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. In the periods presented below, 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.

CONSOLIDATING STATEMENT OF OPERATIONS

(In millions)



	Year Ended March 31, 2015
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	665		$	9,525		$	2,743		$	(1,786	)	$	11,147
Cost of goods sold (exclusive of depreciation and amortization)	650			8,413			2,514			(1,784		)	9,793
Selling, general and administrative expenses	6			344			77			—			427
Depreciation and amortization	18			258			76			—			352
Research and development expenses	—			49			1			—			50
Interest expense and amortization of debt issuance costs	319			74			7			(74		)	326
Gain on assets held for sale, net	(5		)	(17		)	—			—			(22		)
Restructuring and impairment, net	1			33			3			—			37
Equity in net loss of non-consolidated affiliates	—			5			—			—			5
Equity in net (income) loss of consolidated subsidiaries	(456		)	(30		)	—			486			—
Other (income) expense, net	(18		)	(46		)	7			74			17
	515			9,083			2,685			(1,298		)	10,985
Income before income taxes	150			442			58			(488		)	162
Income tax provision (benefit)	2			(8		)	20			—			14
Net income	148			450			38			(488		)	148
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to our common shareholder	$	148		$	450		$	38		$	(488	)	$	148
Comprehensive (loss) income	$	(322	)	$	30		$	(7	)	$	(38	)	$	(337	)
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(15		)	—			(15		)
Comprehensive (loss) income attributable to our common shareholder	$	(322	)	$	30		$	8		$	(38	)	$	(322	)

CONSOLIDATING STATEMENT OF OPERATIONS

(In millions)



	Year Ended March 31, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	693		$	8,080		$	2,416		$	(1,422	)	$	9,767
Cost of goods sold (exclusive of depreciation and amortization)	677			7,055			2,158			(1,422		)	8,468
Selling, general and administrative expenses	48			338			75			—			461
Depreciation and amortization	16			246			72			—			334
Research and development expenses	1			43			1			—			45
Interest expense and amortization of debt issuance costs	315			28			1			(40		)	304
Gain on assets held for sale, net	—			(6		)	—			—			(6		)
Restructuring and impairment, net	8			59			8			—			75
Equity in net loss of non-consolidated affiliates	—			12			—			—			12
Equity in net (income) loss of consolidated subsidiaries	(448		)	(99		)	—			547			—
Other (income) expense, net	(35		)	(57		)	11			40			(41		)
	582			7,619			2,326			(875		)	9,652
Income before income taxes	111			461			90			(547		)	115
Income tax provision (benefit)	7			16			(12		)	—			11
Net income	104			445			102			(547		)	104
Net income attributable to noncontrolling interests	—			—			—			—			—
Net income attributable to our common shareholder	$	104		$	445		$	102		$	(547	)	$	104
Comprehensive income	$	281		$	590		$	152		$	(744	)	$	279
Less: Comprehensive loss attributable to noncontrolling interest	—			—			(2		)	—			(2		)
Comprehensive income attributable to our common shareholder	$	281		$	590		$	154		$	(744	)	$	281

CONSOLIDATING STATEMENT OF OPERATIONS

(In millions)



	Year Ended March 31, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	781		$	8,076		$	2,440		$	(1,485	)	$	9,812
Cost of goods sold (exclusive of depreciation and amortization)	740			7,028			2,194			(1,485		)	8,477
Selling, general and administrative expenses	(19		)	341			76			—			398
Depreciation and amortization	14			220			58			—			292
Research and development expenses	7			39			—			—			46
Interest expense and amortization of debt issuance costs	320			16			(3		)	(35		)	298
Gain (loss) on assets held for sale	(5		)	2			—			—			(3		)
Loss on extinguishment of debt	7			—			—			—			7
Restructuring and impairment, net	12			33			2			—			47
Equity in net loss of non-consolidated affiliates	—			16			—			—			16
Equity in net (income) loss of consolidated subsidiaries	(455		)	(89		)	—			544			—
Other (income) expense, net	(49		)	(49		)	11			35			(52		)
	572			7,557			2,338			(941		)	9,526
Income before income taxes	209			519			102			(544		)	286
Income tax provision	7			57			19			—			83
Net income	202			462			83			(544		)	203
Net income attributable to noncontrolling interests	—			—			1			—			1
Net income attributable to our common shareholder	$	202		$	462		$	82		$	(544	)	$	202
Comprehensive income	$	125		$	364		$	85		$	(448	)	$	126
Less: Comprehensive income attributable to noncontrolling interest	—			—			1			—			1
Comprehensive income attributable to our common shareholder	$	125		$	364		$	84		$	(448	)	$	125

CONSOLIDATING BALANCE SHEET (In millions)



	As of March 31, 2015
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	4		$	365		$	259		$	—		$	628
Accounts receivable, net of allowances
— third parties	23			1,034			232			—			1,289
— related parties	385			154			158			(644		)	53
Inventories	55			1,084			294			(2		)	1,431
Prepaid expenses and other current assets	6			89			17			—			112
Fair value of derivative instruments	19			55			9			(6		)	77
Deferred income tax assets	—			70			9			—			79
Assets held for sale	—			6			—			—			6
Total current assets	492			2,857			978			(652		)	3,675
Property, plant and equipment, net	95			2,549			898			—			3,542
Goodwill	—			596			11			—			607
Intangible assets, net	19			562			3			—			584
Investments in and advances to non-consolidated affiliates	—			447			—			—			447
Investments in consolidated subsidiaries	3,013			597			—			(3,610		)	—
Deferred income tax assets	—			47			48			—			95
Other long-term assets
— third parties	57			70			10			—			137
— related parties	1,265			64			—			(1,314		)	15
Total assets	$	4,941		$	7,789		$	1,948		$	(5,576	)	$	9,102
LIABILITIES AND (DEFICIT) EQUITY
Current liabilities
Current portion of long-term debt	$	22		$	8		$	78		$	—		$	108
Short-term borrowings
— third parties	394			381			71			—			846
— related parties	—			122			—			(122		)	—
Accounts payable
— third parties	27			1,195			632			—			1,854
— related parties	78			393			42			(469		)	44
Fair value of derivative instruments	83			62			10			(6		)	149
Accrued expenses and other current liabilities
— third parties	99			412			61			—			572
— related parties	—			47			6			(53		)	—
Deferred income tax liabilities	—			20			—			—			20
Total current liabilities	703			2,640			900			(650		)	3,593
Long-term debt, net of current portion
— third parties	4,205			28			116			—			4,349
— related parties	49			1,209			56			(1,314		)	—
Deferred income tax liabilities	—			254			7			—			261
Accrued postretirement benefits	30			534			184			—			748
Other long-term liabilities	36			175			10			—			221
Total liabilities	5,023			4,840			1,273			(1,964		)	9,172
Commitments and contingencies
Temporary equity - intercompany	—			1,681			—			(1,681		)	—
Shareholder’s (deficit) equity
Common stock	—			—			—			—			—
Additional paid-in capital	1,404			—			—			—			1,404
(Accumulated deficit) retained earnings	(925		)	1,831			711			(2,542		)	(925		)
Accumulated other comprehensive (loss) income	(561		)	(563		)	(48		)	611			(561		)
Total (deficit) equity of our common shareholder	(82		)	1,268			663			(1,931		)	(82		)
Noncontrolling interests	—			—			12			—			12
Total (deficit) equity	(82		)	1,268			675			(1,931		)	(70		)
Total liabilities and (deficit) equity	$	4,941		$	7,789		$	1,948		$	(5,576	)	$	9,102

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
Temporary equity - intercompany	—			1,681			—			(1,681		)	—
Shareholder’s equity
Common stock	—			—			—			—			—
Additional paid-in capital	1,404			—			—			—			1,404
(Accumulated deficit) retained earnings	(1,073		)	1,684			680			(2,364		)	(1,073		)
Accumulated other comprehensive (loss) income	(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

CONSOLIDATING STATEMENT OF CASH FLOWS

(In millions)



	Year Ended March 31, 2015
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	29		$	659		$	161		$	(245	)	$	604
INVESTING ACTIVITIES
Capital expenditures	(17		)	(404		)	(97		)	—			(518		)
Proceeds from sales of assets, net of transaction fees and hedging
— third parties	29			88			—			—			117
Proceeds (outflows) from investment in and advances to affiliates, net	250			5			—			(275		)	(20		)
(Outflows) proceeds from settlement of other undesignated derivative instruments, net	(19		)	23			1			—			5
Net cash provided by (used in) investing activities	243			(288		)	(96		)	(275		)	(416		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
— third parties	—			315			47			—			362
— related parties	—			500			3			(503		)	—
Principal payments of long-term and short-term borrowings
— third parties	(21		)	(266		)	(37		)	—			(324		)
— related parties	—			(80		)	—			80			—
Revolving credit facilities and other, net
— third parties	27			97			36			—			160
— related parties	(25		)	(686		)	—			711			—
Return of capital to our common shareholder	(250		)	—			—			—			(250		)
Proceeds from issuance of intercompany equity	—			—			13			(13		)	—
Dividends, noncontrolling interests and intercompany	—			(244		)	(2		)	245			(1		)
Debt issuance costs	(3		)	—			—			—			(3		)
Net cash (used in) provided by financing activities	(272		)	(364		)	60			520			(56		)
Net increase in cash and cash equivalents	—			7			125			—			132
Effect of exchange rate changes on cash	—			(14		)	1			—			(13		)
Cash and cash equivalents — beginning of period	4			372			133			—			509
Cash and cash equivalents — end of period	$	4		$	365		$	259		$	—		$	628

CONSOLIDATING STATEMENT OF CASH FLOWS

(In millions)



	Year Ended March 31, 2014
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	144		$	893		$	233		$	(568	)	$	702
INVESTING ACTIVITIES
Capital expenditures	(22		)	(492		)	(203		)	—			(717		)
Proceeds from the sale of assets, net of transaction fees
— third parties	—			7			1			—			8
— related parties	—			8			—			—			8
(Outflows) proceeds from investment in and advances to affiliates, net	(261		)	(41		)	—			286			(16		)
(Outflows) proceeds from settlement of other undesignated derivative instruments, net	(21		)	21			15			—			15
Net cash (used in) provided by investing activities	(304		)	(497		)	(187		)	286			(702		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
— third parties	—			147			22			—			169
— related parties	—			—			56			(56		)	—
Principal payments of long-term and short-term borrowings
— third parties	(19		)	(143		)	(2		)	—			(164		)
Revolving credit facilities and other, net
— third parties	162			44			2			—			208
— related parties	25			208			—			(233		)	—
Intercompany return of capital	—			—			(3		)	3			—
Intercompany dividends	—			(479		)	(89		)	568			—
Debt issuance costs	(8		)	—			—			—			(8		)
Net cash provided by (used in) financing activities	160			(223		)	(14		)	282			205
Net increase in cash and cash equivalents	—			173			32			—			205
Effect of exchange rate changes on cash	—			3			—			—			3
Cash and cash equivalents — beginning of period	4			196			101			—			301
Cash and cash equivalents — end of period	$	4		$	372		$	133		$	—		$	509

CONSOLIDATING STATEMENT OF CASH FLOWS

(In millions)



	Year Ended March 31, 2013
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	87		$	230		$	202		$	(316	)	$	203
INVESTING ACTIVITIES
Capital expenditures	(11		)	(491		)	(273		)	—			(775		)
Proceeds from the sale of assets, net of transaction fees
— third parties	7			12			—			—			19
— related parties	—			2			—			—			2
(Outflows) proceeds from investment in and advances to affiliates, net	(313		)	(20		)	—			336			3
Proceeds (outflow) from settlement of undesignated derivative instruments, net	13			4			(13		)	—			4
Net cash (used in) provided by investing activities	(304		)	(493		)	(286		)	336			(747		)
FINANCING ACTIVITIES
Proceeds from issuance of long-term and short-term borrowings
— third parties	80			98			141			—			319
— related parties	49			9			—			(58		)	—
Principal payments of long-term and short-term borrowings
— third parties	(92		)	(5		)	—			—			(97		)
— related parties	—			(26		)	—			26			—
Revolving credit facilities and other, net
— third parties	205			127			—			—			332
— related parties	(10		)	286			(17		)	(259		)	—
Proceeds from the issuances of intercompany equity	—			1			44			(45		)	—
Dividends, noncontrolling interests and intercompany	—			(237		)	(81		)	316			(2		)
Acquisition of noncontrolling interest in Novelis Korea Ltd.	(9		)	—			—			—			(9		)
Debt issuance costs	(8		)	—			—			—			(8		)
Net cash provided by (used in) financing activities	215			253			87			(20		)	535
Net (decrease) increase in cash and cash equivalents	(2		)	(10		)	3			—			(9		)
Effect of exchange rate changes on cash	—			(9		)	2			—			(7		)
Cash and cash equivalents — beginning of period	6			215			96			—			317
Cash and cash equivalents — end of period	$	4		$	196		$	101		$	—		$	301