Novelis Fourth Quarter & FY 2012

Earnings Conference Call

Philip Martens

President and Chief Executive Officer

Steve Fisher

Senior Vice President and Chief Financial Officer

Brighter Ideas with Aluminum

May 24, 2012

Exhibit 99.2

2

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 are statements about future global growth in flat rolled products, our anticipated capital expenditures in fiscal year 2013, and our

expectations for demand recovery in fiscal year 2013.  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; 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; 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, 2012 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.

NOVELIS’

STRATEGY

SUMMARY & OUTLOOK

FY 2012 HIGHLIGHTS

Agenda

DETAILED FINANCIAL PERFORMANCE

3

4

4

5

Fiscal 2012 Highlights

Record EBITDA/tonne of $371 despite 4% decrease in

Shipments

Generated Record Free Cash Flow before CapEx

Strategic Expansions Progressing Well

Continued Executing on our Strategy

Strong Performance & Execution Throughout FY2012

5

6

6

7

Novelis’

Strategy

•

Product Portfolio/Footprint Optimization

•

One Novelis

•

Major Rolling Expansions in South America, Asia & North

America

•

Major Recycling Expansions Worldwide

CONTINUE TO STRENGTHEN THE BUSINESS

CAPTURE GROWTH IN OUR GLOBAL FRP MARKETS

80% RECYCLED CONTENT IN OUR PRODUCTS BY 2020

7

Executing on Novelis’

Strategy –

FY12 Actions

•

Announced Divestiture of Three Foil Mills in Europe

•

Announced Closure of Saguenay Plant in Canada

•

Buyout

of

Minority

Interests

in

Korean Operations

•

Announced Intent to Exit the Evermore Joint Venture

CONTINUE TO STRENGTHEN THE BUSINESS

8

Executing on Novelis’

Strategy –

FY12 Actions

•

Progressing

well

on

All

Major

Rolling

Expansions

--

Brazil,

South Korea & United States

•

Announced Entry Point into China through a new Plant geared

at Automotive Sheet Finishing Capabilities in Changzhou City in

the Jiangsu Province of China

CONTINUE TO STRENGTHEN THE BUSINESS

CAPTURE GROWTH IN OUR GLOBAL FRP MARKETS

9

Executing on Novelis’

Strategy –

FY12 Actions

CONTINUE TO STRENGTHEN THE BUSINESS

CAPTURE GROWTH IN OUR GLOBAL FRP MARKETS

•

Commissioned Norf Recycling Facility

•

Planned Recycling Investments for Brazil, South Korea

and Europe

•

Increased Recycled Content in Products from 33% in

FY11 to 39% for FY12

80% RECYCLED CONTENT IN OUR PRODUCTS BY 2020

10

11

Executing on Novelis’

Strategy –

FY12 Actions

•

Announced Divestiture of Three Foil Mills in Europe

•

Announced Closure of Saguenay Plant in Canada

•

Buyout of Minority Interests in Korean Operations

•

Announced Intent to Exit the Evermore Joint Venture

•

Progressing well on All Major Rolling Expansions

•

Announced Entry Point into China through a new Plant geared at

Automotive Sheet Finishing Capabilities in Changzhou City in the

Jiangsu Province of China

•

Commissioned Norf Recycling Facility

•

Planned Recycling Investments for Brazil, South Korea and Europe

•

Increased Recycled Content in Products from 33% in FY11 to 39% for

FY12

CONTINUE TO STRENGTHEN THE BUSINESS

CAPTURE GROWTH IN OUR GLOBAL FRP MARKETS

80% RECYCLED CONTENT IN OUR PRODUCTS BY 2020

12

(Kt)

Strong FRP Growth Worldwide (2011-2016)

Strong Long-Term Outlook Supports Investments

Source:

February

2012

CRU,

Novelis

Estimates

~35% Growth Over 5 Years

Source:

February

2012

CRU,

Novelis

Estimates

(Kt)

Strong Long-Term Outlook Supports Investments

•

Asia Represents 67% of Growth

•

China Expected to Drive Majority

of this Growth

•

China will Grow at a 11% CAGR

Over the Next 5 Years

Strong FRP Growth Worldwide (2011-2016)

19,200

4,350

400

350

600

800

25,700

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

28,000

2011

Asia

M&NA

South

America

Europe

North

America

2016

13

14

China’s First Plant for Aluminum Automotive Sheet

~$100 Million Plant Investment; ~120 kt Capacity

Commissioning at the End of 2014

Platform for Future Growth

NOVELIS TO BUILD ITS FIRST MANUFACTURING

PLANT IN CHINA

Novelis Enters China

15

Strengthening Unmatched Global Rolling Footprint

Brazil

Rolling Expansion

~220kt End of CY12

China

Auto Finishing Line

~120kt End of CY14

Korea

Rolling Expansion

~350kt End of CY13

United States

Auto Finishing Lines

~200kt Mid CY13

Global Rolling Strategic Investments

Shipments (Kt)

16

Global Recycling Investments

Brazil

Pinda

North

America

Italy

Pieve

Korea

Yeongju

Germany

Nachterstedt

Germany

Norf

Unmatched Global Recycling Footprint

17

18

Fourth Quarter Financial Highlights

(Q4FY12 vs. Q4FY11)

Shipments Down 9% to 703 Kilotonnes

Net Sales Down 12% to $2.6 Billion

Adjusted EBITDA Down 17% to $233 Million

Free Cash Flow Before CapEx of $318 Million

Net Income, Excluding Special Items, of $25 Million

Net Loss of $107 Million

Demand Continuing to Improve Sequentially

Shipments & Sales

Total Company

Sales (Billions) •

Shipments (Kt)

Short-term Softness in Most Regions

Shipments

Sales

Q4FY12

Q4FY11

(18%)

(5%)

(9%)

(2%)

Shipments by Region

3.0

2.6

200

350

500

650

800

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

Q4FY11

Q4FY12

0

50

100

150

200

250

300

South

America

Asia

Europe

North

America

19

20

(Millions)

Adjusted EBITDA Trend

Short-term Softness Impacting EBITDA

TTM EBITDA

Quarterly EBITDA

238

280

306

301

213

233

$800

$850

$900

$950

$1,000

$1,050

$1,100

$1,150

$0

$50

$100

$150

$200

$250

$300

$350

Q3FY11

Q4FY11

Q1FY12

Q2FY12

Q3FY12

Q4FY12

20

21

FY12 Financial Highlights

Strong Performance & Execution throughout FY2012

Shipments Down 4% to 2,838 Kilotonnes

Net Sales Up 5% to $11 Billion

Adjusted EBITDA Down 2% to $1.053 Billion

Free Cash Flow Before CapEx of $614 Million

Liquidity of $1 Billion

Net Income, Excluding Special Items, of $218 Million

Net Income of $63 Million

(FY12 vs. FY11)

21

22

Adjusted EBITDA/tonne & Shipments

$176

$279

$361

$371

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

$0

$100

$200

$300

$400

$500

FY09

FY10

FY11

FY12

EBITDA/tonne

Shipments (Kts)

Record EBITDA/tonne Despite 4% Decrease in Shipments

23

(Millions)

Free Cash Flow Before CapEx

FY11

FY12

FY13E

FY11

FY12

FY13E

$0

$200

$400

$600

$800

Strong Cash Flow Generation Continues

$544

$614

$600-700

(Millions)

Capital Expenditures

FY11

FY12

FY13E

•

Brazil Mill Expansion

•

South Korea Mill Expansion

•

•

Global Recycling Initiatives

FISCAL 2013 CAPEX:

$234

$516

$0

$200

$400

$600

$800

$650-700

Continued Focus & Execution on Strategic Investments

24

in North America & China

Automotive Capacity Increase

25

26

Summary & FY13 Outlook

Executing on our Strategy

•

Taking Action to Strengthen the Business

•

Strategic Expansions Progressing Well

•

Making Progress Towards our Goal of 80% Recycled Content by 2020

Unmatched Global Rolling & Recycling Footprint

Adjusted EBITDA above FY12 $1.05 Billion

•

Demand Recovery Continuing into FY13

Free Cash Flow before CapEx of approximately $600-700 Million

Capital Expenditures of approximately $650-700 Million

27

28

Income Statement Reconciliation to Adjusted EBITDA  

(in $ m)

Q1

FY11

Q2

FY11

Q3

FY11

Q4

FY11

FY11

Q1

FY12

Q2

FY12

Q3

FY12

Q4

FY12

FY12

Net Income (loss) Attributable to Our Common

Shareholder

50

62

(46)

50

116

62

120

(12)

(107)

63

-

Interest, net

(36)

(37)

(42)

(79)

(194)

(73)

(73)

(71)

(73)

(290)

-

Income tax (provision) benefit

(15)

(56)

(33)

21

(83)

(59)

7

10

3

(39)

-

Depreciation and amortization

(103)

(104)

(100)

(97)

(404)

(89)

(81)

(79)

(80)

(329)

-

Noncontrolling interests

(9)

(11)

(11)

(13)

(44)

(15)

(10)

(1)

(1)

(27)

EBITDA

213

270

140

218

841

298

277

129

44

748

-

Unrealized gain (loss) on derivatives

(47)

1

9

(27)

(64)

26

(1)

(63)

(23)

(62)

-

Realized gain on derivative

instruments not included  in     

segment income

-

-

4

1

5

2

-

(3)

2

1

-

Loss on early extinguishment of debt

-

-

(74)

(10)

(84)

-

-

-

-

-

-

Proportional consolidation 

(10)

(11)

(10)

(14)

(45)

(13)

(12)

(9)

(15)

(49)

-

Restructuring  charges, net

(6)

(9)

(20)

1

(34)

(19)

(11)

(1)

(29)

(60)

-

Loss on assets held for sale

-

-

-

-

-

-

-

-

(111)

(111)

-

Others costs, net

13

(2)

(7)

(13)

(9)

(4)

-

(8)

(13)

(24)

Adjusted EBITDA

263

291

238

280

1,072

306

301

213

233

1,053

Other Income (expense) Included in Adjusted

EBITDA

-

Metal price lag

9

19

-

(3)

25

5

15

8

(19)

9

-

Foreign currency remeasurement

(22)

20

1

9

8

(8)

-

(2)

(4)

(14)

-

Purchase accounting

(3)

(4)

(3)

(3)

(13)

(3)

(3)

(3)

(3)

(13)

29

Free Cash Flow  

(in $m)

FY11

FY12

Q1

Q2

Q3

Q4

Full

Year

Q1

Q2

Q3

Q4

Full

Year

Cash Provided by (used in)

Operating Activities

22

102

94

236

454

(115)

171

145

355

556

Cash Provided by (used in)

Investing Activities)

27

(2)

(39)

(99)

(113)

(79)

(40)

(72)

(251)

(442)

Less: Proceeds from Sales of

Fixed Assets

(15)

(3)

(10)

(3)

(31)

0

1

(10)

(7)

(16)

Free Cash Flow

34

97

45

134

310

(194)

130

63

99

98

30

31

Explanation of Other Income (Expenses)

Included in Adjusted EBITDA

1) Metal Price Lag Net of Related Hedges:

On certain sales contracts we experience timing differences on the pass through of changing aluminum prices from our

suppliers to our customers. Additional timing differences occur in the flow of metal costs through moving average inventory

cost values and cost of goods sold. This timing difference is referred to as Metal Price Lag. We have a risk management

program in place to minimize impact of this “lag”.

2) Foreign Currency Remeasurement Net of Related Hedges:

All non-functional currency denominated Working Capital and Debt gets remeasured every period by the period end

exchange

rates.

This

impacts

our

profitability.

Like

Metal

Price

Lag,

we

have

a

risk

management

program

in

place

to

minimize impact of such Remeasurement.

3) Purchase Accounting:

Following our acquisition, the consideration and transaction costs paid by Hindalco in connection with the transaction were

“pushed down”

to us and were allocated to the assets acquired and the liabilities assumed. These allocations are amortized

over periods, impacting our profitability.