##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





Form 10-K


FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO
SECTIONS 13 OR 15(D) OF THE


SECURITIES EXCHANGE ACT OF 1934


|   |  |                                                                                             
|-- |  | --------------------------------------------------------------------------------------------
|þ  |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|  
|   |  | for the fiscal year ended December 31, 2004.                                                
|  
|or
|  
|o  |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|  
|   |  | for the Transition Period
    from           to           .                                 

Commission file number 001-32312





Novelis Inc.


(Exact name of registrant as specified in its charter)


|                                                                   |  |                                         
|------------------------------------------------------------------ |  | ----------------------------------------
|Canada                                                             |  | Not Applicable                          
|(State or other jurisdiction of
    incorporation or organization) |  | (I.R.S. Employer
    Identification No.)
|                                                                  
|3399 Peachtree Road NE                                             |  | 30326                                   
|Suite 1500                                                         |  | (Zip Code)                              
|Atlanta, Georgia(Address of principal executive offices)           |  |                                         

(404) 814-4200


(Registrants telephone number, including area code)


Securities registered pursuant to Section 12(d) of the
Securities Exchange Act of 1934:


|                             |  |                                          
|---------------------------- |  | -----------------------------------------
|Title of Each Class          |  | Name of Each Exchange on Which Registered
|                             |  |                                          
|Common Shares, no par value  |  | New York Stock Exchange                  
|Common Share Purchase Rights |  | New York Stock Exchange                  

Securities registered pursuant to Section 12(g) of the
Securities Exchange Act of 1934:


None


o þ


þ


o þ














---










TABLE OF CONTENTS


|                                                                                    |  |                                                                                                                      |   |      |    | 
|----------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------- | - | ---- | -- | 
|                                                                                    |  |                                                                                                                      |   | Page |   
|                                                                                    |  |                                                                                                                      |   |      |   
|Special Note Regarding Forward-Looking
    Statements and Market Data               |  |                                                                                                                      | 1 |     
|                                                                                   
|Part I                                                                             
|Item 1.                                                                             |  | Business                                                                                                             |   |      | 4  | 
|Item 2.                                                                             |  | Properties                                                                                                           |   |      | 20 | 
|Item 3.                                                                             |  | Legal Proceedings                                                                                                    |   |      | 24 | 
|Item 4.                                                                             |  | Submission of Matters to a Vote of Security
    Holders                                                              |   |      | 27 | 
|                                                                                   
|Part II                                                                            
|Item 5.                                                                             |  | Market for Registrants Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities |   |      | 28 | 
|Item 6.                                                                             |  | Selected Financial Data                                                                                              |   |      | 30 | 
|Item 7.                                                                             |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                            |   |      | 31 | 
|Item 7A.                                                                            |  | Quantitative and Qualitative Disclosures
    about Market Risk                                                       |   |      | 41 | 
|Item 8.                                                                             |  | Financial Statements and Supplementary
    Data                                                                      |   |      | 43 | 
|Item 9.                                                                             |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                             |   |      | 43 | 
|Item 9A.                                                                            |  | Controls and Procedures                                                                                              |   |      | 43 | 
|Item 9B.                                                                            |  | Other Information                                                                                                    |   |      | 43 | 
|                                                                                   
|Part III                                                                           
|Item 10.                                                                            |  | Directors and Executive Officers of
    Registrant                                                                   |   |      | 44 | 
|Item 11.                                                                            |  | Executive Compensation                                                                                               |   |      | 54 | 
|Item 12.                                                                            |  | Security Ownership of Certain Beneficial
    Owners and Management and Related Stockholder Matters                   |   |      | 63 | 
|Item 13.                                                                            |  | Certain Relationships and Related
    Transactions                                                                   |   |      | 65 | 
|Item 14.                                                                            |  | Principal Accountant Fees and Services                                                                               |   |      | 65 | 
|Item 15.                                                                            |  | Exhibits and Financial Statement
    Schedules                                                                       |   |      | 66 | 
|Shareholder Rights Agreement Between Novelis Inc. & CIBC Mellon Trust Company      
|Separation Agreement Between Alcan Inc. & Novelis Inc.                             
|Metal Supply Agreement Between Novelis Inc. & Alcan Inc.                           
|Molten Metal Supply Agreement Between Novlis Inc. & Alcan Inc.                     
|Metal Supply Agreement Between Novelis Inc. & Alcan Inc.                           
|Metal Supply Agreement Between Novelis Inc. & Alcan Inc.                           
|Tax Sharing and Disaffiliation Agreement                                           
|Transitional Services Agreement Between Alcan Inc. & Novelis Inc.                  
|Principal Intellectual Property Agreement                                          
|Secondary Intellectual Property Agreement                                          
|Master Metal Hedging Agreement Between Alcan Inc. & Novelis Inc.                   
|Credit Agreement                                                                   
|Employee Matters Agreement Between Alcan Inc. & Novelis Inc.                       
|Written Description of Novelis Executive Performance Awards                        
|Novelis Deferred Share Unit Plan for Non-Executive Directors                       
|Employment Agreement of Jack Morrison                                              
|Form of Offer Letter                                                               
|Pension Plan for Officers                                                          
|Written Description of Novelis Founders Performance Award Plan                     
|List of Subsidiaries of Novelis Inc.                                               
|Consent of Independent Registered Public Accounting Firm                           
|Section 302 Certification of Principal Executive Officer                           
|Section 302 Certification of Principal Financial Officer                           
|Section 906 Certification of Principal Executive Officer                           
|Section 906 Certification of Principal Financial Officer                           
|Management's Discussion & Analysis of Financial Condition and Results of Operations
|Combined Financial Statements                                                      






Special Note Regarding Forward-Looking Statements and
Market Data






1



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##### Table of Contents







| |   |                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | our separation from Alcan;                                                                                                                                   
|
| |  | the level of our indebtedness and our ability to generate cash
    following the separation;                                                                 
|
| |  | relationships with, and financial and operating conditions of,
    our customers and suppliers;                                                              
|
| |  | changes in the prices and availability of raw materials we use;                                                                                              
|
| |  | fluctuations in the supply of and prices for energy in the areas
    in which we maintain production facilities;                                             
|
| |  | our ability to access financing for future capital requirements;                                                                                             
|
| |  | changes in the relative values of various currencies;                                                                                                        
|
| |  | factors affecting our operations, such as litigation, labour
    relations and negotiations, breakdown of equipment and other
    events;                    
|
| |  | economic, regulatory and political factors within the countries
    in which we operate or sell our products, including changes in
    duties or tariffs;    
|
| |  | competition from other aluminum rolled products producers as
    well as from substitute materials such as steel, glass, plastic
    and composite materials;
|
| |  | changes in general economic conditions;                                                                                                                      
|
| |  | cyclical demand and pricing within the principal markets for our
    products as well as seasonality in certain of our
    customers industries; and        
|
| |  | changes in government regulations, particularly those affecting
    environmental, health or safety compliance.                                              





Exchange Rate Data




2



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|                              |  |               |        |  |                 |  |        |      |  |  |        |  |  |  |        | 
|----------------------------- |  | ------------- | ------ |  | --------------- |  | ------ | ---- |  |  | ------ |  |  |  | ------ | 
|Year Ended December 31,       |  | At period end |        |  | Average rate(1) |  |        | High |  |  | Low    | 
|                              |  |               |        |  |                 |  |        |      |  |  |        | 
|2000                          |  |               | 1.4995 |  |                 |  | 1.4871 |      |  |  | 1.5600 |  |  |  | 1.4350 | 
|2001                          |  |               | 1.5925 |  |                 |  | 1.5519 |      |  |  | 1.6023 |  |  |  | 1.4933 | 
|2002                          |  |               | 1.5800 |  |                 |  | 1.5702 |      |  |  | 1.6128 |  |  |  | 1.5108 | 
|2003                          |  |               | 1.2923 |  |                 |  | 1.3916 |      |  |  | 1.5750 |  |  |  | 1.2923 | 
|2004                          |  |               | 1.2034 |  |                 |  | 1.2984 |      |  |  | 1.3970 |  |  |  | 1.1775 | 
|2005 (through March 18, 2005) |  |               | 1.2027 |  |                 |  | 1.2346 |      |  |  | 1.2562 |  |  |  | 1.1982 | 






|    |                                                                                          
|--- | -----------------------------------------------------------------------------------------
|(1) | The average of the noon buying rates on the last day of each
    month during the period.



3



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##### Table of Contents






PART I







|        |         
|------- | --------
|Item 1. | Business

Overview








Our History










| |   |                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Oswego, United States in 1963, a major producer of can sheet and
    industrial sheet;                                                               
|
| |  | Norf, Germany in 1967, a joint venture, owned at 50%, which
    operates the largest hot mill rolling facility in the world in
    terms of capacity;
|
| |  | Saguenay Works, Canada in 1971, which operates the largest
    capacity continuous caster in the world; and                                          
|
| |  | Pindamonhangaba, Brazil in 1977, the only South American plant
    capable of producing beverage can body and end stock.                             

4



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Our Industry








| |   |                                                                                                   
| | - | --------------------------------------------------------------------------------------------------
| |  | hot mills that require sheet ingot, a rectangular
    slab of aluminum, as starter material; and
|
| |  | continuous casting mills that can convert molten
    metal directly into semi-finished sheet.   











End-use Markets




5



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Construction and Industrial.






Beverage/ Food Cans.






Foil Products.




Transportation.




6



---



##### Table of Contents









Market Structure








Competition




7



---



##### Table of Contents





Key Factors Affecting Supply and Demand




Economic Growth.


Substitution Trends.


LME and Local Currency Effect.


Downgauging.


Seasonality.




Production Capacity.


8



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##### Table of Contents



Alternative Technology.


Trade.


Our Business Strategy






Address Customer Needs with Innovative and Market-Driven
Products.


Develop and Implement a New Metal Conversion Business
Model.


Improve Production From Existing Assets and Reduce Capital
Needs.


9



---



##### Table of Contents





Leverage Economies of Scale in Raw Material Sourcing.


Capture Growth in Targeted Markets.


Pursue Selected Expansion and Acquisition Opportunities.




Our Business Groups






10



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|                      |                              |                                    |  |       |      |  |  |       |  |  |  |       | 
|--------------------- | ---------------------------- | ---------------------------------- |  | ----- | ---- |  |  | ----- |  |  |  | ----- | 
|                      |                              | 2004                               |  |       | 2003 |  |  | 2002  | 
|                      |                              |                                    |  |       |      |  |  |       | 
|                      |                              | (All amounts in $ millions,        | 
|Business Group(i)     |                              | except shipments, which are in kt) | 
|Novelis North America |                              |                                    |  |       |      |  |  |       |  |  |  |      
|                      | Sales and operating revenues |                                    |  | 2,964 |      |  |  | 2,385 |  |  |  | 2,517 | 
|                      | BGP                          |                                    |  | 237   |      |  |  | 206   |  |  |  | 277   | 
|                      | Total assets                 |                                    |  | 1,301 |      |  |  | 1,131 |  |  |  | 1,130 | 
|                      | Shipments                    |                                    |  | 1,175 |      |  |  | 1,083 |  |  |  | 1,165 | 
|Novelis Europe        |                              |                                    |  |       |      |  |  |       |  |  |  |      
|                      | Sales and operating revenues |                                    |  | 3,081 |      |  |  | 2,510 |  |  |  | 2,218 | 
|                      | BGP                          |                                    |  | 188   |      |  |  | 173   |  |  |  | 130   | 
|                      | Total assets                 |                                    |  | 2,504 |      |  |  | 2,167 |  |  |  | 1,650 | 
|                      | Shipments                    |                                    |  | 1,089 |      |  |  | 1,012 |  |  |  | 926   | 
|Novelis Asia          |                              |                                    |  |       |      |  |  |       |  |  |  |      
|                      | Sales and operating revenues |                                    |  | 1,194 |      |  |  | 918   |  |  |  | 785   | 
|                      | BGP                          |                                    |  | 79    |      |  |  | 68    |  |  |  | 35    | 
|                      | Total assets                 |                                    |  | 954   |      |  |  | 837   |  |  |  | 824   | 
|                      | Shipments                    |                                    |  | 491   |      |  |  | 428   |  |  |  | 378   | 
|Novelis South America |                              |                                    |  |       |      |  |  |       |  |  |  |      
|                      | Sales and operating revenues |                                    |  | 525   |      |  |  | 414   |  |  |  | 379   | 
|                      | BGP                          |                                    |  | 143   |      |  |  | 112   |  |  |  | 90    | 
|                      | Total assets                 |                                    |  | 773   |      |  |  | 733   |  |  |  | 720   | 
|                      | Shipments                    |                                    |  | 264   |      |  |  | 258   |  |  |  | 244   | 






|    |                                                                                                                                             
|--- | --------------------------------------------------------------------------------------------------------------------------------------------
|(i) | The sales and operating revenues and shipment information
    presented in the table above excludes intersegment revenues and
    shipments.



Novelis North America








11



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Novelis Europe








Novelis Asia






Novelis South America








Raw Materials and Suppliers




Aluminum




Primary Aluminum Purchases.


12



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Primary Aluminum Production.


Recycled Aluminum Products.




Sheet Ingot.


Energy






Others




Our Customers




13



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Distribution and Backlog




Direct Sales






Distributors




14



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Backlog




Research and Development




Our Employees




Intellectual Property






Environment, Health and Safety




15



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Arrangements Between Novelis and Alcan




Separation Agreement






| |                             
| | ----------------------------
| | Releases and Indemnification







| |   |                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the contributed businesses, liabilities or contracts;                                                                                                                                      
|
| |  | liabilities or obligations associated with the contributed
    businesses, as defined in the separation agreement, or otherwise
    assumed by us pursuant to the separation agreement; and
|
| |  | any breach by us of the separation agreement or any of the
    ancillary agreements we entered into with Alcan in connection
    with the separation.                                      





| |   |                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | liabilities of Alcan other than those of an entity forming part
    of our group or otherwise assumed by us pursuant to the
    separation agreement;   
|
| |  | any liability of Alcan or its subsidiaries, other than us,
    retained by Alcan under the separation agreement; and                                    
|
| |  | any breach by Alcan of the separation agreement or any of the
    ancillary agreements we entered into with Alcan in connection
    with the separation.



16



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| |                   
| | ------------------
| | Further Assurances





| |                              
| | -----------------------------
| | Non-solicitation of Employees





| |                
| | ---------------
| | Non-competition





| |                  
| | -----------------
| | Change of Control







| |                     
| | --------------------
| | Ancillary Agreements



Transitional Services Agreement.


17



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Metal Supply Agreements.


Foil Supply Agreements.


Alumina Supply Agreements.


Intellectual Property Agreements.


Sierre Agreements.




| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Alcan transferred to us certain assets and liabilities of the
    automotive and other aluminum rolled products businesses
    relating to the sales and marketing output of the Sierre North
    Building, which comprises a portion of the Sierre facility in
    Switzerland, at a transfer price determined by a valuation made
    by an independent third party, pursuant to the terms of the
    separation and asset transfer agreements;



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Alcan leased to us the Sierre North Building and the machinery
    and equipment located in the Sierre North Building (including
    the hot and cold mills) for a term of 15 years, renewable
    at our option for additional five-year periods, at an annual
    base rent in an amount equal to 8.5% of the book value of the
    Sierre North Building, the leased machinery or equipment, as
    applicable, pursuant to the terms of the real estate lease and
    equipment lease agreements;



| |   |                                                                                                                                                                                                                                                                                                                                                                                       
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We and Alcan will have access to, and use of, property and
    assets that are common to each of our respective operations at
    the Sierre facility, pursuant to the terms of the access and
    easement agreement;                                                                                                                                                                
|
| |  | Alcan agreed to supply us with all our requirements of aluminum
    rolling slabs for the production of aluminum rolled products at
    the Sierre facility for a term of ten years, subject to
    availability, and provided the aluminum rolling slabs meet
    applicable quality standards and are competitively priced,
    pursuant to the terms of the metal supply agreement;
|
| |  | Alcan will provide certain services to us at the Sierre
    facility, including services consisting of or relating to
    environmental testing, chemical laboratory services, utilities,
    waste disposal, facility safety and                                                                                                                                                     

18



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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | security, medical services, employee food service and rail
    transportation, and we will provide certain services to Alcan at
    the Sierre facility, including services consisting of or
    relating to hydraulic and mechanical maintenance, roll grinding
    and recycled process material for a two-year renewable term,
    pursuant to the terms of the shared services agreement; and                                                                                                                                                                                                                                                                                                                                          
|
| |  | Alcan retains access to all of the total plate production
    capacity of the Sierre facility, which represents a portion of
    Sierres total hot mill production capacity. The formula
    for the price to be charged to Alcan for products from the
    Sierre hot mill is based upon its proportionate share of the
    fixed production costs relating to the Sierre hot mill
    (determined by reference to actual production hours utilized by
    Alcan) and the variable production costs (determined by
    reference to the volume of product produced for Alcan). Under
    the tolling agreement, we have agreed to maintain the current
    standards of maintenance, management and operation of the Sierre
    hot mill.



Neuhausen Agreements.


Tax Sharing and Disaffiliation Agreement.


Employee Matters Agreement.


Technical Services Agreements.


19



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Ohle Agreement.


Foil Supply and Distribution Agreement.


Metal Hedging Agreement.


Available Information









|        |           
|------- | ----------
|Item 2. | Properties





20



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NNA


|                          |  |                                     |  |                                                           
|------------------------- |  | ----------------------------------- |  | ----------------------------------------------------------
|Location                  |  | Plant Process                       |  | Major End-Use Markets                                     
|                          |  |                                     |  |                                                           
|Oswego, New York          |  | Hot rolling, cold rolling recycling |  | Can stock, Construction/Industrial,
    Semi-finished coil
|Logan, Kentucky(i)        |  | Hot rolling, cold rolling           |  | Can stock                                                 
|Saguenay, Quebec          |  | Continuous casting                  |  | Semi-finished coil                                        
|Kingston, Ontario         |  | Cold rolling, finishing             |  | Automotive, Construction/Industrial                       
|Terre Haute, Indiana      |  | Cold rolling, finishing             |  | Foil                                                      
|Warren, Ohio              |  | Coating                             |  | Can stock                                                 
|Fairmont, West Virginia   |  | Cold rolling, finishing             |  | Foil                                                      
|Toronto, Ontario          |  | Finishing                           |  | Foil, foil containers                                     
|Louisville, Kentucky      |  | Cold rolling, finishing             |  | Foil                                                      
|Burnaby, British Columbia |  | Finishing                           |  | Foil containers                                           






|    |                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i) | We own 40% of the shares of Logan Aluminium Inc., but we have
    made subsequent equipment investments such that we now have
    access to approximately 67% of Logans total production
    capacity.











21



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NE


|                             |  |                                             |  |                                                     
|---------------------------- |  | ------------------------------------------- |  | ----------------------------------------------------
|Location                     |  | Plant Process                               |  | Major End-Use Markets                               
|                             |  |                                             |  |                                                     
|Norf, Germany(i)             |  | Hot rolling, cold rolling                   |  | Can stock, foilstock, reroll Construction/Industrial
|Göttingen, Germany           |  | Cold rolling, finishing                     |  | Can end, Lithographic, Painted sheet                
|Rogerstone, United Kingdom   |  | Hot rolling, cold rolling                   |  | Foilstock, paintstock, reroll                       
|Nachterstedt, Germany        |  | Cold rolling, finishing                     |  | Construction/Industrial, Automotive                 
|Sierre, Switzerland(ii)      |  | Hot rolling, cold rolling                   |  | Automotive sheet                                    
|Pieve, Italy                 |  | Continuous casting, cold rolling            |  | Paintstock, industrial                              
|Ohle, Germany                |  | Cold rolling, finishing                     |  | Foil                                                
|Bresso, Italy                |  | Finishing                                   |  | Painted sheet                                       
|Falkirk, United Kingdom(iii) |  | Cold Rolling                                |  | Construction/Industrial                             
|Rugles, France               |  | Continuous casting, cold rolling, finishing |  | Foil                                                
|Dudelange, Luxembourg        |  | Continuous casting, cold rolling, finishing |  | Foil                                                
|Bridgnorth, United Kingdom   |  | Cold rolling, finishing                     |  | Foil                                                
|Annecy, France               |  | Hot rolling, Cold rolling, finishing        |  | Painted sheet, circles                              
|Ludenscheid, Germany         |  | Cold rolling, finishing                     |  | Foil                                                
|Flemalle, Belgium(iv)        |  | Cold rolling, finishing                     |  | Foil                                                
|Berlin, Germany              |  | Finishing                                   |  | Foil                                                






|      |                                                                                                                                                                                                                                                                                                         
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i)   | Operated as a joint venture between us, 50% interest, and Norsk
    Hydro Aluminium Deutschland GmbH, 50% interest.                                                                                                                                                                                     
|     
|(ii)  | We have entered into an agreement with Alcan pursuant to which
    Alcan, following the separation, retains access to the plate
    production capacity utilized prior to separation at the Sierre
    facility, which represents a portion of the total production
    capacity of the Sierre hot mill.
|     
|(iii) | The facility was closed in December 2004.                                                                                                                                                                                                                                                               
|     
|(iv)  | Closure of the facility is planned for mid-2005.                                                                                                                                                                                                                                                        



22



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NA


|                          |  |                                  |  |                                                   
|------------------------- |  | -------------------------------- |  | --------------------------------------------------
|Location                  |  | Plant Process                    |  | Major End-Use Markets                             
|                          |  |                                  |  |                                                   
|Ulsan, Korea(i)           |  | Hot rolling, cold rolling        |  | Can stock, Construction/Industrial, Foil stock    
|Yeongju, Korea(ii)        |  | Hot rolling, cold rolling        |  | Can stock,                                        
|Bukit Raja, Malaysia(iii) |  | Continuous casting, cold rolling |  | Construction/Industrial, Foil stock Foil, finstock






|    |                                                  
|--- | -------------------------------------------------
|(i) | We hold a 68% equity interest in the Ulsan plant.





|      |                                                                                                                                                                           
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(iii) | Ownership of the Bukit Raja plant corresponds to our 59%
    shareholding in Aluminium Company of Malaysia Berhad. We
    increased our ownership from 36% to 59% in 2003.







NSA


|                        |  |                           |  |                                               
|----------------------- |  | ------------------------- |  | ----------------------------------------------
|Location                |  | Plant Process             |  | Major End-Use Markets                         
|                        |  |                           |  |                                               
|Pindamonhangaba, Brazil |  | Hot rolling, cold rolling |  | Construction/Industrial, can stock, foil stock
|Utinga, Brazil          |  | Finishing                 |  | Foil                                          



23



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|                      |  |               |                        |  |                       |                                           
|--------------------- |  | ------------- | ---------------------- |  | --------------------- | ------------------------------------------
|Location              |  | Plant Process |                        |  | Major End-Use Markets
|                      |  |               |                        |  |                      
|Aratu, Brazil         |  |               | Smelting               |  |                       | Primary aluminum (sheet ingot and billets)
|Petrocoque, Brazil(i) |  |               | Refining calcined coke |  |                       | Carbon products (smelter anodes)          
|Ouro Preto, Brazil    |  |               | Hydroelectric, Bauxite |  |                       | Primary aluminum (sheet                   
|                      |  |               | mining, Alumina        |  |                       | ingot and billets)                        
|                      |  |               | refining, Smelting     |  |                       |                                           






|    |                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i) | Operated as a joint venture between us, 25% interest, Petrobas
    Quimica S.A., 35% interest, Universal  Comércio
    e Empreendimentos Ltda., 25% interest, and Companhia Brasileira
    de Aluminio, 15% interest.








Item 3.     Legal
Proceedings




Environmental Matters




24



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##### Table of Contents







PAS Site.


PAS Oswego Site Performing Group.


Oswego North Ponds.




25



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##### Table of Contents





Butler Tunnel Site.




Tri-Cities Site.


Quanta Resources Site.


Sealand Site.


Toyo Coal Tar Remediation.


Diamond Alkali Superfund Site-Lower Passaic River
Initiative


26



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##### Table of Contents



Jarl Extrusions (Rochester, NY).


Terre Haute TCE Issue.







|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders



27



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PART II







|        |                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------
|Item 5. | Market for Registrants Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities

Market Information




Holders


,


Dividends




Securities Authorized for Issuance Under Equity Compensation
Plans




Canadian Federal Income Tax Considerations 
Non-Residents of Canada








28



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Taxation of Dividends




Disposition of Shares




Sales of Unregistered Equity Securities




29



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|        |                        
|------- | -----------------------
|Item 6. | Selected Financial Data





|                                           |                                                      |                                         |       |      |      |   |       |      |  |   |       |       |   |      |       |       |   |   |       |      | 
|------------------------------------------ | ---------------------------------------------------- | --------------------------------------- | ----- | ---- | ---- | - | ----- | ---- |  | - | ----- | ----- | - | ---- | ----- | ----- | - | - | ----- | ---- | 
|                                           |                                                      | At and for the Years Ended December 31, |      
|                                           |                                                      |                                         |      
|                                           |                                                      | 2004                                    |       |      | 2003 |   |       | 2002 |  |   | 2001  |       |   | 2000 |      
|                                           |                                                      |                                         |       |      |      |   |       |      |  |   |       |       |   |      |      
|                                           |                                                      | ($ millions, except per share data)     |      
|Sales and operating revenues               |                                                      | $                                       | 7,755 |      |      | $ | 6,221 |      |  | $ | 5,893 |       |   | $    | 5,777 |       |   | $ | 5,668 |     
|Net income (loss)                          |                                                      |                                         | 55    |      |      |   | 157   |      |  |   | (9    | )     |   |      | (137  | )     |   |   | 82    |     
|Total assets                               |                                                      |                                         | 5,954 |      |      |   | 6,316 |      |  |   | 4,558 |       |   |      | 4,390 |       |   |   | 4,943 |     
|Long-term debt (including current portion) |                                                      |                                         | 2,737 |      |      |   | 1,659 |      |  |   | 623   |       |   |      | 514   |       |   |   | 584   |     
|Other debt                                 |                                                      |                                         | 541   |      |      |   | 964   |      |  |   | 366   |       |   |      | 445   |       |   |   | 498   |     
|Cash and time deposits                     |                                                      |                                         | 31    |      |      |   | 27    |      |  |   | 31    |       |   |      | 17    |       |   |   | 35    |     
|Invested equity                            |                                                      |                                         | 555   |      |      |   | 1,974 |      |  |   | 2,181 |       |   |      | 2,234 |       |   |   | 2,562 |     
|Earnings (loss) per share                  |                                                      |                                         |       |      |      |   |       |      |  |   |       |       |   |      |       |       |   |   |       |     
|Basic                                      |                                                      |                                         |       |      |      |   |       |      |  |   |       |       |   |      |       |       |   |   |       |     
|                                           | Income before cumulative effect of accounting change |                                         |       | 0.74 |      |   |       | 2.12 |  |   |       | 1.01  |   |      |       | (1.85 | ) |   |       | 1.11 | 
|                                           | Cumulative effect of accounting change               |                                         |       |     |      |   |       |     |  |   |       | (1.13 | ) |      |       |      |   |   |       |     | 
|                                           |                                                      |                                         |       |      |      |   |       |      |  |   |       |       |   |      |      
|                                           | Net income (loss) per share  basic                  |                                         |       | 0.74 |      |   |       | 2.12 |  |   |       | (0.12 | ) |      |       | (1.85 | ) |   |       | 1.11 | 
|Diluted                                    |                                                      |                                         |       |      |      |   |       |      |  |   |       |       |   |      |       |       |   |   |       |     
|                                           | Income before effect of accounting change            |                                         |       | 0.74 |      |   |       | 2.11 |  |   |       | 1.00  |   |      |       | (1.85 | ) |   |       | 1.10 | 
|                                           | Cumulative effect of accounting change               |                                         |       |     |      |   |       |     |  |   |       | (1.13 | ) |      |       |      |   |   |       |     | 
|                                           |                                                      |                                         |       |      |      |   |       |      |  |   |       |       |   |      |      
|                                           | Net income (loss) per share  diluted                |                                         |       | 0.74 |      |   |       | 2.11 |  |   |       | (0.13 | ) |      |       | (1.85 | ) |   |       | 1.10 | 





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|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations



Risk Factors


Risks Related to our Separation from Alcan




| |                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We have no history operating as an independent company and
    we may be unable to make on a timely or cost-effective basis the
    changes necessary to operate as an independent company.





| |   |                                              
| | - | ---------------------------------------------
| |  | treasury administration;                     
|
| |  | selected benefits administration functions;  
|
| |  | selected employee compensation functions;    
|
| |  | selected information technology services; and
|
| |  | metal, energy and currency hedging.          







31



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| |                                                                                                                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Following the separation, the level of our indebtedness,
    which will be relatively higher than that of Alcan, will subject
    us to various restrictions, result in higher interest costs and
    potentially limit our financial flexibility.







| |                                                                                                  
| | -------------------------------------------------------------------------------------------------
| | Our agreements with Alcan may not reflect what two
    unaffiliated parties might have agreed to.





| |                                                                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As a separate company, we have supply agreements with
    Alcan for a portion of our raw materials requirements. If Alcan
    is unable to deliver sufficient quantities of these materials or
    if it terminates these agreements, our ability to manufacture
    products on a timely basis could be adversely affected.





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| |                                                                                      
| | -------------------------------------------------------------------------------------
| | We may lose key rights if a change in control of our
    voting shares were to occur.





| |                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------
| | We could incur significant tax liability, or be liable to
    Alcan, if certain transactions occur which violate tax-free
    spin-off rules.







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| |                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may be required to satisfy certain indemnification
    obligations to Alcan, or may not be able to collect on
    indemnification rights from Alcan.





| |                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may have potential business conflicts of interest with
    Alcan with respect to our past and ongoing relationships that
    could harm our business operations.





| |                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------
| | Our agreement not to compete with Alcan in certain end-use
    markets may hinder our ability to take advantage of new business
    opportunities.





| |                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our historical financial information may not be
    representative of results we would have achieved as an
    independent company or our future results.





| |                                                                                                        
| | -------------------------------------------------------------------------------------------------------
| | We expect to have to spend significant amounts of time and
    resources to build a new brand identity.





| |                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As we build our information technology infrastructure and
    transition our data to our own systems, we could experience
    temporary interruptions in business operations and incur
    additional costs.



34



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Risks Related to our Business and the Market
Environment




| |                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Certain of our customers are significant to our revenues,
    and we could be adversely affected by changes in the business or
    financial condition of these significant customers or by the
    loss of their business.





| |                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------
| | Our profitability could be adversely affected by increases
    in the cost or disruptions in the availability of raw
    materials.





| |                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------
| | Our operations consume energy and our profitability may
    decline if energy costs were to rise, or if our energy supplies
    were interrupted.





| |   |                                                                                                  
| | - | -------------------------------------------------------------------------------------------------
| |  | increases in costs of natural gas;                                                               
|
| |  | significant increases in costs of supplied electricity or fuel
    oil related to transportation;

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| |   |                                                                                         
| | - | ----------------------------------------------------------------------------------------
| |  | interruptions in energy supply due to equipment failure or other
    causes; and        
|
| |  | the inability to extend energy supply contracts upon expiration
    on economical terms.





| |                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may not have sufficient cash and may be limited in our
    ability to access financing for future capital requirements,
    which may prevent us from increasing our manufacturing
    capability, improving our technology or addressing any gaps in
    our product offerings.





| |                                                                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Adverse changes in currency exchange rates could
    negatively affect our financial results and the competitiveness
    of our aluminum rolled products relative to other
    materials.









| |                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Most of our facilities are staffed by a unionized
    workforce, and union disputes and other employee relations
    issues could materially adversely affect our financial
    results.



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##### Table of Contents





| |                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our operations have been and will continue to be exposed
    to various business and other risks, changes in conditions and
    events beyond our control in countries where we have operations
    or sell products.





| |                                                                     
| | --------------------------------------------------------------------
| | We could be adversely affected by disruptions of our
    operations.





| |                                                                                                            
| | -----------------------------------------------------------------------------------------------------------
| | We may not be able to successfully develop and implement
    new technology initiatives in a timely manner.





| |                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------
| | Loss of our key management and other personnel, or an
    inability to attract such management and other personnel, could
    impact our business.





| |                                                                                   
| | ----------------------------------------------------------------------------------
| | We may not be able to adequately protect proprietary
    rights to our technology.



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| |                                                                                               
| | ----------------------------------------------------------------------------------------------
| | Past and future acquisitions or divestitures may adversely
    affect our financial condition.







| |                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We could be required to make unexpected contributions to
    our defined benefit pension plans as a result of adverse changes
    in interest rates and the capital markets.







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| |                                                                                                                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We face risks relating to certain joint ventures and
    subsidiaries that we do not entirely control. Our ability to
    generate cash from these entities may be more restricted than if
    such entities were wholly owned subsidiaries.



Risks Related to Our Industry




| |                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------
| | We face significant price and other forms of competition
    from other aluminum rolled products producers, which could hurt
    our results of operations.









| |                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------
| | The end-use markets for certain of our products are highly
    competitive and customers are willing to accept substitutes for
    our products.





| |                                                                                             
| | --------------------------------------------------------------------------------------------
| | A downturn in the economy could have a material adverse
    effect on our financial results.





| |                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------
| | The seasonal nature of some of our customers
    industries could have a material adverse effect on our financial
    results.



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| |                                                                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We are subject to a broad range of environmental, health
    and safety laws and regulations in the jurisdictions in which we
    operate, and we may be exposed to substantial environmental,
    health and safety costs and liabilities.









| |                                                                          
| | -------------------------------------------------------------------------
| | We may be exposed to significant legal proceedings or
    investigations.



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| |                                                                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Product liability claims against us could result in
    significant costs or negatively impact our reputation and could
    adversely affect our business results and financial
    condition.



Risks Related to Ownership of Our Common Shares




| |                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because there has been a public market for our common
    shares for only a short period of time, the market price and
    trading volume of our shares may be volatile.









| |                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------
| | The terms of our separation from Alcan and our shareholder
    rights plan could delay or prevent a change of control that you
    may consider favourable.












|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures about Market
    Risk



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Interest Rates




Currency Derivatives




|                                         |                       |                                     |     |        |      |  |    |        |  |  |      |         |  |      |      |        |        |  |   |        |  |  |     |  |  |  |     |   | 
|---------------------------------------- | --------------------- | ----------------------------------- | --- | ------ | ---- |  | -- | ------ |  |  | ---- | ------- |  | ---- | ---- | ------ | ------ |  | - | ------ |  |  | --- |  |  |  | --- | - | 
|                                         |                       |                                     |     |        |      |  |    |        |  |  |      | Total   |  |      |     
|                                         |                       |                                     |     |        |      |  |    |        |  |  |      | Nominal |  |      | Fair |       
|                                         |                       | 2005                                |     |        | 2006 |  |    | 2007   |  |  | 2008 |         |  | 2009 |      |        | Amount |  |   | Value  | 
|                                         |                       |                                     |     |        |      |  |    |        |  |  |      |         |  |      |      |        |        |  |   |        | 
|                                         |                       | ($ millions, except contract rates) |    
|Forward contracts                        |                       |                                     |     |        |      |  |    |        |  |  |      |         |  |      |      |        |        |  |   |        |  |  |     |  |  |  |     |  
|To buy USD against the foreign currency  |                       |                                     |     |        |      |  |    |        |  |  |      |         |  |      |      |        |        |  |   |        |  |  |     |  |  |  |     |  
|CHF Nominal Amount                       |                       |                                     | 33  |        |      |  | 11 |        |  |  | 2    |         |  |      | 2    |        |        |  | 1 |        |  |  | 49  |  |  |  | (7  | )
|                                         | Average contract rate |                                     |     | 1.2722 |      |  |    | 1.3479 |  |  |      | 1.2904  |  |      |      | 1.2644 |        |  |   | 1.2408 |  |  |     |  |  |  |     |   | 
|GBP Nominal Amount                       |                       |                                     | 64  |        |      |  | 1  |        |  |  |     |         |  |      |     |        |        |  |  |        |  |  | 65  |  |  |  | (3  | )
|                                         | Average contract rate |                                     |     | 1.8273 |      |  |    | 1.7420 |  |  |      |        |  |      |      |       |        |  |   |       |  |  |     |  |  |  |     |   | 
|To sell USD against the foreign currency |                       |                                     |     |        |      |  |    |        |  |  |      |         |  |      |      |        |        |  |   |        |  |  |     |  |  |  |     |  
|GBP Nominal Amount                       |                       |                                     | 56  |        |      |  | 1  |        |  |  |     |         |  |      |     |        |        |  |  |        |  |  | 57  |  |  |  | 4   |  
|                                         | Average contract rate |                                     |     | 1.7856 |      |  |    | 1.6387 |  |  |      |        |  |      |      |       |        |  |   |       |  |  |     |  |  |  |     |   | 
|EUR Nominal Amount                       |                       |                                     | 49  |        |      |  |   |        |  |  |     |         |  |      |     |        |        |  |  |        |  |  | 49  |  |  |  | 4   |  
|                                         | Average contract rate |                                     |     | 1.2518 |      |  |    |       |  |  |      |        |  |      |      |       |        |  |   |       |  |  |     |  |  |  |     |   | 
|CHF Nominal Amount                       |                       |                                     | 1   |        |      |  |   |        |  |  |     |         |  |      |     |        |        |  |  |        |  |  | 1   |  |  |  |    |  
|                                         | Average contract rate |                                     |     | 1.1263 |      |  |    |       |  |  |      |        |  |      |      |       |        |  |   |       |  |  |     |  |  |  |     |   | 
|To sell EUR against the foreign currency |                       |                                     |     |        |      |  |    |        |  |  |      |         |  |      |      |        |        |  |   |        |  |  |     |  |  |  |     |  
|USD Nominal Amount                       |                       |                                     | 316 |        |      |  | 87 |        |  |  | 57   |         |  |      |     |        |        |  |  |        |  |  | 460 |  |  |  | (48 | )
|                                         | Average contract rate |                                     |     | 1.2329 |      |  |    | 1.2284 |  |  |      | 1.2330  |  |      |      |       |        |  |   |       |  |  |     |  |  |  |     |   | 
|CHF Nominal Amount                       |                       |                                     | 24  |        |      |  | 13 |        |  |  | 5    |         |  |      | 5    |        |        |  | 4 |        |  |  | 51  |  |  |  | (1  | )
|                                         | Average contract rate |                                     |     | 1.5199 |      |  |    | 1.5014 |  |  |      | 1.4614  |  |      |      | 1.4436 |        |  |   | 1.4266 |  |  |     |  |  |  |     |   | 
|GBP Nominal Amount                       |                       |                                     | 152 |        |      |  | 16 |        |  |  |     |         |  |      |     |        |        |  |  |        |  |  | 168 |  |  |  | (3  | )
|                                         | Average contract rate |                                     |     | 1.4288 |      |  |    | 1.4136 |  |  |      |        |  |      |      |       |        |  |   |       |  |  |     |  |  |  |     |   | 
|To buy EUR against the foreign currency  |                       |                                     |     |        |      |  |    |        |  |  |      |         |  |      |      |        |        |  |   |        |  |  |     |  |  |  |     |  
|GBP Nominal amount                       |                       |                                     | 56  |        |      |  | 5  |        |  |  | 1    |         |  |      |     |        |        |  |  |        |  |  | 62  |  |  |  | 1   |  
|                                         | Average contract rate |                                     |     | 1.4239 |      |  |    | 1.3990 |  |  |      | 1.3598  |  |      |      |       |        |  |   |       |  |  |     |  |  |  |     |   | 

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|                                         |                       |                                     |    |        |      |  |   |      |  |  |      |         |  |      |      |   |        |  |   |       |  |  |    |  |  |  |   |  | 
|---------------------------------------- | --------------------- | ----------------------------------- | -- | ------ | ---- |  | - | ---- |  |  | ---- | ------- |  | ---- | ---- | - | ------ |  | - | ----- |  |  | -- |  |  |  | - |  | 
|                                         |                       |                                     |    |        |      |  |   |      |  |  |      | Total   |  |      |     
|                                         |                       |                                     |    |        |      |  |   |      |  |  |      | Nominal |  |      | Fair |  
|                                         |                       | 2005                                |    |        | 2006 |  |   | 2007 |  |  | 2008 |         |  | 2009 |      |   | Amount |  |   | Value | 
|                                         |                       |                                     |    |        |      |  |   |      |  |  |      |         |  |      |      |   |        |  |   |       | 
|                                         |                       | ($ millions, except contract rates) |   
|To buy GBP against the foreign currency  |                       |                                     |    |        |      |  |   |      |  |  |      |         |  |      |      |   |        |  |   |       |  |  |    |  |  |  |   | 
|CHF Nominal Amount                       |                       |                                     | 9  |        |      |  |  |      |  |  |     |         |  |      |     |   |        |  |  |       |  |  | 9  |  |  |  |  | 
|                                         | Average contract rate |                                     |    | 2.2036 |      |  |   |     |  |  |      |        |  |      |      |  |        |  |   |      |  |  |    |  |  |  |   |  | 
|To sell EUR against the foreign currency |                       |                                     |    |        |      |  |   |      |  |  |      |         |  |      |      |   |        |  |   |       |  |  |    |  |  |  |   | 
|CHF Nominal Amount                       |                       |                                     | 19 |        |      |  |  |      |  |  |     |         |  |      |     |   |        |  |  |       |  |  | 19 |  |  |  |  | 
|                                         | Average contract rate |                                     |    | 2.1730 |      |  |   |     |  |  |      |        |  |      |      |  |        |  |   |      |  |  |    |  |  |  |   |  | 



Derivative Commodity Contracts











|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data








|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes In and Disagreements With Accountants On
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures

Evaluation of disclosure controls and
procedures


Changes in internal control over financial
reporting







|         |                  
|-------- | -----------------
|Item 9B. | Other Information



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PART III





Item 10.     Directors and
Executive Officers of Registrant


Our Directors






|                              |  |     |    |  |          |                                                
|----------------------------- |  | --- | -- |  | -------- | -----------------------------------------------
|Name                          |  | Age |    |  | Position
|                              |  |     |    |  |         
|Brian W. Sturgell             |  |     | 55 |  |          | Director, President and Chief Executive Officer
|J.E. Newall, O.C.(1)(2)(3)(4) |  |     | 69 |  |          | Non-Executive Chairman of the Board            
|Jacques Bougie, O.C.(2)(4)    |  |     | 57 |  |          | Director                                       
|Charles G. Cavell(1)(2)(3)    |  |     | 62 |  |          | Director                                       
|Clarence J. Chandran(2)(3)(4) |  |     | 56 |  |          | Director                                       
|C. Roberto Cordaro(2)(3)(4)   |  |     | 55 |  |          | Director                                       
|Helmut Eschwey(2)(3)(4)       |  |     | 55 |  |          | Director                                       
|David J. FitzPatrick(1)(2)    |  |     | 51 |  |          | Director                                       
|Suzanne Labarge(1)(2)(3)      |  |     | 58 |  |          | Director                                       
|William T. Monahan(2)(3)(4)   |  |     | 57 |  |          | Director                                       
|Rudolf Rupprecht(1)(2)(4)     |  |     | 65 |  |          | Director                                       
|Edward V. Yang(1)(2)(4)       |  |     | 59 |  |          | Director                                       






|    |                                              
|--- | ---------------------------------------------
|(1) | Member of our audit committee.               
|   
|(2) | Member of our corporate governance committee.
|   
|(3) | Member of our human resources committee.     
|   
|(4) | Member of our customer relations committee.  

Brian W. Sturgell


J.E. Newall, O.C.


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Jacques Bougie, O.C.


Charles G. Cavell


Clarence J. Chandran


C. Roberto Cordaro


Helmut Eschwey


David J. FitzPatrick


Suzanne Labarge


William T. Monahan


Rudolf Rupprecht


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Edward V. Yang


Our Executive Officers




|                              |  |     |    |  |          |                                                                       
|----------------------------- |  | --- | -- |  | -------- | ----------------------------------------------------------------------
|Name                          |  | Age |    |  | Position
|                              |  |     |    |  |         
|Martha Finn Brooks            |  |     | 45 |  |          | Chief Operating Officer                                               
|Geoffrey P. Batt              |  |     | 57 |  |          | Senior Vice President and Chief Financial Officer                     
|Christopher Bark-Jones        |  |     | 58 |  |          | Senior Vice President and President  Europe                          
|Kevin Greenawalt              |  |     | 48 |  |          | Senior Vice President and President  North America                   
|Jack Morrison                 |  |     | 53 |  |          | Senior Vice President and President  Asia                            
|Antonio Tadeu Coelho Nardocci |  |     | 47 |  |          | Senior Vice President and President  South America                   
|Pierre Arseneault             |  |     | 48 |  |          | Vice President, Strategic Planning and Information Technology         
|Steven Fehling                |  |     | 58 |  |          | Vice President Global Procurement and Metal Management                
|David Godsell                 |  |     | 49 |  |          | Vice President, Human Resources and Environment, Health and
    Safety
|Jo-Ann Longworth              |  |     | 44 |  |          | Vice President and Controller                                         
|Orville G. Lunking            |  |     | 49 |  |          | Vice President and Treasurer                                          
|Leslie J. Parrette, Jr.       |  |     | 43 |  |          | General Counsel                                                       
|Brenda Pulley                 |  |     | 46 |  |          | Vice President, Corporate Affairs and Communications                  
|Thomas Walpole                |  |     | 50 |  |          | Vice President and General Manager, Can Products Business Unit        
|David Kennedy                 |  |     | 55 |  |          | Corporate Secretary                                                   

Martha Finn Brooks


46



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Geoffrey P. Batt


Christopher Bark-Jones


Kevin Greenawalt


Jack Morrison


Antonio Tadeu Coelho Nardocci


47



---



##### Table of Contents



Pierre Arseneault


Steven Fehling


David Godsell


Jo-Ann Longworth


Orville G. Lunking


48



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##### Table of Contents





Leslie J. Parrette, Jr. magna cum laude,


Brenda D. Pulley


Thomas Walpole


David Kennedy


Board of Directors and Corporate Governance Matters




49



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Novelis Board of Directors


1


2 3 4




| |                                
| | -------------------------------
| | Corporate Governance Guidelines

5

















50



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##### Table of Contents



Independence of Our Board of
Directors6






Committees of Our Board of
Directors


7


8


Audit Committee and
Financial Expert


9













51



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10 11


12








Corporate Governance
Committee


13















52



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14 15


16


17




| |                          
| | -------------------------
| | Human Resources Committee

18





















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| |                             
| | ----------------------------
| | Customer Relations Committee



Code of conduct






Section 16(a) Beneficial Ownership Reporting
Compliance









|         |                       
|-------- | ----------------------
|Item 11. | Executive Compensation

Director Compensation










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Executive Compensation




Base Salary




Annual Incentives






Long-term Incentives




55



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|                            |                                                              |      |      |                     |        |             |            |         |              |                        |              |            |                  |        |              |           |        |           |              |         |       |  |         |        |      |  |        |        |      
|--------------------------- | ------------------------------------------------------------ | ---- | ---- | ------------------- | ------ | ----------- | ---------- | ------- | ------------ | ---------------------- | ------------ | ---------- | ---------------- | ------ | ------------ | --------- | ------ | --------- | ------------ | ------- | ----- |  | ------- | ------ | ---- |  | ------ | ------ | -----
|                            |                                                              |      |      |                     |        |             |            |         |              | Long term Compensation |              |            |                 
|                            |                                                              |      |      |                     |        |             |            |         |              | Awards(i)              |              |            |                 
|                            |                                                              |      |      |                     |        |             |            |         |             
|                            |                                                              |      |      | Annual Compensation |        |             |            |         | Shares       |                        |              |           
|                            |                                                              |      |      |                     |        |             |            |         | Underlying   |                        |              |           
|                            |                                                              |      |      |                     |        | Bonus       |            |         |              |                        |              |            | Options Granted/ |        |              |          
|                            |                                                              |      |      |                     |        | (Executive  |            |         |              |                        |              |            | Stock Price      |        |              |          
|                            |                                                              |      |      |                     |        | Performance |            |         | Other Annual |                        |              | Restricted |                  |        | Appreciation |           |        | All Other |             
|                            |                                                              |      |      | Salary              |        |             | Award)(ii) |         |              | Compensation           |              |            | Share Units      |        |              | Units(iv) |        |           | Compensation |        
|Name and Principal Position |                                                              | Year |      |                     | (in $) |             |            | (in $)  |              |                        | (in $) (iii) |            |                  | ($CAN) |              |           | (#)    |           |              | (in $)  |      
|                            |                                                              |      |      |                     |        |             |            |         |              |                        |              |            |                  |        |              |           |        |           |              |         |      
|Brian W. Sturgell,          |                                                              |      | 2004 |                     |        |             | 781,200    |         |              |                        | 932,257      |            |                  |        | 280,686      | (v)       |        |           | 0            |         |       |  | 221,100 |        |      |  | 41,301 | (vi)  
|                            | Director and Chief Executive Officer                         |      |      | 2003                |        |             |            | 600,000 |              |                        |              | 561,845    |                  |        |              | 254,115   | (v)    |           |              | 404,815 | (vii) |  |         | 69,600 |      |  |        | 29,679 | (vi) 
|Martha Finn Brooks,         |                                                              |      | 2004 |                     |        |             | 514,400    |         |              |                        | 631,538      |            |                  |        | 50,723       | (viii)    |        |           | 0            |         |       |  | 78,600  |        |      |  | 14,666 | (ix)  
|                            | Chief Operating Officer                                      |      |      | 2003                |        |             |            | 440,000 |              |                        |              | 445,608    |                  |        |              | 32,661    | (viii) |           |              | 0       |       |  |         | 36,000 |      |  |        | 16,440 | (ix) 
|Chris Bark-Jones,           |                                                              |      | 2004 |                     |        |             | 440,600    |         |              |                        | 395,210      |            |                  |        | 43,892       | (x)       |        |           | 0            |         |       |  | 64,200  | (xi)   |      |  | 0      |       
|                            | Senior Vice President and President  Europe                 |      |      | 2003                |        |             |            | 375,000 |              |                        |              | 465,972    |                  |        |              | 9,659     | (x)    |           |              | 0       |       |  |         | 27,600 | (xi) |  |        | 8,348  | (xii)
|Pierre Arseneault,          |                                                              |      | 2004 |                     |        |             | 300,000    |         |              |                        | 257,731      |            |                  |        | 37,285       | (xiii)    |        |           | 0            |         |       |  | 23,700  |        |      |  | 12,214 | (xiv) 
|                            | Vice President Strategic Planning and Information Technology |      |      | 2003                |        |             |            | 272,000 |              |                        |              | 186,045    |                  |        |              | 23,145    | (xiii) |           |              | 0       |       |  |         | 9,900  |      |  |        | 10,880 | (xiv)
|Jack Morrison,              |                                                              |      | 2004 |                     |        |             | 251,088    |         |              |                        | 206,150      |            |                  |        | 329,512      | (xv)      |        |           | 0            |         |       |  | 15,000  |        |      |  | 12,346 | (xvi) 
|                            | Senior Vice President and President  Asia                   |      |      | 2003                |        |             |            | 239,013 |              |                        |              | 145,290    |                  |        |              | 292,892   | (xv)   |           |              | 0       |       |  |         | 8,400  |      |  |        | 13,588 | (xvi)






|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i)  | There were no long term incentive plan payouts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    
|(ii) | Alcans executive performance award plan, or EPA Plan, has
    two components, each based on a different aspect of performance:
    (1) the profitability of Alcan as measured by economic
    value added, or EVA (a registered trademark of Stern
    Stewart & Co.), and (2) the performance of Alcan
    relative to environment, health and safety, or EHS, objectives.
    For each position a target award is set (expressed as
    percent of target base salary) reflecting both the
    responsibilities of the position and the competitive
    compensation levels. The first component is 90% of the incentive
    compensation opportunity of an executive and is based on the
    overall profitability of Alcan as measured against the
    quantifiable financial metric EVA. The incentive compensation
    for executive officers who are part of Alcans corporate
    head office is contingent upon performance versus the
    pre-established EVA target for Alcan, while the incentive
    compensation for executive officers who are responsible for
    a business group is contingent on meeting the
    pre-established EVA objectives of their respective business
    group. The second component

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|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       | is 10% of the incentive compensation opportunity of an executive
    and is based on the achievement of the EHS objectives as
    measured against pre- established targets. The overall award
    paid is the sum of the weighted results of each component (i.e.,
    EVA and EHS) modified by the rating for the individual
    performance and contribution to Alcan. The award paid may vary
    from zero when the results achieved are less than the minimum
    threshold set by Alcans human resources committee, to 200%
    of the target award when the results achieved are at or exceed
    the maximum level which was set by Alcans human resources
    committee.                                                              
|      
|(iii)  | Included in this column for one or more executive officers are
    amounts relating to professional financial advice, club
    memberships, tax equalization (amounts paid such that net income
    after taxes was not less than it would have been in the United
    States), expatriate-related compensation, relocation allowances
    and housing (including interest on housing-related loans
    transferred to third party financial institutions).                                                                                                                                                                                                                                                                                       
|      
|(iv)   | See  Grants of Alcan Stock Price Appreciation
    Units below for a description of the stock price
    appreciation unit plan. The Alcan executive share option plan
    provides for the granting to senior employees of
    non-transferable options to purchase Alcan common shares.
    Certain executive officers and other management employees of
    Alcan have received over the years options under one or more of
    the six classes of Alcan options, namely A, B, C, D, E and
    F Options. With respect to the five executive officers
    named in the table above, only the C Options are applicable
    for the years 2004 and 2003. See  Grants
    of Alcan Stock Options below for a description of the C
    Options.
|      
|(v)    | Amounts include $254,756 (in 2004) and $219,155 (in 2003) for
    tax equalization.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      
|(vi)   | Amounts for 2004 include $27,225 in respect of savings plans and
    $14,076 in respect of life insurance. Amounts for 2003 include
    $25,875 in respect of savings plans and $3,804 in respect of
    life insurance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|      
|(vii)  | Granted as 7,175 Alcan restricted share units based on the
    market value of the Alcan shares on the date of grant, which was
    $CAN56.42. Alcan employees who became Novelis employees at the
    separation and who held restricted share units were entitled to
    receive a payment of the value of those units from Alcan.                                                                                                                                                                                                                                                                                                                                                                                                              
|      
|(viii) | Amounts for 2004 include $18,211 for tax equalization. Amounts
    for 2003 include $11,520 in a plan for professional financial
    advice and for club membership fees and $13,033 for housing
    assistance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      
|(ix)   | Amounts for 2004 include $12,902 in respect of savings plans and
    $1,764 in respect of life insurance. Amounts for 2003 include
    $15,480 in respect of savings plans and $960 in respect of life
    insurance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|      
|(x)    | Amounts for 2004 include $38,015 for exchange rate equalization.
    Amounts for 2003 include $4,839 for automobile usage and $3,217
    for professional financial advice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|      
|(xi)   | Granted as Alcan stock price appreciation units, or SPAUs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|      
|(xii)  | Amount relates to tuition for training programs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|      
|(xiii) | Amounts for 2004 include $23,341 for expatriate-related
    compensation. Amounts for 2003 include $7,008 in a plan for
    professional financial advice and club membership fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|      
|(xiv)  | Amounts for 2004 include $10,804 in respect of savings plans and
    $1,410 in respect of life insurance. Amounts for 2003 include
    $9,240 in respect of savings plans and $1,640 in respect of life
    insurance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|      
|(xv)   | Amounts for 2004 include $132,763 for housing expenses and
    $110,422 for expatriate-related compensation. Amounts for 2003
    include $146,081 for housing expenses and $110,574 for
    expatriate-related compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|      
|(xvi)  | Amounts for 2004 include $11,119 in respect of savings plans and
    $1,227 in respect of life insurance. Amounts for 2003 include
    $12,149 in respect of savings plans and $1,439 in respect of
    life insurance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

Other Compensation




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Alcan Stock Options


Grants of Alcan Stock Options






|               |  |         |            |            |           |  |      |                |  |  |                            |                              |  |    |                    |  |     |  |           |  |  |  |            | 
|-------------- |  | ------- | ---------- | ---------- | --------- |  | ---- | -------------- |  |  | -------------------------- | ---------------------------- |  | -- | ------------------ |  | --- |  | --------- |  |  |  | ---------- | 
|               |  |         |            | Percent of |           |  |      |                |  |  |                           
|               |  |         |            | Total      |           |  |      |                |  |  | Potential realizable value |                             
|               |  | Shares  |            |            | Options   |  |      |                |  |  |                            | at assumed annual rates of   | 
|               |  | Under   |            |            | Granted   |  |      |                |  |  |                            | share price appreciation for | 
|               |  | Options |            |            | to Alcan  |  |      |                |  |  |                            | option term ($CAN)(ii)       | 
|               |  | Granted |            |            | Employees |  |      | Exercise Price |  |  |                            |                              |  |   
|Name           |  | (#)     |            |            | in 2004   |  |      | ($CAN/Share)   |  |  | Expiration Date            |                              |  | 5% |                    |  | 10% | 
|               |  |         |            |            |           |  |      |                |  |  |                            |                              |  |    |                    |  |     | 
|B. W. Sturgell |  |         | (i)221,100 |            |           |  | 8.3% |                |  |  | 58.15                      |                              |  |    | September 21, 2014 |  |     |  | 8,085,676 |  |  |  | 20,490,691 | 
|M. F. Brooks   |  |         | (i) 78,600 |            |           |  | 2.9% |                |  |  | 58.15                      |                              |  |    | September 21, 2014 |  |     |  | 2,874,419 |  |  |  | 7,284,343  | 
|P. Arseneault  |  |         | (i) 23,700 |            |           |  | 0.9% |                |  |  | 58.15                      |                              |  |    | September 21, 2014 |  |     |  | 866,714   |  |  |  | 2,196,424  | 
|J. Morrison    |  |         | (i) 15,000 |            |           |  | 0.6% |                |  |  | 58.15                      |                              |  |    | September 21, 2014 |  |     |  | 548,553   |  |  |  | 1,390,142  | 






|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i)  | Date of grant: September 22, 2004.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|    
|(ii) | Reflects the value of the stock option on the date of grant
    assuming (1) for the 5% column, a 5% annual rate of appreciation
    in Alcan common shares over the term of the option and
    (2) for the 10% column, a 10% annual rate of appreciation
    in Alcan common shares over the term of option, in each case
    without discounting to net present value and before income taxes
    associated with the exercise. The 5% and 10% assumed rates of
    appreciation are based on the rules of the SEC and do not
    represent our estimate or projection of the future price of
    Alcan common shares. The amounts in this table may not
    necessarily be achieved.

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Exercise of Alcan Stock Options




|               |  |                    |         |  |                |                     |           |                     |                         |  |                       |  |  |  |              | 
|-------------- |  | ------------------ | ------- |  | -------------- | ------------------- | --------- | ------------------- | ----------------------- |  | --------------------- |  |  |  | ------------ | 
|               |  |                    |         |  |                | Shares Underlying   |           |                     | Value of Unexercised    | 
|               |  |                    |         |  |                | Unexercised Options |           |                     | In-the-Money Options at | 
|               |  | Shares Acquired on |         |  | Value Realized |                     |           | at Dec. 31, 2004(i) |                         |  | December 31, 2004 (i) | 
|Name           |  | Exercise (#)       |         |  | ($CAN)         |                     |           | (#)                 |                         |  | ($CAN)                | 
|               |  |                    |         |  |                |                     |           |                     |                         |  |                       | 
|B. W. Sturgell |  |                    | 167,450 |  |                |                     | 2,734,759 |                     |                         |  | E: 0                  |  |  |  | E: 0         | 
|               |  |                    |         |  |                |                     |           |                     |                         |  | U: 379,700            |  |  |  | U: 1,945,328 | 
|M. F. Brooks   |  |                    | 25,934  |  |                |                     | 561,082   |                     |                         |  | E: 45,334             |  |  |  | E: 13,147    | 
|               |  |                    |         |  |                |                     |           |                     |                         |  | U: 150,232            |  |  |  | U: 560,170   | 
|C. Bark-Jones  |  |                    | 10,367  |  |                |                     | 156,618   |                     |                         |  | E: 0                  |  |  |  | E: 0         | 
|               |  |                    |         |  |                |                     |           |                     |                         |  | U: 2,333              |  |  |  | U: 29,372    | 
|P. Arseneault  |  |                    | 11,134  |  |                |                     | 216,628   |                     |                         |  | E: 0                  |  |  |  | E: 0         | 
|               |  |                    |         |  |                |                     |           |                     |                         |  | U: 44,866             |  |  |  | U: 254,768   | 
|J. Morrison    |  |                    | 39,300  |  |                |                     | 575,712   |                     |                         |  | E: 0                  |  |  |  | E: 0         | 
|               |  |                    |         |  |                |                     |           |                     |                         |  | U: 35,300             |  |  |  | U: 235,853   | 






|    |                                
|--- | -------------------------------
|(i) | E: Exercisable U: Unexercisable



Treatment of Alcan Stock Options




Alcan Stock Price Appreciation Units


Grants of Alcan Stock Price Appreciation Units




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|              |  |         |        |            |              |  |       |                    |  |                            |                     |                          |                 |    |                   |  |     |  |           |  |  |  |           | 
|------------- |  | ------- | ------ | ---------- | ------------ |  | ----- | ------------------ |  | -------------------------- | ------------------- | ------------------------ | --------------- | -- | ----------------- |  | --- |  | --------- |  |  |  | --------- | 
|              |  |         |        |            |              |  |       |                    |  | Potential realizable value |                    
|              |  |         |        | Percent of |              |  |       |                    |  |                            | at assumed rates of |                         
|              |  | Shares  |        |            | total        |  |       |                    |  |                            |                     | share price appreciation |                
|              |  | granted |        |            | SPAUs        |  |       | Exercise price and |  |                            |                     |                          | for option term |   
|              |  | under   |        |            | granted to   |  |       | market value on    |  |                            |                     |                          | ($CAN)(ii)      |   
|              |  | SPAUs   |        |            | employees in |  |       | date of grant      |  |                            |                     |                          |                 |   
|Name          |  | (#)     |        |            | 2004         |  |       | ($CAN/share)       |  |                            | Expiration Date     |                          |                 | 5% |                   |  | 10% | 
|              |  |         |        |            |              |  |       |                    |  |                            |                     |                          |                 |    |                   |  |     | 
|C. Bark-Jones |  |         | 64,200 |            |              |  | 23.4% |                    |  |                            | 58.15               |                          |                 |    | September 21,2014 |  |     |  | 2,347,808 |  |  |  | 5,949,807 | 






|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(i)  | Date of grant: September 22, 2004                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    
|(ii) | Reflects the value of the SPAU on the date of grant assuming
    (1) for the 5% column, a 5% annual rate of appreciation in
    Alcan common shares over the term of the option and (2) for
    the 10% column, a 10% annual rate of appreciation in Alcan
    common shares over the term of the SPAU, in each case without
    discounting to net present value and before income taxes
    associated with the exercise. The 5% and 10% assumed rates of
    appreciation are based on the rules of the SEC and do not
    represent our estimate or projection of the future price of
    Alcan common shares. The amounts in this table may not
    necessarily be achieved.

Exercise of Alcan Stock Price Appreciation Units




|              |  |           |        |  |                 |  |                      |                      |  |                       |                   |  |  |  |            | 
|------------- |  | --------- | ------ |  | --------------- |  | -------------------- | -------------------- |  | --------------------- | ----------------- |  |  |  | ---------- | 
|              |  |           |        |  |                 |  |                      | Value of unexercised | 
|              |  | SPAUs     |        |  |                 |  | Unexercised SPAUs at |                      |  | in-the-money SPAUs at |                  
|              |  | Exercised |        |  | Aggregate value |  |                      | December 31, 2004(i) |  |                       | December 31, 2004 | 
|Name          |  | (#)       |        |  | realized ($CAN) |  |                      | (#)                  |  |                       | ($CAN)(i)         | 
|              |  |           |        |  |                 |  |                      |                      |  |                       |                   | 
|C. Bark-Jones |  |           | 23,434 |  |                 |  | 521,503              |                      |  |                       | E: 0              |  |  |  | E: 0       | 
|              |  |           |        |  |                 |  |                      |                      |  |                       | U: 107,766        |  |  |  | U: 504,985 | 






|    |                                
|--- | -------------------------------
|(i) | E: Exercisable U: Unexercisable



Treatment of Alcan Stock Price Appreciation Units




Alcan Total Shareholder Return Performance Plan




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Treatment of Incentives Granted under the Alcan Total
Shareholder Return Performance Plan




Novelis Pension and Retirement Benefits Plans


Pension Plans


Pension Plan for Officers.


|                 |     |  |    |  |     |    |  |  |     |  |  |  |     | 
|---------------- | --- |  | -- |  | --- | -- |  |  | --- |  |  |  | --- | 
|Years as Officer |    
|                 |    
|5                |     |  | 10 |  |     | 15 |  |  | 20  | 
|                 |     |  |    |  |     |    |  |  |     | 
|                 | 15% |  |    |  | 30% |    |  |  | 40% |  |  |  | 50% | 





Retirement Benefits


U.S. Plan.


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|                 |     |  |    |  |     |    |  |  |     |  |  |    |     |  |    |  |     |  |  |  |     | 
|---------------- | --- |  | -- |  | --- | -- |  |  | --- |  |  | -- | --- |  | -- |  | --- |  |  |  | --- | 
|Years of Service |    
|                 |    
|10               |     |  | 15 |  |     | 20 |  |  | 25  |  |  | 30 |     |  | 35 | 
|                 |     |  |    |  |     |    |  |  |     |  |  |    |     |  |    | 
|                 | 17% |  |    |  | 25% |    |  |  | 34% |  |  |    | 42% |  |    |  | 51% |  |  |  | 59% | 





Individual Pension Undertakings.




U.K. Plan.




|                 |     |  |    |  |     |    |  |  |     |  |  |    |     |  |    |  |     |  |  |  |     | 
|---------------- | --- |  | -- |  | --- | -- |  |  | --- |  |  | -- | --- |  | -- |  | --- |  |  |  | --- | 
|Years of Service |    
|                 |    
|10               |     |  | 15 |  |     | 20 |  |  | 25  |  |  | 30 |     |  | 35 | 
|                 |     |  |    |  |     |    |  |  |     |  |  |    |     |  |    | 
|                 | 17% |  |    |  | 26% |    |  |  | 35% |  |  |    | 43% |  |    |  | 52% |  |  |  | 60% | 





Employment Agreements




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Human Resources Committee Interlocks and Insider
Participation









|         |                                                                                                   
|-------- | --------------------------------------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management and Related Stockholder Matters





| |   |                                                                                                                                                               
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | each director, each director nominee, our chief executive
    officer and our four other most highly compensated officers
    identified in Item 11 above; and
|
| |  | all of our directors, director nominees and executive officers
    as a group.                                                                                





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|                                                              |                                                                 |                     |         |        |            |  |    |    | 
|------------------------------------------------------------- | --------------------------------------------------------------- | ------------------- | ------- | ------ | ---------- |  | -- | -- | 
|                                                              |                                                                 | Our common          |         |        |           
|                                                              |                                                                 | shares beneficially |         |        | Percentage | 
|Name and address of beneficial owner*                         |                                                                 | owned               |         |        | of class   | 
|                                                              |                                                                 |                     |         |        |            | 
|Brian W. Sturgell,                                            |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director and Chief Executive Officer(i)                         |                     |         | 11,559 |            |  |    | ** | 
|J.E. Newall, O.C.,                                            |                                                                 |                     |         |        |            |  |    |   
|                                                              | Non-Executive Chairman of the Board(ii)                         |                     |         | 21,718 |            |  |    | ** | 
|Jacques Bougie, O.C.,                                         |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 0      |            |  |    | 0% | 
|Charles G. Cavell,                                            |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 0      |            |  |    | 0% | 
|Clarence J. Chandran,                                         |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 800    |            |  |    | ** | 
|C. Roberto Cordaro,                                           |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 0      |            |  |    | 0% | 
|Helmut Eschwey,                                               |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 0      |            |  |    | 0% | 
|David J. FitzPatrick,                                         |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 0      |            |  |    | 0% | 
|Suzanne Labarge,                                              |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 3,000  |            |  |    | ** | 
|William T. Monahan,                                           |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 3,000  |            |  |    | ** | 
|Rudolf Rupprecht,                                             |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 0      |            |  |    | 0% | 
|Edward V. Yang,                                               |                                                                 |                     |         |        |            |  |    |   
|                                                              | Director                                                        |                     |         | 0      |            |  |    | 0% | 
|Martha Finn Brooks,                                           |                                                                 |                     |         |        |            |  |    |   
|                                                              | Chief Operating Officer(iii)                                    |                     |         | 89,960 |            |  |    | ** | 
|Chris Bark-Jones,                                             |                                                                 |                     |         |        |            |  |    |   
|                                                              | Senior Vice President and President  Europe(iv)                |                     |         | 20     |            |  |    | ** | 
|Pierre Arseneault,                                            |                                                                 |                     |         |        |            |  |    |   
|                                                              | Vice President Strategic Planning and Information Technology(v) |                     |         | 0      |            |  |    | 0% | 
|Jack Morrison,                                                |                                                                 |                     |         |        |            |  |    |   
|                                                              | Senior Vice President and President  Asia(vi)                  |                     |         | 0      |            |  |    | 0% | 
|Directors and executive officers as a group (26 persons)(vii) |                                                                 |                     | 184,469 |        |            |  | ** |   






| |   |                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------
| | * | The address for each individual listed is c/o Novelis Inc., 3399
    Peachtree Road NE, Suite 1500, Atlanta, GA 30326.



|      |                                                                                                                                                                                                                                           
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|**    | Indicates less than 1% of the class.                                                                                                                                                                                                      
|     
|(i)   | Does not include options to purchase 753,477 of our shares that
    are not currently exercisable and are not exercisable within
    60 days.                                                                                             
|     
|(ii)  | Includes 20,800 common shares held by Waskesiu East Holdings
    Inc., the shares of which are held by Mr. Newall and his
    children.                                                                                                   
|     
|(iii) | Includes options to purchase 89,960 of our common shares that
    are currently exercisable. Does not include options to purchase
    298,121 of our shares that are not currently exercisable and are
    not exercisable within 60 days.

64



---



##### Table of Contents





|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(iv)  | Does not include options to purchase 4,630 of our shares that
    are not currently exercisable and are not exercisable within
    60 days.                                                                                                                                                                                                                                                                                                                                                                                                                           
|     
|(v)   | Does not include options to purchase 89,032 of our shares that
    are not currently exercisable and are not exercisable within
    60 days.                                                                                                                                                                                                                                                                                                                                                                                                                          
|     
|(vi)  | Does not include options to purchase 70,049 of our shares that
    are not currently exercisable and are not exercisable within
    60 days.                                                                                                                                                                                                                                                                                                                                                                                                                          
|     
|(vii) | Our directors and executive officers as a group hold 41,523 of
    our shares. 300 of such shares are shares over which the officer
    has sole investment power but does not have voting power. Our
    directors and executive officers as a group hold options to
    purchase 142,946 of our shares that are currently exercisable or
    are exercisable within 60 days. Our directors and executive
    officers as a group hold options to purchase 1,476,248 of our
    shares that are not currently exercisable and are not
    exercisable within 60 days.

Securities Authorized for Issuance Under Equity Compensation
Plans









|         |                                               
|-------- | ----------------------------------------------
|Item 13. | Certain Relationships and Related Transactions










|         |                                       
|-------- | --------------------------------------
|Item 14. | Principal Accountant Fees and Services





65



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##### Table of Contents












|         |                                           
|-------- | ------------------------------------------
|Item 15. | Exhibits and Financial Statement Schedules



1. Consolidated Financial Statements


|                                                        |  |              |   | 
|------------------------------------------------------- |  | ------------ | - | 
|                                                        |  | Page         |  
|                                                        |  | Number of    |  
|                                                        |  | Exhibit 99.2 |  
|                                                        |  |              |  
|Management Responsibility Report                        |  |              | 1 | 
|Report of independent registered public accounting firm |  |              | 1 | 
|Combined statements of income                           |  |              | 2 | 
|Combined balance sheets                                 |  |              | 3 | 
|Combined statements of cash flows                       |  |              | 4 | 
|Combined statements of invested equity                  |  |              | 5 | 
|Notes to combined financial statements                  |  |              | 6 | 

2. Financial Statement Schedules




3. Exhibits


|        |    |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                  
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 3  | .1          |  | Restated Certificate and Articles of Incorporation of Novelis
    Inc. (Incorporated by reference to Exhibit 3.1 to the Form 8-K
    filed by Novelis Inc. on January 7, 2005 (File
    No. 001-32312).)                                                                                                                                                                                                                         
|        | 3  | .2          |  | By-law No. 1 of Novelis Inc. (Incorporated by reference to
    Exhibit 3.2 to the Form 10 filed by Novelis Inc. on
    November 17, 2004 (File No. 001-32312).)                                                                                                                                                                                                                                                                  
|        | 4  | .1          |  | Shareholder Rights Agreement between Novelis Inc. and CIBC
    Mellon Trust Company                                                                                                                                                                                                                                                                                                                                              
|        | 4  | .2          |  | Specimen Certificate of Novelis Inc. Common Shares (Incorporated
    by reference to Exhibit 4.2 to the Form 10 filed by
    Novelis Inc. on December 27, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                        
|        | 4  | .3          |  | Indenture, relating to the Notes, dated as of February 3,
    2005, between the Company, the guarantors named on the signature
    pages thereto and The Bank of New York Trust Company, N.A., as
    trustee (Incorporated by reference to Exhibit 4.1 to the
    Form 8-K filed by Novelis Inc. on February 3, 2005
    (File No. 001-32312).)                                                                                 
|        | 4  | .4          |  | Registration Rights Agreement, dated as of February 3,
    2005, among the Company, the guarantors named on the signature
    pages thereto, Citigroup Global Markets Inc., Morgan Stanley
    & Co. Incorporated and UBS Securities LLC, as
    Representatives of the Initial Purchasers (Incorporated by
    reference to Exhibit 4.2 to the Form 8-K filed by
    Novelis Inc. on February 3, 2005
    (File No. 001-32312).)
|        | 10 | .1          |  | Separation Agreement between Alcan Inc. and Novelis Inc.                                                                                                                                                                                                                                                                                                                                                                         
|        | 10 | .2          |  | Metal Supply Agreement between Novelis Inc., as Purchaser, and
    Alcan Inc., as Supplier, for the supply of remelt aluminum
    ingot**                                                                                                                                                                                                                                                                                        
|        | 10 | .3          |  | Molten Metal Supply Agreement between Novelis Inc., as
    Purchaser, and Alcan Inc., as Supplier, for the supply of molten
    metal to Purchasers Saguenay Works facility**                                                                                                                                                                                                                                                   
|        | 10 | .4          |  | Metal Supply Agreement between Novelis Inc., as Purchaser, and
    Alcan Inc., as Supplier, for the supply of sheet ingot in North
    America**                                                                                                                                                                                                                                                                                 
|        | 10 | .5          |  | Metal Supply Agreement between Novelis Inc., as Purchaser, and
    Alcan Inc., as Supplier, for the supply of sheet ingot in
    Europe**                                                                                                                                                                                                                                                                                        

66



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##### Table of Contents



|        |    |      |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|------- | -- | ---- | ----------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |      |            
|Number  |    |      | Description
|        |    |      |            
|        | 10 | .6   |             | Tax Sharing and Disaffiliation Agreement between Alcan Inc.,
    Novelis Inc., Arcustarget Inc., Alcan Corporation and Novelis
    Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 10 | .7   |             | Transitional Services Agreement between Alcan Inc. and Novelis
    Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|        | 10 | .8   |             | Principal Intellectual Property Agreement between Alcan
    International Limited and Novelis Inc.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|        | 10 | .9   |             | Secondary Intellectual Property Agreement between Novelis Inc.
    and Alcan International Limited**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|        | 10 | .10  |             | Master Metal Hedging Agreement between Alcan Inc. and Novelis
    Inc.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 10 | .11  |             | Credit Agreement, dated as of January 7, 2005, among
    Novelis Inc., Novelis Corporation, Novelis Deutschland GmbH,
    Novelis UK Limited and Novelis AG, as Borrowers, the Lenders and
    Issuers Party (as defined in the agreement), Citigroup North
    America, Inc., as Administrative Agent and Collateral Agent,
    Morgan Stanley Senior Funding, Inc. and UBS Securities LLC, as
    Co-Syndication Agents, and Citigroup Global Markets Inc., Morgan
    Stanley Senior Funding, Inc. and UBS Securities LLC, as Joint
    Lead Arrangers and Joint Book-Running Managers.
|        | 10 | .12* |             | Employee Matters Agreement between Alcan Inc. and Novelis Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 10 | .13* |             | Employment Agreement of Brian W. Sturgell (Incorporated by
    reference to Exhibit 10.32 to the Form 10 filed by
    Novelis Inc. on December 22, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                        
|        | 10 | .14* |             | Employment Agreement of Martha Finn Brooks (Incorporated by
    reference to Exhibit 10.33 to the Form 10 filed by
    Novelis Inc. on December 22, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                       
|        | 10 | .15* |             | Employment Agreement of Christopher Bark-Jones (Incorporated by
    reference to Exhibit 10.34 to the Form 10 filed by
    Novelis Inc. on December 27, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                   
|        | 10 | .16* |             | Employment Agreement of Pierre Arseneault (Incorporated by
    reference to Exhibit 10.35 to the Form 10 filed by
    Novelis Inc. on December 22, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                        
|        | 10 | .17* |             | Employment Agreement of Geoffrey P. Batt (Incorporated by
    reference to Exhibit 10.36 to the Form 10 filed by
    Novelis Inc. on December 22, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                         
|        | 10 | .18* |             | Form of Change of Control Agreement between Alcan Inc. and
    executive officers of Novelis Inc. (Incorporated by reference to
    Exhibit 10.37 to the Form 10 filed by
    Novelis Inc. on December 22, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                
|        | 10 | .19* |             | Change of Control Agreement dated as of August 1, 2002
    between Alcan Inc. and Brian W. Sturgell, as amended by a
    letter dated May 11, 2004 from Travis Engen, President and
    Chief Executive Officer of Alcan Inc. (Incorporated by reference
    to Exhibit 10.1 to the Form 8-K filed by Novelis Inc.
    on January 7, 2005 (File No. 001-32312).)                                                                                                                                                                                                                          
|        | 10 | .20* |             | Change of Control Agreement dated as of December 22, 2004
    between Alcan Inc. and Martha Finn Brooks (Incorporated by
    reference to Exhibit 10.2 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005 (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                
|        | 10 | .21* |             | Change of Control Agreement dated as of December 23, 2004
    between Alcan Inc. and Christopher Bark-Jones (Incorporated by
    reference to Exhibit 10.3 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005 (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                            
|        | 10 | .22* |             | Change of Control Agreement dated as of November 12, 2004
    between Alcan Inc. and Pierre Arseneault (Incorporated by
    reference to Exhibit 10.4 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005 (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                 
|        | 10 | .23* |             | Change of Control Agreement dated as of November 8, 2004
    between Alcan Inc. and Geoffrey P. Batt (Incorporated by
    reference to Exhibit 10.5 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005 (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                   
|        | 10 | .24* |             | Novelis Conversion Plan of 2005 (Incorporated by reference to
    Exhibit 10.6 to the Form 8-K filed by Novelis Inc. on
    January 7, 2005 (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                                        
|        | 10 | .25* |             | Written description of Novelis Short Term Incentive
    Plan  2005 Performance Measures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 10 | .26* |             | Novelis Inc. Deferred Share Unit Plan for Non-Executive Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|        | 10 | .27* |             | Employment Agreement of Jack Morrison                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | 10 | .28* |             | Form of Offer Letter with certain Novelis executive officers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

67



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##### Table of Contents



|        |    |      |             |                                                                                          
|------- | -- | ---- | ----------- | -----------------------------------------------------------------------------------------
|Exhibit |    |      |            
|Number  |    |      | Description
|        |    |      |            
|        | 10 | .29* |             | Written description of Novelis Pension Plan for Officers                                 
|        | 10 | .30* |             | Written description of Novelis Founders Performance Award Plan                           
|        | 21 | .1   |             | List of subsidiaries of Novelis Inc.                                                     
|        | 23 | .1   |             | Consent of independent auditors                                                          
|        | 31 | .1   |             | Section 302 Certification of Principal Executive Officer                                 
|        | 31 | .2   |             | Section 302 Certification of Principal Financial Officer                                 
|        | 32 | .1   |             | Section 906 Certification of Principal Executive Officer                                 
|        | 32 | .2   |             | Section 906 Certification of Principal Financial Officer                                 
|        | 99 | .1   |             | Managements Discussion and Analysis of Financial Condition
    and Results of Operations
|        | 99 | .2   |             | Combined Financial Statements                                                            






|   |                                                                                                                                                                                  
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|*  | Indicates a management contract or compensatory plan or
    arrangement                                                                                                          
|  
|** | Confidential treatment requested for certain portions of this
    Exhibit, which portions have been omitted and filed separately
    with the Securities and Exchange Commission.

68



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##### Table of Contents






SIGNATURES






| |             
| | ------------
| | NOVELIS INC.



| |     |                      
| | --- | ---------------------
| | By: | /s/ Brian W. Sturgell



| |                               
| | ------------------------------
| |                               
| | Name: Brian W. Sturgell       
| | Title: Chief Executive Officer





|                     |  |                                                                                       
|-------------------- |  | --------------------------------------------------------------------------------------
|                    
|Date: March 24, 2005 |  | /s/ Brian W. SturgellBrian
    W. Sturgell
    (Director, Principal Executive Officer)
|                    
|Date: March 24, 2005 |  | /s/ Geoffrey P. BattGeoffrey
    P. Batt
    (Principal Financial Officer)            
|                    
|Date: March 24, 2005 |  | /s/ Jo-Ann LongworthJo-Ann
    Longworth
    (Principal Accounting Officer)           
|                    
|Date: March 24, 2005 |  | /s/ J.E. NewallJ.E.
    Newall
    (Non-Executive Chairman of the Board of Directors) 
|                    
|Date: March 24, 2005 |  | /s/ Jacques BougieJacques
    Bougie
    (Director)                                   
|                    
|Date: March 24, 2005 |  | /s/ Charles G. CavellCharles
    G. Cavell
    (Director)                             
|                    
|Date: March 24, 2005 |  | /s/ Clarence J. ChandranClarence
    J. Chandran
    (Director)                       
|                    
|Date: March 24, 2005 |  | /s/ C. Roberto CordaroC.
    Roberto Cordaro
    (Director)                           
|                    
|Date: March 24, 2005 |  | /s/ Helmut EschweyHelmut
    Eschwey
    (Director)                                   

69



---



##### Table of Contents



|                     |  |                                                            
|-------------------- |  | -----------------------------------------------------------
|                    
|Date: March 24, 2005 |  | /s/ Suzanne LabargeSuzanne
    Labarge
    (Director)      
|                    
|Date: March 24, 2005 |  | /s/ William T. MonahanWilliam
    T. Monahan
    (Director)
|                    
|Date: March 24, 2005 |  | /s/ Rudolf RupprechtRudolf
    Rupprecht
    (Director)    
|                    
|Date: March 24, 2005 |  | /s/ Edward V. YangEdward
    V. Yang
    (Director)        

70



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##### Table of Contents



EXHIBIT INDEX


|        |    |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|------- | -- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 3  | .1          |  | Restated Certificate and Articles of Incorporation of Novelis
    Inc. (Incorporated by reference to Exhibit 3.1 to the
    Form 8-K filed by Novelis Inc. on January 7, 2005
    (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                  
|        | 3  | .2          |  | By-law No. 1 of Novelis Inc. (Incorporated by reference to
    Exhibit 3.2 to the Form 10 filed by Novelis Inc. on
    November 17, 2004 (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                                           
|        | 4  | .1          |  | Shareholder Rights Agreement between Novelis Inc. and CIBC
    Mellon Trust Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        | 4  | .2          |  | Specimen Certificate of Novelis Inc. Common Shares (Incorporated
    by reference to Exhibit 4.2 to the Form 10 filed by
    Novelis Inc. on December 27, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                 
|        | 4  | .3          |  | Indenture, relating to the Notes, dated as of February 3,
    2005, between the Company, the guarantors named on the signature
    pages thereto and The Bank of New York Trust Company, N.A., as
    trustee (Incorporated by reference to Exhibit 4.1 to the
    Form 8-K filed by Novelis Inc. on February 3, 2005
    (File No. 001-32312).)                                                                                                                                                                                                                                          
|        | 4  | .4          |  | Registration Rights Agreement, dated as of February 3,
    2005, among the Company, the guarantors named on the signature
    pages thereto, Citigroup Global Markets Inc., Morgan Stanley
    & Co. Incorporated and UBS Securities LLC, as
    Representatives of the Initial Purchasers (Incorporated by
    reference to Exhibit 4.2 to the Form 8-K filed by
    Novelis Inc. on February 3, 2005 (File No. 001-32312).)                                                                                                                                                             
|        | 10 | .1          |  | Separation Agreement between Alcan Inc. and Novelis Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 10 | .2          |  | Metal Supply Agreement between Novelis Inc., as Purchaser, and
    Alcan Inc., as Supplier, for the supply of remelt aluminum
    ingot**                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|        | 10 | .3          |  | Molten Metal Supply Agreement between Novelis Inc., as
    Purchaser, and Alcan Inc., as Supplier, for the supply of molten
    metal to Purchasers Saguenay Works facility**                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 10 | .4          |  | Metal Supply Agreement between Novelis Inc., as Purchaser, and
    Alcan Inc., as Supplier, for the supply of sheet ingot in North
    America**                                                                                                                                                                                                                                                                                                                                                                                                                                          
|        | 10 | .5          |  | Metal Supply Agreement between Novelis Inc., as Purchaser, and
    Alcan Inc., as Supplier, for the supply of sheet ingot in
    Europe**                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|        | 10 | .6          |  | Tax Sharing and Disaffiliation Agreement between Alcan Inc.,
    Novelis Inc., Arcustarget Inc., Alcan Corporation and Novelis
    Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 10 | .7          |  | Transitional Services Agreement between Alcan Inc. and Novelis
    Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|        | 10 | .8          |  | Principal Intellectual Property Agreement between Alcan
    International Limited and Novelis Inc.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|        | 10 | .9          |  | Secondary Intellectual Property Agreement between Novelis Inc.
    and Alcan International Limited**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|        | 10 | .10         |  | Master Metal Hedging Agreement between Alcan Inc. and Novelis
    Inc.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|        | 10 | .11         |  | Credit Agreement, dated as of January 7, 2005, among
    Novelis Inc., Novelis Corporation, Novelis Deutschland GmbH,
    Novelis UK Limited and Novelis AG, as Borrowers, the Lenders and
    Issuers Party (as defined in the agreement), Citigroup North
    America, Inc., as Administrative Agent and Collateral Agent,
    Morgan Stanley Senior Funding, Inc. and UBS Securities LLC, as
    Co-Syndication Agents, and Citigroup Global Markets Inc., Morgan
    Stanley Senior Funding, Inc. and UBS Securities LLC, as Joint
    Lead Arrangers and Joint Book-Running Managers.
|        | 10 | .12*        |  | Employee Matters Agreement between Alcan Inc. and Novelis Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        | 10 | .13*        |  | Employment Agreement of Brian W. Sturgell (Incorporated by
    reference to Exhibit 10.32 to the Form 10 filed by
    Novelis Inc. on December 22, 2004 (File
    No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                        
|        | 10 | .14*        |  | Employment Agreement of Martha Finn Brooks (Incorporated by
    reference to Exhibit 10.33 to the Form 10 filed by
    Novelis Inc. on December 22, 2004
    (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                       
|        | 10 | .15*        |  | Employment Agreement of Christopher Bark-Jones (Incorporated by
    reference to Exhibit 10.34 to the Form 10 filed by
    Novelis Inc. on December 27, 2004
    (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                   
|        | 10 | .16*        |  | Employment Agreement of Pierre Arseneault (Incorporated by
    reference to Exhibit 10.35 to the Form 10 filed by
    Novelis Inc. on December 22, 2004
    (File No. 001-32312).)                                                                                                                                                                                                                                                                                                                                                                                                        

71



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##### Table of Contents



|        |    |      |             |                                                                                                                                                                                                                                                                                                                                                                 
|------- | -- | ---- | ----------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |      |            
|Number  |    |      | Description
|        |    |      |            
|        | 10 | .17* |             | Employment Agreement of Geoffrey P. Batt (Incorporated by
    reference to Exhibit 10.36 to the Form 10 filed by
    Novelis Inc. on December 22, 2004
    (File No. 001-32312).)                                                                                                                                                                               
|        | 10 | .18* |             | Form of Change of Control Agreement between Alcan Inc. and
    executive officers of Novelis Inc. (Incorporated by reference to
    Exhibit 10.37 to the Form 10 filed by
    Novelis Inc. on December 22, 2004
    (File No. 001-32312).)                                                                                                                      
|        | 10 | .19* |             | Change of Control Agreement dated as of August 1, 2002
    between Alcan Inc. and Brian W. Sturgell, as amended by a letter
    dated May 11, 2004 from Travis Engen, President and Chief
    Executive Officer of Alcan Inc. (Incorporated by reference to
    Exhibit 10.1 to the Form 8-K filed by Novelis Inc. on
    January 7, 2005 (File No. 001-32312).)
|        | 10 | .20* |             | Change of Control Agreement dated as of December 22, 2004
    between Alcan Inc. and Martha Finn Brooks (Incorporated by
    reference to Exhibit 10.2 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005
    (File No. 001-32312).)                                                                                                                  
|        | 10 | .21* |             | Change of Control Agreement dated as of December 23, 2004
    between Alcan Inc. and Christopher Bark-Jones (Incorporated by
    reference to Exhibit 10.3 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005
    (File No. 001-32312).)                                                                                                              
|        | 10 | .22* |             | Change of Control Agreement dated as of November 12, 2004
    between Alcan Inc. and Pierre Arseneault (Incorporated by
    reference to Exhibit 10.4 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005
    (File No. 001-32312).)                                                                                                                   
|        | 10 | .23* |             | Change of Control Agreement dated as of November 8, 2004
    between Alcan Inc. and Geoffrey P. Batt (Incorporated by
    reference to Exhibit 10.5 to the Form 8-K filed by
    Novelis Inc. on January 7, 2005
    (File No. 001-32312).)                                                                                                                     
|        | 10 | .24* |             | Novelis Conversion Plan of 2005 (Incorporated by reference to
    Exhibit 10.6 to the Form 8-K filed by Novelis Inc. on
    January 7, 2005 (File No. 001-32312).)                                                                                                                                                                                              
|        | 10 | .25* |             | Written description of Novelis Short Term Incentive
    Plan  2005 Performance Measures                                                                                                                                                                                                                                                                        
|        | 10 | .26* |             | Novelis Inc. Deferred Share Unit Plan for Non-Executive Directors                                                                                                                                                                                                                                                                                               
|        | 10 | .27* |             | Employment Agreement of Jack Morrison                                                                                                                                                                                                                                                                                                                           
|        | 10 | .28* |             | Form of Offer Letter with certain Novelis executive officers                                                                                                                                                                                                                                                                                                    
|        | 10 | .29* |             | Written description of Novelis Pension Plan for Officers                                                                                                                                                                                                                                                                                                        
|        | 10 | .30* |             | Written description of Novelis Founders Performance Award Plan                                                                                                                                                                                                                                                                                                  
|        | 21 | .1   |             | List of subsidiaries of Novelis Inc.                                                                                                                                                                                                                                                                                                                            
|        | 23 | .1   |             | Consent of independent auditors                                                                                                                                                                                                                                                                                                                                 
|        | 31 | .1   |             | Section 302 Certification of Principal Executive Officer                                                                                                                                                                                                                                                                                                        
|        | 31 | .2   |             | Section 302 Certification of Principal Financial Officer                                                                                                                                                                                                                                                                                                        
|        | 32 | .1   |             | Section 906 Certification of Principal Executive Officer                                                                                                                                                                                                                                                                                                        
|        | 32 | .2   |             | Section 906 Certification of Principal Financial Officer                                                                                                                                                                                                                                                                                                        
|        | 99 | .1   |             | Managements Discussion and Analysis of Financial Condition
    and Results of Operations                                                                                                                                                                                                                                                                       
|        | 99 | .2   |             | Combined Financial Statements                                                                                                                                                                                                                                                                                                                                   






|   |                                                                                                                                                                                  
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|*  | Indicates a management contract or compensatory plan or
    arrangement                                                                                                          
|  
|** | Confidential treatment requested for certain portions of this
    Exhibit, which portions have been omitted and filed separately
    with the Securities and Exchange Commission.

72