JP Morgan - Global High Yield & Leveraged Finance Conference

February 28, 2011

Steve Fisher Senior Vice President and Chief Financial Officer

Safe Harbor Statement

Forward-Looking Statements Statements made in this presentation which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking statements within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of forward looking statements in this presentation include our estimates of future flat rolled product growth worldwide and anticipated increases in our production capacity resulting from our debottlenecking efforts and expansion activities. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and that Novelis' actual results could differ materially from those expressed or implied in such statements. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; the capacity and effectiveness of our metal hedging activities, including our internal used beverage cans (UBCs) and smelter hedges; relationships with, and financial and operating conditions of, our customers, suppliers and other stakeholders; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing for future capital requirements; continuing obligations and other relationships resulting from our spin-off from Alcan Inc.; changes in the relative values of various currencies and the effectiveness of our currency hedging activities; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, labor relations and negotiations, breakdown of equipment and other events; the impact of restructuring efforts in the future; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic and composite materials; changes in general economic conditions including deterioration in the global economy, particularly sectors in which our customers operate; changes in the fair value of derivative instruments; cyclical demand and pricing within the principal markets for our products as well as seasonality in certain of our customers industries; changes in government regulations, particularly those affecting taxes, environmental, health or safety compliance; changes in interest rates that have the effect of increasing the amounts we pay under our principal credit agreement and other financing agreements; the effect of taxes and changes in tax rates; and our indebtedness and our ability to generate cash. The above list of factors is not exhaustive. Other important risk factors included under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2010 are specifically incorporated by reference into this presentation. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures as defined by SEC rules. We think that these measures are helpful to investors in measuring our financial performance and liquidity and comparing our performance to our peers. However, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP financial measures. We have included reconciliations of each of these measures to the most directly comparable GAAP measure. In addition, a more detailed description of these non-GAAP financial measures used in this presentation, together with a discussion of the usefulness and purpose of such measures, is included as Exhibit 99.2 to our Current Report on Form 8-K furnished to the SEC with our earnings press release.

Global Trends Point to Increasing Aluminum Demand

Economic Development
Driven by Urbanization, Increasing Global Wealth, and Modernization of Infrastructure

Material Preference
Increasing Substitution to Aluminum from Other Materials

Sustainability
Growing Awareness of Environmentalism and Demand for Recyclable Products

Global Trends in Aluminum Demand

Transportation Electronics Beverage Can

ShortShort-term (CY10(CY10-11) LongLong-term (CY10-14) CY10-14)

20% 15%

>25% 10%

3-5% 3-4%

Strong Short and Long-term Outlook

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Source: Novelis Estimates, November CRU

Novelis is a Global Industry Leader

The Worlds Leading Producer of Rolled Aluminum Products The Worlds Leading Recycler of Aluminum Beverage Cans Global Operations Spanning 11 Countries with Approximately 11,600 Employees $10.0 Billion Revenue, Adjusted EBITDA of $1 Billion and Free Cash Flow of $389 Million for the TTM ended December 31, 2010 Key Part of the Aditya Birla Groups Current Operations and Future Growth Plans

What Differentiates Novelis

Highly-Focused Business Model Drives Performance Worldwide Assets & Expertise Provide Unique Capabilities to Our Customers Globally Recognized Global Leadership Manufacturing Majority of Product Portfolio Comprised of Premium Products Sustainability Agenda Demonstrated by Our Recycling Leadership

Novelis Shipments by Market and Customer Base

Shipments by Market Strong, L-T Customer Relationships
Cans & Closures

Transportation Industrial 7% 10% Other 8% Foil & Packaging 15%

Automotive and Transportation

Industrial & Electronics

Beverage Cans 54%

Based on FY2010 Shipments

>70% of Portfolio is Premium Products

FINANCIAL HIGHLIGHTS

Third Quarter Financial Highlights

(Q3FY11 vs. Q3FY10)

Shipments Up 10% to 715 Kilotonnes Net Sales Up 21% to $2.6 Billion Adjusted EBITDA Up 20% to $238 Million Free Cash Flow of $45 Million Liquidity of $848 Million Net Loss of $46 Million driven by refinancing & restructuring

Will Exceed $1B in Adjusted EBITDA in FY11

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Adjusted EBITDA & Shipments

Adjusted EBITDA (Millions) Shipments (Kt) Adjusted EBITDA Shipments

Economic Downturn

Recovery

$300 $250 $200 $150 $100 $152 $127 $199 $238

900 800 700 600

$50 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 Q4 Q1 Q2 Q3 2010 Q4 Q1 Q2 Q3 2008 2011 500

Driving Operational Improvements on Lower Volume

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Adjusted EBITDA Strong, Sustainable Results

Over the past year, Adjusted EBITDA has nearly doubled, from $576 million to $1 billion
$1,022

~$200 Million Contribution from 3 Significant Areas:

$576

Price & Mix

~$120M

Operating Costs

~$50M

Efficiencies TTM Ended Q3FY10

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~$20M

TTM Ended Q3FY11

Strong Liquidity & Projected Free Cash Flow

(Millions)

Liquidity
$848 $634 $71
Target Liquidity of ~$750 Million

Free Cash Flow

$355

($352)

Q3FY10

Q3FY11 FY08 FY09 FY10 FY11E*

Availability Under the ABL Facility Cash and Cash Equivalents

*Excluding any Capital Allocation Decisions in FY11

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Capital Expenditures
(Millions)

$300 $250 $200 $150 $100 $50 $0 FY10 FY11E 101 ~250

FY11 Capex Plan:

Maintenance Capex ~$140M Strategic Capex ~$110M:
Brazil Mill Expansion Debottlenecking Globally Recycling Initiatives

Focus on Debottlenecking & Strategic Investments

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Successful Capital Structure Refinancing

Benefits of New Capital Structure:
Provides more Flexibility to Achieve Future Growth Objectives Improves Maturity Profile From 2014/15 to 2017/20 Allows for Return of Capital to Shareholder

The Refinancing:
$2.5 billion Senior Unsecured Notes $1.5 billion Term Loan B Credit Facility $800 million Asset-Based Revolving Credit Facility

New Structure = Greater Flexibility to Meet Our Strategic Objectives

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NOVELIS STRATEGY AND OUTLOOK

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FRP Growth Worldwide from 2010 to 2015

(Kt)

34% Growth Over 5 Years

Areas of Focus

Focusing Capex on Growing Economies Asia, ME&A, and S.A. Europe & N.A. to Return to Pre-recession Levels
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Source: November CRU, Novelis Estimates

Continuing to Implement Novelis Strategy

Strong Market Growth Successful Refinancing

Footprint Optimization & Cost Reduction

Bridgnorth & Aratu Closures Improve Annual EBITDA by ~$30M
Allows Management to Focus on Core Operations

Global Debottlenecking Initiatives

Capacity Release of 3-4% annually through Fiscal 2014

Other Strategic Investments

Brazil Mill Expansion (adding 220kt of capacity by FY12) Recycling Initiatives (Brazil - $15M // Europe - $18M) Asia Strategic Growth Opportunities

Plans to Significantly Invest in the Business Over Next Few Years

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Significant Capacity Increases Coming Online

(Kilotonnes)

Process Optimization to Increase Throughput

Upgauging on Finishing Hot Mills

90+ 70+

60+
Coil Cleaning and Tension Leveling in Asia

250+
Brazil Mill Expansion to add ~220kt of capacity
Reduction in Passes for LG Product

Total Expected Capacity Increase of ~20% by FY14

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Summary and Business Outlook

Strong Growth in Aluminum Demand in all Four Regions - North America, Europe, Asia and South America

Novelis is Well-Positioned to Capitalize on Future Growth

Strong Liquidity & FCF is Enabling Investment in Key Markets

Novelis has Emerged from the Recession a Leaner, Stronger and More Nimble Company

Novelis will Continue to Focus on Managing Expenses Globally

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QUESTIONS AND ANSWERS

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