X0202 4 2006-03-23 0 0001304280 Novelis Inc. NVL 0001354404 Longworth Jo-Ann 3399 PEACHTREE ROAD, NE SUITE 1500 ATLANTA GA 30326 0 1 0 0 V.P. & Controller Common Stock 2006-03-24 4 M 0 2750 A 2750 D Common Stock 2006-03-24 4 D 0 2750 20.14 D 0 D Phantom Units 2006-03-24 4 M 0 2750 D 2006-03-24 2006-03-24 Common Stock 2750 0 D Phantom Units 2006-03-23 4 A 0 10.0059 20.30 A Common Stock 10.0059 2266.8964 D The phantom units were awarded under the Novelis Founders Performance Award Plan ("Founders Plan"). The share price improvement targets were achieved with respect to the units reported and each unit is equivalent to one Novelis common share. The phantom units are payable only in cash at a value per unit equal to the price of Novelis common shares as determined in compliance with the terms of the Founders Plan. The price of the phantom units is the average of the daily closing prices of Novelis common shares on the New York Stock Exchange for the last five trading days prior to the payment date. The phantom units were awarded under the Alcan, Inc. Total Shareholder Return Performance Plan ("TSR Plan"), prior to the issuer's separation from Alcan, Inc., and the obligations were assumed by the issuer. Each phantom unit is equivalent to one Novelis common share. Dividend received on phantom units in accordance with the TSR Plan. Phantom units will be paid only in cash on October 1, 2006 at a value per unit equal to the price of Novelis common shares as determined in compliance with the terms of the TSR Plan. Closing price of Novelis common shares on the New York Stock Exchange on date dividend paid. /s/ Christopher Courts, Attorney-in-Fact 2006-03-27