Document:

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                                                                   Exhibit 10.21

                          TECHNICAL SERVICES AGREEMENT

                                     between

                              NOVELIS TECHNOLOGY AG

                                       and

                        ALCAN TECHNOLOGY & MANAGEMENT AG

              WITH RESPECT TO THE RESEARCH & DEVELOPMENT FACILITIES
                        LOCATED IN NEUHAUSEN, SWITZERLAND

                             Dated December 13, 2004

________________________________________________________________________________

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                               TABLE OF CONTENTS

1.       DEFINITIONS...........................................................4

2.       SCOPE OF AGREEMENT....................................................7

3.       TECHNOLOGY............................................................8

4.       TECHNOLOGY AND TECHNICAL ASSISTANCE LIMITATIONS.......................9

5.       OWNERSHIP AND RIGHT TO USE............................................9

6.       CONSIDERATION........................................................10

7.       PROTECTION OF INFORMATION............................................13

8.       TERM AND TERMINATION.................................................15

9.       SURVIVAL OF OBLIGATIONS..............................................16

10.      REPRESENTATIONS AND WARRANTIES.......................................16

11.      DISCLAIMER OF WARRANTY AND INDEMNITY.................................16

12.      TRADEMARK, TRADE NAME AND LOGO.......................................17

13.      NON-WAIVER...........................................................17

14.      NO PARTNERSHIP, JOINT VENTURE........................................17

15.      FURTHER ASSURANCES...................................................17

16.      NOTICES..............................................................17

17.      ASSIGNMENT...........................................................18

18.      LIMITATION OF LIABILITY AND INDEMNIFICATION..........................18

19.      ENTIRE AGREEMENT.....................................................19

20.      CONFLICTS............................................................20

21.      FORCE MAJEURE........................................................20

22.      LANGUAGE.............................................................20

23.      AMENDMENTS...........................................................21

24.      GOVERNING LAW........................................................21

25.      DISPUTE RESOLUTION...................................................21

26.      EXECUTION IN COUNTERPARTS............................................21
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                          TECHNICAL SERVICES AGREEMENT

THIS AGREEMENT made and entered into as of the 13th day of December, 2004.

BETWEEN:            NOVELIS TECHNOLOGY AG, a company having its registered
                    office at Badische Bahnhofstrasse 16, 8212 Neuhausen am
                    Rheinfall ("NOVELIS TECHNOLOGY");

AND:                ALCAN TECHNOLOGY & MANAGEMENT AG., a company organized and
                    existing under the laws of Switzerland and having its
                    registered office at Badische Bahnhofstrasse 16, 8212
                    Neuhausen, Switzerland ("ATM").

RECITALS:

WHEREAS, on or before December 31, 2004 Alcan Inc. and Novelis Inc. have entered
into a Separation Agreement pursuant to which they set out the terms and
conditions relating to the separation of the Separated Businesses from the
Remaining Alcan Businesses (each as defined therein) such that the Separated
Businesses are to be held, as at the Effective Time (as defined therein),
directly or indirectly, by Novelis Inc. (such agreement, as amended, restated or
modified from time to time, the "MASTER SEPARATION AGREEMENT").

WHEREAS, as a consequence of the Master Separation Agreement, ATM and Novelis
Technology have entered into a Local Separation Agreement as well as a Demerger
Agreement for the transfer of assets and liabilities by ATM to Novelis
Technology relating to the Research & Development activities dedicated to the
rolled products business.

WHEREAS ATM develops, owns and manages certain technology on behalf of and for
the benefit of Alcan Inc. and other members of Alcan Group (as defined below).

WHEREAS in connection with the Local Separation Agreement, the Parties desire
that ATM, a member of Alcan Group, provide Novelis Technology, a member of
Novelis Group, with certain technical assistance and services following the
Effective Date from ATM's research and development facility located in
Neuhausen, Switzerland ("NEUHAUSEN FACILITY"), and that Novelis Technology
provide ATM with certain technical assistance and services from Novelis
Technology's research and development facility located in Neuhausen,
Switzerland, following the Effective Date, subject to the terms and conditions
of this Agreement.

WHEREAS ATM is willing and in a position to provide Novelis Technology with such
technical assistance and services, and Novelis Technology is willing and in a
position to provide ATM with such technical assistance and services, subject to
the terms and conditions of this Agreement.

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

NOW THEREFORE, for and in consideration of the agreements set forth below,
Novelis Technology and ATM agree as follows:

                                  Page 3 of 23

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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

1.    DEFINITIONS

      For the purposes of this Agreement, the following words and expressions
      and variations thereof, unless a clearly inconsistent meaning is required
      under the context, shall have the meanings specified or referred to in
      this Article 1:

      "ADDITIONAL FEES" has the meaning set forth in Section 6.2.

      "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 Technical Services Agreement, including all of the
      Schedules and Exhibits hereto.

      "ALCAN GROUP" means Alcan Inc. and its Subsidiaries, whether held directly
      or indirectly; for greater certainty, Alcan Group excludes Novelis, Inc.
      Arcustarget Inc. and their respective Subsidiaries.

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

      "ATM" means Alcan Technology and Management AG.

      "ATM INDEMNIFIED PARTIES" has the meaning set forth in Section 18.2.

      "ATM TECHNICAL ASSISTANCE SERVICES" has the meaning set forth in Section
      2.1.

      "BASIC FEE" has the meaning set forth in Section 6.1.

      "BASIC RATES" or "BR" has the meaning set forth in Section 6.6.

      "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 Canton of Schaffhausen (Switzerland), is a legal
      holiday.

      "CHF" means Swiss Francs.

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

      "EFFECTIVE DATE" means the date shown on the certificate of arrangement
      issued by the director under the Canada Business Corporations Act giving
      effect to the Separation.

                                  Page 4 of 23

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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

      "FORCE MAJEURE EVENT" has the meaning set forth in Article 21.

      "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.

      "GROUP" means Alcan Group or Novelis Group, as the context requires.

      "HOURLY RATE" has the meaning set forth in Section 6.1(a).

      "INFORMATION" means, without being limitative, all Results and all data,
      documents and information relating to the Technology as well as to any
      Technical Assistance Service, improvement, know how, engineering,
      manufacturing and other techniques and procedures, including systems,
      plans, methods, processes and techniques of inspection, quality control
      and tests, made available to ATM or Novelis Technology under this
      Agreement.

      "LAB YEAR" means the services equating to one qualified technical person
      for one year spread reasonably evenly throughout the time period during
      which the Services are to be provided.

      "LICENSE AGREEMENT" means the agreement entitled "IP Agreement between
      Alcan International Limited and Novelis Inc." entered into and effective
      as of THE EFFECTIVE DATE.

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

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

      "NEUHAUSEN FACILITY" has the meaning set out in the Preamble to this
      Agreement.

      "NOVELIS GROUP" means Novelis Inc. and its Subsidiaries, whether held
      directly or indirectly; for greater certainty, Novelis Group include
      Arcustarget Inc. and its Subsidiaries.

      "NOVELIS INDEMNIFIED PARTIES" has the meaning set forth in Section 18.2.

      "NOVELIS TECHNOLOGY" means Novelis Technology AG.

      "NOVELIS TECHNOLOGY TECHNICAL ASSISTANCE SERVICES" has the meaning set
      forth in Section 2.3.

      "PARTY" means each of ATM and Novelis Technology as a party to this
      Agreement and "PARTIES" means both of them.

                                  Page 5 of 23

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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

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

      "REIMBURSABLE COSTS" has the meaning set forth in Section 6.4.

      "RESULTS" means data, reports and conclusions produced in the course of
      providing the Services.

      "SEPARATION" means the transfer by Alcan Inc. to Novelis Inc., pursuant to
      a plan of arrangement under the Canada Business Corporations Act, of
      substantially all of the aluminum rolled products businesses operated by
      Alcan prior to december 2003 together with certain other assets, the whole
      as further described in the Master Separation Agreement as well as various
      other agreements between Alcan Inc. and Novelis Inc. giving effect to
      these transfers.

      "SERVICES" means the Technical Assistance Services and other services
      provided by either Party to the other under this Agreement, including the
      Services on Request.

      "SERVICE ON REQUEST" has the meaning set forth in Section 2.4.

      "SUBLEASE AGREEMENT" shall have the meaning set forth in Section 2.2.3.

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

      "TECHNICAL ASSISTANCE SERVICES" means individually or collectively, the
      ATM Technical Assistance Services and the Novelis Technology Technical
      Assistance Services.

      "TECHNOLOGY" means any and all patents, patent applications, trade
      secrets, inventions, designs and similar rights either conceived or first
      reduced to practice in the course of providing the Services hereunder, but
      excludes any and all Results.

      "TERM" has the meaning set forth in Section 8.1.

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

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

      "VAT" means value added tax applicable in Switzerland as well as any
      similar indirect tax, duty or charge imposed pursuant to Applicable Law.

                                  Page 6 of 23

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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

2.    SCOPE OF AGREEMENT

      ATM and Novelis Technology will provide technical assistance and other
      services to the other consistent with their respective resources. The
      Parties shall mutually agree on the scope, timing and content of the
      services to be provided in each area identified. Such services are divided
      into the following main categories:

      2.1   TECHNICAL ASSISTANCE SERVICES BY ATM

            The technical assistance services to be provided by ATM or other
            members of Alcan Group to Novelis Technology during the Term of this
            Agreement will consist of the following services (hereinafter
            referred to as "ATM TECHNICAL ASSISTANCE SERVICES") as more fully
            described in SCHEDULE 2.1:

            2.1.1 materials characterization support;

            2.1.2 chemical analysis support;

            2.1.3 mechanical testing and formability evaluation support; and

            2.1.4 general technical support.

            The ATM Technical Assistance Services will comprise a minimum of
            four (4) Lab Years of effort during the year 2005, commencing on the
            Effective Date. The Parties shall meet and discuss at mutually
            agreed upon times the ATM Technical Assistance Services then being
            provided with the objective of making effective use of the ATM
            Technical Assistance Services in light of Novelis Inc.'s plans and
            R&D programs. Prior to October 1, 2005, the Parties shall mutually
            agree upon the level and nature of ATM Technical Assistance Services
            to be provided during the year 2006. In the event the Parties do not
            agree upon any changes in the nature and level of ATM Technical
            Assistance Services to be provided, the ATM Technical Assistance
            Services shall continue at the 2005 level, subject to early
            termination of this Agreement pursuant to Article 8.

      2.2   ADDITIONAL SERVICES AND SUPPORT BY ATM

            In addition to the ATM Technical Assistance Services, ATM shall
            provide the following services to Novelis Technology during the Term
            of this Agreement:

            2.2.1 access to service areas and equipment at Neuhausen Facility
                  while Novelis Technology's personnel remain at Neuhausen
                  Facility;

            2.2.2 access to ATM's information technology services (library and
                  literature research) while Novelis Technology's personnel
                  remain at Neuhausen Facility; and

            2.2.3 use of office space , laboratory and storage at Neuhausen
                  Facility for approximately thirty-two (37) technical and IP
                  personnel and two to three (2-3) administrative personnel,
                  including all utilities (heat,

                                  Page 7 of 23

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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

                  electricity (excluding Building 15 and CTC energy consumption)
                  and services (housekeeping, security, maintenance, etc.))
                  normally provided to ATM's personnel located at Neuhausen
                  Facility and phone fixnet services. All other communications
                  services (phone, internet and computer network access) are
                  excluded. The office space arrangements are more fully
                  described in a separate sublease agreement between the Parties
                  (the "SUBLEASE AGREEMENT") and SCHEDULE 2.2.3.

      2.3   TECHNICAL ASSISTANCE SERVICES BY NOVELIS TECHNOLOGY

            Novelis Technology shall provide access to the GD-OES surface probe
            material characterization equipment and XRD equipment to ATM during
            the Term of this Agreement (the "NOVELIS TECHNOLOGY TECHNICAL
            ASSISTANCE SERVICES").

      2.4   ADDITIONAL SERVICES TO BE PROVIDED UPON REQUEST

            The Parties may from time to time during the Term of this Agreement,
            agree on additional services to be provided hereunder by one Party
            to the other ("SERVICES ON REQUEST"). The terms and conditions of
            Services on Request will be subject to a separate agreement between
            the Parties on a case-by-case basis but based on the fee structure
            described in this Agreement.

            Each Party will make a reasonable effort to provide the Services on
            Request subject, however, to the availability of the necessary
            resources. Furthermore either party shall be free, for whatever
            reason, to decline any specific demand for Services on Request.

3.    TECHNOLOGY

      3.1   INFORMATION EXCHANGE

            In connection with the planning, managing, providing and
            communicating the results of the Services, ATM and Novelis
            Technology shall communicate and meet periodically as mutually
            agreed. The topics to be discussed shall be agreed before each
            meeting and recorded on an agenda. Actual discussion topics shall be
            recorded in minutes of the meeting. A written record of other
            communications shall also be retained.

      3.2   REPORTING OF RESULTS

            All Results generated in the course of providing the Services shall
            be promptly reported to the Party requesting the Services. These
            reports may be oral or written as specified by the Party requesting
            the Services. The preparation of such reports shall be considered
            part of the provision of the Services.

                                  Page 8 of 23

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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

4.    TECHNOLOGY AND TECHNICAL ASSISTANCE LIMITATIONS

      4.1   Nothing herein limits in any way the rights and benefits granted to
            ATM and Novelis Technology in the License Agreement.

      4.2   Subject to Section 4.1 but notwithstanding anything contained
            elsewhere in this Agreement, ATM and Novelis Technology shall be
            under no obligation to:

            4.2.1 provide any Information, the disclosure of which is restricted
                  due to contractual obligations; or

            4.2.2 provide Information the transmission of which is prohibited by
                  Applicable Law, protocol or directive of the Governmental
                  Authority of the country from which it is to be provided.

      4.3   The Parties agreement to provide each other the Technical Assistance
            Services described in Sections 2.1 and 2.3 is conditional upon the
            continued availability of the personnel identified for the provision
            of such Technical Assistance Services. In the event that one or more
            individuals who was identified for performance of any portion of the
            Technical Assistance Services becomes unavailable to continue to
            provide the Technical Assistance Services, the Parties shall meet
            and discuss appropriate actions and each Party shall have the option
            to modify the description of the Technical Assistance Services and
            the corresponding obligation to pay for such services and to delete
            any portion of the Technical Assistance Services expected to have
            been performed by such person but not actually performed by such
            person.

5.    OWNERSHIP AND RIGHT TO USE

      5.1   The Party that requested Services performed under this Agreement
            shall receive and own all Results generated in the course of
            performing such Services, including any copyright therein.

      5.2   This Agreement does not restrict Novelis Technology or ATM from
            obtaining technology from other sources as long as Information
            acquired from the other Party is not disclosed.

      5.3   Any equipment and supplies purchased pursuant to the Reimbursable
            Cost mechanism described in Section 6.4 and not actually consumed at
            the termination of this Agreement shall be the property of the Party
            that funded their purchase. The Parties shall cooperate in the
            packaging, shipment or other disposal of such equipment and
            supplies, provided, however, that all related costs shall be for the
            account of the Party that owns the equipment or supplies.

                                  Page 9 of 23
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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

6.       CONSIDERATION

         In consideration for the Services rendered by ATM under this Agreement,
         Novelis Technology shall pay to ATM the following fees:

6.1      BASIC FEE PAYABLE BY NOVELIS TECHNOLOGY

         Novelis Technology shall pay to ATM during the Term of this Agreement a
         basic annual fee of CHF *** ("BASIC FEE") with respect to the year
         2005. The Basic Fee for the year 2005 can be broken down as described
         below. For the year(s) following 2005, the Basic Fee is subject to
         escalation as provided in Section 6.6.

         (a)      CHF *** of Services.

                  The Services actually provided to Novelis Technology will be
                  tracked by ATM and Novelis Technology, as appropriate. In the
                  event the charges for Services actually provided by ATM exceed
                  the charge for Services included in the Basic Fee, then
                  Novelis Technology shall pay for such additional Services as
                  if they were Additional Fees.

                  The Services shall be charged based on the qualifications of
                  the personnel providing such Services in accordance with the
                  following grid:

                  <TABLE>
                  <S>        <C>                                                   <C>

                  FP1:       Master or PHD Scientist with responsibility for       *** CHF per hour
                             for team or group:
                  FP2:       Master/Bachelor or equivalent scientist with          *** CHF per hour
                             average experience:
                  FP3:       Qualified Technicians:                                *** CHF per hour
                  FP4:       Assistants:                                           *** CHF per hour
                  FP5:       Lab assistants, training on the job:                  *** CHF per hour
                  FP6:       Apprentices or students:                              *** CHF per hour.

                  </TABLE>

                  The above rates (the "HOURLY RATES") are applicable to working
                  time rendered during a normal five-day workweek. For overtime
                  and Services performed on the weekend, the rates shall be
                  increased as required by Swiss Applicable Law. The Basic Fee
                  for Services covers all fully absorbed costs related to the
                  provision of Services and information including all salary and
                  benefits for the persons providing the services, all overhead
                  costs including rent, utilities, maintenance, management and
                  corporate charges, and other similar charges.

                  The Basic Fee does not include the cost of metal and equipment
                  required for the performance of the Services, travel related
                  costs and special project costs, which shall be in addition to
                  the Basic Fee and shall be reimbursed at cost by Novelis
                  Technology to ATM, separately from the Basic Fee;

*** 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 10 of 23
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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

         (b)      CHF *** for the sublease of office, laboratory and storage
                  space, as described in subsection 2.2.3 and the Sublease
                  Agreement. For the avoidance of doubt, the rent under the
                  Sublease Agreement is to be understood to be in lieu of, and
                  not cumulative to, this charge set out in this subparagraphs
                  (b) of Section 6.1;

         (c)      CHF *** for infrastructure, including maintenance and repair
                  of infrastructure, standard electrical supply excluding
                  special equipment (CTC-Line), heating EHS, cleaning, fire
                  service, info centre, logistic, waste management,
                  neutralisation and site security, as further described in
                  subsection 2.2.3; and

         (d)      CHF *** for access to and the use of service areas, equipment
                  and information technology services at the Neuhausen Facility,
                  as described in subsections 2.2.2 and 2.2.2.

6.2      FEES PAYABLE BY ATM

         In consideration for the Technical Assistance Services provided by
         Novelis Technology, ATM shall pay to Novelis Technology, during the
         Term of this Agreement, a service fee equal to CHF *** per hour for the
         use of the GD-OES equipment plus, if applicable, an hourly charge for
         an operator at the applicable Hourly Rates.

6.3      ADDITIONAL SERVICES AND ADDITIONAL FEES

         In the event the charges for the Services actually provided by ATM to
         Novelis Technology exceed the charge for Services included in the Basic
         Fee on a cumulative basis for a calendar year, then Novelis Technology
         shall pay ATM for such additional Services at the Hourly Rates (the
         "ADDITIONAL FEES"). The Parties shall attempt to manage the level of
         Services to correspond to the Basic Fee for Services. No refund shall
         be payable or due to Novelis Technology in the event Novelis Technology
         does not request Services at least equal to the Services included in
         the Basic Fee. An appropriate reduction in the Basic Fee will be made
         in the event ATM does not perform Services, as the case may be,
         reasonably requested by Novelis Technology. The fees for the sublease
         of office space, infrastructure and access described in Sections
         6.1(b), (c) and (d) are fixed.

6.4      REIMBURSABLE COSTS

         For all the Services set forth in Sections 2.1, 2.2 and 2.3 rendered to
         Novelis Technology or ATM inside or outside of Switzerland, metal and
         equipment acquisition costs, special project costs and travel related
         expenses reasonably incurred, such as air tickets, cost of car hires
         and other travelling expenses, transportation of personnel baggage,
         accommodation, meals including beverages, sundry items, laundry
         services, etc., are not included in the Basic Fee or Hourly Rates and
         they shall be reimbursed at cost (the "REIMBURSABLE COSTS"). All travel
         related expenses shall be incurred and reimbursed in accordance with
         Alcan Inc.'s travel policy.

*** 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 11 of 23
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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

6.5      PAYMENT TERMS

         Payments shall be made as follows:

         6.5.1    Basic Fee

                  ATM will invoice Novelis Technology for one-twelfth (1/12) of
                  the Basic Fee (being the sum of CHF *** with respect to the
                  year 2005) at the end of each month during the Term of this
                  Agreement, with the payment due within thirty (30) days from
                  the date of the invoice.

         6.5.2    Additional Fees

                  ATM will invoice the Additional Fees accrued per Section 6.1
                  or 6.3 to the other at the end of each month, if applicable,
                  during the Term of this Agreement, with the payment due within
                  thirty (30) days from the date of the invoice. ATM will
                  combine, where applicable, the invoicing of the Additional
                  Fees with the monthly invoice for the Basic Fee.

                  Novelis Technology will invoice ATM for the charges accrued
                  per Section 6.2 at the end of each month during the Term of
                  this Agreement, with the payment due within thirty (30 days
                  from the date of the invoice.

         6.5.3    Reimbursable Costs

                  ATM and Novelis Technology will include in the invoices
                  described in subsections 6.5.1 and 6.5.2 any Reimbursable
                  Cost. All invoices will be against a purchase order and will
                  be supported, as applicable, by reasonably detailed reports
                  and documentation about time spent and expenses incurred.

         6.5.4    Taxes and Charges

                  All amounts payable hereunder are exclusive of VAT. Each Party
                  shall pay VAT applicable to Services performed for the benefit
                  of such Party, and shall remit the amount of such Sales Taxes
                  to the other Party as required by Applicable Law. All invoices
                  shall separately identify VAT payable in respect of the
                  Services.

         6.5.5    Payment Address

                  All amounts due under this Agreement shall be paid to ATM by
                  electronic transfer to ATM's account indicated on ATM's
                  invoice, with a confirmation of such transfer sent to the
                  accounting department of ATM, or to Novelis Technology at
                  Novelis Technology's account indicated in Novelis Technology's
                  invoice, with a confirmation 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.

                                  Page 12 of 23
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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

                  such transfer sent to the accounting department of Novelis
                  Technology, at the addresses provided in Article 16 or in such
                  manner as ATM or Novelis Technology may from time to time
                  notify to the other Party.

         6.6      ESCALATION

                  The Basic Fee for Services and the Hourly Rates (referred to
                  in this Section 6.6 as "BASIC RATES" or "BR") are valid until
                  December 31, 2005. For each of the years following 2005, the
                  Basic Rates are subject to escalation as per the following
                  formula: ***

         6.7      SET-OFF

                  Each Party shall be entitled to set-off against any amounts
                  due to the other under this Agreement any amounts due to it
                  from such other Party under this Agreement. Such right of
                  set-off shall not extend to amounts owed to a Party by the
                  other Party under any other agreement. Any amount by which
                  either Party's obligation to make a payment under this
                  Agreement is reduced shall be treated as discharging the
                  obligation of the other Party to the extent of the amount
                  set-off.

7.       PROTECTION OF INFORMATION

         7.1      Each of ATM and Novelis Technology hereby agree that the
                  Information produced or developed for the other Party at any
                  time is confidential information of the Party that requested
                  that the Services be performed and shall not be disclosed to
                  any Third Party except as may be expressly provided for herein
                  and that the Party that generated the Information shall have
                  only such rights in the Information as expressly provided
                  herein.

         7.2      The obligations of confidentiality  and  non-disclosure  shall
                  not apply to Information to the extent that said Information:

                  7.2.1    is in the public domain through no fault of the other
                           Party, or lawfully is or becomes public knowledge
                           through no breach of this Agreement; or

*** 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 of 23
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      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

                  7.2.2    was received from any Third Party on a
                           non-confidential basis,

                  7.2.3    was disclosed pursuant to legal process, governmental
                           request, or regulatory requirement.

                  Specific information shall not be deemed to be within the
                  exceptions of Section 7.2 merely because such specific
                  information may be construed as being within broader,
                  non-confidential information which is either in the public
                  domain or in the possession of the receiving party on the
                  Effective Date, nor shall a combination of features which form
                  confidential information be deemed to be non-confidential
                  information merely because the individual features, without
                  being combined, are non-confidential.

         7.3      The Party that performed the Services shall not use the
                  Information produced hereunder for any other purpose other
                  than that specified in this Agreement without first obtaining
                  written consent from the other Party.

         7.4      Each Party may disclose the Information it produces hereunder
                  for the other Party to its own officers, employees,
                  contractors, suppliers, customers, representatives and others
                  to the extent necessary for the normal operation of its
                  business. Each Party shall take reasonable precautions,
                  consistent with past practices to preserve the value of the
                  Information. Each Party shall advise the appropriate officers,
                  employees, contractors, suppliers, customers, representatives
                  and others to whom such Information is supplied of the
                  confidentiality obligation hereunder, and shall ensure that,
                  where appropriate, they have agreed to comply with the
                  provisions of this Article 7.

         7.5      The obligations of confidentiality with respect to specific
                  Information received under this Agreement or otherwise shall
                  expire on the tenth (10th) anniversary date of the Effective
                  Date.

         7.6      The Parties recognize that a breach of this Article 7 may give
                  rise to irreparable injury that cannot be adequately
                  compensated by monetary damages. Accordingly, in the event of
                  a breach or threatened breach, the other Party may be entitled
                  to preliminary and permanent injunctive relief to prevent or
                  enjoin a violation of this Article 7 and the unauthorized use
                  or disclosure of any confidential Information in addition to
                  such other remedies as may be available for such breach or
                  threatened breach, including the recovery of damages.

         7.7      No provision of this Agreement shall be construed to require
                  either Party to furnish any information (i) acquired from
                  others on terms prohibiting or restricting disclosure, or (ii)
                  the furnishing of which is in contravention of any Applicable
                  Law or Governmental Authorization. Each Party shall use its
                  commercially reasonable efforts to avoid conditions that
                  prevent the exchange of information under this Agreement.

                                  Page 14 of 23
<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

8.       TERM AND TERMINATION

         8.1      The term of this Agreement (the "TERM") shall be from the
                  Effective Date until the date which is the two (2) year
                  anniversary thereof, unless terminated earlier pursuant to the
                  provisions of this Agreement or except as expressly otherwise
                  provided in this Agreement.

         8.2      Should there be a default in the performance of any material
                  obligation of the other Party under this Agreement (or under
                  the Local Separation Agreement) and such default is not cured
                  within thirty (30) days following written notification of such
                  default from the aggrieved Party, the aggrieved Party's
                  obligations and this Agreement shall terminate on the date
                  specified on such notice which shall not be less than thirty
                  (30) days following the date of such notice unless the default
                  is cured before such specified termination date. Early
                  termination shall not prejudice either Party's right to
                  recover any amounts due at the time of such termination nor
                  shall it prejudice any other remedy or cause of action or
                  claim accrued or to accrue jointly or severally on account of
                  any such default.

         8.3      This Agreement may be terminated with immediate effect by
                  either Party by giving written notice to the other Party
                  should any of the following events of default occur:

                  (a)      the other Party or any of its Affiliates declares
                           bankruptcy or insolvency or is declared bankrupt or
                           insolvent;;

                  (b)      the other Party becomes subject to receivership or
                           comes under the control of a receiver for the assets
                           or any other official appointed by a Governmental
                           Authority;

                  (c)      the other Party or any of its Affiliates makes a
                           general assignment for the benefit of creditors,;

                  (d)      the institution by the other Party of proceedings for
                           a moratorium or a composition agreement under the
                           Swiss Federal Act on Debt Enforcement and Bankruptcy
                           for the relief of debtors.

         8.4      In addition, this Agreement shall terminate (1) upon the
                  occurrence of a Non Compete Breach (as defined in the Master
                  Separation Agreement) and the giving of notice of such
                  termination by Alcan Inc. to Novelis Inc. pursuant to Section
                  14.03(b) of the Master Separation Agreement, or (2) upon the
                  occurrence of a Change of Control Non Compete Breach (as
                  defined in the Master Separation Agreement) and the giving of
                  notice of such termination by Alcan Inc. to Novelis Inc.
                  pursuant to Section 14.04(e) of the Master Separation
                  Agreement, and the termination of this Agreement shall be
                  effective immediately upon Alcan Inc. providing Novelis Inc.
                  notice pursuant to Section 14.03 or Section 14.04 of the
                  Separation Agreement.

                                  Page 15 of 23

<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

         8.5      Subject to the provisions of Sections 8.3 and 8.4, termination
                  will take effect thirty (30) days after receipt of the notice
                  without any further notice being given, unless the event of
                  default is rectified or diligent efforts to rectify the event
                  of default commence within the 30-day period.

         8.6      Such right of termination shall not be exclusive of any other
                  remedies or means of redress to which a Party may be entitled
                  under Applicable Law.

         8.7      This Agreement may be terminated at the option of either Party
                  on or after the first (1st) anniversary of the Effective Date,
                  by providing notice to the other Party at least six (6) months
                  before the termination is to become effective, provided all
                  payments owed under Article 6 have been remitted by the
                  terminating Party to the other Party. For clarity, the
                  earliest date on which early termination by Novelis Technology
                  or by ATM can become effective under this Section 8.7 is July
                  1, 2006. In addition, each Party will endeavour, to the extent
                  possible, to keep the other Party informed on a heads up basis
                  of events that could lead to the possible early termination of
                  this Agreement.

9.       SURVIVAL OF OBLIGATIONS

         Except as otherwise provided in this Agreement and unless otherwise
         agreed in writing by the Parties, the rights and obligations of the
         Parties under Articles 6, 7, 10, 11, 14, 16, 18, 24 and 25 shall
         survive the expiration or earlier termination of this Agreement.

10.      REPRESENTATIONS AND WARRANTIES

         10.1     Each Party represents that it has full power and authority to
                  enter into this Agreement and to perform all its obligations
                  hereunder.

         10.2     No representation or warranty of any nature or kind is given
                  by either Party (whether express, implied, statutory,
                  contractual or other in nature and whether relating to the
                  enforceability, merchantability, fitness for purpose,
                  non-infringement, absence of rights of Third Parties or other)
                  in respect of the Technology or other rights to be licensed or
                  transferred by it pursuant to the terms of this Agreement.

         10.3     Nothing in this Agreement shall be construed as a warranty or
                  representation that the Services will produce any specific
                  result or Technology or that any product made, used, sold or
                  otherwise disposed with the benefit of any rights or license
                  granted pursuant to this Agreement is or will be free from
                  infringement of patents of Third Parties.

11.      DISCLAIMER OF WARRANTY AND INDEMNITY

         Except to the limited extent provided in Article 10, ATM expressly
         disclaims all and any liability or responsibility whatsoever for any
         liability arising out of the use of the Technology or the provision of
         any Service. ATM AND NOVELIS TECHNOLOGY DO NOT WARRANT THAT THE
         TRANSFERRED TECHNOLOGY, LICENSED TECHNOLOGY OR SERVICES PROVIDED BY ATM
         OR NOVELIS

                                  Page 16 of 23
<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

         TECHNOLOGY, OR THAT ANY PRODUCT, IS OR WILL BE OF MERCHANTABLE QUALITY
         OR FIT FOR ANY PARTICULAR PURPOSE FOR WHICH IT MAY BE BOUGHT OR USED.
         ATM and Novelis Technology shall in no event be liable to the other, or
         any other Person, for any damage, injury or loss, including loss of use
         arising from any activities or obligations under this Agreement, or for
         any direct or indirect, incidental or consequential damages.

12.      TRADEMARK, TRADE NAME AND LOGO

         No right is conveyed by either Party to the other under this Agreement
         for the use, either directly, indirectly, by implication or otherwise,
         of any trademark, trade name or logo owned by Novelis Technology or ATM
         or any of their respective Affiliates. The Parties will enter into a
         separate trademark license agreement if appropriate.

13.      NON-WAIVER

         The failure of any Party to insist in any one or more instances upon
         the strict performance of any one or more of the obligations of this
         Agreement or to exercise any election herein contained, shall not be
         construed as a waiver for the future of the performance of such one or
         more obligations of this Agreement or of the right to exercise such
         election. No waiver of any breach or default of this Agreement shall be
         held to be a waiver for any subsequent breach.

14.      NO PARTNERSHIP, JOINT VENTURE

         The Parties to this Agreement agree and acknowledge that the Agreement
         does not create a partnership, joint venture or any other relationship
         between ATM and Novelis Technology save the relationship specifically
         set out herein and solely for the limited purposes herein.

15.      FURTHER ASSURANCES

         The Parties to this Agreement shall sign or cause their respective
         employees to execute any documents necessary to file any desired
         registrations and applications to protect any Technology originating in
         the course of the Services and receive any patents, copyrights, design
         rights, mask works or other forms of legal protection resulting from
         such applications and registrations in any selected countries and
         co-operate using their respective commercially reasonable efforts to
         obtain any necessary Consent of Third Parties. Nothing contained in
         this Agreement shall be interpreted to oblige any Party to do anything
         more than use its commercially reasonable efforts (without material
         expense to it) to obtain any Consent which may be required to give full
         effect to the terms and conditions hereof.

16.      NOTICES

         All notices or other communications under this Agreement shall be in
         writing and shall be deemed to be duly given (a) on the date of
         delivery, if delivered personally, (b) on the first Business Day
         following the date of dispatch if delivered by a nationally recognized
         next-day courier service, (c) on the date of actual receipt if
         delivered by registered or

                                  Page 17 of 23
<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

         certified mail, return receipt requested, postage prepaid or (d) if
         sent by facsimile transmission, when transmitted. If sent by telefax, a
         confirming copy of such notice shall be sent by regular mail to the
         addressee. All notices hereunder shall be delivered as follows:

         IF TO ATM, TO:

         Alcan Technology and Management AG
         Badische Bahnhofstrasse 16,
         CH-8212 Neuhausen, Switzerland
         Attention:  General Manager

         IF TO NOVELIS TECHNOLOGY, TO:

         Novelis Technology AG
         Badische Bahnhofstrasse 16,
         CH-8212 Neuhausen, Switzerland
         Attention:  General Manager

         Any Party may, by notice to the other Party as set forth herein, change
         the address to which such notices are to be given.

17.      ASSIGNMENT

         This Agreement shall not be assignable, in whole or in part, directly
         or indirectly, by any Party hereto without the prior written consent of
         the other, and any attempt to assign any rights or obligations under
         this Agreement without such consent shall be void and deemed to be in
         breach hereof.

18.      LIMITATION OF LIABILITY AND INDEMNIFICATION

         18.1     LIMITATION OF LIABILITY

                  Except as otherwise provided herein and as permitted by
                  Applicable Law, neither Party shall be liable to the other
                  Party for any special, consequential, indirect, collateral,
                  incidental or punitive damages, lost profits, or failure to
                  realize expected savings, or other commercial or economic loss
                  of any kind, however caused and on any theory of liability,
                  (including negligence) arising in any way out of this
                  Agreement, whether or not such Person has been advised of the
                  possibility of any such damages.

         18.2     INDEMNIFICATION

                  ATM shall indemnify, defend and hold harmless Novelis
                  Technology, each other member of Novelis Group and each of
                  their respective directors, officers and employees, and each
                  of the heirs, executors, trustees, administrators, successors
                  and assigns of any of the foregoing (collectively, the
                  "NOVELIS INDEMNIFIED PARTIES"), from and against any and all
                  liabilities of the Novelis Indemnified

                                  Page 18 of 23
<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

                  Parties incurred by, borne by or asserted against any of them
                  relating to, arising out of or resulting from any of the
                  following items (without duplication):

                  (a)      the breach or the failure of performance by ATM of
                           any of the covenants, promises, undertakings or
                           agreements which it is obligated to perform under
                           this Agreement; and

                  (b)      the use of any Technology by any member of Novelis
                           Group or its customers or the provision by ATM of any
                           Service hereunder,

                  but subject however to the limitations of liability provided
                  in Section 18.1.

                  Novelis Technology shall indemnify, defend and hold harmless
                  ATM, each other member of Alcan Group and each of their
                  respective directors, officers and employees, and each of the
                  heirs, executors, trustees, administrators, successors and
                  assigns of any of the foregoing (collectively, the "ATM
                  INDEMNIFIED PARTIES"), from and against any and all
                  liabilities of the ATM Indemnified Parties incurred by, borne
                  by or asserted against any of them relating to, arising out of
                  or resulting from any of the following items (without
                  duplication):

                  (a)      the breach or the failure of performance by Novelis
                           Technology of any of the covenants, promises,
                           undertakings or agreements which it is obligated to
                           perform under this Agreement; and

                  (b)      the use of any Technology by any member of Alcan
                           Group or its customers or the provision by Novelis
                           Technology of any Service hereunder,

                  but subject however to the limitations of liability provided
                  in Section 18.1.

19.      ENTIRE AGREEMENT

         This Agreement, the Local Separation Agreement and exhibits, schedules
         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 supersedes
         all previous agreements, negotiations, discussions, writings,
         understandings, commitments and conversations with respect to such
         subject matter. No agreements or understandings exist between the
         Parties other than those set forth or referred to herein or therein.

         Notwithstanding the foregoing, the rights and interests transferred,
         assigned or granted to Novelis Technology, its Affiliates and the other
         members of Novelis Group, or to ATM, its Affiliates and the other
         members of Alcan Group, or otherwise to be made available to them
         pursuant to the terms of this Agreement, shall in all respects be
         subject to the provisions of the Master Separation Agreement as well as
         the Local Separation Agreement and nothing in this Agreement shall
         entitle Novelis Technology or ATM to have any rights or pursue any
         activity which would otherwise be restricted by the Master Separation
         Agreement or the Local Separation Agreement. The Master Separation
         Agreement shall not in defining the assets, businesses, rights and
         obligations to form part

                                  Page 19 of 23
<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

         of Novelis Technology, be interpreted so as to grant, convey or
         confirm, directly or indirectly, any rights in respect of Technology
         which would be greater than those established herein.

20.      CONFLICTS

         In the event of any conflict between this Agreement, the Local
         Separation Agreement and the Master Separation Agreement, the following
         order of priority shall apply:

                  1. the Master Separation Agreement;
                  2. the Local Separation Agreement; and
                  3. this Agreement.

21.      FORCE MAJEURE

         No Party shall be deemed in default of this Agreement to the extent
         that any delay or failure in the performance of its obligations under
         this Agreement results from superior force ("force majeure") or any
         act, occurrence or omission beyond its reasonable control and without
         its fault or negligence, such as fires, explosions, accidents, strikes,
         lockouts or labour disturbances, except strikes, lockouts and labour
         disturbances of the employees of the Alcan Group or the Novelis Group
         respectively, floods, droughts, earthquakes, epidemics, seizures of
         cargo, wars (whether or not declared), civil commotion, acts of God or
         the public enemy, action of any government, legislature, court or other
         Governmental Authority, action by any authority, representative or
         organisation exercising or claiming to exercise powers of a government
         or Governmental Authority, compliance with Applicable Law, blockades,
         power failures or curtailments, inadequacy or shortages or curtailments
         or cessation of supplies of raw materials or other supplies, failure or
         breakdown of equipment of facilities or, in the case of computer
         systems, any failure in electrical or air conditioning equipment (a
         "FORCE MAJEURE EVENT"). In the event of a Force Majeure Event, then,
         upon notice by the Party who is delayed or prevented from performing
         its obligations to the other Party, (i) the affected provisions or
         other requirements of this Agreement shall be suspended to the extent
         necessary during the period of such disability, (ii) the Party which is
         delayed or prevented from performing its obligations by a Force Majeure
         Event shall have the right to apportion its Services in an equitable
         manner to all users and (iii) such Party shall have no liability to the
         other Party or any other Person in connection therewith. The Party
         which is delayed or prevented from performing its obligations by the
         Force Majeure Event shall resume full performance of this Agreement as
         soon as reasonably practicable following the cessation of the Force
         Majeure Event (or the consequences thereof).

22.      LANGUAGE

         The Parties hereto have requested that this Agreement and, subject to
         mandatory provisions of Applicable Law, all other documents, notices or
         written communications relating thereto, be in the English language.

                                  Page 20 of 23
<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

23.      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.

24.      GOVERNING LAW

         Recognizing the numerous jurisdictions associated with this Agreement
         and the activities contemplated by it, the Parties agree that this
         Agreement shall be governed, construed and interpreted in accordance
         with the laws of Switzerland without the application of the provisions
         relating to the conflict of laws. Any provision in this Agreement
         prohibited by Applicable Law or by court decree shall be ineffective to
         the extent of such prohibition without in any way invalidating or
         affecting the remaining provisions of this Agreement, and this
         Agreement shall be construed as if such prohibited provision had never
         been contained herein. ATM and Novelis Technology hereby agree,
         however, to negotiate an equitable amendment of this Agreement if a
         material provision is adversely affected. The terms of the United
         Nations (Vienna Convention) on Contracts for the International Sale of
         Goods shall not apply to this Agreement or the obligations of the
         Parties hereunder.

25.      DISPUTE RESOLUTION

         All disputes, controversies, or claims (whether arising in contract,
         tort or otherwise) that may arise out of, or relate to, or arise under
         or in connection with, this Agreement or any Ancillary Agreement, or
         the transactions contemplated hereby or thereby shall be resolved in
         accordance with and governed by the provisions of Article IX of the
         Local Separation Agreement, with the exception that section 9.02 (c) to
         (g) shall be replaced by the following: The competent court in the
         Canton Schaffhausen shall have exclusive jurisdiction in respect to
         such dispute, controversy or claim.

26.      EXECUTION IN COUNTERPARTS

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

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

                                  Page 21 of 23
<PAGE>

      Technical Services Agreement between NOVELIS Technology AG and Alcan
                           Technology & Management AG

                              NOVELIS TECHNOLOGY AG

                              By:   _______________________________
                                    Name:
                                    Title: President of the Board

                              By:   _______________________________
                                    Name:
                                    Title: Board  Member

                              ALCAN TECHNOLOGY & MANAGEMENT AG

                              By:   _______________________________
                                    Name:
                                    Title: President of the Board

                              By:   _______________________________
                                    Name:
                                    Title: Board  Member

                                  Page 22 of 23<PAGE>

                                                                   Exhibit 10.26

                         ELECTRICITY PURCHASE AGREEMENT

                                     BETWEEN

                                  NOVELIS INC.

                                       AND

                           ALCAN, ENERGIE ELECTRIQUE,
                            A DIVISION OF ALCAN INC.

<PAGE>

                               TABLE OF CONTENTS

Article I - INTERPRETATION....................................................1
Article II - PURCHASE AND USE OF ELECTRICITY..................................4
Article III - TERM............................................................5
Article IV - VOLTAGE AND FREQUENCY............................................5
Article V - AVAILABLE CAPACITY................................................5
Article VI - CONTRACT PRICE...................................................5
Article VII - BILLING.........................................................6
Article VIII - DELIVERY POINTS; MINIMUM POWER FACTOR..........................7
Article IX - TITLE AND RISK OF LOSS...........................................7
Article X - ELECTRICAL APPARATUS..............................................7
Article XI - METERS...........................................................8
Article XII - RIGHT OF WAY; RIGHT OF ENTRY...................................10
Article XIII - SERVICE CONTINUITY............................................10
Article XIV - TERMINATION....................................................11
Article XV - LIABILITY.......................................................11
Article XVI - FORCE MAJEURE..................................................12
Article XVII - CONFIDENTIALITY...............................................12
Article XVIII - GENERAL PROVISION............................................13

<PAGE>

                         ELECTRICITY PURCHASE AGREEMENT

THIS AGREEMENT made and entered into as of the      day of             , 2004
with effect as of the Effective Date.

BETWEEN:            NOVELIS INC., a corporation incorporated pursuant to the
                    laws of Canada ("PURCHASER")

AND:                ALCAN, ENERGIE ELECTRIQUE, a division of Alcan Inc., a
                    corporation incorporated pursuant to the laws of Canada
                    ("SUPPLIER")

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

WHEREAS the Separated Businesses held by Novelis Inc. include the operation of
the Saguenay Plant (as defined hereinafter) by the Purchaser (being a wholly
owned subsidiary of Novelis Inc.).

WHEREAS the Saguenay Plant will initially be transferred to Arcustarget Inc., a
wholly-owned subsidiary of Alcan Inc., which corporation will amalgamate with
Purchaser at the Effective Time (as defined in the Separation Agreement).

WHEREAS the Supplier wishes to supply, and the Purchaser wishes to purchase,
subject to the terms and conditions of this Agreement, electricity required by
the Saguenay Plant.

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:

                          ARTICLE I -- INTERPRETATION

1.1      DEFINITIONS. For the purposes of this Agreement, the following terms
         and expressions and variations thereof unless a clear inconsistent
         meaning is required under the context, shall have the meanings
         specified or referred to in this Section 1.1:

<PAGE>

                                      -2-

         (a)   "APPARENT POWER DEMAND" means the maximum power, measured in
               kilovolt-amperes, taken over a Metering Period during a
               Consumption Period by a demand metering device pursuant to this
               Agreement;

         (b)   "ARCUSTARGET" means Arcustarget Inc., a Canadian corporation;

         (c)   "AVAILABLE POWER" means the maximum power available to Purchaser
               hereunder, established in accordance with Section 5.1;

         (d)   "CONTRACT PRICE" means the contract price as established under
               Section 6.1;

         (e)   "CONSUMPTION PERIOD" means the period, normally one calendar
               month, during which electricity is delivered by Supplier to the
               Saguenay Plant and which is scheduled between the two dates used
               for the calculation of the bill;

         (f)   "DELIVERED ENERGY" means the energy delivered by Supplier to the
               Purchaser at the Delivery Points;

         (g)   "DELIVERY OF ELECTRICITY" means the application and maintenance
               of voltage at the Delivery Points, with or without the use of
               electricity;

         (h)   "DELIVERY POINTS" means the delivery points at which Supplier
               shall effect the Delivery of Electricity to Purchaser being
               described as the load side of the two 13,200 volt disconnect
               switches (US 1 and US 2) connected between Supplier's
               transmission lines and Purchaser's insulated cables;

         (i)   "EFFECTIVE DATE" means the effective date on which ownership of
               the Saguenay Plant will be transferred from Alcan Inc. to
               Arcustarget;

         (j)   "ENERGY" means the quantity of electricity delivered over a
               period of time, expressed in kilowatt-hours or in decimal
               multiples hereof;

         (k)   "EVENT OF FORCE MAJEURE" means an event, condition or
               circumstance (and the effects thereof) which is not within the
               reasonable control of the party affected by it, and which by the
               exercise of due diligence such party is unable to overcome or
               cause to be overcome. For greater certainty, "Events of Force
               Majeure" may include, but are not restricted to, events in the
               nature of:

               (i)       acts of God;

               (ii)      fire, flooding, earthquake, wind, lightning, ice;

               (iii)     an explosion;

               (iv)      war, civil disturbance, riot, insurrection, military or
                         guerrilla action, terrorist activity, sabotage,
                         invasion, bombardment;

               (v)       an economic sanction, blockade or embargo;

<PAGE>

                                      -3-

               (vi)      an action or restraint by a governmental authority (so
                         long as the affected party has not applied for or
                         assisted in the application for such action or
                         restraint), or by military or usurped power or by the
                         public enemy;

               (vii)     an order of any court or judgment granted in bona fide
                         adverse legal proceedings or actions; or

               (viii)    with respect to Supplier, Supplier's failure to receive
                         the power to be made available to Purchaser under this
                         Agreement;

               provided however, that neither (a) any event arising due to a
               party's lack of funds or financing, nor (b) the loss of such
               party's markets shall constitute an Event of Force Majeure;

         (l)   "L RATE" means the L Rate applicable to Hydro-Quebec's industrial
               customers for the sale of power of five thousand (5,000)
               kilowatts or more and associated energy established under
               Hydro-Quebec Bylaw number 634 establishing electricity rates and
               their conditions of application and any amendment, modification
               and replacement of such Bylaw 634;

         (m)   "MAXIMUM POWER DEMAND" means, for each Consumption Period, the
               higher of:

               (i)       the highest Real Power Demand (kilowatts) during such
                         Consumption Period; and

               (ii)      the highest Apparent Power Demand (kilovolt-amperes)
                         measured over such Consumption Period; multiplied by
                         the minimum Power Factor (as established in article
                         8.2);

         (n)   "METERING PERIOD" means a period of 15 minutes used to determine
               the power demands measured by the integration of Energy
               consumption;

         (o)   "METERING POINT" means the location of the electrical meters
               connected to the 13,200 Volt source;

         (p)   "PERSON" means any individual, corporation, trust, association,
               company, partnership, limited liability company or joint venture,
               any governmental authority or any other entity whatsoever;

         (q)   "POWER FACTOR" means the ratio of Real Power Demand (kilowatts)
               over Apparent Power Demand (kilowatt-amperes) during a Metering
               Period;

         (r)   "REAL POWER DEMAND" means the maximum power, in kilowatts, taken
               over a Metering Period during a Consumption Period, as measured
               by a demand metering device pursuant to this agreement;

         (s)   "$" or "DOLLAR" means Canadian Dollar;

<PAGE>

                                      -4-

         (t)   "SAGUENAY PLANT" means an aluminium transformation facility
               located at Ville de Saguenay, in the Province of Quebec;

         (u)   "SEPARATION AGREEMENT" has the meaning set out in the Preamble to
               this Agreement;

1.2      "SUPPLIER'S SUBSTATION" means all Supplier's electrical equipment on
         the source side of the Delivery Points.

1.3      HEADINGS. The division of this Agreement into Articles, Sections,
         Subsections and other subdivisions and the insertion of headings are
         for convenience of reference only and shall not affect or be utilized
         in the construction or interpretation hereof.

1.4      SEVERABILITY. Any Article, Section, Subsection or other subdivision of
         this Agreement or any other provision of this Agreement which is, or
         becomes, illegal, invalid or unenforceable shall be severed herefrom
         and shall be ineffective to the extent of such illegality, invalidity
         or unenforceability and shall not affect or impair the remaining
         provisions hereof, which provisions shall (a) be severed from any
         illegal, invalid or unenforceable Article, Section, Subsection or other
         subdivision of this Agreement or any other provision of this Agreement,
         and (b) otherwise remain in full force and effect.

1.5      ENTIRE AGREEMENT. This Agreement together with its Schedules any
         instruments to be delivered pursuant hereto constitute the entire
         agreement between the parties pertaining to the subject matter hereof
         and supersede all prior agreements, understandings, negotiations and
         discussions, whether oral or written, of the parties in respect of the
         subject matter hereof.

1.6      CURRENCY. All of dollar amounts mentioned in this Agreement or in the
         Schedules annexed hereto shall be in lawful money of Canada, unless
         otherwise specifically denominated.

1.7      EFFECTIVENESS. As, of and from the Effective Date and at all times
         prior to the Separation Time, Arcustarget shall be the Purchaser for
         all purposes hereunder. The named Parties to this Agreement reflect the
         assumption that Arcustarget and Purchaser will amalgamate at the
         Separation Time in the manner described in the Separation Agreement. If
         it is subsequently determined that the Separation Time will not occur
         in circumstances where this Agreement has already become effective,
         Arcustarget shall continue to act as Purchaser hereunder, this
         agreement shall remain in effect and Novelis will be deemed never to
         have become the Purchaser hereunder.

                  ARTICLE II -- PURCHASE AND USE OF ELECTRICITY

2.1      PURCHASE. Purchaser agrees to purchase electricity from Supplier, and
         Supplier agrees to supply and deliver electricity to Purchaser, all in
         accordance with and subject to the terms of this Agreement.

<PAGE>

                                      -5-

2.2      USE. Purchaser shall use the electricity pursuant to this Agreement
         exclusively for the operation of the Saguenay Plant. Purchaser shall
         not resell the electricity supplied or delivered by Supplier.

                               ARTICLE III -- TERM

3.1      TERM. The term of this Agreement (the "TERM") shall be from the
         Effective Date until the date which is the three (3) year anniversary
         thereof, unless terminated earlier as contemplated in Section 14.1. No
         interruption to the obligations of the parties hereunder shall operate
         to extend the term hereof, whether due to Supplier Force Majeure or
         Purchaser Force Majeure.

                       ARTICLE IV -- VOLTAGE AND FREQUENCY

4.1      CHARACTERISTICS. Electricity supplied hereunder shall be delivered to
         the Delivery Points normally at a frequency of approximately sixty (60)
         Hertz, at 13,200 volts +/- 6% three-phase delta.

4.2      VARIATION. Supplier shall use reasonable commercial efforts to maintain
         voltage variations according to characteristic provided in Section 4.1,
         except when sudden variations in production or load occur, upon the
         occurrence of an Event of Force Majeure or in the case of an emergency
         or accident in order to ensure the reliability of Supplier's electrical
         system, or when such variations are due to the characteristics of
         Purchaser's equipment.

                         ARTICLE V -- AVAILABLE CAPACITY

5.1      AVAILABLE POWER. The maximum Available Power to Purchaser under this
         Agreement is 8 000 kilovolt-amperes.

5.2      EXCESS POWER. Purchaser's Maximum Power Demand shall not exceed the
         Available Power without the prior written authorization of Supplier.
         Supplier may attach to its authorization such conditions as Supplier
         may determine in its sole discretion.

                          ARTICLE VI -- CONTRACT PRICE

6.1      CONTRACT PRICE. Purchaser shall pay to Supplier a purchase price equal
         to $ ***/MWh (the "CONTRACT PRICE") starting as of the Effective Date.

6.2      INDEXATION. The Contract Price shall be adjusted in accordance with any
         modification of the L Rate. For illustrative purposes, a 2% increase of
         the L Rate will result in a 2% increase of the Contract Price.

6.3      Successor Rate. If, at any time during the term hereof, there is no "L
         Rate" in effect, the reference rate for the purposes of section 6.2
         shall be such successor rate as is applied by Hydro-Quebec (or any
         successor entity) for customers equivalent to the Saguenay Plant.

*** 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-

6.4      TRANSFORMATION AND DISTRIBUTION FEE. Purchaser shall pay to Supplier a
         fee for the transformation and distribution of electricity equal to
         $48,000 per annum. This amount shall be adjusted annually in accordance
         with the increase of Supplier's cost for the transformation and
         distribution of electricity, which cost increase shall be applied on a
         pro rata basis based on Purchaser's consumption of electricity.

6.5      TAXES.

         All taxes pertaining to this Agreement levied by any government,
         federal, provincial, municipal or other, called tax or not, shall be
         billed to and paid by Purchaser. The term "tax" excludes: a) income and
         profit tax, b) tax for which claim for reimbursement from others is
         prohibited by law, and c) tax assessed by virtue of the Watercourses
         Act.

                             ARTICLE VII -- BILLING

7.1      INVOICE. On or before the fifteenth (15th) day of every month, Supplier
         shall present an invoice to the Purchaser with the payment due for the
         immediately preceding Consumption Period. This invoice shall include
         the amount for Delivered Energy and the transformation and distribution
         fee provided in section 6.4.

7.2      TRANSMISSION. Each invoice shall be sent by Supplier to Purchaser by
         telecopier or by any other means that Supplier considers appropriate.

7.3      PAYMENT. Each invoice shall be payable in full on or before the
         forty-fifth (45th) day of the date of the invoice. All amounts due
         under this Agreement shall be paid in lawful money of Canada by
         electronic transfer to Supplier's account as shall be specified in
         writing by Supplier from time to time.

7.4      INTEREST. Any amount due but not paid within the period indicated at
         Section 7.3 shall bear interest at an annual rate equal to the sum of:
         (i) the prime rate of interest announced by the Royal Bank of Canada
         applicable to commercial loans denominated in Canadian dollars, in
         effect on the last banking day of the relevant Consumption Period, plus
         (ii) one (1) percentage point.

7.5      DEDUCTIONS. Purchaser may not, in any case, deduct from any amount due
         hereunder any amount relating to any claim or counterclaim which
         Purchaser may have or allege to have against Supplier.

7.6      SUSPENSION. If Purchaser fails to pay Supplier within the period set
         forth at Section 7.3 any amount due to Supplier hereunder together with
         interests thereon, Supplier may:

         (a)   give to Purchaser a first notice of Supplier's intent to suspend
               the Delivery of electricity to Purchaser until full payment of
               any arrears, such notice to be given no less than twenty (20)
               days prior to the effective date of such suspension; and

         (b)   give to Purchaser a second notice no less than five (5) days
               prior to such suspension; and

<PAGE>

                                      -7-

         (c)   if such default continues unremedied, suspend the electricity
               service to Purchaser on the date indicated in such notices until
               full payment of arrears together with applicable interest
               thereon, if any; and

         (d)   the whole without prejudice to Supplier's other rights or
               recourses, including under Article XIV, and without any
               responsibility on its own behalf for such suspension. Such
               suspension by Supplier shall not release Purchaser of any of its
               obligations hereunder.

7.7      Sections 7.1 to 7.4 will be applicable as of the date that Purchaser
         will have a separate accounting system. Prior to such date, payments
         will be made by Purchaser in accordance with Transition Service
         Schedule FINTS15 relating to transition financial services between
         Alcan Primary Metal Group-Canada and Novelis Inc. dated as of Effective
         Date.

              ARTICLE VIII -- DELIVERY POINTS; MINIMUM POWER FACTOR

8.1      DELIVERY. Supplier shall make available the Available Power and deliver
         Energy to Purchaser pursuant to this Agreement solely at the Delivery
         Points.

8.2      MINIMUM POWER FACTOR. The minimum Power Factor at the Metering Point
         shall be eighty-five percent (85%). If required for reasons of power
         quality or to maintain the integrity of the distribution network,
         Supplier may, at its sole discretion and upon written notice to
         Purchaser, require that the minimum Power Factor of the Saguenay Plant
         be increased to 95%; Purchaser shall pay all Modification Costs
         directly to the Persons performing the modification work as and when
         due. The term "Modification Costs" means all direct and indirect costs
         and expenditures (whether or not capitalizable) incurred in making
         modifications to the Saguenay Plant in order to increase the power
         factor to 95%.

                      ARTICLE IX -- TITLE AND RISK OF LOSS

9.1      TITLE AND RISK OF LOSS.

         (a)   As between the parties, Supplier shall be deemed to be in
               exclusive control of the Energy prior to its delivery by Supplier
               at the Delivery Points and Purchaser shall be deemed to be in
               exclusive control of Delivered Energy at and after the Delivery
               Points.

         (b)   Title to and risk of loss related to Delivered Energy shall
               transfer from Supplier to Purchaser at the Delivery Points.

                       ARTICLE X -- ELECTRICAL APPARATUS

10.1     OWNERSHIP OF EQUIPMENT. Supplier owns the two incoming 13,200 Volt
         overhead distribution lines (MAL and MC2), (ii) their dead-end poles
         and (iii) the disconnect switches (US1 and US2) mounted thereon.
         Supplier also owns the electrical metering
<PAGE>
                                      -8-

         apparatus, including associated instrument transformers and associated
         equipment. Purchaser owns the 13,200 Volt insulated cables including
         the terminal pot heads inside the Saguenay plant. Supplier shall be
         responsible for the maintenance of such insulated cables at Purchaser's
         expense.

10.2     OPERATION AND MAINTENANCE. During the term hereof, Purchaser shall
         operate and maintain its electrical apparatus so as not to cause
         disturbance to Supplier's electrical system nor interfere with
         Supplier's supply to other customers or to its own operations. Supplier
         shall have the right to audit Purchaser's maintenance registry.
         Maintenance shall be made in accordance with Supplier's standards to be
         communicated to Purchaser upon request.

10.3     PLANS AND SPECIFICATIONS.

         (a)      Supplier may at any time require that Purchaser provide
                  Supplier with a copy of the plans and technical specifications
                  of any new substantial electrical installation or of any
                  substantial modification to an existing electrical
                  installation and may conduct, upon reasonable advance notice
                  to Purchaser of no less than forty-eight (48) hours and during
                  normal business hours, any inspection or verification of such
                  installations.

         (b)      Such inspection and verification by Supplier of the plans and
                  technical specifications and of the electrical installations
                  of Purchaser shall be made solely to ensure the safety and
                  good operating condition of Supplier's electrical system; in
                  no event shall such inspection or verification constitute or
                  be interpreted as constituting a warranty of the operational
                  status, performance or safety of Purchaser's electrical
                  installation.

10.4     OBLIGATION TO CONNECT AND SUPPLY. Supplier shall not be obligated to
         maintain the connection between its electrical system and Purchaser's
         electrical installation or to supply electricity to Purchaser in
         accordance with this Agreement if Purchaser's electrical installation
         does not satisfy the provisions of Section 10.1

                              ARTICLE XI -- METERS

11.1     METERING DEVICES. Subject to Section 11.2, metering devices and other
         related devices used to record the Maximum Power Demand and the
         quantity of Delivered Energy hereunder shall be:

         (a)      of a type and make approved by Industry Canada for billing
                  purposes;

         (b)      owned and maintained by Supplier at Supplier's expense;

         (c)      provided and installed by Supplier at Purchaser's expense; and

<PAGE>
                                      -9-

         (d)      tested, calibrated and sealed by Industry Canada in accordance
                  with applicable laws in the presence of one or more
                  representatives of each party hereto duly appointed for such
                  purposes.

11.2     INSTALLATION. Supplier shall install the metering devices and Purchaser
         shall provide appropriate space for their
         installation.

11.3     INTERIM METERING DEVICES.

         (a)      Supplier and Purchaser acknowledge and agree that the existing
                  metering devices installed at the Saguenay Plant on the date
                  hereof are not of a type and model approved by Industry Canada
                  for billing purposes.

         (b)      Supplier undertakes to modify, on or before December 31, 2005
                  such existing metering devices and installation to meet
                  Industry Canada standards for billing purposes.

         Supplier and Purchaser shall accept the existing metering devices for
         the purposes of this Agreement, until the date on which Industry Canada
         approves the modified metering devices and installation for billing
         purpose.

11.4     DEFICIENCY. All claims concerning the accuracy of metering devices
         shall be resolved in accordance with the Electricity and Gas Inspection
         Act (R.S.C. 1985, c.E-4), as amended or replaced from time to time.

11.5     DISPUTE.

         (a)      If a dispute arises as to the establishment of the Maximum
                  Power Demand and Delivered Energy, Supplier and Purchaser
                  shall use all reasonable efforts to resolve promptly any such
                  dispute.

         (b)      If an invoice or part of an invoice is subject to such
                  dispute, Purchaser shall pay Supplier in accordance with the
                  terms of Article VII.

         (c)      Should the parties fail to reach a settlement within ten (10)
                  business days of it becoming known to them, then the dispute
                  shall be submitted to the appropriate senior executive offices
                  or each party for conciliation.

         (d)      During the course of such resolution proceedings, all
                  reasonable requests made by either of Purchaser or Supplier to
                  the other for relevant information shall be honoured.

         (e)      Each of Purchaser and Supplier shall use all reasonable
                  efforts to cause the resolution of any such dispute by way of
                  the foregoing process as soon as practicable. If no settlement
                  is reached through such efforts following twenty (20) business
                  days after the expiration of the aforesaid period of ten (10)
                  business days, either of the parties to this Agreement may
                  seek the legal remedies entitled to them under this Agreement
                  or by law.

<PAGE>
                                      -10-

11.6     ACCESS. Supplier's employees authorized for such purpose shall have
         access at all times during normal business hours to Supplier's metering
         devices to read, inspect and verify Supplier's meters. Supplier's
         employees shall comply with all rules and regulations in effect from
         time to time at the Saguenay Plant.

                       ARTICLE XII -- RIGHT OF WAY; RIGHT OF ENTRY

12.1     RIGHT OF WAY. Purchaser agrees to convey to Supplier, for the Term of
         this Agreement and without charge, all servitudes and other rights of
         way reasonably necessary for the operation, maintenance, replacement
         and removal of Supplier's equipment, apparatus, metering devices upon,
         across or within Purchaser's property, including Supplier's Substation,
         in order to supply and deliver electricity under this Agreement;
         provided however that upon the termination of this Agreement, any such
         servitudes and rights of way shall revert automatically to Purchaser.

12.2     RIGHT OF ENTRY. Supplier shall be entitled to access, during normal
         business hours, Purchaser's property in order to install, operate,
         maintain or remove Supplier's equipment, apparatus, and metering
         devices, and shall also be entitled to prune or remove, at its expense
         and for such purposes, all trees, shrubs or any other similar objects
         which may be found on, above or below said property. Supplier shall
         comply with all rules and regulations in effect from time to time at
         the Saguenay Plant.

12.3     OBLIGATION REGARDING ELECTRICAL APPARATUS. Purchaser undertakes not to
         erect any building, structure or other construction on, above or below
         Supplier's electrical lines, equipment, apparatus and metering devices,
         without the prior written authorization of Supplier.

                        ARTICLE XIII -- SERVICE CONTINUITY

13.1     SYSTEM RELIABILITY. Purchaser acknowledges and agrees that Supplier's
         obligation to supply and deliver electricity hereunder is subject to
         curtailment or interruption in order for Supplier to maintain and
         repair equipment or to otherwise ensure the reliability of its
         electrical system. In addition, in the event of any adverse condition
         or disturbance on Supplier's electrical system or the Delivery of
         Electricity, Supplier may curtail or interrupt the transmission of
         Energy on Supplier's electrical system or the Delivery of Electricity
         to:

         (i)      limit the extent or damage of the adverse condition or
                  disturbance;

         (ii)     prevent damage to generating or transmission facilities; or

         (iii)    expedite restoration of service.

<PAGE>
                                      -11-

13.2     CURTAILMENT OR INTERRUPTION.

         (a)      In the event that Supplier deems a curtailment or interruption
                  necessary for the reasons mentioned in Section 13.1, Supplier
                  shall advise Purchaser, if possible, prior to the hour on
                  which the period of curtailment or interruption is to begin.

         (b)      Supplier may cancel such curtailment or interruption by verbal
                  notice to Purchaser to ensure the reliability of Supplier's
                  electrical system.

13.3     CURTAILMENT OR INTERRUPTION PERIODS. Supplier shall use reasonable
         commercial efforts to limit the duration and frequency of such periods
         of curtailment or interruption.

                           ARTICLE XIV -- TERMINATION

14.1     EVENT OF DEFAULT. Purchaser shall be in default hereunder under the
         following circumstances:

         (a)      the failure by Purchaser to make when due any payment required
                  under this Agreement if such failure is not remedied within
                  thirty (30) days after the date on which it is due; or

         (b)      Purchaser exceeds Available Power and as a result, Supplier is
                  required to interrupt or curtail the supply of electricity to
                  Purchaser to ensure the reliability of Supplier's electrical
                  system.

         (each, an "EVENT OF DEFAULT")

14.2     TERMINATION UPON AN EVENT OF DEFAULT. In addition to and without
         limiting any other damages, recourse or remedy which may be available
         to Supplier if, at any time during the Term hereof, an Event of Default
         occurs, Supplier shall have the right to forthwith terminate this
         Agreement upon written notice to Purchaser.

                             ARTICLE XV -- LIABILITY

15.1     LIMITATION OF LIABILITY.

         (a)      GENERAL. Other than as expressly provided in this Article XV,
                  in no case shall either party be liable to the other party for
                  any damages or losses it may cause to the other party or the
                  other party's property resulting from the supply, delivery or
                  taking of, or the failure to supply, deliver or take electric
                  power or Energy, at the Saguenay Plant.

         (b)      System Failure. Supplier shall not be responsible for
                  accident, damages or losses to property resulting from:

                  (i)      fluctuations in voltage or frequency, mechanical
                           failures or any other event of similar nature which
                           may occur on its electrical system; or
<PAGE>
                                      -12-

                  (ii)     any interruption or reduction in service due to
                           interruptions for maintenance, repair, modification,
                           and stabilization of its electrical system.

15.2     SUPPLIER'S LIABILITY. Subject to Section 15.1, Supplier shall indemnify
         and hold harmless Purchaser from any liability incurred by it in
         connection with damages or losses caused by the fault or negligence of
         Supplier, its officers, agents or employees in supplying and delivering
         electric power pursuant to the terms hereof.

15.3     PURCHASER'S LIABILITY. Purchaser shall indemnify and hold harmless
         Supplier from any liability incurred by it in connection with damages
         or losses caused by Purchaser's fault or negligence, or by the fault or
         negligence of persons over whom it has control, or by things under its
         care.

                          ARTICLE XVI -- FORCE MAJEURE

16.1     FORCE MAJEURE. If a party is rendered unable by an Event of Force
         Majeure to carry out, in whole or in part, its obligations under the
         Agreement and it gives notice and full details of the event to the
         other party as soon as practicable after the occurrence of the event,
         then from the date of such notice, the obligations of the first party
         shall be suspended from the inception and during the continuance of the
         Event of Force Majeure. Each party shall use reasonable commercial
         efforts to remedy such Event of Force Majeure with all reasonable
         dispatch; provided however that this provision shall not require
         Supplier to deliver Energy at points other than the Delivery Points.

                         ARTICLE XVII -- CONFIDENTIALITY

17.1     All information of a party which is of a technical or business nature
         and which is disclosed by a party (the "Disclosing Party") to the other
         party (the "Receiving Party") under this Agreement, including the
         content of this Agreement, whether directly or indirectly, shall be
         considered to be and treated as "Proprietary Information", unless or
         until such information was or is:

         (i)      already known to or otherwise in the Receiving Party's
                  possession at the time of receipt under this Agreement; or

         (ii)     publicly available or otherwise in the public domain without
                  breach of this Agreement by the Receiving Party; or

         (iii)    rightfully obtained by the Receiving Party from any third
                  party, without restriction and without breach of this
                  Agreement by the Receiving Party.

17.2     Proprietary Information shall be maintained in confidence by Receiving
         Party, using the same safeguards it uses to protect its own
         confidential information of a similar nature, but using at least
         reasonable care. Except as authorized herein, Receiving Party shall not
         publish or disclose to third persons any Proprietary Information of
         Disclosing Party without the prior express written consent of
         Disclosing Party.
<PAGE>
                                      -13-

17.3     Receiving Party in the ordinary course of its business may disclose
         Proprietary Information of Disclosing Party to its consultants,
         contractors, suppliers and others with whom Receiving Party has a
         business relationship. Receiving Party shall advise all such persons to
         whom Proprietary Information is supplied of the Receiving Party's
         confidentiality obligation hereunder and shall ensure that such
         recipients of Proprietary Information have agreed to comply with the
         provisions of this Section.

17.4     Purchaser and Supplier shall prevent their directors, officers,
         employees, subcontractors and any other person from disclosing
         Proprietary Information, except to those of its employees,
         subcontractors and any other person specifically required for the
         purpose of this Agreement.

17.5     The foregoing obligations of confidentiality, use and non-disclosure
         shall not apply to information that must be disclosed by law.

                       ARTICLE XVIII -- GENERAL PROVISION

18.1     ASSIGNMENT. No party shall assign or transfer this agreement, in whole
         or in part, or any interest or obligation arising under this agreement,
         without the prior written consent of the other party.

18.2     NOTICES. All notices or other communications under this agreement shall
         be in writing and shall be deemed to be duly given when delivered in
         person or successfully transmitted by facsimile, addressed as follows:

         (a)      in the case of Supplier, to it at:

                  Alcan Energie Electrique
                  1954 Davis Street,
                  P.O. Box 1800,
                  Jonquiere, QC  G7S 4R5

                  Attention:  Director

                  Telecopier:  418-699-2132

                  Electronic mail: donald.dube@alcan.com
<PAGE>
                                      -14-

         (b)      in the case of Purchaser, to it at:

                  NOVELIS INC.
                  Usine Saguenay
                  2040 rue Fay, C. P. 1010
                  Jonquiere, QC  G7S 4K6

                  Attention:  Plant Manager

                  Telecopier:  418-699-5293

                  Electronic mail: luc.boivin/CNT-SAG@alcan.com

         Any party may, by notice to the other party as set forth herein, change
         the address or fax number to which such notices are to be given

18.3     GOVERNING LAW; CONSENT TO JURISDICTION. This Agreement shall be
         governed by and interpreted and construed in accordance with the laws
         presently in force in the Province of Quebec and the laws of Canada
         applicable therein. Each party hereby submits to the exclusive
         jurisdiction of the competent court in the Province of Quebec for the
         purpose of any action or proceeding arising out of or relating to this
         Agreement.

18.4     AMENDMENT. No amendment shall be binding unless expressly provided in a
         written instrument duly executed by the parties.

18.5     WAIVER. No waiver, whether by conduct or otherwise, of any of the
         provisions of this Agreement shall be deemed to constitute a waiver of
         any other provisions (whether or not similar) nor shall such waiver
         constitute a continuing waiver unless otherwise expressly provided in
         an instrument duly executed by the parties to be bound thereby.

18.6     DELAY. When calculating the period of time within which or following
         which any act is to be done or step taken pursuant to this Agreement,
         the day which is the reference day in calculating such period shall be
         excluded. If the day on which such delay expires is not a business day
         then the delay shall be extended to the next following business day.
         For the purposes of this Agreement "business day" shall mean any day
         other than a Saturday, Sunday or any other day on which the principal
         commercial banks in Montreal, Quebec are not open for business during
         normal banking hours.

18.7     SURVIVAL. Any obligation to pay any amount due, or any accrued or
         exigible liability arising from or as a result of this Agreement shall
         survive termination of this Agreement.

18.8     NO THIRD PARTY BENEFICIARIES. Except as otherwise expressly provided
         herein, nothing in this Agreement shall provide any benefit to any
         third party or entitle any third party to any claim, cause of action,
         remedy or right of any kind.

18.9     COUNTERPARTS. This Agreement may be executed in one or more
         counterparts, each of which when so executed shall be deemed an
         original and such counterparts together shall constitute one and the
         same instrument.
<PAGE>
                                      -15-

18.10    LANGUAGE. The parties acknowledge that they have requested and are
         satisfied that this Agreement and all related documents be drawn up in
         the English language. Les parties aux presentes reconnaissent avoir
         requis que la presente entente et les documents qui y sont afferents
         soient rediges en anglais.

IN WITNESS WHEREOF, the parties have executed this Agreement on the date and at
the place first above mentioned.

                                         NOVELIS INC.

                                         Per:
                                              ----------------------------------
                                              Name:
                                              Title:

                                         ALCAN, ENERGIE ELECTRIQUE, A DIVISION
                                         OF ALCAN INC.

                                         Per:
                                              ----------------------------------
                                              Name:
                                              Title:

ARCUSTARGET INC. hereby agrees to be bound by this Agreement in accordance with
its terms, including those set forth in section 1.7 of this Agreement.

                                         ARCUSTARGET INC.

                                         Per:
                                              ----------------------------------
                                              Name:
                                              Title:

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