NVL Novelis Inc

ATLANTA, Dec. 14 /PRNewswire-FirstCall/ -- Novelis Inc. (NYSE:NVL) (TSX: NVL) today announced that it will extend until January 4, 2007, at 5:00 p.m. Eastern Time, its offer to exchange up to $1.4 billion aggregate principal amount of its 7-1/4% Senior Notes due 2015, which were initially issued and sold in a private placement on February 3, 2005, for an equal aggregate amount of its registered 7-1/4% Senior Notes due 2015. The original expiration date of the exchange offer was October 31, 2005. The expiration date was initially extended on November 1, 2005, and re- extended on November 7, 2005, January 31, 2006, May 10, 2006, August 11, 2006, and October 17, 2006. The most recent extension started on October 17, 2006, and expires on December 15, 2006. As of December 12, 2006, $648,642,000 of the old notes had been tendered for exchange. As a result of the original extension announced on November 1, 2005, the Company began to accrue, beginning November 11, 2005, and until the exchange offer closes (or earlier as provided in the registration rights agreement relating to the Senior Notes, or the expiration of the two year Rule 144(k) holding period with respect to the Senior Notes), a special interest rate on the Senior Notes equaling an additional 0.25% per annum. The rate of special interest increases 0.25% during each subsequent 90-day period until the exchange offer closes, with the maximum amount of additional special interest at a rate of 1.00% per annum. Accordingly, on August 8, 2006, the rate of special interest increased from 0.75% per annum to 1.00% per annum. Novelis filed a post-effective amendment to the exchange offer registration statement with the United States Securities and Exchange Commission (SEC) on December 1, 2006. Except for the extension of the expiration date, all of the other terms of the exchange offer remain as set forth in the exchange offer prospectus dated September 27, 2005. This press release is not an offer to exchange new notes for the old notes or the solicitation of an offer to exchange. Any offer will be made by Novelis Inc. only by means of the exchange offer prospectus. Any holder of the old notes, who would like to obtain copies of the prospectus and related documents, or with questions regarding the exchange offer, should contact Novelis Inc.'s exchange agent, The Bank of New York Trust Company, N.A., at (212) 815-5098. Novelis is the global leader in aluminum rolled products and aluminum can recycling. The company operates in 11 countries and has approximately 12,500 employees. Novelis has the unrivaled capability to provide its customers with a regional supply of technologically sophisticated rolled aluminum products throughout Asia, Europe, North America and South America. Through its advanced production capabilities, the company supplies aluminum sheet and foil to the automotive and transportation, beverage and food packaging, construction and industrial, and printing markets. For more information, visit http://www.novelis.com/. DATASOURCE: Novelis Inc. CONTACT: Media, Charles Belbin, +1-404-814-4260, or , or Investors, Eric Harris, +1-404-814-4304, or , both of Novelis Inc. Web site: http://www.novelis.com/

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