Exhibit 10.3
 EXECUTION VERSION




---



##### 



TABLE OF CONTENTS
 I. DEFINITIONS
    
    
    21.1 Defined Terms
    
    
    21.2 Terms Generally
    
    
    311.3 Impairment
    
    
    32II. LIEN PRIORITIES BETWEEN REVOLVING CREDIT SECURED
OBLIGATIONS, PARI PASSU SECURED OBLIGATIONS AND
SUBORDINATED LIEN SECURED OBLIGATIONS
    
    
    332.1 Relative Priorities
    
    
    332.2 Prohibition on Contesting Liens
    
    
    342.3 No New Liens
    
    
    342.4 Similar Liens and Agreements
    
    
    352.5 German Real Estate
    
    
    36III. PRIORITIES AND AGREEMENTS OF PARI PASSU SECURED PARTIES WITH RESPECT TO COMMON Pari PASSU COLLATERAL
    
    
    363.1 Priority of Claims
    
    
    363.2 Actions with Respect to Common Pari Passu Collateral
    
    
    363.3 No Interference; Payment Over
    
    
    373.4 Automatic Release of Liens; Amendments to Pari Passu Security Documents
    
    
    383.5 Insurance
    
    
    383.6 Benefit of the Article
    
    
    39IV. PRIORITIES AND AGREEMENTS WITH RESPECT TO COMMON SUBORDINATED LIEN COLLATERAL
    
    
    394.1 Priority of Claims
    
    
    394.2 Actions with Respect to Common Subordinated Lien Collateral
    
    
    394.3 No Interference; Payment Over
    
    
    404.4 Automatic Release of Liens; Amendments to Subordinated Lien
Security Documents
    
    
    414.5 Insurance
    
    
    424.6 Benefit of the Article
    
    
    42V. ENFORCEMENT
    
    
    425.1 Exercise of Remedies   Restrictions on Pari Passu Secured
Parties and Subordinated Lien Secured Parties
    
    
    425.2 Exercise of Remedies   Restrictions on Revolving Credit
Claimholders and Subordinated Lien Secured Parties
    
    
    475.3 Exercise of Remedies   Collateral Access Rights
    
    
    525.4 Exercise of Remedies   Intellectual Property Rights/Access
to Information/Use of Equipment
    
    
    545.5 Exercise of Remedies   Set Off and Tracing of and Priorities in Proceeds
    
    
    55
 (i)




---



##### 



VI. PAYMENTS
    
    
    566.1 Application of Proceeds
    
    
    566.2 Payments Over in Violation of Agreement
    
    
    576.3 Application of Pari Passu Payments Among Pari Passu Secured
Parties; Application of Subordinated Lien Payments Among Subordinated
Lien Secured Parties
    
    
    58VII. OTHER AGREEMENTS
    
    
    617.1 Releases
    
    
    617.2 Insurance
    
    
    647.3 Amendments to Revolving Credit Loan Documents and Pari Passu
Loan Documents; Refinancings; Legending Provisions
    
    
    657.4 Bailee or Agency for Perfection
    
    
    687.5 Additional Secured Debt
    
    
    727.6 When Discharge of Revolving Credit Secured Obligations or
Pari Passu Secured Obligations Deemed to Not Have Occurred
    
    
    74VIII. INSOLVENCY OR LIQUIDATION PROCEEDINGS
    
    
    758.1 Finance and Sale Issues
    
    
    758.2 Relief from the Automatic Stay
    
    
    798.3 Adequate Protection
    
    
    798.4 Avoidance Issues
    
    
    828.5 Reorganization Securities
    
    
    828.6 Post-Petition Interest
    
    
    828.7 Waiver   Section 1111(b)(2) Issues
    
    
    838.8 Asset Dispositions in an Insolvency or Liquidation Proceeding
    
    
    838.9 Additional Section 363 and Section 364 Matters
    
    
    848.10 Effectiveness in Insolvency or Liquidation Proceedings
    
    
    848.11 Separate Grants of Security and Separate Classification
    
    
    84IX. RELIANCE; WAIVERS; ETC
    
    
    859.1 Reliance
    
    
    859.2 No Warranties or Liability
    
    
    869.3 No Waiver of Lien Priorities
    
    
    879.4 Obligations Unconditional
    
    
    88X. THE AUTHORIZED COLLATERAL AGENT
    
    
    8910.1 Authority
    
    
    8910.2 Rights as a Secured Party
    
    
    9010.3 Exculpatory Provisions
    
    
    9010.4 Reliance by Authorized Collateral Agents
    
    
    9210.5 Delegation of Duties
    
    
    9210.6 Existence and Amounts of Liens and Obligations
    
    
    92XI. MISCELLANEOUS
    
    
    9311.1 Conflicts; No Additional Rights
    
    
    9311.2 Effectiveness; Continuing Nature of this Agreement; Severability
    
    
    93
 (ii)




---



##### 



11.3 Amendments; Waivers
    
    
    9411.4 Information Concerning Financial Condition of Holdings, the
Borrowers and their Respective Subsidiaries
    
    
    9411.5 Subrogation
    
    
    9511.6 GOVERNING LAW
    
    
    9611.7 CONSENT TO JURISDICTION; WAIVER OF VENUE; SERVICE OF
PROCESS
    
    
    9611.8 WAIVER OF JURY TRIAL
    
    
    9711.9 Notices
    
    
    9711.10 Further Assurances
    
    
    9711.11 Binding Effect on Successors and Assigns and on Claimholders and Agents
    
    
    9811.12 Specific Performance
    
    
    9811.13 Headings
    
    
    9811.14 Counterparts
    
    
    9811.15 Authorization
    
    
    9811.16 No Third Party Beneficiaries
    
    
    9811.17 Provisions Solely to Define Relative Rights
    
    
    9911.18 Marshalling of Assets
    
    
    9911.19 Joinder of Additional Grantors
    
    
    9911.20 Agent for Service of Process
    
    
    100
 (iii)




---



##### 



INTERCREDITOR AGREEMENT
 INTERCREDITOR AGREEMENT Parent
Borrower Novelis Corporation Novelis PAE Novelis Brand Novelis South Aluminum Upstream Novelis Acquisitions Novelis Holdings U.S. Borrowers U.K. Borrower Swiss Borrower Borrowers Borrower Holdings Subsidiary Guarantors Guarantors Guarantor Section 1 Term Loan Administrative
Agent Term Loan Collateral Agent Section 11.11
 RECITALS
 Original Revolving Credit
Agreement
 Term Loan
Agreement




---



##### 



AGREEMENT
  I. DEFINITIONS.
 Defined Terms
 Access Period Section 5.3(b) th
 Accounts
 Account Agreements
 2




---



##### 



Additional Pari Passu Collateral Agent
 Additional Pari Passu Secured Obligations Section 7.5
 Additional Pari Passu Secured Party
 Additional Secured Debt Section 7.5(a)(i)
 Additional Secured Debt Designation Annex
I.
 Affiliate
 Agents
 Agreement
 Aluminum Upstream
 Authorized Collateral Agent
 Authorized Pari Passu Collateral Agent
 Authorized Representative
 3




---



##### 



Authorized Subordinated Lien Collateral Agent
 Bank Product
 Bank Product Debt
 Bankruptcy Code
 Bankruptcy Law
 Board of Directors
 Business Day
 Cash Management Services
 4




---



##### 



Chattel Paper
 Claimholders
 Class
 Closing Date
 Collateral
 Common Collateral
 Common Pari Passu Collateral
 Common Subordinated Lien Collateral
 5




---



##### 



Comparable Pari Passu Security Document
 Comparable Revolving Credit Security Document
 Comparable Subordinated Lien Security Document
 Control Controlled
 Controlling Secured Parties
 Copyrights
 Deposit Accounts
 6




---



##### 



Discharge of Pari Passu Secured Obligations Section 7.6
      Section 7.5 7.6 Section 8.4
 Discharge of Revolving Credit Secured Obligations Section 7.6
 7




---



##### 



Section 7.5 7.6 Section 8.4
 Discharge of Senior Lien Secured Obligations
 Discharge of Subordinated Lien Secured Obligations
 8




---



##### 



Section 7.5 Section 8.4
 Discharge of Term Loan Secured Obligations
   9




---



##### 



Disposition Section 7.1(b)
 Enforcement
 Enforcement Notice
 Enforcement Period
 Equally and Ratably
 10




---



##### 



Sections 1.3(a) (b)
   Equipment
 Equity Interests
 General Intangibles
 German Pari Passu Non-Accessory Security Documents nichtakzessorische Sicherheit
 11




---



##### 



German Revolving Credit Non-Accessory Security Documents nichtakzessorische Sicherheit
 German Guarantors
 Governmental Authority
 Grantors
 Guarantor
 Hedging Agreements
 Hedging Obligations
 Holdings
 Impairment
  12




---



##### 



Indebtedness
 Insolvency or Liquidation Proceeding
       provided Section 5.3 and Article VIII
 13




---



##### 



Instruments
 Intellectual Property
 Intellectual Property Licenses
 Intercompany Notes of Subsidiaries
 Intercreditor Joinder Agreement Exhibit A Exhibit B
 Inventory
 14




---



##### 



Italian Pledge Agreements
 Korea Share Pledge Agreements
 Letter of Credit
 Letter of Credit Rights
 Lien
 Lien Sharing and Priority Confirmation
    15




---



##### 



16




---



##### 



Madeira Assignment of Credits
 Modifications Modify Modified
 Mortgaged Premises
 Net Cash Proceeds Accounts
 New York UCC
 Non-Controlling Secured Parties
 Novelis Acquisitions
 Novelis Brand
 Novelis Corporation
 Novelis Holdings
 Novelis PAE
 17




---



##### 



Novelis South
 Obligations
 Original Revolving Credit Agreement
 Parent Borrower
 Pari Passu Collateral Agents
 Pari Passu Debt
   provided
  Section 7.5
  18




---



##### 



Section 7.5
 Pari Passu Default
 Pari Passu DIP Financing Section 8.1(b)
 Pari Passu General Intangibles
 Pari Passu Intervening Creditor Section 6.3(a)
 Pari Passu Lien
 Pari Passu Loan Documents
 Pari Passu Mortgages
 Pari Passu Post-Petition Assets Section
8.1(a)
 Pari Passu Priority Collateral
 19




---



##### 



Pari Passu Representative
   Pari Passu Secured Obligations
 Pari Passu Secured Parties
 20




---



##### 



Pari Passu Security Documents provided
 Pari Passu Standstill Period Section
5.1(a)(1)
 Patents
 Person
 Pledged Collateral Section 7.4(a)
 Post-Petition Interest
 Principal Jurisdiction
 21




---



##### 



Real Estate Assets
 Real Property
 Receivables Purchase Agreement inter alia
 Records
 Recovery Section 8.4
 Refinance Refinanced Refinancing
 Revolving Commitments
 Revolving Credit Administrative Agent Section 7.5 7.6
 Revolving Credit Agents
 Revolving Credit Agreement
 22




---



##### 



Section 7.5 7.6
 Revolving Credit Claimholders
 Revolving Credit Collateral Agent Section 7.5 7.6
 Revolving Credit Default
 Revolving Credit DIP Financing Section
8.1(a)
 Revolving Credit General Intangibles
 Revolving Credit Lenders
 Revolving Credit Lien Post-Petition Assets Section 8.1(b)
 Revolving Credit Loan Documents
 23




---



##### 



Revolving Credit Priority Collateral provided however Section 5.5
 Revolving Credit Secured Obligations
 24




---



##### 



Revolving Credit Security Documents provided
 Revolving Credit Standstill Period Section
5.2(a)(1)
 Secured Bank Product Provider provided
 Secured Bank Product Obligations
 Secured Debt Loan Documents Section 7.5(a)
 Secured Debt Representative
 Secured Hedge Provider
 25




---



##### 



Secured Obligations
 Securities Accounts
 Security Documents
 Security Transfer Agreement
 Senior Secured Obligations Section 2.1(c)
 Series
 Series of Pari Passu Debt
 26




---



##### 



Series of Secured Debt
 Series of Subordinated Lien Debt
 Stock of Subsidiaries
 Subordinated Lien
 Subordinated Lien Collateral Agent
 Subordinated Lien Debt provided
 provided ;
 Section 7.5
  Section 7.5
 Subordinated Lien Default
 Subordinated Lien Intervening Creditor Section 6.3(b)
 27




---



##### 



Subordinated Lien Loan Documents
 Subordinated Lien Representative
 Subordinated Lien Secured Obligations
 Subordinated Lien Secured Parties
 Subordinated Lien Security Documents provided
 28




---



##### 



Subsidiary parent
 Subsidiary Guarantors
 Subsidiary Stock
 Swiss Borrower
 Swiss Security Agreement
 Swiss Stock and IP Security Agreement
 Term Loan Administrative Agent
 Term Loan Agents
 29




---



##### 



Term Loan Agreement
 Term Loan Collateral Agent
 Term Loan Secured Obligations
 Term Loan Secured Parties
 Trademarks
 Trade Secrets and Other Proprietary Rights
 UCC provided
 30




---



##### 



U.K. Borrower
 U.S. Borrowers
 Terms Generally
         31




---



##### 



Impairment
 Section 6.3(a)
 Section 6.3(b)
 32




---



##### 



II.
    
    LIEN PRIORITIES BETWEEN REVOLVING CREDIT SECURED OBLIGATIONS, PARI PASSU SECURED OBLIGATIONS
AND SUBORDINATED LIEN SECURED OBLIGATIONS.
 Relative Priorities
   33




---



##### 



Senior Secured Obligations"
 Article III Article IV
 Prohibition on Contesting Liens provided Sections 2.1 3.1 4.1
 No New Liens
 Section 2.4(b)
 Section 2.4(b)
 34




---



##### 



Section 2.3 Section 2.1 Section 2.3 Section 6.2
 Similar Liens and Agreements Section 2.4(b)
   35




---



##### 



German Real Estate
 III.
    
    PRIORITIES AND AGREEMENTS OF PARI PASSU SECURED PARTIES WITH RESPECT TO COMMON PARI PASSU COLLATERAL
 Priority of Claims
 Sections 6.1 6.3
 Section 6.3(a)
 Section
1.3(a)
 Actions with Respect to Common Pari Passu Collateral
  36




---



##### 



No Interference; Payment Over
 provided Section
3.2
 37




---



##### 



provided
 Article VI Section 6.3(a)
 Automatic Release of Liens; Amendments to Pari Passu Security Documents
 provided
  Insurance
 38




---



##### 



Benefit of the Article Article III Article III Article III Sections 3.3 3.4
 IV.
    
    PRIORITIES AND AGREEMENTS WITH RESPECT TO COMMON SUBORDINATED LIEN COLLATERAL
 Priority of Claims
 Sections 6.1 and
6.3
 Section 6.3(b)
  Actions with Respect to Common Subordinated Lien Collateral
  39




---



##### 



No Interference; Payment Over
 provided Section 4.2
 40




---



##### 



provided
 Article VI Article VI Section 6.3(b)
 Automatic Release of Liens; Amendments to Subordinated Lien Security Documents
  41




---



##### 



provided
  Insurance
 Benefit of the Article Article IV Article IV Article IV Sections 4.3 4.4
 V.
    
    ENFORCEMENT
 Exercise of Remedies  Restrictions on Pari Passu Secured Parties and Subordinated
Lien Secured Parties
  provided however
 42




---



##### 



Pari
Passu Standstill Period provided further however
 Subordinated Lien Standstill Period provided further however
  Section 5.1(c)
 43




---



##### 



provided
 provided however Section 2
  provided
  44




---



##### 



Section
5.1(a)(1)
  Article VIII
 45




---



##### 



Sections 5.1(a) 8.3(c)(1) Section 5.1(c)
 Sections 5.1(a) 5.1(c) 8.3(c)(1)
    46




---



##### 



Sections 5.1(a) 5.1(d) 5.5 and provided however
  Exercise of Remedies  Restrictions on Revolving Credit Claimholders and Subordinated
Lien Secured Parties
   47




---



##### 



provided however
 Section 5.3 Section 5.4 Revolving Credit Standstill Period provided further however Section 5.3
 Subordinated Lien Standstill Period provided further however
  48




---



##### 



Section 5.2(c)
 provided
 provided however Section 2
  provided
  49




---



##### 



Section 5.2(a)(1)
  Article VIII
 50




---



##### 



Sections 5.2(a) 5.3 8.3(c)(2) Section
5.2(c)
 Sections 5.2(a) 5.2(c) 5.3 8.3(c)(2)
    51




---



##### 



Sections 5.2(a) 5.2(d) 5.5 Article VIII provided however
  Exercise of Remedies  Collateral Access Rights
  52




---



##### 



Sections 5.1 5.2
  Section 5.3(b)
 53




---



##### 



Section 5.3 Section 5.3
 Section 5.3
 Exercise of Remedies  Intellectual Property Rights/Access to Information/Use of
Equipment
 provided however provided further
 provided however
 54




---



##### 



Exercise of Remedies  Set Off and Tracing of and Priorities in Proceeds Section 6.1 provided provided however
 55




---



##### 



Section 6.1(d)
 VI. PAYMENTS.
 Application of Proceeds
 Section 6.3(a)
 56




---



##### 



Section 6.1(d)
 Section 6.3(a) Section 6.1(d)
 Section 2.5
  Payments Over in Violation of Agreement Section 2.3
 57




---



##### 



Application of Pari Passu Payments Among Pari Passu Secured Parties; Application of
Subordinated Lien Payments Among Subordinated Lien Secured Parties
 Section 1.3(a) Pari Passu Collateral
Proceeds
 FIRST
 58




---



##### 



SECOND Section 1.3(a)
 THIRD
 Pari Passu Intervening
Creditor
 FIRST
 Section 1.3(b)
 59




---



##### 



Subordinated Lien Collateral Proceeds
 FIRST
 SECOND Section 1.3(b)
 THIRD
   60




---



##### 



Subordinated Lien Intervening Creditor
 FIRST
  VII. OTHER AGREEMENTS.
 Releases
   61




---



##### 



Disposition
 Section
7.1
 62




---



##### 



Section 7.1
 Section 7.1 Section 7.1
 63




---



##### 



Insurance
   64




---



##### 



Article VI
  Amendments to Revolving Credit Loan Documents and Pari Passu Loan Documents;
Refinancings; Legending Provisions
   65




---



##### 



provided Section 7.1
 provided Section 7.1
 66




---



##### 



provided however
  [ ] [ ]
 67




---



##### 



Pledged
Collateral
 68




---



##### 



Section 7.4 Section 7.4 Section 7.4
   69




---



##### 



Section
7.4 Section 7.4
    70




---



##### 



Section 7.4 Section 7.4 Section 7.4
 Section 7.4
 first second third
 first second third
  71




---



##### 



Additional Secured Debt
 Secured Debt Loan Documents
 Additional Secured Debt
 Section
11.9
  72




---



##### 



Section 7.5 provided however
  Sections 2.4 7.5(d)
   73




---



##### 



When Discharge of Revolving Credit Secured Obligations or Pari Passu Secured Obligations Deemed
to Not Have Occurred
 Section 7.5
 74




---



##### 



Section 7.5
 VIII. INSOLVENCY OR LIQUIDATION PROCEEDINGS.
 Finance and Sale Issues
 Revolving Credit DIP Financing
 75




---



##### 



Pari Passu Post-Petition Assets
  Section 8.3
   76




---



##### 



Pari Passu DIP
Financing Revolving Credit Lien Post-Petition Assets
  Section 8.3
  77




---



##### 



Section 8.3
  Section 6.3(a)
  78




---



##### 



Section 2.1
 Relief from the Automatic Stay
 Section 5.3
 Section 5.3
 Adequate Protection
    provided Section 8.1
  79




---



##### 



provided Section 8.1
  Section 8.3
  80




---



##### 



Section 2.1
 Section
2.1
 Section 8.1
 81




---



##### 



Avoidance Issues Recovery
 Reorganization Securities
 Post-Petition Interest
   82




---



##### 



Waiver  Section 1111(b)(2) Issues
   Asset Dispositions in an Insolvency or Liquidation Proceeding
  provided
 83




---



##### 



Section 8.8(b)
 Additional Section 363 and Section 364 Matters
 provided
 provided
 Effectiveness in Insolvency or Liquidation Proceedings
 Separate Grants of Security and Separate Classification
 84




---



##### 



IX. RELIANCE; WAIVERS; ETC.
 Reliance
 85




---



##### 



No Warranties or Liability
 86




---



##### 



No Waiver of Lien Priorities
  Section 7.3
   87




---



##### 



Obligations Unconditional
 Sections 1.3 6.3 Articles III IV)
     88




---



##### 



X. THE AUTHORIZED COLLATERAL AGENT.
 Authority
 Article VI
  89




---



##### 



Rights as a Secured Party
 Exculpatory Provisions
   provided
  90




---



##### 



Section 10.4
  91




---



##### 



Reliance by Authorized Collateral Agents
 Delegation of Duties
 Existence and Amounts of Liens and Obligations provided however
 92




---



##### 



XI. MISCELLANEOUS.
 Conflicts; No Additional Rights provided
 Effectiveness; Continuing Nature of this Agreement; Severability
 Section 7.6 Section 8.4
 Section 7.6 Section 8.4
 93




---



##### 



Section 8.4
 Amendments; Waivers Section 11.3
  Information Concerning Financial Condition of Holdings, the Borrowers and their Respective
Subsidiaries
 94




---



##### 



Subrogation
 provided however
 provided however
 provided however
 95




---



##### 



GOVERNING LAW
 CONSENT TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS
    96




---



##### 



WAIVER OF JURY TRIAL
 Notices
 Further Assurances
 97




---



##### 



Binding Effect on Successors and Assigns and on Claimholders and Agents
 Specific Performance
 Headings
 Counterparts
 Authorization
 No Third Party Beneficiaries
 98




---



##### 



Provisions Solely to Define Relative Rights Section 7.4 Section 7.4
 Marshalling of Assets
 Joinder of Additional Grantors
 99




---



##### 



Agent for Service of Process
 Remainder of page intentionally left blank
 100




---



##### 



REVOLVING CREDIT AGENTS

BANK OF AMERICA, N.A., as Revolving Credit
Administrative Agent and as Revolving Credit
Collateral Agent, and in such capacity, as
authorized representative of the Revolving Credit
ClaimholdersBy:

/s/
Peter M. WaltherName:
    Peter M. WaltherTitle:
    Senior
Vice PresidentNOTICE ADDRESS135
S. Lasalle, Suite 927 124-135-09-27Chicago,
IL 60603Attention: Account
OfficerTelecopier No. :  312-453-5555




---



##### 



TERM LOAN AGENTS
BANK OF AMERICA, N.A., as Term Loan Agent,
and in such capacity, as a Pari Passu 
Representative of certain Pari Passu Secured
PartiesBy:

/s/
Christopher Kelly WallName:
    Christopher Kelly WallTitle:

Managing
DirectorNOTICE ADDRESS1455
Market StreetSan
Francisco, CA 94103Attention:Facsimile No. :




---



##### 



ACKNOWLEDGED AND AGREED TO AS OF THE DATE FIRST
WRITTEN ABOVE:

NOVELIS INC., as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:NOVELIS CORPORATION, as a GrantorBy:

/s/ Leslie J. Parrette Jr.Name:
    Leslie
J. Parrette Jr.Title:NOVELIS PAE CORPORATION, as a GrantorBy:

/s/ Leslie J. Parrette Jr.Name:
    Leslie
J. Parrette Jr.Title:NOVELIS BRAND LLC, as a GrantorBy:
    /s/ Marion BarnesName:
    Marion BarnesTitle:NOVELIS SOUTH AMERICA HOLDINGS LLC, as a GrantorBy:
    /s/ Leslie J. Parrette Jr.Name:
    Leslie J. Parrette Jr.Title:




---



##### 



ALUMINUM UPSTREAM HOLDINGS LLC, as a GrantorBy:
    /s/ Leslie J. Parrette Jr.Name:
    Leslie J. Parrette Jr.Title:NOVELIS ACQUISITIONS LLC, as a GrantorBy:
    /s/ Leslie J. Parrette Jr.Name:
    Leslie J. Parrette Jr.Title:NOVELIS NORTH AMERICA HOLDINGS INC., as a GrantorBy:
    /s/ Leslie J. Parrette Jr.Name:
    Leslie J. Parrette Jr.Title:NOVELIS UK LTD., as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:NOVELIS SERVICES LIMITED, as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:




---



##### 



NOVELIS AG, as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:NOVELIS CAST HOUSE TECHNOLOGY LTD., as a GrantorBy:
    /s/ Marion BarnesName:
    Marion BarnesTitle:4260848 CANADA INC., as a GrantorBy:
    /s/ Marion BarnesName:
    Marion BarnesTitle:4260856 CANADA INC., as a GrantorBy:
    /s/ Marion BarnesName:
    Marion BarnesTitle:NOVELIS NO. 1
LIMITED PARTNERSHIP, as a Grantor
by its general partner,
4260848 Canada Inc.By:
    /s/ Marion BarnesName:
    Marion BarnesTitle:




---



##### 



NOVELIS EUROPE HOLDINGS LIMITED, as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:NOVELIS SWITZERLAND SA, as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:NOVELIS TECHNOLOGY AG, as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:NOVELIS MADEIRA UNIPESSOAL, LDA, as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:NOVELIS PAE S.A.S., as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:




---



##### 



NOVELIS LUXEMBOURG S.A., as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:AV METALS INC., as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:




---



##### 



NOVELIS DEUTSCHLAND GMBH, as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:




---



##### 



NOVELIS DO BRASIL LTDA., as a GrantorBy:
    /s/ Randal P. MillerName:
    Randal P. MillerTitle:




---



##### 



Present when the Common Seal of
SIGNED AND DELIVERED AS A DEED
for and on behalf of Novelis Aluminium Holding Company
by its lawfully appointed attorney
in the presence of: Randal P. Miller
(Witness): Nina Mansoori




---



##### 



ANNEX I
 FORM OF ADDITIONAL SECURED DEBT DESIGNATION
 Intercreditor Agreement  Parent Borrower 
 [ specify title ]
 [ insert name of the Borrower or Guarantor ]  Additional Secured Debt  [ select appropriate alternative ]
[ ] [ ] [ ]
 Section 11.9




---



##### 



provided however Section 7.5




---



##### 



NOVELIS INC.ByName:Title:




---



##### 



Acknowledgement of Receipt
  [-], as [Revolving Credit Agent] [[Pari Passu]
[Subordinated Lien] Representative]ByName:Title:




---



##### 



EXHIBIT A
 FORM OF INTERCREDITOR JOINDER AGREEMENT (GRANTOR)
 Intercreditor Agreement Section 1
 Section 10
  [_________________________]By:Name:Title:




---



##### 



EXHIBIT B
 FORM OF INTERCREDITOR JOINDER AGREEMENT  ADDITIONAL DEBT
 Intercreditor Agreement Section 1 Section 7.5
 Joinder [ New
Representative ] [ ] [ describe applicable
indenture, credit agreement or other document governing the Additional Secured Debt ] [ ] [ ]
 Lien Sharing and Priority Confirmation




---



##### 



Governing Law and Miscellaneous Provisions Article 10
  [_________________________]By:Name:Title: