$	45.1		$	(1,489.0	)	$	1,764.4

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012



	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	5.0	$	266.0		$	2.4		$	—		$	273.4
Short-term investments	—		85.0			—			—			85.0
Receivables:
Trade, less allowance for doubtful receivables	—		121.5			2.3			—			123.8
Intercompany receivables	—		(10.3		)	0.4			9.9			—
Other	—		1.3			2.1			—			3.4
Inventories	—		178.7			7.3			—			186.0
Prepaid expenses and other current assets	—		68.1			2.0			—			70.1
Total current assets	5.0		710.3			16.5			9.9			741.7
Investments in and advances to unconsolidated affiliates	1,284.1		7.4			—			(1,291.5		)	—
Property, plant, and equipment — net	—		371.8			12.5			—			384.3
Long-term intercompany receivables	163.7		0.4			6.4			(170.5		)	—
Net asset in respect of VEBA	—		365.9			—			—			365.9
Deferred tax assets — net	—		93.4			(0.8		)	9.4			102.0
Intangible assets — net	—		35.4			—			—			35.4
Goodwill	—		37.2			—			—			37.2
Other assets	64.0		19.2			3.0			(0.2		)	86.0
Total	$	1,516.8	$	1,641.0		$	37.6		$	(1,442.9	)	$	1,752.5
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	0.1	$	56.5		$	5.9		$	—		$	62.5
Intercompany payable	—		0.3			0.2			(0.5		)	—
Accrued salaries, wages, and related expenses	—		36.7			2.6			—			39.3
Other accrued liabilities	3.5		47.8			0.5			—			51.8
Payable to affiliate	—		7.9			—			—			7.9
Short-term capital lease	—		0.1			—			—			0.1
Total current liabilities	3.6		149.3			9.2			(0.5		)	161.6
Net liability in respect of VEBA	—		5.3			—			—			5.3
Long-term intercompany payable	—		170.0			0.5			(170.5		)	—
Long-term liabilities	62.1		49.6			22.8			—			134.5
Long-term debt	380.3		—			—			—			380.3
Total liabilities	446.0		374.2			32.5			(171.0		)	681.7

Total stockholders’ equity	1,070.8		1,266.8			5.1			(1,271.9		)	1,070.8
Total	$	1,516.8	$	1,641.0		$	37.6		$	(1,442.9	)	$	1,752.5

CONDENSED CONSOLIDATING STATEMENT OF COMPREHESIVE INCOME

Quarter Ended March 31, 2013



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Net sales	$	—		$	331.8		$	30.4	$	(24.8	)	$	337.4
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			259.7			27.0		(23.1		)	263.6
Unrealized losses on derivative instruments	—			0.7			—		—			0.7
Depreciation and amortization	—			6.7			0.3		—			7.0
Selling, administrative, research and development, and general	0.4			14.8			2.4		(1.5		)	16.1
Total costs and expenses	0.4			281.9			29.7		(24.6		)	287.4
Operating (loss) income	(0.4		)	49.9			0.7		(0.2		)	50.0
Other (expense) income:
Interest expense	(9.1		)	(0.3		)	—		0.1			(9.3		)
Other income, net	0.4			0.6			0.1		(0.1		)	1.0
(Loss) income before income taxes	(9.1		)	50.2			0.8		(0.2		)	41.7
Income tax (provision) benefit	—			(19.0		)	7.2		3.6			(8.2		)
Earnings in equity of subsidiaries	42.6			7.8			—		(50.4		)	—
Net income	$	33.5		$	39.0		$	8.0	$	(47.0	)	$	33.5

Comprehensive income	$	34.7		$	39.8		$	8.4	$	(48.2	)	$	34.7

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

Quarter Ended March 31, 2012



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Net sales	$	—		$	355.5		$	32.6		$	(22.7	)	$	365.4
Costs and expenses:
Cost of products sold:
Cost of products sold, excluding depreciation and amortization and other items	—			290.5			29.9			(22.3		)	298.1
Unrealized gains on derivative instruments	—			(3.1		)	—			—			(3.1		)
Depreciation and amortization	—			6.1			0.2			—			6.3
Selling, administrative, research and development, and general	0.5			17.7			—			(0.3		)	17.9
Total costs and expenses	0.5			311.2			30.1			(22.6		)	319.2
Operating (loss) income	(0.5		)	44.3			2.5			(0.1		)	46.2
Other (expense) income:
Interest expense	(4.0		)	(0.1		)	—			—			(4.1		)
Other income, net	0.5			0.2			—			—			0.7
(Loss) income before income taxes	(4.0		)	44.4			2.5			(0.1		)	42.8
Income tax provision	—			(16.8		)	(0.7		)	1.2			(16.3		)
Earnings in equity of subsidiaries	30.5			1.7			—			(32.2		)	—
Net income	$	26.5		$	29.3		$	1.8		$	(31.1	)	$	26.5

Comprehensive income	$	27.6		$	30.7		$	1.5		$	(32.2	)	$	27.6

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Quarter Ended March 31, 2013



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash (used in) provided by operating activities	$	(0.5	)	$	5.4		$	1.4		$	—	$	6.3
Cash flows from investing activities:
Capital expenditures	—			(9.0		)	(0.3		)	—		(9.3		)
Purchase of available for sale securities	—			(85.6		)	—			—		(85.6		)
Proceeds from sale of available for sale securities	—			85.2			—			—		85.2
Net cash used in investing activities	—			(9.4		)	(0.3		)	—		(9.7		)
Cash flows from financing activities:
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			0.8			—			—		0.8
Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares	(2.2		)	—			—			—		(2.2		)
Cash dividend paid to stockholders	(5.9		)	—			—			—		(5.9		)
Repurchase of common stock	(14.7		)	—			—			—		(14.7		)
Intercompany loan	23.3			(21.2		)	(2.1		)	—		—
Net cash provided by (used in) financing activities	0.5			(20.4		)	(2.1		)	—		(22.0		)
Net decrease in cash and cash equivalents during the period	—			(24.4		)	(1.0		)	—		(25.4		)
Cash and cash equivalents at beginning of period	5.0			266.0			2.4			—		273.4
Cash and cash equivalents at end of period	$	5.0		$	241.6		$	1.4		$	—	$	248.0

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Quarter Ended March 31, 2012



	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net cash provided by (used in) operating activities¹	$	0.1		$	36.0		$	(1.1	)	$	—	$	35.0
Cash flows from investing activities:
Capital expenditures	—			(8.7		)	(0.3		)	—		(9.0		)
Change in restricted cash	6.9			0.3			—			—		7.2
Net cash used in investing activities	6.9			(8.4		)	(0.3		)	—		(1.8		)
Cash flows from financing activities:
Excess tax benefit upon vesting of non-vested shares and dividend payment on unvested shares expected to vest	—			1.3			—			—		1.3
Cancellation of shares to cover employees’ tax withholdings upon vesting of non-vested shares	(2.1		)	—			—			—		(2.1		)
Cash dividend paid to stockholders	(4.9		)	—			—			—		(4.9		)
Intercompany loan	—			(0.3		)	0.3			—		—
Net cash (used in) provided by financing activities	(7.0		)	1.0			0.3			—		(5.7		)
Net increase (decrease) in cash and cash equivalents during the period	—			28.6			(1.1		)	—		27.5
Cash and cash equivalents at beginning of period	5.0			43.0			1.8			—		49.8
Cash and cash equivalents at end of period	$	5.0		$	71.6		$	0.7		$	—	$	77.3

_____________

The Company treats changes in long-term intercompany balances that relate to financing activities as cash flow from financing activities. In the above table, the Company has revised the previous classification of the changes in such intercompany balances during the quarter ended March 31, 2012 from cash flows from operating activities to a separate line item in cash flows from financing activities captioned "intercompany loan”.