Document:

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                                                                   EXHIBIT 10.10

                              FOIL SUPPLY AGREEMENT

                                     between

                             NOVELIS DO BRASIL LTDA.

                                  (as Supplier)

                                       and

                        ALCAN EMBALAGENS DO BRASIL LTDA.

                                 (as Purchaser)

         IN CONNECTION WITH NOVELIS' OPERATIONS AT UTINGA, SANTO ANDRE,

                     SAO PAULO STATE, BRAZIL, SOUTH AMERICA

         DATED DECEMBER ____, 2004 WITH EFFECT AS OF THE EFFECTIVE DATE

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                                TABLE OF CONTENTS

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                                                            PAGE
<S>                                                         <C>
1.   DEFINITIONS AND INTERPRETATION......................     2

2.   PURCHASE AND SUPPLY.................................     7

3.   TEMPORARY PLANT CLOSURE.............................     8

4.   FORCE MAJEURE.......................................     9

5.   PRICE AND PAYMENT; COMPENSATION AMOUNTS.............    10

6.   ASSIGNMENT..........................................    13

7.   EARLY TERMINATION...................................    13

8.   REPRESENTATIONS AND WARRANTIES......................    14

9.   CONFIDENTIALITY.....................................    15

10.  DISPUTE RESOLUTION..................................    16

11.  MISCELLANEOUS.......................................    17
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Annex A - Contract Price
Annex B - Specifications

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                             FOIL SUPPLY AGREEMENT

THIS AGREEMENT entered into in the City of Sao Paulo, Brazil, is dated December
____, 2004, with effect as of the Effective Date.

BETWEEN:                NOVELIS DO BRASIL LTDA., a Brazilian limited liability
                        company incorporated under the laws of Brazil (the
                        "SUPPLIER");

AND:                    ALCAN EMBALAGENS DO BRASIL LTDA., a Brazilian limited
                        liability company incorporated under the laws of Brazil
                        (the "PURCHASER").

RECITALS:

WHEREAS Alcan Inc. and Novelis Inc. have entered into a Separation Agreement
pursuant to which they set out the terms and conditions relating to the
separation of the Separated Businesses from the Remaining Alcan Businesses (each
as defined therein), such that the Separated Businesses are to be held, as at
the Effective Time (as defined therein), directly or indirectly, by Novelis Inc.
(such agreement, as amended, restated or modified from time to time, the
"SEPARATION AGREEMENT").

WHEREAS the Separated Businesses (as defined in the Separation Agreement) to be
held by Novelis include the manufacture by the Supplier (being a wholly-owned
Subsidiary of Novelis) of rolled aluminum, in particular aluminum foil
conforming to the Specifications (as defined below), including at the Supplier's
plant located at Utinga, Santo Andre, Sao Paulo State, Brazil.

WHEREAS Alcan's business includes, inter alia, the manufacture by the Purchaser
(being a wholly-owned Subsidiary of Alcan Inc.) of packaging products
incorporating aluminum foil, including at the Purchaser's plant located at Maua,
Sao Paulo State, Brazil.

WHEREAS the Supplier wishes to supply, and the Purchaser wishes to purchase,
subject to the terms and conditions of this Agreement, certain minimum
quantities of Foil (as defined below), as set out herein.

WHEREAS the Parties have entered into this Agreement in order to set forth such
terms and conditions.

NOW THEREFORE, in consideration of the mutual agreements, covenants and other
provisions set forth in this Agreement, the Parties hereby agree as follows:

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                                     - 2 -

1.    DEFINITIONS AND INTERPRETATION

1.1   DEFINITIONS

      For the purposes of this Agreement the following terms and expressions and
      variations thereof shall, unless another meaning is clearly required in
      the context, have the meanings specified or referred to in this Section
      1.1:

      "AFFECTED PARTY" has the meaning set forth in Section 4.1.

      "AFFILIATE" of any Person means any other Person that, directly or
      indirectly, controls, is controlled by, or is under common control with
      such first Person as of the date on which or at any time during the period
      for when such determination is being made. For purposes of this
      definition, "CONTROL" means the possession, directly or indirectly, of the
      power to direct or cause the direction of the management and policies of
      such Person, whether through the ownership of voting securities or other
      interests, by contract or otherwise and the terms "CONTROLLING" and
      "CONTROLLED" have meanings correlative to the foregoing.

      "AGREEMENT" means this Foil Supply Agreement, including all of the Annexes
      hereto.

      "ALCAN GROUP" means Alcan Inc. and its Subsidiaries from time to time on
      and after the Effective Date.

      "APPLICABLE LAW" means any applicable law, statute, rule or regulation of
      any Governmental Authority or any outstanding order, judgment, injunction,
      ruling or decree by any Governmental Authority.

      "BASE CONTRACT TONNAGE AMOUNT" means 5,500 Tonnes, or such other amount as
      may be agreed to by the Parties in writing.

      "BUSINESS CONCERN" means any corporation, company, limited liability
      company, partnership, joint venture, trust, unincorporated association or
      any other form of association.

      "BUSINESS DAY" means any day excluding (i) Saturday, Sunday and any other
      day which, in Sao Paulo, Sao Paulo State, Brazil, is a legal holiday or
      (ii) a day on which banks are authorized by Applicable Law to close in Sao
      Paulo, Sao Paulo State, Brazil.

      "COMMERCIALLY REASONABLE EFFORTS" means the efforts that a reasonable and
      prudent Person desirous of achieving a business result would use in
      similar circumstances to ensure that such result is achieved as
      expeditiously as possible in the context of commercial relations of the
      type contemplated in this Agreement; provided, however, that an obligation
      to use Commercially Reasonable Efforts under this Agreement does not
      require the Person subject to that obligation to

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                                     - 3 -

      assume any material obligations or pay any material amounts to a Third
      Party or take actions that would reduce the benefits intended to be
      obtained by such Person under this Agreement.

      "CONFIDENTIAL INFORMATION" has the meaning set forth in Section 9.1.

      "CONSENT" means any approval, consent, ratification, waiver or other
      authorization.

      "CONTRACT PRICE" means the price per Tonne, payable by the Purchaser for
      Foil, as determined in accordance with Section 5, consisting of (i) in
      case of price denominated in Dollars, the aggregate of the Conversion
      Price and the Metal Price, or (ii) in case of price denominated in Reais,
      the Local Currency Price.

      "CONVERSION PRICE" means that part of the Contract Price denominated in
      Dollars, reflecting the conversion by the Supplier of aluminum metal to
      Foil, set out in Part 2 of ANNEX A in respect of each classification of
      Foil, subject to the application of Section 5.2.

      "DATE OF DELIVERY" means the date on which Foil supplied by the Supplier
      is delivered FOB at the Supplier Facility.

      "DEFAULTING PARTY" has the meaning set forth in Section 7.

      "DISPUTE" has the meaning set forth in Section 10.1.

      "DOLLAR" or "$" means the lawful currency of the United States of America.

      "DOLLAR REFERENCE VALUE" has the meaning set forth in Section 5.4.

      "EFFECTIVE DATE" means thedate on which Purchaser becomes a Subsidiary of
      Alcan Participacoes Ltda, which date is currently expected to be on or
      before December 31, 2004.

      "ESCALATION NOTICE" has the meaning set out in Section 10.2.

      "ESTIMATED REQUIREMENTS BUDGET" has the meaning set forth in Section 2.4.

      "EXCHANGE RATE DIFFERENTIAL" has the meaning set out in Section 5.5.

      "EVENT OF DEFAULT" has the meaning set forth in Section 7.

      "EXCHANGE RATE" means, on any day, in respect of any amount in Reais, the
      selling currency rate for Dollars published by the Brazilian Central Bank
      (PTAX 800) on such day, and in respect of any amount in Dollars, the
      selling currency rate for Reais published by the Brazilian Central Bank
      (PTAX 800) on such day.

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                                     - 4 -

      "FOB" means, to the extent not inconsistent with the terms of this
      Agreement, FOB as defined in Incoterms 2000, published by the ICC, Paris,
      France, as amended from time to time.

      "FOIL" means aluminum foil conforming to the Specifications, produced by
      the Supplier at the Supplier Facility.

      "FORCE MAJEURE" has the meaning set forth in Section 4.2.

      "GOVERNMENTAL AUTHORITY" means any court, arbitration panel, governmental
      or regulatory authority, agency, stock exchange, commission or body.

      "GOVERNMENTAL AUTHORIZATION" means any Consent, license, certificate,
      franchise, registration or permit issued, granted, given or otherwise made
      available by, or under the authority of, any Governmental Authority or
      pursuant to any Applicable Law.

      "HEAVY GAUGE FOIL" means Foil with thickness greater than 0.051mm and less
      than 0.200mm.

      "ICC" means the International Chamber of Commerce.

      "INCOTERMS 2000" means the set of international rules updated in the year
      2000 for the interpretation of the most commonly used trade terms for
      foreign trade, as published by the ICC.

      "INTERMEDIATE GAUGE FOIL" means Foil with thickness greater than 0.021mm
      and less than 0.050mm.

      "LIABILITIES" has the meaning set forth in the Separation Agreement.

      "LME CASH" means for any Month, the arithmetic average LME 3-Month
      seller's price for Primary High Grade Aluminum, as published in Metal
      Bulletin on each day during the Month preceding such Month. For the
      avoidance of doubt, LME Cash for the Month of April will be based on
      aluminum prices published during the Month of March.

      "LOCAL CURRENCY PRICE" means the price per Tonne, payable by the Purchaser
      for Foil, denominated in Reais, set out in Part 1 of ANNEX A in respect of
      each classification of Foil, subject to the application of Section 5.2.

      "METAL PRICE" means, at any time, the sum of the LME Cash at such time and
      the Premium.

      "MONTH" means each calendar month throughout the Term of this Agreement.

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      "NOVELIS GROUP" means Novelis Inc. and its Affiliates from time to time on
      and after the Effective Date.

      "PARTY" means each of the Purchaser and the Supplier, as a party to this
      Agreement and "PARTIES" means both of them.

      "PERSON" means any individual, Business Concern or Governmental Authority.

      "PREMIUM" means, for any Month, the amount, in Dollars, which is the
      lowest market premium (i.e. market price less the LME Cash amount for such
      Month) paid by the Supplier for aluminum ingot code P1020 purchased by the
      Supplier in Brazil in such Month.

      "PURCHASER" has the meaning set forth in the Preamble to this Agreement.

      "PURCHASER'S ESTIMATED PURCHASE BUDGET" has the meaning set out in Section
      2.4(i).

      "REAIS" or "R$" means the lawful currency of Brazil.

      "REPRESENTATIVES" means, with respect to any Person, any of such Person's
      directors, officers, employees, agents, consultants, advisors, accountants
      or attorneys.

      "SALES TAXES" means any sales, use, consumption, goods and services, value
      added or similar tax, duty or charge imposed pursuant to Applicable Law.

      "SEPARATION AGREEMENT" has the meaning set out in the Preamble to this
      Agreement.

      "SPECIFICATIONS" means specifications for aluminum foil as set out in
      ANNEX B.

      "SUBSIDIARY" of any Person means any corporation, partnership, limited
      liability entity, joint venture or other organization, whether
      incorporated or unincorporated, of which a majority of the total voting
      power of capital stock or other interests entitled (without the occurrence
      of any contingency) to vote in the election of directors, managers or
      trustees thereof, is at the time owned or controlled, directly or
      indirectly, by such Person.

      "SUPPLIER" has the meaning set forth in the Preamble to this Agreement.

      "SUPPLIER FACILITY" means the production facility of the Supplier at
      Utinga, Sto. Andre, Sao Paulo State, Brazil.

      "TERM" has the meaning set forth in Section 1.4.

      "TERMINATING PARTY" has the meaning set forth in Section 7.

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                                     - 6 -

      "THIN GAUGE FOIL" means Foil of thickness which is greater than 0.0063 mm
      and less than 0.020mm.

      "THIRD PARTY" means a Person that is not a Party to this Agreement, other
      than a member of Alcan Group or a member of Novelis Group.

      "THIRD PARTY CLAIM" has the meaning set forth in the Separation Agreement.

      "TONNE" means 1,000 kilograms.

      "US CPI" means the Consumer Price Index for All Urban Consumers, as
      published monthly by the Bureau of Labor Statistics of the U.S. Department
      of Labor.

      "YEAR" means each period of 12 consecutive Months throughout the Term of
      this Agreement, commencing on the Effective Date.

1.2   CURRENCY

      All references to currency herein are to Reais or to Dollars, as specified
      in each case.

1.3   EFFECTIVENESS

      This Agreement shall come into effect on the Effective Date. The
      Supplier's obligations to supply Foil and the Purchaser's obligations to
      purchase Foil under this Agreement shall commence on the Effective Date.

1.4   TERM

      The term of this Agreement (the "TERM") shall be from the Effective Date
      until the date which is the five (5) year anniversary thereof, unless
      terminated earlier as contemplated in Section 1.5.

1.5   TERMINATION

      This Agreement shall terminate:

      (a)   upon expiry of the Term;

      (b)   upon the mutual agreement of the Parties prior to the expiry of the
            Term;

      (c)   pursuant to Section 4.6 as a result of Force Majeure; or

      (d)   upon the occurrence of an Event of Default, in accordance with
            Section 7.

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2.    PURCHASE AND SUPPLY

2.1   The Purchaser agrees to purchase Foil from the Supplier, and the Supplier
      agrees to sell Foil to the Purchaser, all in accordance with and subject
      to the terms of this Agreement.

2.2   The Purchaser shall place orders in writing (in accordance with Section
      11.3) for deliveries of Foil by the Supplier, which orders shall identify
      the amount (in Tonnes) of Foil to be supplied and the date of delivery.
      All deliveries hereunder shall be made on the basis of FOB the Supplier
      Facility. The date of delivery specified in such notice shall be at least
      the following number of days after the date of the order:

            (i)   7 days, in case of PTM or Flex Alloy Foil;

            (ii)  10 days, in case of non-PTM or AA1145 Alloy (cable) Foil;

            (iii) 21 days, in case of non-PTM Flex and Master Alloy Foil; and

            (iv)  30 days, in case of non-PTM AA8006 e AA1145 Alloy Foil.

2.3   The Supplier shall deliver the amount of Foil identified in each order no
      later than the date of delivery identified in such order, and if no date
      of delivery is identified in such order, no later than such number of days
      after receipt by it of such order as is identified in paragraphs 2.2(i) to
      2.2(iv) in respect of the applicable classification of Foil.

2.4   No later than September 30 in each Year, the Purchaser will provide to the
      Supplier

            (i)   an estimate of the quantity of Foil it will purchase from the
                  Supplier (the "PURCHASER'S ESTIMATED PURCHASE BUDGET") for the
                  following Year identifying the Purchaser's estimate of the
                  volume, in Tonnes, of Foil to be supplied by the Supplier to
                  the Purchaser in the following Year, provided that a third of
                  the Purchaser's Estimated Purchase Budget shall be in respect
                  of Thin Gauge Foil, a third shall be in respect of
                  Intermediate Gauge Foil and a third shall be in respect of
                  Heavy Gauge Foil; the Purchaser shall use its Commercially
                  Reasonable Efforts to make the estimates set forth in the
                  Purchaser's Estimated Purchase Budget accurate but shall not
                  be bound by such estimates.

            (ii)  an estimate of the quantity of Foil which the Purchaser will
                  require in the following year (in total) for its production
                  operations in Maua, Brazil (the "ESTIMATED REQUIREMENTS
                  BUDGET").

2.5   The Purchaser shall provide to the Supplier, on the 27th day of each Month
      (or if such day is not a Business Day, on the Business Day most recently
      preceding the 27th day of such Month), a forecast, in Tonnes, of the
      quantity of Foil to be

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                                     - 8 -

      purchased by the Purchaser hereunder in the next succeeding 3 Months. The
      Purchaser shall utilize its Commercially Reasonable Efforts to make such
      forecasts accurate, but shall not be bound by such forecasts. The
      Purchaser shall place orders for deliveries of Foil in each Month a
      quantity of Foil equal to no less than 90% of the forecast provided for
      such Month pursuant to this Section 2.5 and no more than 110% of such
      forecast.

2.6   The Purchaser shall be obligated to purchase hereunder a volume of Foil in
      the Year commencing on the Effective Date equal to *** Tonnes. The
      Purchaser shall be obligated to purchase hereunder a volume of Foil in
      each subsequent Year equal to (i) at least 85% of the quantity set out in
      the Purchaser's Estimated Purchase Budget for such Year delivered by the
      Purchaser pursuant to Section 2.4(i), and (ii) at least 70% of the
      Estimated Requirements Budget for such Year delivered by the Purchaser
      pursuant to Section 2.4(ii).

2.7   The Supplier shall be obligated hereunder to deliver Foil hereunder in
      accordance with orders placed by the Purchaser, provided the Supplier
      shall be under no obligation to supply in any year a quantity of Foil in
      excess of 115% of the Base Contract Tonnage Amount, in accordance with the
      product mix identified in Section 2.4(i), provided that should market
      circumstances result in significant increase or decrease in the
      availability and supply in the market of either Thin Gauge Foil,
      Intermediate Gauge Foil or Heavy Gauge Foil, the Parties shall negotiate
      in good faith a re-allocation of the proportion of each relevant Foil
      classification to be purchased and supplied hereunder, provided the Base
      Contract Tonnage Amount, as an aggregate number, shall not change.

2.8   Deliveries shall be made during normal working hours, being 08.00 - 16.00,
      FOB the Supplier Facility. If the Purchaser requires delivery outside such
      normal working hours, the Supplier shall use its Commercially Reasonable
      Efforts to supply Foil as requested by the Purchaser.

2.9   Title and risk of damage to, and loss of, Foil shall pass to the Purchaser
      at the point of FOB delivery at the Supplier Facility.

3.    TEMPORARY PLANT CLOSURE

3.1   Where the Supplier plans a temporary maintenance closure of, or a period
      of reduced production at, the plant from which Foil is sourced (or any
      part of such plant or any individual production unit) and which may affect
      the Supplier's ability to supply Foil to the Purchaser in accordance with
      the Supplier's obligations hereunder, it shall notify the Purchaser
      accordingly not less than 6 (six) Months in advance. The Supplier and the
      Purchaser will agree an action plan to avoid any bottleneck in the supply
      of Foil to the Purchaser.

3.2   During any period of temporary closure or reduced production as envisaged
      in this Section 3, the Supplier shall supply Foil to the Purchaser on a
      preferential basis.

***   Certain information on this page has been omitted and filed separately
      with the Securities and Exchange Commission. Confidential treatment has
      been requested with respect to the omitted portions.
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                                     - 9 -

4.    FORCE MAJEURE

4.1   EFFECT OF FORCE MAJEURE

      No Party shall be liable for any loss or damage that arises directly or
      indirectly through or as a result of any delay in the fulfilment of or
      failure to fulfil its obligations in whole or in part (other than the
      payment of money as may be owed by a Party) under this Agreement where the
      delay or failure is due to Force Majeure. The obligations of the Party
      affected by the event of Force Majeure (the "AFFECTED PARTY") shall be
      suspended, to the extent that those obligations are affected by the event
      of Force Majeure, from the date the Affected Party first gives notice in
      respect of that event of Force Majeure until cessation of that event of
      Force Majeure (or the consequences thereof).

4.2   DEFINITION

      "FORCE MAJEURE" shall mean any act, occurrence or omission (or other
      event), subsequent to the commencement of the Term hereof, which is beyond
      the reasonable control of the Affected Party including, but not limited
      to: fires, explosions, accidents, strikes, lockouts or labour
      disturbances, floods, droughts, earthquakes, epidemics, seizures of cargo,
      wars (whether or not declared), civil commotion, acts of God or the public
      enemy, action of any government, legislature, court or other Governmental
      Authority, action by any authority, representative or organisation
      exercising or claiming to exercise powers of a government or Governmental
      Authority, compliance with Applicable Law, blockades, power failures or
      curtailments, inadequacy or shortages or curtailments or cessation of
      supplies of raw materials or other supplies, failure or breakdown of
      equipment of facilities, or any other event beyond the reasonable control
      of a Party hereto whether or not similar to the events or occurrences
      enumerated above. In no circumstances shall problems with making payments
      constitute Force Majeure.

4.3   NOTICE

      Upon the occurrence of an event of Force Majeure, the Affected Party shall
      promptly give notice to the other Party hereto setting forth the details
      of the event of Force Majeure and an estimate of the likely duration of
      the Affected Party's inability to fulfil its obligations under this
      Agreement. The Affected Party shall use Commercially Reasonable Efforts
      steps to remove the said cause or causes and to resume, with the shortest
      possible delay, compliance with its obligations under this Agreement,
      provided that the Affected Party shall not be required to settle any
      strike, lockout or labour dispute on terms not acceptable to it. When the
      said cause or causes have ceased to exist, the Affected Party shall
      promptly give notice to the other Party that such cause or causes have
      ceased to exist.

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                                     - 10 -

4.4   PRO RATA ALLOCATION

      If the Supplier's supply of Foil to be delivered to the Purchaser is
      stopped or disrupted by an event of Force Majeure, the Supplier shall
      allocate its available supplies of Foil, if any, among any or all of its
      existing customers whether or not under contract, in a fair and equitable
      manner. In addition, where the Supplier is the Affected Party, it may (but
      shall not be required to) offer to supply, from another source, Foil in
      substitution for Foil subject to the event of Force Majeure to satisfy
      that amount which would have otherwise been sold and purchased hereunder
      at a price which may be more or less than the price hereunder.

4.5   CONSULTATION

      Within thirty (30) days of the cessation of the event of Force Majeure,
      the Parties shall consult with a view to reaching agreement as to the
      Supplier's obligation to provide, and the Purchaser's obligation to take
      delivery of, that quantity of Foil that could not be sold and purchased
      hereunder because of the event of Force Majeure, provided that any such
      shortfall quantity has not been replaced by substitute aluminum foil
      pursuant to the terms above.

      In the absence of any agreement by the Parties, failure to deliver or
      accept delivery of Foil which is excused by or results from the operation
      of the foregoing provisions of this Section 4 shall not extend the Term of
      this Agreement and the quantities of Foil to be sold and purchased under
      this Agreement shall be reduced by the quantities affected by such
      failure.

4.6   TERMINATION

      (a)   If an event of Force Majeure where the Affected Party is the
            Supplier shall continue for more than ninety (90) days, then the
            Purchaser shall have the right to terminate this Agreement.

      (b)   If an event of Force Majeure where the Affected Party is the
            Purchaser shall continue for more than ninety (90) days, then the
            Supplier shall have the right to terminate this Agreement.

5.    PRICE AND PAYMENT; COMPENSATION AMOUNTS

5.1   The Contract Price for Foil purchased and supplied under this Agreement
      shall be

            (i)   if denominated in Dollars, the aggregate of the Metal Price
                  and the Conversion Price applicable to such Foil; and

            (ii)  if denominated in Reais, the Local Currency Price applicable
                  to such Foil.

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                                     - 11 -

5.2   Subject to Section 5.3, the Contract Price payable hereunder may be
      modified as follows:

            (i)   the Local Currency Price may be increased by the Supplier on
                  thirty (30) days prior notice to the Purchaser. Such notice
                  shall include an updated form of ANNEX A, containing the
                  revised Local Currency Prices applicable for all relevant
                  classifications of Foil, and this Agreement shall be deemed
                  amended by the replacement of ANNEX A with such newly provided
                  ANNEX A, effective as of the date which is thirty (30) days
                  after receipt by the Purchaser of such notice; and

            (ii)  the Conversion Price payable as part of the Contract Price
                  denominated in Dollars may be modified (upwards or downwards)
                  no more than *** in proportion to increases or decreases in
                  the US CPI. Such modification shall take place by either Party
                  sending to the other Party thirty (30) days prior notice. Such
                  notice shall include an updated Form of ANNEX A containing the
                  revised Conversion Prices applicable for all relevant
                  classifications of Foil, and this Agreement shall be deemed
                  amended by the replacement of ANNEX A with such newly provided
                  ANNEX A, effective as of the date which is thirty (30) days
                  after receipt by the other Party of such notice.

5.3   The Parties shall use their Commercially Reasonable Efforts to cooperate
      with a view to achieving cost reductions resulting in reductions of the
      Contract Price payable hereunder. Any increase of the Local Currency
      Prices made in accordance with Section 5.2 shall be no more than the
      amount of any similar price increases in the market for comparable (in
      terms of quantities and specifications) Foil in Brazil.

5.4   Within ten (10) days following each delivery of Foil, the Supplier shall
      submit to the Purchaser an invoice in respect thereof. An invoice
      submitted by telex or facsimile shall be regarded as a valid invoice for
      purposes of this Agreement. All amounts invoiced by the Supplier hereunder
      shall be invoiced in Reais. Any amount payable hereunder which is
      denominated in Dollars shall, for purposes of invoicing, be converted into
      Reais utilizing the Exchange Rate applicable on the Friday preceding the
      date of the invoice. For purposes of calculating the amount to be paid by
      the Purchaser in respect of any invoice, the "DOLLAR REFERENCE VALUE"
      applicable to such invoice shall be an amount in Dollars which is (i) in
      respect of each invoiced amount originally denominated in Dollars and
      converted into Reais pursuant to this Section 5.4, the amount originally
      denominated in Dollars, and (ii) in respect of each invoiced amount
      originally denominated in Reais, such amount converted into Dollars
      utilizing the Exchange Rate applicable on the Friday preceding the date of
      the invoice.

5.5   All invoices submitted pursuant to Section 5.4 shall be paid in Reais no
      later than 60 days after the date of delivery of Foil hereunder. For
      purposes of payment, any amount invoiced hereunder shall be adjusted
      upwards or downwards on the date of

      *** Certain information on this page has been omitted and filed separately
          with the Securities and Exchange Commission. Confidential treatment
          has been requested with respect to the omitted portions.
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                                     - 12 -

      payment by adding to (if positive) or subtracting from (if negative) the
      amount invoiced in Reais, the Exchange Rate Differential. The "EXCHANGE
      RATE DIFFERENTIAL" in respect of any amount to be paid, on the date of
      such payment, shall be the positive or negative amount, in Reais,
      resulting by subtracting (i) the applicable Dollar Reference Value,
      converted into Reais utilizing the Exchange Rate on the Friday preceding
      the date of the invoice, from (ii) the applicable Dollar Reference Value
      converted into Reais utilizing the Exchange Rate applicable on the date
      preceding the date of payment.

5.6   Payment of the invoiced amount shall be made together with interest in
      accordance with ANNEX A. Payment shall be made to the Supplier's bank
      account, details of which shall be provided by the Supplier to the
      Purchaser from time to time in writing.

5.7   In addition to the Contract Price calculated pursuant to Section 5.1, the
      Purchaser shall pay to the Supplier all applicable Sales Taxes.

5.8   The Purchaser may request a change of the Specifications upon a minimum of
      3 (three) Months written notice to the Supplier, which notice includes an
      updated form of ANNEX B containing the proposed revised Specifications.
      The Supplier will use all its Commercially Reasonable Efforts to
      accommodate such change provided that it is technically possible. In this
      event, the Local Currency Price and/or Conversion Price, as applicable,
      for the relevant classification of Foil shall be adjusted, with the
      agreement of the Purchaser and the Supplier, to reflect the resulting
      increase or decrease in the costs to the Supplier of conversion resulting
      from producing Foil to such amended Specifications. If the Purchaser and
      the Supplier are unable to agree on the amount of such increase or
      reduction in the Local Currency Price and/or Conversion Price, as
      applicable, the volume related will be excluded from contract. This
      Agreement shall be deemed amended by replacing ANNEX B with the updated
      form of ANNEX B provided by the Purchaser and replacing ANNEX A with an
      updated ANNEX A setting out the new Local Currency Price and/or Conversion
      Prices, as applicable, agreed to by the Purchaser and the Supplier, all
      such amendments to be effective on the date of first supply hereunder of
      Foil conforming to the amended new Specifications.

5.9   The Purchaser shall visually inspect the Foil promptly following delivery,
      and notify the Supplier within fourteen (14 ) days thereafter of any
      defects that were or should have been apparent from such inspection.

5.10  Where the Supplier has supplied the Purchaser with Foil which does not
      conform to the Specifications, the Supplier will either replace the
      defective Foil with Foil conforming to the Specifications at no extra
      charge (and will collect the defective Foil at its own expense), or will
      refund the Contract Price (along with any applicable taxes or other
      charges paid in respect thereof) paid by the Purchaser for the defective
      Foil. The Supplier shall also reimburse and indemnify the Purchaser from
      and against all costs and expenses (the "LOSSES") resulting from any
      failure by

<PAGE>
                                     - 13 -

      the Supplier to deliver Foil in accordance with the terms hereof,
      including as a result of delivery of Foil with gauges or widths that
      differ from those required under the Specifications, provided that the
      Purchaser shall use all its Commercially Reasonable Efforts to mitigate
      such Losses, including, without limitation, through acquisition of Foil
      from alternative sources.

5.11  Notwithstanding any other provisions in this Agreement, the Supplier will
      be liable for, and shall indemnify the Purchaser in respect of, all
      Liabilities in respect of death or personal injury to any person to the
      extent that this results from the negligent supply of Foil not conforming
      to the Specifications.

5.12  Sections 9.04, 9.05, 9.06, 9.07 and 9.09 of the Separation Agreement shall
      apply, mutatis mutandis with respect to any Liability which is subject to
      any indemnification or reimbursement pursuant to this Agreement.

6.    ASSIGNMENT

      No Party shall assign or transfer this Agreement, in whole or in part, or
      any interest or obligation arising under this Agreement, without the prior
      written consent of the other Party.

7.    EARLY TERMINATION

      This Agreement may be terminated in its entirety immediately at the option
      of a Party (the "TERMINATING PARTY"), in the event that an Event of
      Default occurs in relation to the other Party (the "DEFAULTING PARTY"),
      and such termination shall take effect immediately upon the Terminating
      Party providing notice to the Defaulting Party of the termination.

      For the purposes of this Agreement, each of the following shall
      individually and collectively constitute an "EVENT OF DEFAULT" with
      respect to a Party:

      (a)   such Party defaults in payment of any payments which are due and
            payable by it pursuant to this Agreement, and such default is not
            cured within sixty (60) days following receipt by the Defaulting
            Party of notice of such default;

      (b)   such Party breaches any of its material obligations pursuant to this
            Agreement (other than as set out in paragraph (a) above), and fails
            to cure it within sixty (60) days after receipt of notice from the
            non-defaulting Party specifying the default with reasonable detail
            and demanding that it be cured, provided that if such breach is not
            capable of being cured within sixty (60) days after receipt of such
            notice and the Party in default has diligently pursued efforts to
            cure the default within the sixty (60) day period, no Event of
            Default under this paragraph (b) shall occur;

<PAGE>
                                     - 14 -

      (c)   in case of the Purchaser, Alcan Inc., or in case of the Supplier,
            Novelis Inc., breaches any representation or warranty, or fails to
            perform or comply with any covenant, provision, undertaking or
            obligation in or of the Separation Agreement;

      (d)   such Party (i) is bankrupt or insolvent or takes the benefit of any
            statute in force for bankrupt or insolvent debtors, or (ii) files a
            proposal or takes any action or proceeding before any court of
            competent jurisdiction for dissolution, winding-up or liquidation,
            or for the liquidation of its assets, or a receiver is appointed in
            respect of its assets, which order, filing or appointment is not
            rescinded within sixty (60) days; or

      (e)   proceedings are commenced by or against such Party under the laws of
            any jurisdiction relating to reorganization, arrangement or
            compromise.

8.    REPRESENTATIONS AND WARRANTIES

8.1   REPRESENTATIONS AND WARRANTIES

      Each Party represents and warrants to and in favour of the other Party as
      follows and acknowledges that the other Party is relying upon such
      representations and warranties in connection with the matters contemplated
      by this Agreement:

      (a)   it is duly incorporated and organized and is validly existing under
            the laws of its jurisdiction of incorporation and has the corporate
            power and authority to own its assets and to conduct its businesses
            and to perform its obligations hereunder;

      (b)   the execution and delivery of this Agreement by it and the
            completion by it of the transactions contemplated herein, do not and
            will not result in the breach of, or violate any term or provision
            of, its articles or by-laws;

      (c)   it is not subject to any outstanding injunction, judgment or order
            of any Governmental Authority which would prevent or materially
            delay the transactions contemplated by this Agreement; there are no
            civil, criminal or administrative claims, actions, suits, demands,
            proceedings, hearings or investigations pending or, to the Party's
            knowledge, threatened, at law, in equity or otherwise, in, before,
            or by, any Governmental Authority which (if successful) would
            prevent or materially delay the consummation of the transactions
            contemplated by this Agreement;

      (d)   no dissolution, winding up, bankruptcy, liquidation or similar
            proceeding has been commenced, or is pending or proposed, in respect
            of it; and

      (e)   the execution and delivery of this Agreement and the completion of
            the transactions contemplated herein, have been duly approved by its
            board of

<PAGE>
                                     - 15 -

            directors and this Agreement constitutes legal, valid and binding
            obligations of such Party enforceable against it in accordance with
            its terms, subject to legislation relating to bankruptcy,
            insolvency, reorganization and other similar legislation of general
            application and other laws affecting the enforcement of creditors'
            rights generally, to general principles of equity and limitations
            upon the enforcement of indemnification for fines or penalties
            imposed by law and to the discretionary power of the courts as
            regards specific performance or injunctive relief.

9.    CONFIDENTIALITY

9.1   Subject to Section 9.3, each of the Parties shall hold, and shall cause
      its respective Affiliates (whether now an Affiliate or hereafter becoming
      an Affiliate) and its Representatives to hold, in strict confidence, with
      at least the same degree of care that applies to its own confidential and
      proprietary information, all confidential and proprietary information
      concerning the other Party and its Affiliates (whether now an Affiliate or
      hereafter becoming an Affiliate) that is either in its possession or is
      furnished by such other Party or Affiliates (whether now an Affiliate or
      hereafter becoming an Affiliate) of any such Party or its Representatives
      at any time pursuant to this Agreement or the transactions contemplated
      hereby (any such information referred to herein as "CONFIDENTIAL
      INFORMATION"), and shall not use any such Confidential Information other
      than for such purposes as shall be expressly permitted hereunder.
      Notwithstanding the foregoing, Confidential Information shall not include
      information that is or was:

            (i)   in the public domain through no fault of such Party or any of
                  its Affiliates (whether now an Affiliate or hereafter becoming
                  an Affiliate) or any of its respective Representatives,

            (ii)  lawfully acquired by such Party or any of its Affiliates
                  (whether now an Affiliate or hereafter becoming an Affiliate)
                  from a Third Party not bound by a confidentiality obligation,
                  or

            (iii) independently generated or developed by Persons who do not
                  have access to, or descriptions of, any such confidential or
                  proprietary information of the other Party (or any of its
                  Affiliates (whether now an Affiliate or hereafter becoming an
                  Affiliate)).

9.2   Each Party agrees not to release or disclose, or permit to be released or
      disclosed, any Confidential Information to any other Person, except its
      Representatives who need to know such Confidential Information (who shall
      be advised of their obligations hereunder with respect to such
      Confidential Information), except in compliance with Section 9.3.

9.3   In the event that any Party or any of its Affiliates (whether now an
      Affiliate or hereafter becoming an Affiliate) either determines on the
      advice of its counsel that

<PAGE>
                                     - 16 -

      it is required to disclose any Confidential Information pursuant to
      Applicable Law or receives any demand under lawful process or from any
      Governmental Authority to disclose or provide Confidential Information of
      the other Party (or any Affiliate (whether now an Affiliate or hereafter
      becoming an Affiliate) of such other Party), such Party shall, to the
      extent permitted by Applicable Law, notify the other Party prior to it or
      its Affiliates (whether now an Affiliate or hereafter becoming an
      Affiliate) disclosing or providing such Confidential Information, and
      shall use its Commercially Reasonable Efforts to cooperate at the expense
      of the requesting Party in seeking any reasonable protective arrangements
      requested by such other Party. Subject to the foregoing, the Person that
      receives such request may thereafter disclose or provide such Confidential
      Information to the extent (but only to the extent) required by such
      Applicable Law (as so advised by legal counsel) or by lawful process or by
      such Governmental Authority and shall promptly provide the Person that
      receives such request with a copy of the Confidential Information so
      disclosed, in the same form and format as disclosed, together with a list
      of all Persons to whom such Confidential Information was disclosed.

10.   DISPUTE RESOLUTION

10.1  DISPUTES

      The provisions of this Section 9 shall govern all disputes, controversies
      or claims (whether arising in contract, delict, tort or otherwise) between
      the Parties that may arise out of, or relate to, or arise under or in
      connection with, this Agreement or the transactions contemplated hereby (a
      "DISPUTE").

10.2  NEGOTIATION

      The Parties hereby undertake to attempt in good faith to resolve any
      Dispute by way of negotiation between senior executives of the Parties who
      have authority to settle such Dispute. In furtherance of the foregoing,
      any Party may initiate the negotiation by way of a notice (an "ESCALATION
      NOTICE") demanding an in-person meeting involving representatives of the
      Parties at a senior level of management of the Parties (or if the Parties
      agree, of the appropriate strategic business unit or division within such
      Party). A copy of any Escalation Notice shall be given to the Chief Legal
      Officer of each Party (which copy shall state that it is an Escalation
      Notice pursuant to this Agreement). Any agenda, location or procedures for
      such negotiation may be established by the Parties from time to time;
      provided, however, that the negotiations shall be completed within thirty
      (30) days of the date of the Escalation Notice or within such longer
      period as the Parties may agree in writing prior to the expiration of the
      initial thirty-day period.

10.3  ARBITRATION

      (a)   Any Dispute which has not been resolved by negotiation as provided
            herein within thirty (30) days of the date of the Escalation Notice
            or such extended

<PAGE>
                                     - 17 -

            period as may be agreed to by the Parties, shall be referred to and
            finally resolved by arbitration in accordance with the Arbitration
            Rules of the ICC then in force.

      (b)   The arbitral tribunal shall consist of three arbitrators. The place
            of arbitration shall be Miami, Florida, United States of America.
            The language of the arbitration, and all communications in respect
            thereof, shall be in English.

      (c)   The costs of the arbitration shall be fixed by the arbitral tribunal
            and shall be borne by the unsuccessful Party, unless the arbitral
            tribunal, in its discretion, determines a different apportionment,
            taking all relevant circumstances into account. The costs of
            arbitration include: (i) the fees and disbursements of the
            arbitrators, (ii) reasonable travel and other expenses of witnesses;
            (iii) the reasonable fees and expenses of expert witnesses; and (iv)
            the costs of legal representation and assistance, to the extent that
            the arbitral tribunal determines that the amount of such costs is
            reasonable.

      (d)   The arbitral tribunal shall endeavour to issue its award within
            sixty (60) days of the last hearing of the substantive issues in
            dispute between the Parties; however, the arbitral tribunal shall
            not lose jurisdiction if it fails to respect this delay. The
            arbitral award shall be final and binding.

      (e)   Neither the Parties (including their auditors and insurers) nor
            their counsel and any Person necessary to the conduct of the
            arbitration nor the arbitrators shall disclose the existence,
            content (including submissions and any evidence or documents
            presented or exchanged), or results of any arbitration hereunder
            without the prior written consent of the Parties, except as required
            by Applicable Law or the applicable rules of a stock exchange.

10.4  CONTINUING OBLIGATIONS

      The existence of a Dispute with respect to this Agreement between the
      Parties shall not relieve either Party from performance of its obligations
      under this Agreement that are not the subject of such Dispute.

11.   MISCELLANEOUS

11.1  CONSTRUCTION

      In this Agreement and in the Annexes hereto, unless a clear contrary
      intention appears:

      (a)   the singular number includes the plural number and vice versa;

      (b)   reference to any Person includes such Person's successors and
            assigns but, if applicable, only if such successors and assigns are
            not prohibited by this

<PAGE>
                                     - 18 -

            Agreement, and reference to a Person in a particular capacity
            excludes such Person in any other capacity or individually;

      (c)   reference to any gender includes each other gender;

      (d)   reference to any agreement, document or instrument means such
            agreement, document or instrument as amended, modified, supplemented
            or restated and in effect from time to time in accordance with the
            terms thereof subject to compliance with the requirements set forth
            herein;

      (e)   reference to any Applicable Law means such Applicable Law as
            amended, modified, codified, replaced or re-enacted, in whole or in
            part, and in effect from time to time, including rules and
            regulations promulgated thereunder, and reference to any section or
            other provision of any Applicable Law means that provision of such
            Applicable Law from time to time in effect and constituting the
            substantive amendment, modification, codification, replacement or
            re-enactment of such section or other provision;

      (f)   "herein", "hereby", "hereunder," "hereof," "hereto," and words of
            similar import shall be deemed references to this Agreement as a
            whole and not to any particular Article, Section or other provision
            hereof;

      (g)   "including" (and with correlative meaning "include") means including
            without limiting the generality of any description preceding such
            term;

      (h)   the Table of Contents and headings are for convenience of reference
            only and shall not affect the construction or interpretation of this
            Agreement;

      (i)   with respect to the determination of any period of time, "from"
            means "from and including" and "to" means "to but excluding"; and

      (j)   references to documents, instruments or agreements shall be deemed
            to refer as well to all addenda, exhibits, schedules or amendments
            thereto.

11.2  PAYMENT TERMS

      Any amount to be paid or reimbursed by one Party to the other under this
      Agreement, save as expressly provided in Sections 2 and 5, shall be paid
      or reimbursed hereunder within thirty (30) days after presentation of an
      invoice or a written demand therefor and setting forth, or accompanied by,
      reasonable documentation or reasonable explanation supporting such amount.

11.3  NOTICES

      All notices or other communications under this Agreement shall be in
      writing and shall be deemed to be duly given (a) on the date of delivery,
      if delivered personally, (b) on the first Business Day following the date
      of dispatch if delivered

<PAGE>
                                     - 19 -

      by a nationally recognized next-day courier service, (c) on the date of
      actual receipt if delivered by registered or certified mail, return
      receipt requested, postage prepaid or (d) if sent by facsimile
      transmission, when transmitted and receipt is confirmed by telephone. All
      notices hereunder shall be delivered as follows:

      IF TO THE PURCHASER, TO:

      Alcan Embalagens do Brasil Ltda.
      Avenida Joao Ramalho, 964
      Maua, SP, Brazil CEP 09371-902

      Fax: +55 (11) 4512-4133

      Attention: Mr. Marco Antonio Ferraroli dos Santos

      IF TO THE SUPPLIER, TO:

      Novelis do Brasil Ltda.
      Rua Felipe Camarao, 414
      Utinga, Santo Andre, Sao Paulo State, Brazil

      Fax: +55 (11) 4469-6368

      Attention: Mr. Mauro Moreno

      Any Party may, by notice to the other Party, change the address or fax
      number to which such notices are to be given.

11.4  GOVERNING LAW

      This Agreement shall be governed by and construed and interpreted in
      accordance with the laws of Brazil irrespective of conflict of laws
      principles under Brazil law, as to all matters, including matters of
      validity, construction, effect, enforceability, performance and remedies.

11.5  WAIVER OF IMMUNITY

      To the extent that a Party or any of its revenues, assets or properties
      shall be entitled, with respect to any proceeding relating to enforcement
      of this Agreement or any award thereunder at any time brought against such
      Party or any of its revenues, assets or properties, to any sovereign or
      other immunity from suit, from jurisdiction, from attachment prior to
      judgment, from attachment in aid of execution of judgment, from execution
      of a judgment or from any other legal or judicial process or remedy, and
      to the extent that in any jurisdiction there shall be attributed such an
      immunity, such Party irrevocably agrees not to claim and irrevocably
      waives such immunity to the fullest extent permitted by the laws of such
      jurisdiction.

<PAGE>
                                     - 20 -

11.6  JUDGMENT CURRENCY

      The obligations of a Party to make payments hereunder shall not be
      discharged by an amount paid in any currency other than Reais, whether
      pursuant to a court judgment or arbitral award or otherwise, to the extent
      that the amount so paid upon conversion to Reais, and transferred to an
      account indicated by the Party to receive such funds under normal banking
      procedures does not yield the amount of Reais, due, and each Party hereby,
      as a separate obligation and notwithstanding any such judgment or award,
      agrees to indemnify the other Party against, and to pay to such Party on
      demand, in Reais, any difference between the sum originally due in Reais,
      and the amount of Reais, received upon any such conversion and transfer.

11.7  ENTIRE AGREEMENT

      This Agreement and the exhibits, schedules, annexes and appendices hereto
      and the specific agreements contemplated herein, contain the entire
      agreement between the Parties with respect to the subject matter hereof
      and supersede all previous agreements, negotiations, discussions,
      writings, understandings, commitments and conversations with respect to
      such subject matter. No agreements or understandings exist between the
      Parties with respect to the subject matter hereof other than those set
      forth or referred to herein.

11.8  CONFLICTS

      In case of any conflict or inconsistency between this Agreement and the
      Separation Agreement, this Agreement shall prevail.

11.9  SEVERABILITY

      If any provision of this Agreement or the application thereof to any
      Person or circumstance is determined by a court of competent jurisdiction
      to be invalid, void or unenforceable, the remaining provisions hereof, or
      the application of such provision to Persons or circumstances or in
      jurisdictions other than those as to which it has been held invalid or
      unenforceable, shall remain in full force and effect and shall in no way
      be affected, impaired or invalidated thereby, so long as the economic or
      legal substance of the transactions contemplated hereby is not affected in
      any manner adverse to any Party. Upon such determination, the Parties
      shall negotiate in good faith in an effort to agree upon such a suitable
      and equitable provision to effect the original intent of the Parties.

11.10 SURVIVAL

      The obligations of the Parties under Sections 5, 9, 10, 11.10 and 11.4 and
      liability for the breach of any obligation contained herein shall survive
      the expiration or earlier termination of this Agreement.

<PAGE>
                                     - 21 -

11.11 EXECUTION IN COUNTERPARTS

      This Agreement may be executed in one or more counterparts, all of which
      shall be considered one and the same agreement, and shall become effective
      when one or more counterparts have been signed by each of the Parties and
      delivered to the other Party.

11.12 AMENDMENTS

      No provisions of this Agreement shall be deemed waived, amended,
      supplemented or modified by any Party, unless such waiver, amendment,
      supplement or modification is in writing and signed by the authorized
      representative of the Party against whom it is sought to enforce such
      waiver, amendment, supplement or modification.

11.13 WAIVERS

      No failure on the part of a Party to exercise and no delay in exercising,
      and no course of dealing with respect to, any right, power or privilege
      under this Agreement shall operate as a waiver thereof, nor shall any
      single or partial exercise of any right, power or privilege under this
      Agreement preclude any other or further exercise thereof or the exercise
      of any other right, power or privilege. The remedies provided herein are
      cumulative and not exclusive of any remedies provided by Applicable Law.

11.14 NO PARTNERSHIP

      Nothing contained herein or in the Agreement shall make a Party a partner
      of any other Party and no Party shall hold out the other as such.

11.15 TAXES, ROYALTIES AND DUTIES

      Subject to Section 5.7 regarding Sales Taxes, (i) all royalties, taxes and
      duties imposed or levied on any Foil delivered hereunder shall be for the
      account of and paid by the Supplier to the point of legal delivery, which
      shall be as stated in Incoterms 2000 in respect of goods sold FOB and (ii)
      all royalties, taxes and duties imposed or levied on the Foil after such
      delivery shall be for the account of and paid by the Purchaser.

11.16 LIMITATIONS OF LIABILITY

      Neither Party shall be liable to the other Party for any indirect,
      collateral, incidental, special, consequential or punitive damages arising
      in any way out of this Agreement; provided, however, that the foregoing
      limitations shall not limit any Party's indemnification obligations for
      Liabilities with respect to Third Party Claims as set forth in Article IX
      of the Separation Agreement (as if such Article was set out in full herein
      by reference to the obligations of the Parties hereunder).

<PAGE>
                                     - 22 -

11.17 ENGLISH LANGUAGE

      All documents to be furnished or communications to be made or given under
      this Agreement made in connection with any Dispute shall be in the English
      language or, if in another language, shall be accompanied by a translation
      into English certified by the Party making or furnishing such documents or
      communications, which translation shall be the governing version between
      the Parties hereto.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.]

<PAGE>
                                     - 23 -

IN WITNESS WHEREOF, the Parties hereto have caused this Foil Supply Agreement to
be executed by their duly authorized representatives.

                                       NOVELIS DO BRASIL LTDA.

                                       By: _______________________________
                                           Name:
                                           Title:

                                       By: _______________________________
                                           Name:
                                           Title:

                                       ALCAN EMBALAGENS DO BRASIL LTDA.

                                       By: _______________________________
                                           Name:
                                           Title:

                                       By: _______________________________
                                           Name:
                                           Title:<PAGE>
                                                                   Exhibit 10.11

CONVERSION AGREEMENT

between

Bei Abschluss noch in diesem Jahr ist der Vertragspartner Alcan
Deutschland GmbH, die in Novelis Deutschland GmbH umfirmieren wird.
Hannoversche Stra(beta)e 1

37 075 Gottingen,
hereinafter referred to as "Novelis"

and

Alcan Packaging Singen GmbH
Alusingen-Platz 1

78221 Singen/Hohentwiel

Hereinafter referred to as "APS"

Collectively referred to as "the Parties"

WHEREAS:

o    NOVELIS Inc. and ALCAN Inc. have agreed the terms of a Separation Agreement
     ('the Separation Agreement') under which NOVELIS will be separated out of
     the ALCAN group of companies. Such separation shall include -- inter alia
     -- the rolling businesses in Norf, Gottingen, Ludenscheid and Ohle. These
     rolling businesses form part of Novelis Deutschland GmbH ("Novelis") or the
     Joint Venture Alunorf GmbH, of which Novelis Deutschland GmbH will own 50%
     of shares.

o    Novelis carries on business in the manufacture of rolled aluminium, in
     particular aluminium foilstock ("Foilstock").

o    APS, which is currently a subsidiary of Alcan Inc. carries on business in
     the manufacture of packaging products, which incorporate aluminium foil.

o    The Parties have entered into this Agreement for the conversion of
     aluminium into Foilstock by Novelis at the rolling businesses at Norf for
     APS. With this Agreement the parties wish to set out the terms which they
     have agreed for the supply of Foilstock by NOVELIS from the rolling
     businesses at Norf to APS.

o    Whilst this Agreement sets out minimum supply obligations, the Parties
     expect that they may wish to negotiate terms for delivery of greater
     volumes.

o    Novelis in its future arm's length dealings with APS agrees to fairly
     and equitably maintain throughout the term of this Agreement its support
     for the business of APS

                                                                            1(9)

<PAGE>

     through new material development and technical service as it would with any
     third party customer.

IT IS HEREBY AGREED as follows:

1    DEFINITIONS AND INTERPRETATION

1.1       In this Agreement the following terms shall have the following
          meanings unless the context requires otherwise:

"Aluminium"              Aluminium Remelt Ingot in quality 99,7% / A7E / P1020
                         and/or Aluminium Sheet Ingot provided by APS to Novelis
                         originating from such suppliers (ie. currently Alcan
                         ISAL) that have formally qualified their Ingot in a
                         qualification procedure at the Norf facility.

"Conversion"             means the conversion of any aluminium into Foilstock,
                         but not necessarily identical Aluminium as provided by
                         APS.

"Conversion Price"       means the price for Conversion as set out in
                         Appendix A.

"Day"                    means calendar day.

"Effective Date"         means the "Effective Date" as defined in the Separation
                         Agreement

"First Year"             means the period commencing on Effective Date and
                         ending on 31st December 2005

"Foilstock"              means aluminium foilstock conforming to the
                         Specifications as set out in Appendix B

"Month"                  means each calendar month throughout the duration of
                         this Agreement

"Reasonable and Prudent
Operator"                shall mean a person seeking to perform its contractual
                         obligations and in so doing and in the general conduct
                         of its undertaking including in the operation,
                         maintenance and repair of any manufacturing or other
                         facilities exercising that degree of skill, diligence,
                         prudence and foresight and in the maintenance and
                         repair of any manufacturing or other facilities using
                         the type of equipment, materials and parts which would
                         reasonably and ordinarily be expected from a skilled
                         and experienced operator in substantial compliance with
                         all applicable laws, engaged in the same type of
                         undertaking in the same locality and under the same or
                         similar circumstances and conditions.

"Second Year"            means the period commencing on 1st January 2006 and
                         ending on 31st December 2006

"Third Year"             means the period commencing on 1st January 2007 and
                         ending on 31st December 2007.

                                                                            2(9)
<PAGE>
"Week"                   means each week, commencing 00.00 European Standard
                         Time or European Summer Time as the case may be on
                         Monday

"Year"                   means each period of 12 consecutive Months throughout
                         the duration of this Agreement, commencing on the
                         Effective Date

"Date of Delivery"       date on which Foilstock shall be delivered according to
                         the agreed delivery terms (Incoterms 2000).

1.2       The headings to the clauses are for convenience only, have no legal
          effect, and shall not affect the construction of this Agreement.

1.3       Therefore, the foregoing being an integral part of this agreement, the
          Parties have agreed:

2     SUBJECT MATTER

2.1       Objective of this Agreement is to set out the entire conditions and
          terms for the provision of Aluminium by APS, Conversion into Foilstock
          by Novelis at its rolling facilities at Norf and subsequent delivery
          of Foilstock to APS. APS will use the Foilstock at its cold rolling
          operations in Singen.

2.2       Any and all provisions of Aluminium by APS, Conversion into Foilstock
          and delivery of such Foilstock by Novelis to APS, shall be governed by
          the terms of this Agreement. The Parties expressly exclude the use of
          their respective General Terms and Conditions of Purchase and Sale.

3    DURATION

          This Agreement shall come into effect on Effective Date and shall have
          an initial minimum duration of three Years. Thereafter the Agreement
          shall renew automatically for another Year unless terminated in
          writing by either Party observing a notice period of three months
          prior to the end of a Year.

4    VOLUMES FOR CONVERSION, PROVISION OF ALUMINIUM

4.1       During each Month and each Year, Novelis shall be obliged to convert
          and APS shall be obliged to provide Aluminium and purchase an
          aggregate of not less than the relevant quantity of Foilstock set out
          below ('the Yearly Volume' and 'the Monthly Volume" respectively).

4.2       The Yearly volume with a tolerance of +/-10 % per Year shall be as
          follows:

          o    During the First Year, between *** and *** tons.

          o    For the Second and Third Year, volumes shall be agreed by
               September 30 of the preceding Year. Up to that date Novelis shall
               reserve a minimum capacity of *** mt for supply to APS for the
               Second Year and Third Year respectively. APS will at it's sole
               discretion decide by September 30 in each Year whether Novelis
               has to fulfil the supply obligation of min. *** mt per Year. In
               the event that the Parties do not agree on

***Certain information on this page has been omitted and filed separately with
   the Securities and Exchange Commission. Confidential treatment has been
   requested with respect to the omitted portions.

                                                                            3(9)
<PAGE>
               volumes for the following Year, the agreement will end
               automatically without any prior notice at the end of the current
               Year.

4.3       The volume of Foilstock provided under this Agreement will be mainly
          used for the APS production of capacitor foil.

4.4       The Monthly Volume shall be in accordance with the rolling forecast of
          APS

4.5       For the Conversion of Foilstock APS shall deliver and Novelis shall
          take delivery of Aluminium. On Novelis request the Aluminium shall be
          released either directly at Alunorf or at Rotterdam in a non LME
          warehouse. In case of release at Rotterdam no further transport
          charges will apply for APS. The delivery of remelt ingots shall be
          made no later than 4 weeks before the delivery of the Foilstock. The
          delivery of sheet ingots shall be made no later than 3 weeks before
          the delivery of the Foilstock.

5    FORECASTS, ORDERS AND ORDER CONFIRMATIONS

5.1       No later than September 30 in each Year, APS will provide Novelis with
          a schedule for Monthly Volumes out of the Yearly Volume for the
          following Year.

5.2       No later than on the 2nd Day of each Month, APS will provide Novelis
          with a rolling forecast of volumes (with a tolerance of +/- 10% four
          weeks to the final delivery week) by Specification for the three
          consecutive Months following the date on which the forecast is issued.

5.3       No later than one month before the desired date of delivery, APS will
          place written orders for the deliveries of Foilstock. Such orders
          shall be binding upon the Parties. Orders shall contain volume,
          specification, delivery terms and delivery date. APS shall place such
          orders for Foilstock as reasonably evenly as possible throughout each
          month. Volumes forecasted for more than one month before the desired
          delivery date require written confirmation by Novelis.

5.4       If APS places orders for Foilstock other than in accordance with the
          above provisions, or if APS requires delivery outside the normal
          delivery times, Novelis shall use reasonable endeavours to meet such
          orders.

5.5       All deliveries of Foilstock pursuant to this Agreement shall unless
          expressly stated to the contrary in the order and/or order
          confirmation be DDP Incoterms 2000, the place of delivery will be
          Alcan Packaging Singen GmbH (Germany).

5.6       Deliveries shall be made during normal working hours at the premises
          of APS in Singen (unless otherwise agreed). APS agrees to ensure free
          access so as not to delay or inconvenience Novelis or its agents in
          making delivery.

5.7       The risk in Foilstock shall pass according to the agreed delivery
          terms (DDP, Incoterms 2000). Title to Foilstock delivered shall pass
          according to Sec. 6 below.

5.8       APS shall use its best endeavours to minimise the turnaround times of
          Novelis transportation to the plant. To this effect APS shall unload
          any Foilstock delivered as quickly as possible after arrival of
          transport.

                                                                            4(9)
<PAGE>
6    RESERVATION OF TITLE

6.1       Novelis reserves title to Foilstock delivered until full payment of
          Conversion Price. APS shall be entitled to process in the ordinary
          course of business any Foilstock delivered. Reservation of title shall
          extend to any new products created by processing the Foilstock for
          which title is reserved.

6.2       In the event of processing, linking or mixing with other goods Novelis
          shall acquire co-ownership equivalent to the relation of the invoice
          value of the reserved-title goods to the other materials.

6.3       APS will exercise possession of the reserved-title goods with the care
          of a reasonable and prudent operator as custodian on the behalf of
          Novelis, insure the reserved-title goods against theft, damage caused
          by nature and other risks and take all measures necessary to ensure
          that the title is neither impaired nor rescinded.

6.4       To secure Novelis relevant claims under Para. 6.1, APS assigns to
          Novelis all receivables from the sale of reserved-title goods,
          including bills of exchange and cheques. If goods are sold in which
          Novelis have a co-ownership share in accordance with Para. 6.2.,
          assignment is limited to the share of the receivable that corresponds
          to its co-ownership share.

6.5       In the event of default in payment, cessation of payment or if APS has
          filed a petition for the commencement of insolvency proceedings, APS
          shall, at Novelis request, notify its customers of the assignment,
          carried out in accordance with herewith, and provide Novelis with all
          necessary information and take all measures to secure Novelis'
          rights. In particular, Novelis shall be notified immediately of any
          attachment by creditors of the reserved-title goods or the receivables
          assigned to Novelis.

6.6       If the value of the security of Novelis exceeds the value of
          receivables to be secured by more than 20% Novelis shall, upon APS
          request, release securities to this extent selected by APS.

6.7       The same rights and obligations as set out in 6.1. -- 6.6. shall apply
          mutadis mutandis with regard to Aluminium provided by APS. Such rights
          and obligations shall apply until delivery of a corresponding volume
          of Foilstock by Novelis.

7    FORCE MAJEURE

7.1       'Force Majeure' for the purposes of this clause shall mean any
          circumstances beyond the reasonable control of the party affected
          which (in the case of Novelis) prevent Novelis from producing
          Foilstock at Novelis' plant in Norf from which delivery is to be
          made to APS. Force Majeure shall include breakdown of either
          Novelis' plant or production unit or APS plant or production unit,
          but only if and to the extent that such breakdown has not occurred as
          a result of Novelis', or APS, as the case may be, having failed to
          act at all relevant times a Reasonable and Prudent Operator. Force
          Majeure shall not include any temporary closure or reduced production,
          nor anything which is the result of a party having failed to act as a
          Reasonable and Prudent Operator, nor any breakdowns or other failures
          of transportation (whether carried out by the parties directly or
          under contract), nor any reduction in production due to economic
          circumstances, nor any other market or economic circumstances which
          may make the terms of this agreement unattractive to one of the
          Parties.

                                                                            5(9)
<PAGE>
7.2       If either Party is rendered unable to carry out any of its obligations
          under this Agreement by reason of Force Majeure, that Party shall not
          be liable for any failure to perform the obligation(s) for so long as
          performance is thus affected.

7.3       As soon as a Party is aware of a threat of circumstances likely to
          lead to its declaring Force Majeure (even though such circumstances
          may not have occurred, or where it is not certain that they will
          result in Force Majeure being declared), that Party shall notify the
          other and consider with it what steps, if any, may be taken to
          overcome such circumstances.

7.4       A Party wishing to invoke Force Majeure shall promptly notify the
          other in writing giving details thereof, of the anticipated affect on
          this Agreement and of the estimated duration of Force Majeure. Such
          Party shall update such information at least once a month throughout
          the duration of the Force Majeure, and shall provide as much notice as
          possible of the reduction of normal supplies and/or deliveries.

7.5       The Party affected by an event of Force Majeure shall take all
          reasonable steps to procure that such event ceases to exist and to
          minimize the effects thereof on the performance of its obligations
          hereunder; provided that nothing in this Clause 5 shall require that
          Party to settle any labour dispute on terms which in its sole opinion
          are not satisfactory to it.

7.6       During any period where as a result of Force Majeure the quantities of
          Foilstock at the disposal of Novelis are insufficient to meet all its
          contractual supply obligations, Novelis shall apportion the available
          quantities of Foilstock between its contractual customers on a fair
          and equitable basis. Novelis shall not in such circumstances be
          compelled to purchase Foilstock from others sources to fulfil its
          supply obligations hereunder.

7.7       To the extent that Novelis is prevented by an event of Force Majeure
          from producing Foilstock and/or effecting deliveries to APS, or to the
          extent to which APS is prevented from taking delivery of Foilstock,
          the Parties' respective supply and purchase obligations shall be
          reduced on a pro rata time basis, and there shall be a corresponding
          reduction in the supply and purchase obligations set out in Clause 4
          (it being assumed that the quantities which would otherwise have been
          supplied equalled the Monthly Purchase Amount for the Month in
          question).

7.8       No occurrence of Force Majeure shall operate to extend the duration of
          this Agreement.

7.9       In no circumstances shall default in payment constitute Force Majeure.

8    PRICE AND PAYMENT

8.1       The Conversion Price as set out in Appendix A - shall be valid from
          Effective Date until 31st December 2005. In the Second Year Conversion
          Price shall consist of prices as set out in Appendix A, plus a mark up
          of ***%. In the Third Year Conversion Price shall consist of prices
          for the Second Year, plus a mark up of ***%.

8.2       Following the expiration of any agreement on Conversion Price, the
          Parties will agree no later than September 30 of each Year the
          Conversion Price for the following Year. If the Parties fail to agree
          a new Conversion Price, the Agreement shall expire automatically on
          June 30 of the following Year. During the period until expiration the
          latest agreed price shall prevail.

***Certain information on this page has been omitted and filed separately with
   the Securities and Exchange Commission. Confidential treatment has been
   requested with respect to the omitted portions.

                                                                            6(9)
<PAGE>
8.3       For deliveries of Foilstock in any given Month, Novelis shall issue by
          the 1st working day of the following Month a written invoice. Such
          invoice shall be payable at the end of the Month following date of
          invoice. An invoice submitted by telex or facsimile shall be regarded
          as a valid invoice for the purpose of this Agreement. Payment shall be
          made to Novelis bank account details of which shall be given by
          Novelis to APS from time to time in writing.

8.4       In addition to the Conversion Price calculated pursuant to Clause 8.1,
          APS shall pay Value Added Tax (or other such levy required by relevant
          law to be added) in respect thereof.

9    WARRANTIES, REMEDIES IN CASE OF DEFECTIVE DELIVERY

9.1       Novelis warrants for a period of eighteen (18) months from the date of
          delivery that all Foilstock supplied hereunder shall conform to the
          Specifications detailed in Appendix B.

9.2       APS inspection obligations shall be limited to a visual inspection of
          Foilstock promptly following delivery, in order to verify the identity
          and quantity of the Foilstock and that it is free of defects having
          occurred during transport. In the event of defects detected during
          such inspection, APS shall secure confirmation on the transport
          documentation and notify Novelis immediately.

9.3       Any non-conformities detected at a later stage that were impossible to
          detect by visual inspection pursuant to 9.2., shall be notified to
          Novelis as soon as practicable.

9.4       In the event that Foilstock supplied by Novelis shall not conform to
          Specification as set out in Appendix B, Novelis shall in consultation
          with APS either

          o   replace the non-conforming Foilstock within a reasonable period of
              time at its cost and risk, or

          o   refund the difference between Conversion Price paid for
              non-conforming Foilstock and its scrap value, or

          o   discuss and agree with APS the possibilities of repair/re-working
              of non-conforming Foilstock and its associated cost

9.5       In the event that Novelis chooses not to or is unable to replace
          non-conforming Foilstock within a reasonable period of time, APS shall
          in addition to a refund be entitled to compensation equal to the
          difference between the price that it would have paid for the supplies
          of Foilstock/ in question, and the best reasonably available price at
          which it is able to obtain substitute supply from other sources
          (including the difference in any transport costs and import duties
          borne).

9.6       APS may request a change of the Specifications upon a minimum of
          3 months written notice to Novelis. Novelis will use reasonable
          endeavours to accommodate such change provided that it is technically
          possible. In this event, the Conversion Price shall be adjusted to
          reflect the resulting increase or decrease in the costs to Novelis of
          conversion resulting from producing Foilstock to such amended
          Specifications. If the parties are unable to agree on the amount of
          such increase or reduction in the Conversion Price within 30 days
          after the submission by Novelis of a formal proposal to APS, Novelis
          shall provide a detailed calculation of the on-cost or cost savings to
          APS. APS shall consider such detailed calculation in good faith and
          accept or reject the calculation within 30 days of receipt. In the
          event of rejection of calculation, Novelis shall be

                                                                            7(9)
<PAGE>

          entitled to refuse the change of Specifications. Supplies shall then
          continue in conformity to the latest agreed Specifications.

9.7       Novelis shall provide an ongoing delivery performance above 90%. If
          Novelis does not achieve a delivery performance of more than 80% over
          a period of 3 months APS shall be entitled to request the
          implementation of a consignment stock free of charge in Singen with a
          minimum quantity of an average 10 working day volume.

10   GENERAL LIABILITY

10.1      In the event of any breach of contractual obligations, Novelis shall
          be liable according to statutory requirements for all liability
          incurred in respect of death or personal injury or other liability
          under the Product Liability Act.

10.2      Any and all other liability shall be limited to compensation as stated
          in 9.4 and 9.5 and/or compensation for any loss resulting from
          intentional or negligent breach of contract up to a total of *** per
          contractual breach and year. In no event shall Novelis be liable for
          loss of contract, loss of business or profits.

11   EARLY TERMINATION

11.1      Subject to Clause 11.2 and if either party shall commit a material
          breach of any of the terms and conditions of this Agreement then the
          other Party shall by notice in writing be entitled to require that
          Party to remedy any such breach within 60 Days from the date of such
          notice and should that Party fail to remedy such breach within the
          period aforesaid the other Party shall be entitled to forthwith
          terminate this Agreement. Such termination will be without prejudice
          to the additional right of the terminating Party to claim for damages
          in respect of the said material breach, and also to any claims and/or
          rights or remedies which either Party may have against the other
          insofar as such claims, rights or remedies accrued prior to such
          termination.

11.2      If either party shall enter into compulsory or voluntary liquidation
          (not being a voluntary liquidation for the purpose of reconstruction
          or amalgamation), or had a receiver or administrator appointed to any
          part of its assets, or becomes unable to pay its debts as they fall
          due, then the other Party may terminate the Agreement forthwith by
          written notice to such effect.

12   SUPPORT OF APS

          Novelis in its future arm's length dealings with APS agrees to fairly
          and equitably maintain throughout the term of this Agreement its
          support for the business of APS through new material development and
          technical service as it would with any third party customer.

13   SEVERABILITY OF PROVISIONS

          In any case any provisions hereof should be held invalid or
          unenforceable the validity and enforceability of the remaining
          provisions shall not be affected. Any invalid or unenforceable
          provision shall to the extent possible be replaced with such provision
          which will allow the Parties hereto to achieve the intended economic
          result in a legally valid and effective manner.

***Certain information on this page has been omitted and filed separately with
   the Securities and Exchange Commission. Confidential treatment has been
   requested with respect to the omitted portions.

                                                                            8(9)
<PAGE>
14   NOTICES

          Any formal notice to be given under this Agreement shall be in writing
          and shall be deemed to have been sufficiently given if delivered in
          person (against receipt), or by fax (against acknowledgement of
          receipt) or by registered mail, addressed to such person at the
          recipient, at such address as the recipient may notify to the other
          parties from time to time (and pending the first such notification to
          the relevant head office of the recipient).

15   LAW -- DISPUTES

          This Agreement shall be governed by and construed exclusively in
          accordance with German Law. Exclusive venue shall be the courts in
          Singen.

Gottingen, ........................       Singen, ..............................

Novelis Deutschland GmbH                  Alcan Packaging Singen GmbH

-----------------------

....................................       .....................................
(N. von Verschuer)                        (Dr. R. Neumann-Schafer/Dr. N. Wenzel)

                                                                            9(9)

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