/C O R R E C T I O N -- Novelis Inc./ In the news release, Novelis Details Spin-Off Accounting Treatment, issued earlier today by Novelis Inc. (NYSE, TSX: NVL) over PR Newswire, we are advised by the company that the statement included in paragraph three should read, "All income earned and cash flows generated by the Novelis entities as well as the risks and rewards of these businesses from January 1-5, 2005, were primarily attributed to Novelis and are included in the accompanying consolidated financial statements, with the exception of $45 [million] of pre-tax net gains on derivative contracts that were attributed to Alcan and were therefore recorded as an adjustment to the Owner's net investment account" rather than "All income earned and cash flows generated by the Novelis entities as well as the risks and rewards of these businesses from January 1-5, 2005, were primarily attributed to Novelis and are included in the accompanying consolidated financial statements, with the exception of the mark-to-market losses of $30 million on derivative contracts with Alcan that were recorded as an increase to Owner's net investment" as originally issued inadvertently. PRNewswire -- May 11 DATASOURCE: Novelis Inc.

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