Deletion Of Novelis Inc. (US) From The S&P ADR Indices

Standard & Poor’s will make the following changes in the S&P ADR Indices effective after the close of trading on Monday, May 14, 2007:

• Novelis Inc. (US) (Canada, NYSE: NVL, CUSIP: 67000X106, Sedol: B05HXC8) will be deleted from the S&P ADR Index. The company, which is being acquired by Hindalco Industries Ltd., will be delisted from NYSE before the opening of business on May 15, 2007.

Following is a summary of the announced changes:

Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.

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