SUPPLEMENTAL GUARANTOR INFORMATION

In connection with the issuance of Novelis Inc.'s (the Parent and Issuer) 2017 Notes and 2020 Notes, certain of our wholly-owned subsidiaries, which are 100% owned within the meaning of Rule 3-10(h)(1) of Regulation S-X, provided guarantees. These guarantees are full and unconditional as well as joint and several. The guarantor subsidiaries (the Guarantors) are comprised of the majority of our businesses in Canada, the U.S., the U.K., Brazil, Portugal and Switzerland, as well as certain businesses in Germany and France. The remaining subsidiaries (the Non-Guarantors) of the Parent are not guarantors of the Notes.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)



	Three Months Ended September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	166		$	2,415		$	684		$	(434	)	$	2,831
Cost of goods sold (exclusive of depreciation and amortization)	172			2,121			626			(436		)	2,483
Selling, general and administrative expenses	(1		)	83			21			—			103
Depreciation and amortization	5			65			20			—			90
Research and development expenses	—			11			1			—			12
Interest expense and amortization of debt issuance costs	81			20			2			(21		)	82
Restructuring and impairment, net	—			6			1			—			7
Equity in net (income) loss of consolidated subsidiaries	(128		)	(10		)	—			138			—
Other (income) expense, net	(2		)	(1		)	—			21			18
	127			2,295			671			(298		)	2,795
Income (loss) before income taxes	39			120			13			(136		)	36
Income tax provision (benefit)	1			(6		)	3			—			(2		)
Net income (loss)	38			126			10			(136		)	38
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	38		$	126		$	10		$	(136	)	$	38
Comprehensive (loss) income	$	(96	)	$	32		$	(19	)	$	(15	)	$	(98	)
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(2	)	$	—		$	(2	)
Comprehensive (loss) income attributable to our common shareholder	$	(96	)	$	32		$	(17	)	$	(15	)	$	(96	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)



	Three Months Ended September 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	163		$	1,979		$	599		$	(327	)	$	2,414
Cost of goods sold (exclusive of depreciation and amortization)	140			1,729			532			(327		)	2,074
Selling, general and administrative expenses	8			82			19			—			109
Depreciation and amortization	4			60			15			—			79
Research and development expenses	—			11			1			—			12
Interest expense and amortization of debt issuance costs	78			8			(1		)	(10		)	75
Restructuring and impairment, net	1			17			—			—			18
Equity in net loss of non-consolidated affiliates	—			3			—			—			3
Equity in net (income) loss of consolidated subsidiaries	(80		)	(23		)	—			103			—
Other (income) expense, net	(12		)	(6		)	3			10			(5		)
	139			1,881			569			(224		)	2,365
Income (loss) before taxes	24			98			30			(103		)	49
Income tax provision	1			18			7			—			26
Net income (loss)	23			80			23			(103		)	23
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	23		$	80		$	23		$	(103	)	$	23
Comprehensive income (loss)	$	185		$	184		$	75		$	(260	)	$	184
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(1	)	$	—		$	(1	)
Comprehensive income (loss) attributable to our common shareholder	$	185		$	184		$	76		$	(260	)	$	185

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)



	Six Months Ended September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	340		$	4,650		$	1,369		$	(848	)	$	5,511
Cost of goods sold (exclusive of depreciation and amortization)	344			4,071			1,247			(850		)	4,812
Selling, general and administrative expenses	(5		)	174			42			—			211
Depreciation and amortization	9			129			41			—			179
Research and development expenses	—			23			1			—			24
Interest expense and amortization of debt issuance costs	161			34			5			(37		)	163
Gain on assets held for sale	(5		)	(6		)	—			—			(11		)
Restructuring and impairment, net	—			11			2			—			13
Equity in net loss of non-consolidated affiliates	—			2			—			—			2
Equity in net (income) loss of consolidated subsidiaries	(218		)	(19		)	—			237			—
Other (income) expense, net	(22		)	3			5			37			23
	264			4,422			1,343			(613		)	5,416
Income (loss) before income taxes	76			228			26			(235		)	95
Income tax provision	3			12			7			—			22
Net income (loss)	73			216			19			(235		)	73
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	73		$	216		$	19		$	(235	)	$	73
Comprehensive (loss) income	$	(30	)	$	106		$	25		$	(132	)	$	(31	)
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(1	)	$	—		$	(1	)
Comprehensive (loss) income attributable to our common shareholder	$	(30	)	$	106		$	26		$	(132	)	$	(30	)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

(in millions)



	Six Months Ended September 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	341		$	3,941		$	1,225		$	(692	)	$	4,815
Cost of goods sold (exclusive of depreciation and amortization)	329			3,446			1,089			(692		)	4,172
Selling, general and administrative expenses	52			145			32			—			229
Depreciation and amortization	8			118			30			—			156
Research and development expenses	1			20			1			—			22
Interest expense and amortization of debt issuance costs	157			15			(2		)	(19		)	151
Restructuring and impairment, net	1			25			1			—			27
Equity in net loss of non-consolidated affiliates	—			7			—			—			7
Equity in net (income) loss of consolidated subsidiaries	(235		)	(49		)	—			284			—
Other (income) expense, net	(10		)	(35		)	11			19			(15		)
	303			3,692			1,162			(408		)	4,749
Income (loss) before income taxes	38			249			63			(284		)	66
Income tax provision	1			16			12			—			29
Net income (loss)	37			233			51			(284		)	37
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to our common shareholder	$	37		$	233		$	51		$	(284	)	$	37
Comprehensive (loss) income	$	157		$	356		$	81		$	(439	)	$	155
Less: Comprehensive loss attributable to noncontrolling interest	$	—		$	—		$	(2	)	$	—		$	(2	)
Comprehensive (loss) income attributable to our common shareholder	$	157		$	356		$	83		$	(439	)	$	157

CONDENSED CONSOLIDATING BALANCE SHEET (in millions)



	As of September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	4		$	228		$	94		$	—		$	326
Accounts receivable, net of allowances
— third parties	20			1,243			255			—			1,518
— related parties	523			173			101			(737		)	60
Inventories	36			1,117			349			2			1,504
Prepaid expenses and other current assets	5			92			27			—			124
Fair value of derivative instruments	10			50			22			(3		)	79
Deferred income tax assets	—			71			5			—			76
Assets held for sale	—			73			—			—			73
Total current assets	598			3,047			853			(738		)	3,760
Property, plant and equipment, net	98			2,507			930			—			3,535
Goodwill	—			597			11			—			608
Intangible assets, net	17			590			4			—			611
Investments in and advances to non-consolidated affiliates	—			560			—			—			560
Investments in consolidated subsidiaries	3,270			635			—			(3,905		)	—
Deferred income tax assets	—			24			53			—			77
Other long-term assets
— third parties	64			87			9			—			160
— related parties	1,325			59			—			(1,374		)	10
Total assets	$	5,372		$	8,106		$	1,860		$	(6,017	)	$	9,321
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt	$	21		$	9		$	62		$	—		$	92
Short-term borrowings
— third parties	566			412			66			—			1,044
— related parties	25			389			—			(414		)	—
Accounts payable
— third parties	25			1,074			544			—			1,643
— related parties	69			245			32			(293		)	53
Fair value of derivative instruments	34			54			11			(3		)	96
Accrued expenses and other current liabilities
— third parties	91			376			89			—			556
— related parties	1			25			4			(30		)	—
Deferred income tax liabilities	—			48			—			—			48
Total current liabilities	832			2,632			808			(740		)	3,532
Long-term debt, net of current portion
— third parties	4,212			33			95			—			4,340
— related parties	49			1,266			59			(1,374		)	—
Deferred income tax liabilities	—			338			6			—			344
Accrued postretirement benefits	42			408			162			—			612
Other long-term liabilities	27			220			9			—			256
Total liabilities	5,162			4,897			1,139			(2,114		)	9,084
Commitments and contingencies
Total temporary equity - intercompany	—			1,681			—			(1,681		)	—
Shareholder’s equity
Common stock	—			—			—			—			—
Additional paid-in capital	1,404			—			—			—			1,404
Retained earnings (accumulated deficit)	(1,000		)	1,784			701			(2,485		)	(1,000		)
Accumulated other comprehensive income (loss)	(194		)	(256		)	(7		)	263			(194		)
Total equity of our common shareholder	210			1,528			694			(2,222		)	210
Noncontrolling interests	—			—			27			—			27
Total equity	210			1,528			721			(2,222		)	237
Total liabilities and equity	$	5,372		$	8,106		$	1,860		$	(6,017	)	$	9,321

CONDENSED CONSOLIDATING BALANCE SHEET (in millions)



	As of March 31, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	4		$	372		$	133		$	—		$	509
Accounts receivable, net of allowances
— third parties	15			1,121			246			—			1,382
— related parties	1,093			193			57			(1,289		)	54
Inventories	36			880			257			—			1,173
Prepaid expenses and other current assets	5			76			20			—			101
Fair value of derivative instruments	12			26			14			(1		)	51
Deferred income tax assets	—			96			5			—			101
Assets held for sale	28			74			—			—			102
Total current assets	1,193			2,838			732			(1,290		)	3,473
Property, plant and equipment, net	100			2,485			928			—			3,513
Goodwill	—			600			11			—			611
Intangible assets, net	19			617			4			—			640
Investments in and advances to non-consolidated affiliates	—			612			—			—			612
Investments in consolidated subsidiaries	3,273			612			—			(3,885		)	—
Deferred income tax assets	—			28			52			—			80
Other long-term assets
— third parties	73			89			11			—			173
— related parties	844			61			—			(893		)	12
Total assets	$	5,502		$	7,942		$	1,738		$	(6,068	)	$	9,114
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt	$	21		$	10		$	61		$	—		$	92
Short-term borrowings
— third parties	367			287			69			—			723
— related parties	32			809			—			(841		)	—
Accounts payable
— third parties	35			912			471			—			1,418
— related parties	89			377			29			(442		)	53
Fair value of derivative instruments	14			40			7			(1		)	60
Accrued expenses and other current liabilities
— third parties	104			358			85			—			547
— related parties	250			4			2			(6		)	250
Deferred income tax liabilities	—			16			—			—			16
Liabilities held for sale	10			1			—			—			11
Total current liabilities	922			2,814			724			(1,290		)	3,170
Long-term debt, net of current portion
— third parties	4,219			40			100			—			4,359
— related parties	49			788			56			(893		)	—
Deferred income tax liabilities	—			419			6			—			425
Accrued postretirement benefits	44			422			155			—			621
Other long-term liabilities	28			236			7			—			271
Total liabilities	5,262			4,719			1,048			(2,183		)	8,846
Commitments and contingencies
Total temporary equity - intercompany	—			1,681			—			(1,681		)	—
Shareholder’s equity
Common stock	—			—			—			—			—
Additional paid-in capital	1,404			—			—			—			1,404
Retained earnings (accumulated deficit)	(1,073		)	1,684			680			(2,364		)	(1,073		)
Accumulated other comprehensive income (loss)	(91		)	(142		)	(18		)	160			(91		)
Total equity of our common shareholder	240			1,542			662			(2,204		)	240
Noncontrolling interests	—			—			28			—			28
Total equity	240			1,542			690			(2,204		)	268
Total liabilities and equity	$	5,502		$	7,942		$	1,738		$	(6,068	)	$	9,114

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	Six Months Ended September 30, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	108		$	74		$	(6	)	$	(189	)	$	(13	)
INVESTING ACTIVITIES
Capital expenditures	(8		)	(218		)	(38		)	—			(264		)
Proceeds from sales of assets, net of transaction fees
— third parties	29			5			—			—			34
(Outflows) proceeds from investment in and advances to affiliates, net	(71		)	(4		)	—			64			(11		)
Proceeds (outflows) from settlement of other undesignated derivative instruments, net	11			(11		)	3			—			3
Net cash provided by (used in) investing activities	(39		)	(228		)	(35		)	64			(238		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
— third parties	—			188			10			—			198
— related parties	—			500			3			(503		)	—
Principal payments of long-term and short-term borrowings
— third parties	(11		)	(95		)	(20		)	—			(126		)
— related parties	—			(22		)	—			22			—
Revolving credit facilities and other, net
— third parties	199			50			(1		)	—			248
— related parties	(7		)	(420		)	—			427			—
Return of capital to our common shareholder	(250		)	—			—			—			(250		)
Proceeds from issuance of intercompany equity	—			—			10			(10		)	—
Dividends — noncontrolling interests	—			(188		)	(2		)	189			(1		)
Net cash (used in) provided by financing activities	(69		)	13			—			125			69
Net decrease in cash and cash equivalents	—			(141		)	(41		)	—			(182		)
Effect of exchange rate changes on cash	—			(3		)	2			—			(1		)
Cash and cash equivalents — beginning of period	4			372			133			—			509
Cash and cash equivalents — end of period	$	4		$	228		$	94		$	—		$	326

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

(in millions)



	Six Months Ended September 30, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	4		$	357		$	84		$	(197	)	$	248
INVESTING ACTIVITIES
Capital expenditures	(10		)	(237		)	(118		)	—			(365		)
Proceeds from the sale of assets, net of transaction fees
— related parties	—			8			—			—			8
(Outflows) proceeds from investment in and advances to affiliates	(83		)	—			—			83			—
(Outflows) proceeds from settlement of other undesignated derivative instruments, net	(8		)	4			10			—			6
Net cash (used in) provided by investing activities	(101		)	(225		)	(108		)	83			(351		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
— third parties	—			72			4			—			76
— related parties	—			—			35			(35		)	—
Principal payments of long-term and short-term borrowings
— third parties	(10		)	(49		)	—			—			(59		)
Revolving credit facilities and other, net
— third parties	115			16			—			—			131
— related parties	—			48			—			(48		)	—
Dividends, noncontrolling interests	—			(197		)	—			197			—
Debt issuance costs	(8		)	—			—			—			(8		)
Net cash provided by (used in) financing activities	97			(110		)	39			114			140
Net increase in cash and cash equivalents	—			22			15			—			37
Effect of exchange rate changes on cash	—			(1		)	1			—			—
Cash and cash equivalents — beginning of period	4			196			101			—			301
Cash and cash equivalents — end of period	$	4		$	217		$	117		$	—		$	338