Document:

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                                                                    Exhibit 10.3

                          MOLTEN METAL SUPPLY AGREEMENT

                                     between

                                  NOVELIS INC.

                                 (as Purchaser)

                                       and

                                   ALCAN INC.

                                  (as Supplier)

      FOR THE SUPPLY OF MOLTEN METAL TO PURCHASER'S SAGUENAY WORKS FACILITY

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

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                                TABLE OF CONTENTS

1.  DEFINITIONS AND INTERPRETATION.......................................  1
2.  MOLTEN METAL.........................................................  6
3.  FORCE MAJEURE........................................................ 11
4.  ASSIGNMENT........................................................... 13
5.  TERM AND TERMINATION................................................. 13
6.  EVENTS OF DEFAULT.................................................... 14
7.  REPRESENTATIONS AND WARRANTIES....................................... 15
8.  CONFIDENTIALITY...................................................... 15
9.  DISPUTE RESOLUTION................................................... 15
10. MISCELLANEOUS........................................................ 16

SCHEDULES

1    Contract Tonnage and Estimated Weekly Shipping Schedule for Contract Year 1

2    Saguenay Smelters

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                          MOLTEN METAL SUPPLY AGREEMENT

THIS AGREEMENT entered into in the City of Montreal, Province of Quebec, is
dated December ___, 2004, with effect as of the Effective Date.

BETWEEN:    NOVELIS INC., a corporation incorporated under the  Canada
            Business Corporations Act ("NOVELIS" or the "PURCHASER");

AND:        ALCAN INC., a corporation organized under the Canada Business
            Corporations Act ("ALCAN" or the "SUPPLIER").

RECITALS:

WHEREAS Alcan and Novelis 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 (such agreement,
as amended, restated or modified from time to time, the "SEPARATION AGREEMENT").

WHEREAS the Supplier wishes to supply, and the Purchaser wishes to purchase,
subject to the terms and conditions of this Agreement, Molten Metal (as defined
below) required by the Purchaser at the Purchaser's Saguenay Works facility.

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:

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 3.1.

         "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

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         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 Molten Metal Supply Agreement, including all of
         the Schedules hereto.

         "ALCAN" means Alcan Inc.

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

         "ALUMINUM PRICE" for any calendar month means the arithmetic average
         LME 3-Month seller's price for primary high grade aluminum, as
         published in Metal Bulletin on each day during the calendar month
         preceding such calendar month, or as otherwise determined pursuant to
         Section 2.6(b). As an example, the Aluminum Price for the month of
         April will be based on aluminum prices published during the month of
         March.

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

         "BASE CONTRACT TONNAGE" means:

         (i)      in respect of Contract Year 1, *** Tonnes;

         (ii)     in respect of Contract Year 2, *** Tonnes; and

         (iii)    in respect of Contract Year 3 and each subsequent Contract
                  Year, *** Tonnes,

         subject to any reduction in accordance with Section 2.4(b).

         "BILL OF LADING DATE" means the date of the bill of lading representing
         Molten Metal cargo to be delivered under this Agreement.

         "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 the City of Montreal (Canada) or in the City of New
         York (United States), is a legal holiday, or (ii) a day on which banks
         are authorized by Applicable Law to close in the city of Montreal
         (Canada) or in the city of New York (United States).

***  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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         "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 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.

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

         "CONTRACT PRICE" for each Tonne of Molten Metal sold and purchased
         hereunder in any month shall be:

         (i)      in respect of each month occurring in Contract Year *** to
                  Contract Year *** (inclusive), the Midwest Price minus the LME
                  Discount, minus the Molten Metal Discount;

         (ii)     in respect of each month occurring in Contract Year *** to
                  Contract Year *** (inclusive), such price as may be agreed
                  by the Purchaser and the Supplier by good faith negotiations
                  during Contract Year ***, and in the absence of such
                  agreement, the Midwest Price calculated for such month minus
                  the Molten Metal Discount; and

         (iii)    in respect of each month occurring subsequent to Contract Year
                  ***, such price as may be agreed as a result of good faith
                  negotiations in connection with any extension of the Term
                  pursuant to Section 5.3 hereof.

         Such amount shall be rounded upwards to the nearest Dollar.

         "CONTRACT TONNAGE" has the meaning set forth in Section 2.3(c).

         "CONTRACT YEAR" means (a) initially the period commencing on the
         Effective Date and ending on the last day of the calendar year in which
         the Effective Date occurs (such initial period being "CONTRACT YEAR 1")
         and (b) thereafter, each successive period consisting of twelve
         calendar months (the first such period being "CONTRACT YEAR 2"),
         provided that the final Contract Year shall end on the last day of the
         Term.

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

         "DEFAULT INTEREST RATE" means the greater of ***% per annum or the
         Prime Rate plus ***% per annum, but in no event shall the Default
         Interest Rate exceed the maximum rate of interest permitted by
         Applicable Law.

***  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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         "DEFAULTING PARTY" has the meaning set forth in Section 6.

         "DELIVERY SITE" means the Purchaser's Saguenay Works facility located
         at 2040 Fay Street, Jonquiere, Quebec, Canada.

         "DISPUTES" has the meaning set forth in Section 9.1.

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

         "EFFECTIVE DATE" means the "Effective Date" as defined in the
         Separation Agreement.

         "EVENT OF DEFAULT" has the meaning set forth in Section 6.

         "FORCE MAJEURE" has the meaning set forth in Section 3.2.

         "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.

         "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.

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

         "LME" means the London Metal Exchange.

         "LME DISCOUNT" means, (i) for each of Contract Year *** to Contract
         Year ***, inclusive, ***% of the Aluminum Price; (ii) for each of
         Contract Year *** to Contract Year ***, inclusive, such amount as may
         be agreed by the Purchaser and the Supplier as a result of good faith
         negotiations that shall take place in Contract Year *** and, in the
         absence of such agreement, zero (0); and (iii) for any Contract Year
         from and after Contract Year ***, such amount as may be agreed by the
         Purchaser and the Supplier in good faith negotiations in connection
         with any extension of the Term pursuant to Section 5.3.

         "MIDWEST PRICE" for any calendar month means the arithmetic average of
         the mid-west transaction prices for primary high grade aluminum, as
         published in Metals Week on each day during the calendar month
         preceding such calendar month or as otherwise determined pursuant to
         Section 2.6(b). As an example, the Midwest Price

***  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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         for the month of April will be based on metal prices published during
         the month of March.

         "MOLTEN METAL" means P1020 aluminum metal in molten form.

         "MOLTEN METAL DISCOUNT" means, (i) for each of Contract Year *** to
         Contract Year ***, inclusive, $***; (ii) for each of Contract Year ***
         to Contract Year ***, inclusive, such amount as may be agreed by the
         Purchaser and the Supplier as a result of good faith negotiations that
         shall take place in Contract Year ***; in the absence of such
         agreement, the Molten Metal Discount for Contract Years *** to ***
         shall be the Molten Metal Discount for the preceding Contract Year
         multiplied by a factor equal to ***; and (iii) for any Contract Year
         from and after Contract Year ***, such amount as may be agreed by the
         Purchaser and the Supplier as a result of good faith negotiations in
         connection with any extension of the Term pursuant to Section 5.3.

         "NOVELIS" means Novelis Inc.

         "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.

         "PRIME RATE" means the floating rate of interest established from time
         to time by the Royal Bank of Canada (the "BANK") as the reference rate
         of interest the Bank will use to determine rates of interest payable by
         its borrowers for commercial loans denominated in Dollars and made by
         the Bank to such borrowers in Canada and designated by the Bank as its
         "prime rate" and which shall change from time to time as changed by the
         Bank.

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

         "SAGUENAY SMELTER" means those aluminum smelters of the Supplier
         identified in Schedule 2.

         "SAGUENAY WORKS" means the Purchaser's light gauge rolled products
         facility at Jonquiere, Quebec, Canada.

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

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

***  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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         "SPECIFICATIONS" means such specifications for Molten Metal as may be
         proposed from time to time in accordance with Section 2.7.

         "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.

         "TERM" has the meaning set forth in Section 5.2.

         "TERMINATING PARTY" has the meaning set forth in Section 6.

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

1.2      CURRENCY

         All references to currency herein are to Dollars unless otherwise
         specified.

1.3      VIENNA CONVENTION

         The Parties agree that the terms of the United Nations Convention
         (Vienna Convention) on Contracts for the International Sale of Goods
         (1980) shall not apply to this Agreement or the obligations of the
         Parties hereunder.

2.       MOLTEN METAL

2.1      SUPPLY AND SALE BY THE SUPPLIER

         (a)      Subject to the terms and conditions of this Agreement,
                  beginning on the Effective Date and continuing throughout the
                  Term of this Agreement, the Supplier shall supply and sell to
                  the Purchaser "CPT the Delivery Site" the quantities of Molten
                  Metal determined in accordance with this Agreement.

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         (b)      The Supplier shall supply Molten Metal produced by the
                  Supplier from a Saguenay Smelter of the Supplier's choosing or
                  from such other sources and locations as may be agreed.

2.2      PURCHASE BY THE PURCHASER

         Subject to the terms and conditions of this Agreement, beginning on the
         Effective Date and continuing throughout the Term of this Agreement,
         the Purchaser shall purchase and take delivery from the Supplier "CPT
         the Delivery Site" the quantities of Molten Metal determined in
         accordance with this Agreement.

2.3      QUANTITIES OF MOLTEN METAL REQUIRED BY THE PURCHASER

         (a)      The Purchaser agrees to purchase and the Supplier agrees to
                  supply, in each Contract Year, Contract Tonnage of no more
                  than the Base Contract Tonnage applicable for such Contract
                  Year and no less than eighty percent (80%) of the Base
                  Contract Tonnage applicable for such Contract Year. The
                  purchase and supply, as applicable, by the Parties, of any
                  greater quantity shall be subject to further agreement of the
                  Parties, at each Party's discretion.

         (b)      The Parties shall use Commercially Reasonable Efforts to
                  arrange for shipping and delivery schedules to be
                  approximately evenly spread on a daily and weekly basis
                  throughout each Contract Year.

         (c)      On or before October 31 in each Contract Year, the Purchaser
                  shall submit to the Supplier a notice setting forth the annual
                  quantity of Molten Metal required for the next succeeding
                  Contract Year (the "CONTRACT TONNAGE" for such Contract Year),
                  which shall be no less than 80% of the Base Contract Tonnage
                  applicable to the next succeeding Contract Year, and no more
                  than the Base Contract Tonnage for such Contract Year, and an
                  estimated shipping schedule and quantities of Molten Metal to
                  be purchased in each week of such Contract Year; in
                  establishing such shipping schedule, the Purchaser shall
                  endeavour to divide the Contract Tonnage as evenly as possible
                  for delivery throughout each day and each week in the Contract
                  Year. The Contract Tonnage for Contract Year 1, and the
                  estimated shipping schedule and quantities of Molten Metal to
                  be delivered in each week during Contract Year 1, are set out
                  in SCHEDULE 1 hereto.

2.4      OTHER TERMS AFFECTING QUANTITY

         (a)      Throughout the Term of this Agreement, the Purchaser shall be
                  entitled to request reductions in the amount of Molten Metal
                  to be delivered in any week by the Supplier hereunder by
                  notice to the Supplier, and the Supplier shall adjust its
                  shipments so as to provide such reduced amount in such week,
                  provided such reduction is made in connection with either (i)
                  a planned maintenance shutdown of the Purchaser's facilities
                  at Saguenay Works or (ii) a statutory holiday falling in such
                  week, and the Parties have agreed on the

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                  timing for any such maintenance shut down or variation in
                  quantity. The Parties shall use their Commercially Reasonable
                  Efforts to reach agreement under this Section 2.4(a) with a
                  view to avoiding production disruptions or inventory buildup.
                  Any reduction of weekly supply pursuant to this Section 2.4(a)
                  shall not affect the obligations of the Purchaser and the
                  Supplier under Section 2.3(a).

         (b)      The quantity of Molten Metal which the Purchaser agrees to
                  purchase and the Supplier agrees to supply hereunder shall be
                  subject to reduction in the event the Supplier provides notice
                  to the Purchaser that one or more of the Saguenay Smelters
                  owned by the Supplier has been temporarily or permanently shut
                  down by the Supplier, provided such shut down has occurred as
                  a result of a good faith decision by the Supplier that the
                  continued operation of such Saguenay Smelter would be
                  uneconomic or otherwise unviable for the Supplier or non
                  value-maximizing for the Supplier. The reduction shall be for
                  such quantity as may be agreed by the Parties and, failing
                  agreement, shall be for such quantity as is equal to the
                  Contract Tonnage multiplied by the annual reduction capacity
                  of the Saguenay Smelters (or Smelter) that has (or have) been
                  shut down, and divided by the total annual production capacity
                  of all Saguenay Smelters before giving effect to the shut
                  down.

         (c)      Subject to the Parties' obligations to purchase and supply, as
                  applicable, the Contract Tonnage in each Contract Year on the
                  terms of this Section 2, the Parties shall consult at least
                  once a week in order to agree on the quantities of Molten
                  Metal to be supplied on a daily basis. The Supplier will use
                  Commercially Reasonable Efforts to allocate Molten Metal
                  produced by the Supplier on a fair basis between the Purchaser
                  and facilities of the Supplier or its Affiliates that require
                  Molten Metal.

2.5      SUPPLIER'S SHIPPING OBLIGATIONS

         (a)      The Supplier shall supply to the Purchaser, in accordance with
                  the terms hereof, in each week, such quantity of Molten Metal
                  as is identified by the Purchaser in respect of such week in a
                  notice pursuant to Section 2.3(c) hereof, subject to any
                  reduction in accordance with Section 2.4.

         (b)      Notwithstanding the provisions of Incoterms 2000 and Section
                  2.10, the Supplier acknowledges its responsibility to make all
                  necessary arrangements for the transportation of Molten Metal
                  to the Delivery Site on behalf of the Purchaser. The Supplier
                  shall act as the disclosed agent of the Purchaser in entering
                  into contracts for hiring carriers for the shipment of Molten
                  Metal under this Agreement. In doing this, the Supplier shall
                  use Commercially Reasonable Efforts to obtain the most
                  competitive freight rates and shall obtain approval from the
                  Purchaser before entering into any long term contracts for
                  hiring carriers on behalf of the Purchaser. The Supplier shall
                  use Commercially

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                                     - 9 -

                  Reasonable Efforts to ensure that such transportation is
                  suitable for delivering Molten Metal to the Delivery Site.

2.6      PRICE

         (a)      The price payable by the Purchaser to the Supplier for each
                  Tonne of Molten Metal sold and purchased pursuant to Sections
                  2.1 and 2.2 shall be the Contract Price. The date used for
                  calculating the Contract Price for any shipment of Molten
                  Metal shall be the Bill of Lading Date.

         (b)      In the event that (i) the LME ceases or suspends trading in
                  aluminum; (ii) Metal Week ceases to be published or ceases to
                  publish the relevant reference price for determining the
                  Midwest Price; or (iii) Metal Bulletin ceases to be published
                  or ceases publication of the relevant reference price for
                  determining the Aluminum Price, the Parties shall meet with a
                  view to agreeing on an alternative publication or, as
                  applicable, an alternative reference price. If the Parties
                  fail to reach an agreement within sixty (60) days of any Party
                  having notified the other to enter into discussions to agree
                  to an alternative publication or reference price, then the
                  Chairman of the LME in London, England or his nominee shall be
                  requested to select a suitable reference in lieu thereof and
                  an appropriate amendment to the terms of this Section 2.6. The
                  decision of the Chairman or his nominee shall be final and
                  binding on the Parties.

2.7      QUALITY

         (a)      Molten Metal supplied under this Agreement shall comply with
                  the definition of "Molten Metal" set forth in Section 1.1. The
                  Supplier shall use Commercially Reasonable Efforts to notify
                  the Purchaser prior to shipment of any Molten Metal that does
                  not meet this description. The Purchaser shall not be required
                  to accept delivery of any Molten Metal that does not meet this
                  description. If the Purchaser does not accept delivery of
                  Molten Metal not meeting this description, the Supplier's
                  obligation shall be limited to the assumption of all costs for
                  return of such Molten Metal to the Supplier, and for the
                  delivery of replacement Molten Metal to the Purchaser. All
                  other express or implied warranties, conditions and other
                  terms relating to Molten Metal hereunder, including warranties
                  relating to merchantability or fitness for a particular
                  purpose, are hereby excluded to the fullest extent permitted
                  by Applicable Law.

         (b)      The Purchaser may from time to time propose that Molten Metal
                  to be supplied hereunder comply with additional
                  specifications. The Supplier shall use Commercially Reasonable
                  Efforts to agree to such proposed modifications or additions.

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         (c)      The Parties shall cooperate in good faith to develop a plan
                  for addressing sodium content issues in Molten Metal supplied
                  from the Supplier's Alma smelter by June 30, 2005.

2.8      PAYMENT

         (a)      The Purchaser shall pay the Supplier in full for each shipment
                  of Molten Metal in accordance with the Supplier's commercial
                  invoice within thirty (30) days of the Bill of Lading Date.

         (b)      If the Purchaser believes that a shipment of Molten Metal does
                  not meet the description of Molten Metal as defined in this
                  Agreement and has rejected such shipment in a timely manner in
                  accordance with the terms hereof, it need not pay the invoice.
                  However, if the Purchaser subsequently accepts that the Molten
                  Metal complies with the requirements of this Agreement, the
                  Purchaser shall pay the invoice and, if payment is overdue
                  pursuant to Section 2.8(a), interest in accordance with
                  Section 2.8(c).

         (c)      If any payment required to be made pursuant to Section 2.8(a)
                  above is overdue, the full amount shall bear interest at a
                  rate per annum equal to the Default Interest Rate calculated
                  on the actual number of days elapsed, accrued from and
                  excluding the date on which such payment was due, up to and
                  including the actual date of receipt of payment in the
                  nominated bank or banking account.

         (d)      All amounts paid to the Supplier or the Purchaser hereunder
                  shall be paid in Dollars by wire transfer in immediately
                  available funds to the account specified by the Supplier or
                  Purchaser, as applicable, by notice from time to time by one
                  Party to the other hereunder.

         (e)      If any Party fails to purchase or supply, as applicable, any
                  quantity of Molten Metal in any month as required under the
                  terms of this Agreement, such Party shall be liable to the
                  other Party for all direct damages, losses and costs resulting
                  from such failure, provided that such other Party shall use
                  its Commercially Reasonable Efforts to mitigate such damages,
                  losses and costs.

2.9      DELIVERY

         Molten Metal shall be delivered CPT the Delivery Site. The delivery of
         Molten Metal pursuant to this Section 2.9 shall be governed by
         Incoterms 2000, as amended from time to time.

2.10     TITLE AND RISK OF LOSS

         Title to and risk of damage to and loss of Molten Metal shall pass to
         the Purchaser as the Molten Metal is delivered by the Supplier to the
         carrier.

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2.11     PURCHASER AS PRINCIPAL

         The Purchaser warrants that all Molten Metal to be purchased hereunder
         shall be purchased for Purchaser's own consumption. The Purchaser
         agrees that it shall not re-sell or otherwise make available to any
         Person any Molten Metal purchased from the Supplier hereunder, other
         than in respect of transactions undertaken in small quantities by the
         Purchaser to balance purchases or Purchaser's metal position.

3.       FORCE MAJEURE

3.1      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).

3.2      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, the invocation of Force Majeure
         by any party to an agreement under which any Party's operations are
         affected, and any declaration of Force Majeure by the facility
         producing the Molten Metal, or any other event beyond the reasonable
         control of the Parties whether or not similar to the events or
         occurrences enumerated above. In no circumstances shall problems with
         making payments constitute Force Majeure.

3.3      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

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                                     - 12 -

         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 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.

3.4      PRO RATA ALLOCATION

         If the Supplier's supply of any Molten Metal to be delivered to the
         Purchaser is stopped or disrupted by an event of Force Majeure, the
         Supplier shall have the right to allocate its available supplies of
         such Molten Metal, 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, Molten Metal
         of similar quality in substitution for the Molten Metal 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.

3.5      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 Molten Metal 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
         Molten Metal pursuant to the terms above.

         In the absence of any agreement by the Parties, failure to deliver or
         accept delivery of Molten Metal which is excused by or results from the
         operation of the foregoing provisions of this Section 3 shall not
         extend the Term of this Agreement and the quantities of Molten Metal to
         be sold and purchased under this Agreement shall be reduced by the
         quantities affected by such failure.

3.6      TERMINATION

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

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

***  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.
<PAGE>
                                     - 13 -

4.       ASSIGNMENT

4.1      PROHIBITION ON ASSIGNMENTS

         No Party shall assign or transfer this Agreement, in whole or in part,
         or any interest or obligation arising under this Agreement, except as
         permitted by Section 4.2, without the prior written consent of the
         other Party.

4.2      ASSIGNMENT WITHIN ALCAN GROUP OR NOVELIS GROUP

         (a)      With the consent of Novelis, such consent not to be
                  unreasonably withheld or delayed, Alcan may elect to have one
                  or more of the Persons comprising the Alcan Group assume the
                  rights and obligations of the Supplier under this Agreement,
                  provided that

                  (i)      Alcan shall remain fully liable for all obligations
                           of the Supplier hereunder, and

                  (ii)     the transferee will remain at all times a member of
                           the Alcan Group;

         any such successor to Alcan as a Supplier under this Agreement shall be
         deemed to be the "SUPPLIER" for all purposes of the Agreement.

         (b)      With the consent of Alcan, such consent not to be unreasonably
                  withheld or delayed, Novelis may elect to have one or more of
                  the Persons comprising the Novelis Group assume the rights and
                  obligations of the Purchaser under this Agreement, provided
                  that

                  (i)      Novelis shall remain fully liable for all obligations
                           of the Purchaser hereunder, and

                  (ii)     the transferee will remain at all times a member of
                           the Novelis Group;

         any such successor to Novelis as Purchaser under this Agreement shall
         be deemed to be the "PURCHASER" for all purposes of this Agreement.

5.       TERM AND TERMINATION

5.1      EFFECTIVENESS

         This Agreement shall come into full force and effect upon the Effective
         Date.

5.2      TERM

         The term of this Agreement (the "TERM") shall be from the Effective
         Date until *** unless terminated earlier or extended pursuant to the
         provisions of this Agreement.

***  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.
<PAGE>
                                     - 14 -

5.3      EXTENSION

         One year prior to the expiration of the Term, the Parties may, upon the
         request of either Party, meet to negotiate in good faith a possible
         extension of the Term for a further period on terms to be mutually
         agreed (including in respect of quantities of Molten Metal to be
         purchased and supplied hereunder and pricing to apply in such further
         period). If no such Agreement is reached between the Parties, the
         Agreement shall terminate upon expiry of the Term.

5.4      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 3.6 as a result of Force Majeure; or

         (d)      upon the occurrence of an Event of Default, in accordance with
                  Section 6.

6.       EVENTS OF DEFAULT

         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 thirty (30) 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>
                                     - 15 -

         (c)      such Party breaches any material representation or warranty,
                  or fails to perform or comply with any material covenant,
                  provision, undertaking or obligation in or of the Separation
                  Agreement;

         (d)      in relation to the Purchaser (1) upon the occurrence of a Non
                  Compete Breach (as defined in the Separation Agreement) and
                  the giving of notice of the termination of this Agreement by
                  Alcan to Novelis pursuant to Section 14.03(b) of the
                  Separation Agreement and pursuant to this paragraph of this
                  Agreement, or (2) upon the occurrence of a Change of Control
                  Non Compete Breach (as defined in the Separation Agreement)
                  and the giving of notice of the termination of this Agreement
                  by Alcan to Novelis pursuant to Section 14.04(e) of the
                  Separation Agreement, in which event the termination of this
                  Agreement shall be effective immediately upon Alcan providing
                  Novelis notice pursuant to Section 14.03(b) or Section
                  14.04(e) of the Separation Agreement;

         (e)      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

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

7.       REPRESENTATIONS AND WARRANTIES

         The Parties hereby reiterate for the purposes of this Agreement those
         representations and warranties set forth in Article VI of the
         Separation Agreement.

8.       CONFIDENTIALITY

         Each of the Parties shall at all times be in full compliance with its
         obligations under Sections 11.07 and 11.08 (Confidentiality) of the
         Separation Agreement.

9.       DISPUTE RESOLUTION

9.1      DISPUTES

         The Master Agreement with respect to Dispute Resolution, effective on
         the Effective Date, among the Parties and other parties thereto shall
         govern all disputes, controversies or claims (whether arising in
         contract, delict, tort or otherwise) ("DISPUTES") between the Parties
         that may arise out of, or relate to, or arise under or

<PAGE>
                                     - 16 -

         in connection with, this Agreement or the transactions contemplated
         hereby (including all actions taken in furtherance of the transactions
         contemplated hereby), or the commercial or economic relationship of the
         Parties relating hereto or thereto.

9.2      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.

10.      MISCELLANEOUS

10.1     CONSTRUCTION

         The terms of Section 16.04 (Construction) of the Separation Agreement
         shall apply to this Agreement, mutatis mutandis, as if all references
         therein to the "Agreement" were deemed to be references to this
         Agreement.

10.2     PAYMENT TERMS

         Any amount to be paid or reimbursed by one Party to the other under
         this Agreement, save as expressly provided in Section 2, 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.

10.3     NOTICES

         All notices and 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 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:

<PAGE>
                                     - 17 -

         IF TO THE PURCHASER, TO:

         NOVELIS INC.
         Suite 3800
         Royal Bank Plaza, South Tower
         P.O. Box 84
         200 Bay Street
         Toronto, Ontario
         M5J 2Z4

         Fax:416-216-3930

         Attention:   Chief Executive Officer

         IF TO THE SUPPLIER, TO:

         ALCAN INC.
         1188 Sherbrooke Street West
         Montreal, Quebec
         H3A 3G2
         Fax: 514-848-8115

         Attention:   Chief Legal Officer

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

10.4     GOVERNING LAW

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

10.5     JUDGMENT CURRENCY

         The obligations of a Party to make payments hereunder shall not be
         discharged by an amount paid in any currency other than Dollars,
         whether pursuant to a court judgment or arbitral award or otherwise, to
         the extent that the amount so paid upon conversion to Dollars and
         transferred to an account indicated by the Party to receive such funds
         under normal banking procedures does not yield the amount of Dollars
         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

<PAGE>
                                     - 18 -

         Party on demand, in Dollars, any difference between the sum originally
         due in Dollars and the amount of Dollars received upon any such
         conversion and transfer.

10.6     ENTIRE AGREEMENT

         This Agreement, the Separation Agreement and schedules, exhibits,
         annexes and appendices hereto and thereto and the specific agreements
         contemplated herein or thereby, 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 or therein.

10.7     CONFLICTS

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

10.8     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.

10.9     SURVIVAL

         The obligations of the Parties under Sections 2.6, 2.7, 2.8, 8, 9, 10.4
         and 10.9 and liability for the breach of any obligation contained
         herein shall survive the expiration or earlier termination of this
         Agreement.

10.10    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.

<PAGE>
                                     - 19 -

10.11    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.

10.12    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.

10.13    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.

10.14    TAXES, ROYALTIES AND DUTIES

         All royalties, taxes and duties imposed or levied on any Molten Metal
         delivered hereunder (other than any taxes on the income of the
         Supplier) shall be for the account of and paid by the Purchaser.

10.15    LIMITATIONS OF LIABILITY

         (a)      Neither Party shall be liable to the other Party for any
                  indirect, collateral, incidental, special, consequential or
                  punitive damages, lost profit or failure to realize expected
                  savings or other commercial or economic loss of any kind,
                  howsoever caused, and on any theory of liability (including
                  negligence) arising in any way out of this Agreement;
                  provided, however, that the foregoing limitations shall not
                  limit any Parties' indemnification obligations for Liabilities
                  with respect to Third Party Claims as set forth Article IX of
                  the Separation Agreement (as if such Article IX was set out in
                  full herein by reference to the obligations of the Parties
                  hereunder).

         (b)      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 subject to any indemnification or reimbursement
                  pursuant to this Agreement.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.]

<PAGE>

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

                                        NOVELIS INC.

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                        ALCAN INC.

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:<PAGE>
                                                                    Exhibit 10.4

                             METAL SUPPLY AGREEMENT

                                     between

                                  NOVELIS INC.

                                 (as Purchaser)

                                       and

                                   ALCAN INC.

                                  (as Supplier)

                 FOR THE SUPPLY OF SHEET INGOT IN NORTH AMERICA

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<C>      <S>                                                                                                    <C>
1.       DEFINITIONS AND INTERPRETATION...........................................................................2
2.       METAL...................................................................................................10
3.       FORCE MAJEURE...........................................................................................17
4.       ASSIGNMENT..............................................................................................19
5.       TERM AND TERMINATION....................................................................................20
6.       EVENTS OF DEFAULT.......................................................................................21
7.       REPRESENTATIONS AND WARRANTIES..........................................................................22
8.       CONFIDENTIALITY.........................................................................................22
9.       DISPUTE RESOLUTION......................................................................................22
10.      MISCELLANEOUS...........................................................................................22

SCHEDULES
1        Product Premium
2        Metal Specifications
3.       Contract Year 1 Quantities
4.       Shipment and Delivery Performance
</TABLE>

<PAGE>

                             METAL SUPPLY AGREEMENT

THIS AGREEMENT entered into in the City of Montreal, Province of Quebec, is
dated December ____, 2004, with effect as of the Effective Date.

BETWEEN:       NOVELIS INC., a corporation incorporated under the Canada
               Business Corporations Act ("NOVELIS" or the "PURCHASER");

AND:           ALCAN INC., a corporation organized under the Canada Business
               Corporations Act ("ALCAN" or the "SUPPLIER").

RECITALS:

WHEREAS Alcan and Novelis 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 (such agreement,
as amended, restated or modified from time to time, the "SEPARATION AGREEMENT").

<PAGE>
                                      -2-

WHEREAS the Supplier wishes to supply, and the Purchaser wishes to purchase,
subject to the terms and conditions of this Agreement, Metal (as defined below)
required by the Purchaser at the Delivery Sites (as defined below).

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:

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 3.1.

         "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 Metal Supply Agreement, including all of the
         Schedules hereto.

         "ALCAN" means Alcan Inc.

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

         "ANNUAL BASE QUANTITY" means

                  (i)      in respect of Contract Year 1, *** Tonnes,

                  (ii)     in respect of Contract Year 2, *** Tonnes,

                  (iii)    in respect of Contract Year 3, *** Tonnes (or such
                           other quantity as may be agreed in writing by the
                           Parties prior to September 30, 2005,

*** 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.

<PAGE>
                                      -3-

                           provided such quantity shall be greater than or equal
                           to *** Tonnes and less than or equal to *** Tonnes),
                           and

                  (iv)     in respect of each of Contract Year 4 to Contract
                           Year ***, inclusive, such amount, in Tonnes, in
                           respect of each Contract Year, (a) as may be agreed
                           to by the Parties during the first 6 months of
                           Contract Year 2 or (b) if the Parties have failed to
                           reach agreement with respect to such amount during
                           the first 6 months of Contract Year 2, and a Party
                           has given 18 months notice prior to the commencement
                           of a Contract Year to the other Parties hereto that
                           it wishes to reduce the Annual Base Quantity by no
                           more than ***% of the then current Annual Base
                           Quantity, the amount so notified by such Party, or
                           (c) if the Parties have failed to reach agreement
                           during the first 6 months of Contract Year 2 and no
                           Party has given a notice in accordance with (b)
                           above, an amount which is equal to the Annual Base
                           Quantity in respect of the preceding Contract Year,

         subject to any reduction in accordance with Section 2.1(c).

         "ANNUAL ORDER QUANTITY" means,

                  (i)      in respect of Contract Year 1, a quantity greater
                           than *** Tonnes and less than *** Tonnes,

                  (ii)     in respect of Contract Year 2, a quantity greater
                           than *** Tonnes and less than *** Tonnes,

                  (iii)    in respect of Contract Year 3, a quantity to be
                           agreed on by the Parties in writing prior to
                           September 30, 2005, which quantity is greater than
                           the Annual Base Quantity for Contract Year 3 minus
                           *** Tonnes and less than the Annual Base Quantity for
                           Contract Year 3 plus *** Tonnes, and

                  (iv)     in respect of each Contract Year from and after
                           Contract Year 4, to Contract Year ***%, inclusive, a
                           quantity greater than *** of the Annual Base Quantity
                           for such Contract Year and less than or equal to ***%
                           of the Annual Base Quantity for such Contract Year,

                  which quantity, in each case, is notified by the Purchaser to
                  the Supplier pursuant to Section 2.6(i).

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

         "APPLICABLE LME DISCOUNT PERCENTAGE" means, for each of Contract Year 1
         to Contract Year ***, inclusive, ***%, and for any Contract Year from
         and after

*** 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.

<PAGE>
                                      -4-

         Contract Year ***, such percentage as may be agreed to by the Parties
         in connection with any extension of the Term pursuant to Section 5.3.

         "BILL OF LADING DATE" means the date of the bill of lading representing
         Metal cargo to be delivered under this Agreement.

         "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 the City of Montreal (Canada) or in the City of New
         York (United States), is a legal holiday, or (ii) a day on which banks
         are authorized by Applicable Law to close in the city of Montreal
         (Canada) or in the city of New York (United States).

         "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 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.

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

         "CONSULTATION PERIOD" has the meaning set forth in Section 2.5.

         "CONTRACT PRICE" means, for each Tonne of Metal sold and purchased
         hereunder in any month, the aggregate of the following:

                  (i)      the Midwest Price calculated for such month,

                  (ii)     minus the Applicable LME Discount Percentage of the
                           LME 3-Month Aluminum Price for such month,

                  (iii)    plus the Product Premium in effect in such month,

                  (iv)     minus the Logistics Discount/Premium Amount
                           applicable in such month (in case of supply to
                           Oswego) or plus the Logistics Discount/Premium Amount
                           applicable in such month (in case of supply to
                           Logan),

                  (v)      plus the Cut Premium, if any, applicable to such
                           Metal, and

                  (vi)     plus the Small Quantity Premium, if any, applicable
                           to such Metal;

*** 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.

<PAGE>
                                      -5-

         such amount shall be rounded upwards to the nearest Dollar.

         "CONTRACT YEAR" means (a) initially the period commencing on the
         Effective Date and ending on the last day of the calendar year in which
         the Effective Date occurs (such initial period being "CONTRACT YEAR 1")
         and (b) thereafter, each successive period consisting of twelve
         calendar months (the first such period being "CONTRACT YEAR 2"),
         provided that the final Contract Year shall end on the last day of the
         Term.

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

         "CUT PREMIUM" means, in respect of each Tonne of Metal supplied
         hereunder, an amount equal to (i) $*** per Tonne for one butt, or (ii)
         $*** per Tonne for two butts; provided that Cut Premium is only
         applicable if the Purchaser has requested, in the Firm Order relating
         to the applicable supply of Metal, that the Supplier remove butts of
         the supplied Metal.

         "DEFAULT INTEREST RATE" means the greater of ***% per annum or the
         Prime Rate plus ***% per annum, but in no event shall the Default
         Interest Rate exceed the maximum rate of interest permitted by
         Applicable Law.

         "DEFAULTING PARTY" has the meaning set forth in Section 6.

         "DELIVERY SITE" means any of the following facilities of the Purchaser,
         as specified, in respect of each shipment of Metal hereunder in the
         Firm Orders provided by the Purchaser hereunder:

                  (i)      Oswego Plant, Oswego, New York;

                  (ii)     Logan Aluminum, Russelville, Kentucky; or

                  (iii)    such other facilities of the Purchaser as may be
                           agreed to by the Supplier.

         "DISPUTES" has the meaning set forth in Section 9.1.

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

         "EFFECTIVE DATE" means the "Effective Date" as defined in the
         Separation Agreement.

         "ESTIMATED ANNUAL CAPACITY" has the meaning set out in Section
         2.4(b)(i), subject to any adjustment pursuant to Section 2.5.

         "ESTIMATED ANNUAL ORDER QUANTITY" has the meaning set out in Section
         2.3(b)(i), subject to any adjustment pursuant to Section 2.5.

*** 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.

<PAGE>
                                      -6-

         "ESTIMATED MONTHLY CAPACITY" has the meaning set out in Section
         2.4(b)(ii), subject to any adjustment pursuant to Section 2.5.

         "ESTIMATED MONTHLY CAPACITY UPDATE" has the meaning set forth in
         Section 2.7(a).

         "ESTIMATED MONTHLY DEMAND" has the meaning set out in Section
         2.3(b)(ii), subject to any adjustment pursuant to Section 2.5, Section
         2.6(ii) or Section 2.7(b)(ii).

         "EVENT OF DEFAULT" has the meaning set forth in Section 6.

         "FIRM ORDER" has the meaning set forth in Section 2.7(b)(i).

         "FORCE MAJEURE" has the meaning set forth in Section 3.2.

         "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.

         "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.

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

         "LME 3-MONTH ALUMINUM PRICE" for any calendar month means the
         arithmetic average LME 3-Month seller's price for primary high grade
         aluminum, as published in Metal Bulletin on each day during the
         calendar month preceding such calendar month or as otherwise determined
         pursuant to Section 2.10(b). For avoidance of doubt, the LME 3-Month
         Aluminum Price for the month of April will be based on aluminum prices
         published during the month of March.

         "LME" means the London Metal Exchange.

         "LOGISTICS DISCOUNT/PREMIUM AMOUNT" means, for each of Contract Year 1
         to Contract Year ***, inclusive, (i) in respect of any supply to
         Oswego, a discount of $*** per Tonne and (ii) in respect of any
         supply to Logan, a surcharge of $*** per Tonne, and for any Contract
         Year from and after Contract Year ***, such amount as may be agreed to
         by the Parties in connection with any extension of the Term pursuant to
         Section 5.3.

*** 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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                                      -7-

         "MAXIMUM ANNUAL SUPPLY OBLIGATION" means:

                  (i)      in respect of Contract Year 1, *** Tonnes,

                  (ii)     in respect of Contract Year 2, *** Tonnes,

                  (iii)    in respect of Contract Year 3, *** Tonnes, and

                  (iv)     in respect of each Contract Year from and after
                           Contract Year 4 to Contract Year ***, inclusive, the
                           maximum amount of the permitted range of the Annual
                           Order Quantity for such Contract Year.

         "METAL" means aluminum sheet ingot having the specifications set forth
         in SCHEDULE 2.

         "MIDWEST PRICE" for any calendar month means the arithmetic average of
         the mid-west transaction prices for primary high grade aluminum, as
         published in Metals Week on each day during the calendar month
         preceding such calendar month or as otherwise determined pursuant to
         Section 2.10(b). As an example, the Midwest Price for the month of
         April will be based on metal prices published during the month of
         March.

         "MINIMUM ANNUAL PURCHASE QUANTITY" means:

                  (i)      in respect of Contract Year 1, *** Tonnes,

                  (ii)     in respect of Contract Year 2, *** Tonnes,

                  (iii)    in respect of Contract Year 3, *** Tonnes, and

                  (iv)     in respect of each Contract Year from and after
                           Contract Year 4 to Contract Year ***, inclusive, the
                           minimum amount of the permitted range of the Annual
                           Order Quantity for such Contract Year.

         "MONTH M1" has the meaning set forth in Section 2.7(b)(i).

         "MONTHLY OFFTAKE QUOTE" has the meaning set out in Section 2.7(b).

         "NOVELIS" means Novelis Inc.

         "NOVELIS GROUP" means Novelis Inc. and its Subsidiaries 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.

*** 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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                                      -8-

         "PRIME RATE" means the floating rate of interest established from time
         to time by the Royal Bank of Canada (the "BANK") as the reference rate
         of interest the Bank will use to determine rates of interest payable by
         its borrowers for commercial loans denominated in Dollars and made by
         the Bank to such borrowers in Canada and designated by the Bank as its
         "prime rate" and which shall change from time to time as changed by the
         Bank.

         "PRODUCT PREMIUM" means,

                  (i)      in respect of Metal supplied hereunder from and after
                           January 1, 2005 to June 30, 2005, the premiums set
                           out in SCHEDULE 1;

                  (ii)     in respect of Metal supplied hereunder during the
                           period from and after July 1, 2005 to June 30, 2006,
                           the premium identified in paragraph (i) above,
                           subject to adjustment in accordance with the
                           mechanism described in the second part of SCHEDULE 1,
                           and

                  (iii)    in respect of Metal supplied hereunder at any time
                           from and after July 1, 2006, such amount, as adjusted
                           on July 1 in each Contract Year by adding to the then
                           applicable Product Premium an amount equal to such
                           percentage of the then applicable Product Premium as
                           is equal to 1/2 the percentage variation in the US
                           CPI that has taken place between January 1 and
                           December 31 in the immediately preceding calendar
                           year,

         provided that Product Premium payable in respect of Metal in the 5XXX
         alloy series will be adjusted on January 1, 2005, July 1, 2005 and
         January 1, 2006 based on actual magnesium prices paid by the Supplier
         during the six month period immediately preceding the date of
         adjustment (subject to the application of Section 2.10(c).

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

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

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

         "SMALL QUANTITY PREMIUM" means an amount equal to $*** per Tonne,
         payable in respect of supplies hereunder where the alloy size
         combination ordered by the Purchaser in any Firm Order is under the
         lesser of 100 Tonnes or one furnace load.

         "SPECIFICATIONS" means specifications for Metal as set out in SCHEDULE
         2.

         "SUBSIDIARY" of any Person means any corporation, partnership, limited
         liability entity, joint venture or other organization, whether
         incorporated or unincorporated, 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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                                      -9-

         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 FACILITIES" means the facilities of the Supplier located in
         any of the following locations, to be selected at the Supplier's
         option:

                  (i)      Laterriere,

                  (ii)     Grand Baie,

                  (iii)    Becancour,

                  (iv)     Kitimat,

                  (v)      or such other locations as may be agreed to by the
                           Purchaser in accordance with Section 2.1(b).

         "SUPPLY SCHEDULE" means in respect of each Contract Year, the notice of
         Estimated Annual Capacity for such Contract Year and Estimated Monthly
         Capacity in respect of each calendar month therein, delivered by the
         Supplier pursuant to Section 2.4(b).

         "TERM" has the meaning set forth in Section 5.2.

         "TERMINATING PARTY" has the meaning set forth in Section 6.

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

1.2      CURRENCY

         All references to currency herein are to Dollars unless otherwise
         specified.

<PAGE>
                                      -10-

1.3      VIENNA CONVENTION

         The Parties agree that the terms of the United Nations Convention
         (Vienna Convention) on Contracts for the International Sale of Goods
         (1980) shall not apply to this Agreement or the obligations of the
         Parties hereunder.

2.       METAL

2.1      SUPPLY AND SALE BY THE SUPPLIER

         (a)      Subject to the terms and conditions of this Agreement,
                  beginning on the Effective Date and continuing throughout the
                  Term of this Agreement, the Supplier shall supply and sell to
                  the Purchaser "CPT the applicable Delivery Site" the
                  quantities of Metal determined in accordance with this
                  Agreement.

         (b)      The Supplier shall supply Metal from a Supplier Facility of
                  the Supplier's choosing or from such other sources and
                  locations as may be agreed by the Parties. If the Supplier
                  wishes at any time to deliver Metal hereunder to the Purchaser
                  from a source other than the facilities named in the
                  definition of "Supplier Facilities" herein, it may do so
                  provided such Metal complies with the Specifications and the
                  Purchaser has confirmed in writing that the source of such
                  Metal is acceptable to it. The Purchaser shall act reasonably
                  in providing such confirmation.

         (c)      The quantity of Metal which the Purchaser agrees to purchase
                  and the Supplier agrees to supply hereunder shall be subject
                  to reduction on a pro rata basis in the event the Supplier
                  provides notice to the Purchaser that one of the Supplier
                  Facilities owned by the Supplier has been temporarily or
                  permanently shut down by the Supplier, provided such shut down
                  has occurred as a result of a good faith decision by the
                  Supplier that the continued operation of such Supplier
                  Facility would be uneconomic or otherwise unviable or non
                  value-maximizing for the Supplier. This reduction shall be for
                  such quantity as may be agreed by the Parties and, failing
                  agreement, shall be for such quantity as is equal to the
                  Estimated Annual Capacity for the applicable Contract Year
                  multiplied by the annual reduction capacity of the Supplier
                  Facilities that have been shut down, and divided by the total
                  annual production capacity of all Supplier Facilities before
                  giving effect to the shutdown.

2.2      PURCHASE BY THE PURCHASER

         Subject to the terms and conditions of this Agreement, beginning on the
         Effective Date and continuing throughout the Term of this Agreement,
         the Purchaser shall purchase and take delivery from the Supplier "CPT
         the applicable Delivery Site" the quantities of Metal determined in
         accordance with this Agreement.

<PAGE>
                                      -11-

2.3      NOTIFICATION OF ESTIMATED QUANTITIES OF METAL REQUIRED BY THE PURCHASER

         (a)      The Purchaser agrees to purchase and the Supplier agrees to
                  supply, in each Contract Year, in accordance with the terms
                  hereof, a quantity of Metal which is no less than the Minimum
                  Annual Purchase Quantity for such Contract Year.

         (b)      With respect to the purchase of Metal hereunder in any
                  Contract Year, the Purchaser shall provide to the Supplier no
                  later than on September 1 of the Contract Year preceding such
                  Contract Year:

                  (i)      an estimate, in Tonnes, of the Annual Order Quantity
                           (the "ESTIMATED ANNUAL ORDER QUANTITY" for such
                           Contract Year); and

                  (ii)     an estimate, in Tonnes, of the quantity of Metal
                           required for each month in such Contract Year (the
                           "ESTIMATED MONTHLY DEMAND"), provided (1) the amount
                           for each month shall be less than or equal to ***% of
                           the Estimated Annual Order Quantity for such Contract
                           Year divided by 12, and greater than or equal to ***%
                           (or, for no more than 2 months, ***%), of the
                           Estimated Annual Order Quantity divided by 12, and
                           (2) the aggregate of the Estimated Monthly Demand
                           amounts for all months in such Contract Year shall
                           equal the Estimated Annual Order Quantity notified
                           pursuant to paragraph (i) above.

                  The Estimated Annual Order Quantity for Contract Year 1 and
                  the Estimated Monthly Demand for each month in Contract Year
                  1, are set out in SCHEDULE 3.

2.4      NOTIFICATION OF ESTIMATED QUANTITIES OF METAL SUPPLIED BY THE SUPPLIER

         (a)      The Supplier shall have no obligation to supply Metal in a
                  Contract Year in excess of the Maximum Annual Supply
                  Obligation for such Contract Year, unless otherwise agreed by
                  the Parties hereto.

         (b)      With respect to the supply of Metal hereunder in any Contract
                  Year, the Supplier shall provide to the Purchaser no later
                  than September 15 of the Contract Year preceding such Contract
                  Year:

                  (i)      an estimate, in Tonnes, of the Supplier's supply
                           capacity of Metal for such Contract Year (the
                           "ESTIMATED ANNUAL CAPACITY"), which amount shall be
                           greater than or equal to the Maximum Annual Supply
                           Obligation for such Contract Year, and

                  (ii)     an estimate, in Tonnes, of the Supplier's supply
                           capacity of Metal for each month in such Contract
                           Year (the "ESTIMATED MONTHLY CAPACITY"), provided
                           that the Estimated Monthly Capacity in respect of
                           each month shall be equal to or greater than the
                           Estimated Monthly Demand for such month notified by
                           the Purchaser in accordance with Section 2.3(b)(ii).

*** 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.

<PAGE>
                                      -12-

                  In determining the Estimated Annual Capacity and the Estimated
                  Monthly Capacity, in each case, the Supplier shall take into
                  account actual operating days in the relevant Contract Year or
                  month, as applicable (taking into account planned shutdowns of
                  the Supplier Facilities), existing commitments of the Supplier
                  for supply to other Persons, and seasonal factors affecting
                  the Supplier's capacity.

                  The Estimated Annual Capacity for Contract Year 1 and the
                  Estimated Monthly Capacity for each month in Contract Year 1
                  are set out in SCHEDULE 3.

2.5      CHANGES TO ESTIMATES

         In respect of the purchase and supply of Metal hereunder in any
         Contract Year, the Purchaser and Supplier agree to consult during the
         period September 1 to October 31 in the year preceding such Contract
         Year (the "CONSULTATION PERIOD") with respect to offtake and capacity
         issues effecting the estimates of purchase requirements and supply
         capacity provided by the Purchaser and Supplier, respectively, pursuant
         to Sections 2.3 and 2.4. During such Consultation Period the Purchaser
         may propose to purchase a quantity of Metal in such Contract Year in
         excess of the Maximum Annual Supply Obligation for such Contract Year
         and/or to modify the Estimated Annual Order Quantity or Estimated
         Monthly Demand amounts notified by the Purchaser in respect of such
         Contract Year, provided that the Supplier shall be under no obligation
         to agree to such proposal by the Purchaser. During such Consultation
         Period the Supplier may propose a revised Supply Schedule provided that
         the Purchaser shall be under no obligation to agree to such revised
         Supply Schedule, and the Supplier shall be under no obligation to
         comply with the terms of such revised Supply Schedule, unless the
         Parties agree to such changes. The Parties shall consult and negotiate
         in good faith during the Consultation Period with respect to any such
         matters proposed by the Purchaser or Supplier, as applicable, and will
         discuss planned maintenance shutdowns at any of the Delivery Sites or
         the Supplier Facilities and if possible, schedule down-time events
         relating to such plant maintenance shutdowns for times which are
         mutually agreeable to the Purchaser and the Supplier with a view to
         avoiding production disruption at the Supplier Facilities or inventory
         build-ups at any of the Supplier Facilities or the Delivery Sites.

2.6      NOTIFICATION OF ANNUAL ORDER QUANTITY

         In respect of the purchase and supply of Metal hereunder in any
         Contract Year, the Purchaser shall deliver to the Supplier on or before
         October 31 in the year preceding such Contract Year, a notice setting
         forth:

                  (i)      the firm Annual Order Quantity for such Contract
                           Year, which shall be no less than the Minimum Annual
                           Purchase Quantity calculated for such Contract Year,
                           and

<PAGE>
                                      -13-

                  (ii)     the Estimated Monthly Demand (which may be updated
                           from the amount notified pursuant to Section
                           2.3(b)(ii)) for each month in such Contract Year
                           provided (1) such amount in respect of each month
                           shall be less than or equal to ***% of the Annual
                           Order Quantity for such Contract Year divided by 12,
                           and greater than or equal to ***% (or ***% for no
                           more than 2 months) of the Annual Order Quantity for
                           such Contract Year divided by 12, and (2) such
                           amount in respect of any month does not exceed the
                           Estimated Monthly Capacity notified by the Supplier
                           in respect of such month pursuant to Section
                           2.4(b)(ii) (as such amount may be adjusted pursuant
                           to Section 2.5).

2.7      MONTHLY QUANTITY MANAGEMENT

         (a)      Throughout the Term of this Agreement, by the first day of
                  each month (and if such day is not a Business Day, on the
                  Business Day immediately preceding such day), the Supplier
                  shall notify the Purchaser of its updated Estimated Monthly
                  Capacity for each month (including the month in which such
                  notice is delivered) of the then current Contract Year (such
                  amount referred to as the "ESTIMATED MONTHLY CAPACITY
                  UPDATE"), which Estimated Monthly Capacity Update:

                  (i)      shall not be subject to adjustment in excess of +/-
                           5% by the Supplier in respect of the first three
                           months in respect of which such notice is sent, such
                           that the amount notified in respect of such months
                           may not be reduced or increased by more than 5% in
                           subsequent Estimated Monthly Capacity Updates
                           delivered under this Section 2.7;

                  (ii)     shall be an indicative amount for each of the
                           remaining months in the then current Contract Year
                           included in such notification, which amount may be
                           modified in future Estimated Monthly Capacity Updates
                           delivered pursuant to this Section 2.7; and

                  (iii)    shall be, in respect of each month, equal to or
                           greater than the Estimated Monthly Demand most
                           recently notified by the Purchaser in respect of such
                           month pursuant to Section 2.6 (subject to any
                           adjustment pursuant to Section 2.5).

         (b)      Throughout the Term of this Agreement by the 15th day of each
                  month (and if such day is not a Business Day, on the Business
                  Day immediately preceding such 15th day), the Purchaser shall
                  provide to the Supplier a notice (referred to as the "MONTHLY
                  OFFTAKE QUOTE") setting forth the following:

                  (i)      the quantity of Metal which the Purchaser commits to
                           purchase hereunder in the next succeeding month
                           ("MONTH M1"), which quantity, shall be greater than
                           or equal to ***% of the Annual Order Quantity for the
                           Contract Year in which Month M1 takes place divided
                           by 12, and

*** Certain information on this page has been omitted and filed separately with
the Securities and Exchange Commission. Confidential treatment has been
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<PAGE>
                                      -14-

                           less than or equal to ***% of the Annual Order
                           Quantity for the Contract Year in which Month M1
                           takes place divided by 12, and identifying the
                           Delivery Site or Delivery Sites to which such Metal
                           should be delivered (which notification in respect of
                           Month M1 is referred to herein as the "FIRM ORDER"
                           for such month), and the Purchaser hereby agrees that
                           it shall purchase from the Supplier in Month M1 a
                           quantity of Metal which is no less than ***% of the
                           quantity identified in the Firm Order, and no more
                           than ***% than the quantity identified in such Firm
                           Order;

                  (ii)     an updated Estimated Monthly Demand for each month
                           subsequent to Month M1 occurring in the Contract Year
                           in which Month M1 occurs, which updated amount:

                           (1)      shall be greater than or equal to ***% (or
                                    ***% for no more than 2 months) of the
                                    Annual Order Quantity for the Contract Year
                                    in which such month takes place divided by
                                    12, and less than or equal to ***% of the
                                    Annual Order Quantity for the Contract Year
                                    in which such month takes place divided by
                                    12; and

                           (2)      when aggregated with all quantities of Metal
                                    actually purchased by the Purchaser
                                    hereunder in all months prior to Month M1
                                    occurring in the same Contract Year, shall
                                    be no less than the Minimum Annual Purchase
                                    Quantity in respect of such Contract Year,

                  provided that the Firm Order for Month M1 and each Estimated
                  Monthly Demand for each subsequent month shall be no more than
                  the Estimated Monthly Capacity Update most recently notified
                  by the Supplier in respect of such month.

2.8      WEEKLY QUANTITY MANAGEMENT

         The Parties shall cooperate in coordinating capacity demand and
         shipments within each calendar month. Supplier's weekly capacity shall,
         absent normal course capacity constraints, be within the range of ***%
         to ***% of 1/4 of the Estimated Monthly Capacity Update last provided
         by the Supplier hereunder in respect of the month containing the
         relevant week.

2.9      SUPPLIER'S SHIPPING OBLIGATIONS

         (a)      The Supplier shall supply to the Purchaser, in accordance with
                  the terms hereof, in each month, such quantity of Metal as is
                  identified by the Purchaser in respect of such calendar month
                  in the Firm Order for such month delivered by the Purchaser in
                  accordance with Section 2.7(b)(i).

         (b)      Notwithstanding the provisions of Incoterms 2000 and Section
                  2.13, the Supplier acknowledges its responsibility to make all
                  necessary arrangements for the transportation of Metal to the
                  Delivery Site on behalf of the Purchaser.

*** 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.

<PAGE>
                                      -15-

                  The Supplier shall act as the disclosed agent of the Purchaser
                  in entering into contracts for hiring carriers for the
                  shipment of Metal under this Agreement. In doing this, the
                  Supplier shall use Commercially Reasonable Efforts to obtain
                  competitive freight rates and shall obtain approval from the
                  Purchaser before entering into any long term contracts for
                  hiring carriers on behalf of the Purchaser. The Supplier shall
                  use Commercially Reasonable Efforts to ensure that such
                  transportation is suitable for delivering the Metal to the
                  Delivery Site.

         (c)      The Supplier undertakes to maintain the same practices and
                  levels of service in respect of shipments of Metal hereunder
                  consistent with its past and current practices. The Supplier
                  undertakes to ensure that any shipments of Metal supplied
                  hereunder:

                  (i)      to the Purchaser's facilities at Oswego Plant,
                           Oswego, New York, shall be made by rail to an
                           intermediate point (which may be Brockville,
                           Ontario), with onward shipment to such Delivery Site
                           by truck; and

                  (ii)     to the Purchaser's facilities at the Logan Aluminum
                           Plant, Russelville, Kentucky, are made by either rail
                           or truck, at the Supplier's option.

         (d)      Matters regarding shipment and delivery performance hereunder
                  shall be governed by the provisions of SCHEDULE 4.

2.10     PRICE

         (a)      The price payable by the Purchaser to the Supplier for each
                  Tonne of Metal sold and purchased pursuant to Sections 2.1 and
                  2.2 shall be the Contract Price. The date used for calculating
                  the Contract Price for any shipment of Metal shall be the Bill
                  of Lading Date.

         (b)      In the event that (i) LME ceases or suspends trading in
                  aluminum, (ii) Metal Week ceases to be published or ceases to
                  publish the relevant reference price for determining the
                  Midwest Price, or (iii) Metal Bulletin ceases to be published
                  or ceases publication of the relevant reference price for
                  determining the LME 3-Month Aluminum Price, the Parties shall
                  meet with a view to agreeing on an alternative publication or,
                  as applicable, reference price. If the Parties fail to reach
                  an agreement within sixty (60) days of any Party having
                  notified the other to enter into discussions to agree to an
                  alternative publication or reference price, then the Chairman
                  of the LME in London, England or his nominee shall be
                  requested to select a suitable reference in lieu thereof and
                  an appropriate amendment to the terms of this Section 2.10.
                  The decision of the Chairman or his nominee shall be final and
                  binding on the Parties.

         (c)      The Purchaser shall be entitled to request a review by an
                  independent external auditor of the Supplier's cost data used
                  to calculate adjustments made to the Product Premium based on
                  actual magnesium prices paid by the Supplier, which review
                  shall be carried out on a confidential basis with no
                  disclosure of

<PAGE>
                                      -16-

                  such cost data to the Purchaser. Subject to the Supplier being
                  satisfied, acting reasonably, with the arrangements in place
                  to ensure the confidentiality of the cost data disclosed to
                  such external auditors, the Supplier shall make such data
                  available to such external auditors to enable such review.

         (d)      The Supplier shall use Commercially Reasonable Efforts to
                  review its costing practices with a view to reducing the alloy
                  size combination to less than one furnace load.

2.11     QUALITY

         (a)      Metal supplied under this Agreement shall comply with the
                  Specifications set forth in SCHEDULE 2. The Supplier shall use
                  Commercially Reasonable Efforts to notify the Purchaser prior
                  to shipment of any Metal that does not meet Specifications.
                  The Purchaser shall not be required to accept delivery of any
                  Metal that does not meet Specifications. If the Purchaser does
                  not accept delivery of Metal not meeting Specifications, the
                  Supplier's obligation shall be limited to the assumption of
                  all costs for return of such Metal to the Supplier, and for
                  the delivery of replacement Metal to the Purchaser. All other
                  express or implied warranties, conditions and other terms
                  relating to Metal hereunder, including warranties relating to
                  merchantability or fitness for a particular purpose, are
                  hereby excluded to the fullest extent permitted by Applicable
                  Law.

         (b)      If the Specifications for Metal supplied by the Supplier
                  change, the Supplier may propose that the Specifications set
                  forth in SCHEDULE 2 be amended to reflect such changes. If the
                  revised Specifications do not result in increased costs for
                  the processing of such Metal by the Purchaser, the Purchaser
                  shall not unreasonably withhold or delay its consent to such
                  changed specifications.

2.12     PAYMENT

         (a)      The Purchaser shall pay the Supplier in full for each shipment
                  of Metal meeting the Specifications set out in SCHEDULE 2 or
                  otherwise accepted by the Purchaser in accordance with the
                  Supplier's commercial invoice within thirty (30) days of the
                  Bill of Lading Date.

         (b)      If the Purchaser believes that a shipment of Metal does not
                  meet the Specifications set out in SCHEDULE 2 and has rejected
                  such shipment in a timely manner in accordance with the terms
                  hereof, it need not pay the invoice. However, if the Purchaser
                  subsequently accepts that the Metal complies with the
                  Specifications set out in SCHEDULE 2, the Purchaser shall pay
                  the invoice and, if payment is overdue pursuant to Section
                  2.12(a), interest in accordance with Section 2.12(c).

         (c)      If any payment required to be made pursuant to Section 2.12(a)
                  above is overdue, the full amount shall bear interest at a
                  rate per annum equal to the

<PAGE>
                                      -17-

                  Default Interest Rate calculated on the actual number of days
                  elapsed, accrued from and excluding the date on which such
                  payment was due, up to and including the actual date of
                  receipt of payment in the nominated bank or banking account.

         (d)      All amounts paid to the Supplier or the Purchaser hereunder
                  shall be paid in Dollars by wire transfer in immediately
                  available funds to the account specified by the Supplier or
                  Purchaser, as applicable, by notice from time to time by one
                  Party to the other hereunder.

         (e)      If any Party fails to purchase or supply, as applicable, any
                  quantity of Metal in any month as required under the terms of
                  this Agreement, such Party shall be liable to the other Party
                  for all direct damages, losses and costs resulting from such
                  failure, provided that such other Party shall use its
                  Commercially Reasonable Efforts to mitigate such damages,
                  losses and costs.

2.13     DELIVERY

         Metal shall be delivered CPT the Delivery Site identified in each Firm
         Order. The delivery of Metal pursuant to this Section 2.13 shall be
         governed by Incoterms 2000, as amended from time to time.

2.14     TITLE AND RISK OF LOSS

         Title to and risk of damage to and loss of Metal shall pass to the
         Purchaser as the Metal is delivered by the Supplier to the carrier.

2.15     PURCHASER AS PRINCIPAL

         Purchaser warrants that all Metal to be purchased hereunder shall be
         purchased for Purchaser's own consumption. Purchaser agrees that it
         shall not re-sell or otherwise make available to any Person any Metal
         purchased from the Supplier hereunder, other than in respect of
         transactions undertaken in small quantities by the Purchaser to balance
         purchases or Purchaser's metal position.

3.       FORCE MAJEURE

3.1      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

<PAGE>
                                      -18-

         of that event of Force Majeure until cessation of that event of Force
         Majeure (or the consequences thereof).

3.2      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, the invocation of Force Majeure
         by any party to an agreement under which any Party's operations are
         affected, and any declaration of Force Majeure by the facility
         producing the Metal, or any other event beyond the reasonable control
         of the Parties whether or not similar to the events or occurrences
         enumerated above. In no circumstances shall problems with making
         payments constitute Force Majeure.

3.3      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 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.

3.4      PRO RATA ALLOCATION

         If the Supplier's supply of any Metal to be delivered to the Purchaser
         is stopped or disrupted by an event of Force Majeure, the Supplier
         shall have the right to allocate its available supplies of such Metal,
         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, Metal of similar quality in
         substitution for the Metal 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.

<PAGE>
                                      -19-

3.5      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 Metal 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
         Metal pursuant to the terms above.

         In the absence of any agreement by the Parties, failure to deliver or
         accept delivery of Metal which is excused by or results from the
         operation of the foregoing provisions of this Section 3 shall not
         extend the Term of this Agreement and the quantities of Metal to be
         sold and purchased under this Agreement shall be reduced by the
         quantities affected by such failure.

3.6      TERMINATION

         (a)      If an event of Force Majeure where the Affected Party is the
                  Purchaser shall continue for more than twelve (12) consecutive
                  calendar months, then the Supplier shall have the right to
                  terminate this Agreement.

         (b)      If an event of Force Majeure where the Affected Party is the
                  Supplier shall continue for more than twelve (12) consecutive
                  calendar months, then the Purchaser shall have the right to
                  terminate this Agreement.

4.       ASSIGNMENT

4.1      PROHIBITION ON ASSIGNMENTS

         No Party shall assign or transfer this Agreement, in whole or in part,
         or any interest or obligation arising under this Agreement except as
         permitted by Section 4.2, without the prior written consent of the
         other Party.

4.2      ASSIGNMENT WITHIN ALCAN GROUP OR NOVELIS GROUP

         (a)      With the consent of Novelis, such consent not to be
                  unreasonably withheld or delayed, Alcan may elect to have one
                  or more of the Persons comprising the Alcan Group assume the
                  rights and obligations of the Supplier under this Agreement,
                  provided that

                  (i)      Alcan shall remain fully liable for all obligations
                           of the Supplier hereunder, and

                  (ii)     the transferee will remain at all times a member of
                           the Alcan Group;

<PAGE>
                                      -20-

         any such successor to Alcan as a Supplier under this Agreement shall be
         deemed to be the "SUPPLIER" for all purposes of the Agreement.

         (b)      With the consent of Alcan, such consent not to be unreasonably
                  withheld or delayed, Novelis may elect to have one or more of
                  the Persons comprising the Novelis Group assume the rights and
                  obligations of the Purchaser under this Agreement, provided
                  that

                  (i)      Novelis shall remain fully liable for all obligations
                           of the Purchaser hereunder, and

                  (ii)     the transferee will remain at all times a member of
                           the Novelis Group;

         any such successor to Novelis as Purchaser under this Agreement shall
         be deemed to be the "PURCHASER" for all purposes of this Agreement.

5.       TERM AND TERMINATION

5.1      EFFECTIVENESS

         This Agreement shall come into effect upon the Effective Date.

5.2      TERM

         The term of this Agreement (the "TERM") shall be from the Effective
         Date until December 31, ***, unless terminated earlier or extended
         pursuant to the provisions of this Agreement.

5.3      EXTENSION

         One year prior to the expiration of the Term, the Parties may, upon the
         request of any Party, meet to negotiate in good faith a possible
         extension of the Term for a further period on terms to be mutually
         agreed (including in respect of quantities and price of Metal to be
         purchased and supplied hereunder). If no such agreement is reached
         between the Parties, the Agreement shall terminate upon expiry of the
         Term.

5.4      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 3.6 as a result of Force Majeure; or

         (d)      upon the occurrence of an Event of Default, in accordance with
                  Section 6.

*** 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.

<PAGE>
                                      -21-

6.       EVENTS OF DEFAULT

         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 thirty (30) 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;

         (c)      such Party breaches any material representation or warranty,
                  or fails to perform or comply with any material covenant,
                  provision, undertaking or obligation in or of the Separation
                  Agreement;

         (d)      in relation to the Purchaser (1) upon the occurrence of a Non
                  Compete Breach (as defined in the Separation Agreement) and
                  the giving of notice of the termination of this Agreement by
                  Alcan to Novelis pursuant to Section 14.03(b) of the
                  Separation Agreement and pursuant to this paragraph of this
                  Agreement, or (2) upon the occurrence of a Change of Control
                  Non Compete Breach (as defined in the Separation Agreement)
                  and the giving of notice of the termination of this Agreement
                  by Alcan to Novelis pursuant to Section 14.04(e) of the
                  Separation Agreement, in which event the termination of this
                  Agreement shall be effective immediately upon Alcan providing
                  Novelis notice pursuant to Section 14.03(b) or Section
                  14.04(e) of the Separation Agreement;

         (e)      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

<PAGE>
                                      -22-

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

7.       REPRESENTATIONS AND WARRANTIES

         The Parties hereby reiterate for the purposes of this Agreement those
         representations and warranties set forth in Article VI of the
         Separation Agreement.

8.       CONFIDENTIALITY

         Each of the Parties shall at all times be in full compliance with its
         obligations under Sections 11.07 and 11.08 (Confidentiality) of the
         Separation Agreement.

9.       DISPUTE RESOLUTION

9.1      DISPUTES

         The Master Agreement with respect to Dispute Resolution, effective on
         the Effective Date, among the Parties and other parties thereto shall
         govern all disputes, controversies or claims (whether arising in
         contract, delict, tort or otherwise) ("DISPUTES") 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 (including
         all actions taken in furtherance of the transactions contemplated
         hereby), or the commercial or economic relationship of the Parties
         relating hereto or thereto.

9.2      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.

10.      MISCELLANEOUS

10.1     CONSTRUCTION

         The terms of Section 16.04 (Construction) of the Separation Agreement
         shall apply to this Agreement, mutatis mutandis, as if all references
         therein to the "Agreement" were deemed to be references to this
         Agreement.

10.2     PAYMENT TERMS

         Any amount to be paid or reimbursed by one Party to the other under
         this Agreement, save as expressly provided in Section 2, shall be paid
         or reimbursed hereunder within thirty (30) days after presentation of
         an invoice or a written demand therefor and

<PAGE>
                                      -23-

         setting forth, or accompanied by, reasonable documentation or
         reasonable explanation supporting such amount.

10.3     NOTICES

         All notices and 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 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:

         NOVELIS INC.
         Suite 3800
         Royal Bank Plaza, South Tower
         P.O. Box 84
         200 Bay Street
         Toronto, Ontario
         M5J 2Z4

         Fax:         416-216-3930

         Attention:   Chief Executive Officer

         IF TO THE SUPPLIER, TO:

         ALCAN INC.
         1188 Sherbrooke Street West
         Montreal, Quebec
         H3A 3G2
         Fax:         514-848-8115

         Attention:   Chief Legal Officer

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

10.4     GOVERNING LAW

         This Agreement shall be governed by and construed and interpreted in
         accordance with the laws of the Province of Quebec and the laws of
         Canada applicable therein, irrespective of conflict of laws principles
         under Quebec law, as to all matters,

<PAGE>
                                      -24-

         including matters of validity, construction, effect, enforceability,
         performance and remedies.

10.5     JUDGMENT CURRENCY

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

10.6     ENTIRE AGREEMENT

         This Agreement, the Separation Agreement and schedules, exhibits,
         annexes and appendices hereto and thereto and the specific agreements
         contemplated herein or thereby, 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 or therein.

10.7     CONFLICTS

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

10.8     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.

<PAGE>
                                      -25-

10.9     SURVIVAL

         The obligations of the Parties under Sections 2.10, 2.11, 2.12, 8, 9,
         10.4 and 10.9 and liability for the breach of any obligation contained
         herein shall survive the expiration or earlier termination of this
         Agreement.

10.10    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.

10.11    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.

10.12    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.

10.13    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.

10.14    TAXES, ROYALTIES AND DUTIES

         All royalties, taxes and duties imposed or levied on any Metal
         delivered hereunder (other than any taxes on the income of the
         Supplier) shall be for the account of and paid by the Purchaser.

10.15    LIMITATIONS OF LIABILITY

         (a)      Neither Party shall be liable to the other Party for any
                  indirect, collateral, incidental, special, consequential or
                  punitive damages, lost profit or failure to realize expected
                  savings or other commercial or economic loss of any kind,
                  howsoever caused, and on any theory of liability (including
                  negligence) arising

<PAGE>
                                      -26-

                  in any way out of this Agreement; provided, however, that the
                  foregoing limitations shall not limit any Parties'
                  indemnification obligations for Liabilities with respect to
                  Third Party Claims as set forth Article IX of the Separation
                  Agreement (as if such Article IX was set out in full herein by
                  reference to the obligations of the Parties hereunder).

         (b)      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 subject to any indemnification or reimbursement
                  pursuant to this Agreement.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK.]

<PAGE>
                                      -27-

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

                                    NOVELIS INC.

                                    By:   _______________________________
                                          Name:
                                          Title:

                                    By:   _______________________________
                                          Name:
                                          Title:

                                    ALCAN INC.

<PAGE>
                                      -28-

                                    By:   _______________________________
                                          Name:
                                          Title:

                                    By:   _______________________________
                                          Name:
                                          Title:

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