Hindalco Industries LimitedCompany ProfilePublication Date: 18 Aug 2010

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Hindalco Industries LimitedTABLE OF CONTENTS

COMPANY OVERVIEWHindalco Industries, the metals flagship company of Aditya Birla Group, is engaged in the productionof aluminum and copper. The company has operations in 12 countries and serves customers inmore than 50 countries. It is headquartered in Mumbai, India and employs about 19,900 people.The company recorded revenues of INR656,251.5 million (approximately $14,319.4 million) in thefinancial year ended March 2009 (FY2009), an increase of 9.4% over FY2008. The operating profitof the company was INR6,356.6 million (approximately $138.7 million) in FY2009, a decrease of86.8% compared with FY2008. The net profit was INR3,488.3 million (approximately $76.1 million)in FY2009, a decrease of 84.9% compared with FY2008.

KEY FACTSHead Office Hindalco Industries LimitedAditya Birla CentreS. K. Ahire MargWorliMumbai 400 030MaharashtraINDPhone 91 22 6652 5000Fax 91 22 6652 5841Web Address http://www.hindalco.comRevenue / turnover 656,251.5(INR Mn)Financial Year End MarchEmployees 19,867Bombay Stock 500440Exchange TickerHindalco Industries Limited Page 4© DatamonitorHindalco Industries LimitedCompany Overview

BUSINESS DESCRIPTIONHindalco Industries (Hindalco) is engaged in the manufacturing of aluminum and copper products.The company is a part of the Aditya Birla Group. Through its subsidiary Novelis, Hindalco operates32 plants In 11 countries. The company has presence in 12 countries.The company operates through three business segments: aluminum; copper; and others.The aluminum segment covers a series of operations from bauxite mining, alumina refining, andaluminum smelting to downstream rolling, extrusions, and recycling. The product range consists ofrolled products, extrusions, foils, primary aluminum ingots, billets, wire rods, and aluminum slabs.Additionally, the segment offers products such as Freshwrapp aluminum foil, Everlast aluminumroofing sheets, Permashield aluminum waterproofing membrane sheeting, and Al Planet aluminumproducts for the construction industry.Hindalco operates an integrated complex at Renukoot, in Uttar Pradesh, India.The complex comprisesan alumina refinery with a capacity of 700,000 tons per annum (tpa), an aluminum smelter with acapacity of 345,000 tpa, and facilities for the production of semi-fabricated products.The unit receivespower from the captive power plant located at Renusagar, Uttar Pradesh, with 10 power generatingunits. The power plant has a current generation capacity of 742 megawatt (MW). The integratedcomplex also operates a co-generation plant with a capacity of 37.5 MW. A new co-generation plantwith a capacity of 41 MW has just been commissioned to meet the requirements of the enhancedpost-expansion capacities.The company also operates another aluminum smelter at Hirakud in Orissa, India with a captivepower plant and coal mines. The smelter has a capacity of 143,000 tpa, and captive power plant of367 MW.

The company’s subsidiary Novelis has presence in North America, South America, Europe, andAsia. It produces premium aluminum rolled products and flat rolled aluminum products. In additionto its aluminum rolling activities, Novelis operates bauxite mining, alumina refining, primary aluminumsmelting, and power generation facilities in Brazil that are integrated with its rolling plants.The copper segment produces copper cathodes, continuous cast copper rods, precious metals,sulphuric acid, phosphoric acid, di-ammonium phosphate (DAP) and other phosphoric fertilizers,and phospho-gypsum. Hindalco manufactures continuous cast copper rods for wire, cable, andtransformer industry, and copper tubes for air conditioning and refrigeration and various otherapplications in the form of alloys and sheets.The copper alloys such as brass, bronze, and cupronickelare used in industries including defense, mint, construction, and the electrical industry.Hindalco operates an integrated copper unit at Dahej which comprises copper smelters, backed bya captive power plant, oxygen plants, by-products plants, utilities, and a captive jetty.Hindalco Industries Limited Page 5© DatamonitorHindalco Industries LimitedBusiness DescriptionThe others segment includes other businesses such as caustic, cellular services, and others.Hindalco Industries Limited Page 6© DatamonitorHindalco Industries LimitedBusiness Description

HISTORYHindalco Industries (Hindalco) was incorporated in 1958.The company began production of aluminummetal and alumina at its facility at Renukoot, India in 1962. In 1967, Hindalco opened RenusagarPower Plant.Hindalco commenced the production of aluminum alloy wheels at Silvassa in 1999. In the followingyear, the company acquired a controlling stake in Indian Aluminium Company (Indal) with 74.6%equity holding.Indo Gulf Corporation, a copper business, and Birla Copper were amalgamated with Hindalco in2002. Hindalco acquired Nifty Copper Mine through Aditya Birla Minerals (earlier known as BirlaMinerals Resources) in 2003. In the same year, Hindalco became majority stakeholder in UtkalAlumina, a joint venture with Alcan. Further in 2003, the company increased its equity in Indal to96.5%.In 2005, all businesses of Indal, except for the Kollur Foil Plant in Andhra Pradesh, merged withHindalco.In 2006, the company entered into a joint venture with Almex USA for manufacture of aluminumalloys for applications in aerospace, sporting goods, and surface transport industries. Subsequently,Hindalco signed a memorandum of understanding (MoU) with the government of Madhya Pradeshfor a greenfield aluminum smelter.Further in 2006, the company entered into a joint venture with Essar Power (MP) to develop andoperate coal mines at Mahan, Madhya Pradesh, India. In the same year, Hindalco acquired analuminum rolling mill and wire rods facility situated at Mouda (Nagpur), from Asset ReconstructionCompany (India).The company acquired Novelis in 2007. In the same year, the company became the 100% ownerof the Utkal project by acquiring Alcan's 45% equity stake.In 2008, Hindalco along with Hydromine, a US based mining firm, and Dubai Aluminium Company,formed a new mineral firm Cameroon Alumina, in which the Cameroon government also ownedstakes.In July 2009, Hindalco announced its decision to close its wheel plant with capacity of 300,000wheels per annum, located at Silvassa in India.In December 2009, Hindalco subsidiary Aditya Birla Minerals agreed to buy out the 50% stake heldby its two joint venture partners in Maroochydore copper mining project located in Western Australia.Hindalco Industries Limited Page 7© DatamonitorHindalco Industries Limited

HistoryIn June 2010, the government of the Indian state of Orissa approved Hindalco’s proposal to enhanceits aluminum capacity in the state from 0.14 million tpa to 0.36 million tpa and expand the generationcapacity of the Hirakud captive power plant to 967 MW.Hindalco Industries Limited Page 8© DatamonitorHindalco Industries LimitedHistory

KEY EMPLOYEESName Job Title Board CompensationDebu Bhattacharya Managing Director Executive Board 110939510 INRKumar Mangalam Birla Chairman of the Board of Directors Non Executive Board 67927000 INRRajashree Birla Director Non Executive Board 2788000 INRC. M. Maniar Director Non Executive Board 1115000 INRE. B. Desai Director Non Executive Board 1115000 INRS. S. Kothari Director Non Executive Board 45000 INRM. M. Bhagat Director Non Executive Board 952000 INRK. N. Bhandari Director Non Executive Board 352000 INRA. K. Agarwala Director Non Executive Board 495000 INRN. J. Jhaveri Director Non Executive Board 796000 INRGroup Executive President and Senior ManagementChief Financial OfficerS. TalukdarDilip Gaur Group Executive President, Copper Senior ManagementShashi K. Maudgal Chief Marketing Officer, Aluminium Senior ManagementSatish M. Bhatia President, Foil and Wheel Senior ManagementR. S. Dhulkhed Senior President, Operations Senior ManagementJoint President, Chemicals and Senior ManagementInternational TradeVinod SoodChief Officer Operations, Renukoot Senior ManagementUnitD. K. KohlyVineet Kaul Chief People Officer Senior ManagementAnil Malik Company Secretary Senior ManagementHindalco Industries Limited Page 9© DatamonitorHindalco Industries LimitedKey Employees

MAJOR PRODUCTS AND SERVICESHindalco Industries, the metals flagship company of Aditya Birla Group, is engaged in the productionof aluminum and copper. The company's key products and services include the following:Aluminum:Rolled productsExtrusionsIngotsBilletsWire rodsSlabsFoilRoofing sheetsWaterproofing membrane sheetingCopper:Continuous cast copper rodsCopper cathodesDi-ammonium phosphate (DAP)Phospho-gypsumPhosphoric acidPrecious metals

Sulphuric acidBrands:FreshwrappEverlastPermashieldAl PlanetHindalco Industries Limited Page 10© DatamonitorHindalco Industries LimitedMajor Products and Services

REVENUE ANALYSISOverviewHindalco Industries (Hindalco) recorded revenues of INR656,251.5 million (approximately $14,319.4million) in FY2009, an increase of 9.4% over FY2008. For FY2009, India, the company's largestgeographic market, accounted for 20.7% of the total revenues.Hindalco generates revenues through three business segments: aluminum (82.7% of the totalrevenues in FY2009), copper (16.4%), and others (0.9%).Revenue by segmentIn FY2009, the aluminum segment recorded revenues of INR542,852.4 million (approximately$11,845 million), an increase of 15.4% over FY2008.The copper segment recorded revenues of INR107,548.6 million (approximately $2,346.7 million)in FY2009, a decrease of 12.8% compared with FY2008.The others segment recorded revenues of INR5,850.5 million (approximately $127.7 million) inFY2009, a decrease of 9.2% compared with FY2008.Revenue by geography*India, Hindalco's largest geographical market, accounted for 20.7% of the total revenues in FY2009.Revenues from India reached INR136,111.3 million (approximately $2,969.9 million) in FY2009, anincrease of 0.8% over FY2008.Rest of the world accounted for 79.3% of the total revenues in FY2009. Revenues from rest of theworld reached INR521,741 million (approximately $11,384.4 million) in FY2009, an increase of 11.9%over FY2008.*As reported by the companyHindalco Industries Limited Page 11© DatamonitorHindalco Industries LimitedRevenue Analysis

SWOT ANALYSISHindalco Industries (Hindalco), the metals flagship company of Aditya Birla Group, is engaged inthe production of aluminum and copper. The company has operations in 12 countries and servescustomers in more than 50 countries. Hindalco is India‘s largest producer of flat rolled products, andone of the leading global players in aluminum rolling with 19% market share. Novelis, the company’ssubsidiary, is the largest producer of flat rolled aluminum products in Europe, South America, andAsia and is the second largest in North America. The company's strong market position gives itadvantage of scale and increases its bargaining power. However, stringent government regulationscould affect the company's operating margins.Strengths WeaknessesStrong market position Substantial long-term debtIntegrated aluminum operationsExtensive product portfolioOpportunities ThreatsExpansion of aluminum operations Environmental regulationsPositive outlook for the global aluminum Mining and production risksindustry Intense competitionIncreasing demand for precious metals

StrengthsStrong market positionHindalco is one of the leading companies in the aluminum industry in India. The company is India‘slargest producer of flat rolled products. Hindalco is one of the leading global players in aluminumrolling with 19% market share. The company has primary aluminum smelting capacity of 488,000tons per annum (tpa), alumina refining capacity of 1.5 million tpa, and rolling capacity of 205,000tpa.Novelis, the company’s subsidiary, operates 32 plants in 11 countries. It is the only company whichproduces premium aluminum rolled products in North America, South America, Europe, and Asia.Novelis is the largest producer of flat rolled aluminum products in Europe, South America, and Asia;and is the second largest in North America. Novelis caters to the top-end technologically advancedmarket sectors, producing premium sheet and foil products for high-value applications in automotive,transportation, packaging, construction, industrial products, and printing.Hindalco Industries Limited Page 12© DatamonitorHindalco Industries LimitedSWOT AnalysisThe company's strong market position gives it advantage of scale and increases its bargainingpower.Integrated aluminum operationsThe aluminum business of Hindalco is integrated with its own mining and captive power generationcapacities. The company is the largest vertically integrated aluminum company in India. It engagesin all aspects of the value chain from bauxite mining, alumina refining, and aluminum smelting todownstream rolling, extrusions, and recycling. Hindalco operates an integrated complex at Renukoot,in Uttar Pradesh, India. The complex comprises an alumina refinery, an aluminum smelter, andfacilities for the production of semi-fabricated products. The unit receives power from the captivepower plant located at Renusagar, Uttar Pradesh, with 10 power generating units. The power planthas a current generation capacity of 854 MW. The integrated complex also operates a co-generationplant with a capacity of 37.5 MW. A new co-generation plant with a capacity of 41 MW has just beencommissioned to meet the requirements of the enhanced post-expansion capacities.The integrated aluminum operations made the company one of the cost-effective aluminummanufacturers in the country and worldwide.The Indian operations being one of the most competitiveassets in the company’s business portfolio offer a competitive advantage with a leading marketposition in the country.Extensive product portfolioHindalco offers an extensive product portfolio through its two segments, aluminum and copper. Thealuminum segment engages in the production of rolled products, extrusions, ingots, billets, wire rods,slabs, foil, roofing sheets, and waterproofing membrane sheeting. The copper segment producescontinuous cast copper rods, copper cathodes, di-ammonium phosphate (dap), phospho-gypsum,phosphoric acid, precious metals, and sulphuric acid.In FY2009, copper cathodes accounted for 24% of net sales, concast copper rods accounted for23%, aluminum ingots and billets 13%, SAP, DAP and complexes, precious metals and others 12%,rolled products 12%, conductor and redraw rods 5%, hydrate and alumina 4%, aluminum foils, wheelsand others 4%, and extrusions 3%.The company’s products find wide application in various segments, such as automotive, buildingand construction, printing, packaging, transportation, electrical, industrial products, defense, andgeneral engineering applications. An extensive product portfolio provides for a diversified andextensive customer base avoiding dependence on any single customer industry for revenues. Thisin turn creates financial stability for the company.WeaknessesSubstantial long-term debtHindalco Industries Limited Page 13© DatamonitorHindalco Industries LimitedSWOT Analysis

Debt forms a significant part of the company’s capital structure. As of March 2009, the company hadlong-term debt of INR283,097.6 million (approximately $6,177.2 million), a decrease of 12.5%compared with FY2008. The company’s total shareholder equity as of March 2009 totaledINR158,536.2 million (approximately $3,459.3 million).This represents a high long term debt-to-equityposition. In FY2009, the company recorded long term debt to equity ratio of 178.6%. Though thecompany’s long term debt to equity ratio has declined from 187.1% in FY2008 to 178.6% in FY2009,it is still significant. The interest payments needed to service the high indebtedness could have amaterial adverse effect on the company’s financial results.High level of debt could limit the company’s ability to finance future acquisitions, develop, andconstruct additional projects. It could also impair its credit quality resulting in a downgrade in debtratings by credit rating agencies.OpportunitiesExpansion of aluminum operationsHindalco is undertaking several projects to expand its aluminum operations. Majority of the company’sexpansion plans would be commissioned by the first quarter of FY2014.The company is currently expanding its smelting capacity at its Hirakud plant in phases.The expansionof Hirakud Smelter and Power from 155,000 tpa to 161,000 tpa is expected to be commissioned inFY2011, while the expansion from 161,000 tpa to 213,000 tpa would be commissioned in FY2012.The production of flat-rolled products from Hirakud would start in FY2012. The company plans tofurther expand the smelting capacity at Hirakud from the proposed 213,000 tpa to 360,000 tpa witha corresponding increase in back-up captive power from the proposed 467.5 MW to 967.5 MW.The company's Utkal Alumina Refinery, a 1.5 mtpa project in Orissa aimed at producing aluminafrom bauxite, is expected to be ready by FY2012. The Mahan Aluminium Project is expected to beready by FY2012. Mahan Aluminium is a smelter-power plant complex with a 359,000 tpa aluminumsmelter and a 900 MW captive thermal power plant in Madhya Pradesh. The project has a totalcapital expenditure plan of INR92,000 million (approximately $2,007.4 million).These investments will substantially expand Hindalco’s aluminum business. They will enable thecompany to sustain its leading position in the industry in India.Positive outlook for the global aluminum industryAfter a period of fluctuating growth during 2004-08, the global aluminum industry fell into a severedecline in 2009. The industry is expected to recover in 2010 and post healthy growth rates over theyears up to 2014.Hindalco Industries Limited Page 14© DatamonitorHindalco Industries LimitedSWOT AnalysisThe global aluminum industry had total revenue of $50.2 billion in 2009, representing a compoundannual growth rate (CAGR) of 2.1% for the period 2005-09. In comparison, the European industrydeclined with a compound annual rate of change (CARC) of -2.6%, and the Asia-Pacific industryincreased with a CAGR of 7.3%, over the same period, to reach respective values of $11.4 billionand $25.6 billion in 2009. Industry production volumes increased at a CAGR of 4.7% during 2005-09to reach 32.4 million tons in 2009. The industry's volume is expected to rise to 44.4 million tons bythe end of 2014, representing a CAGR of 6.6% for the 2009-14.The performance of the industry is forecast to accelerate, with an anticipated CAGR of 19% for2009-14, which is expected to drive the industry to a value of $119.8 billion by the end of 2014.Comparatively, the European and Asia-Pacific industries will grow with CAGRs of 14.8% and 22.4%respectively, over the same period, to reach respective values of $22.8 billion and $70.4 billion in2014. Hindalco serves customers in more than 50 countries. It is better positioned to benefit fromthe positive outlook for the global aluminum industry.Increasing demand for precious metalsFollowing a period of strong growth, the global precious metals and minerals market plunged intodecline in 2009. The market is set to recover to post strong, fairly stable growth for the remainderof the forecast period. The global precious metals and minerals market generated total revenues of$32.3 billion in 2009, representing a CAGR of 4.4% for the period 2005-09. In comparison, theEuropean and Asia-Pacific markets grew with CAGRs of 4.4% and 1.9% respectively, over the same

period, to reach respective values of $6 billion and $4.6 billion in 2009.The performance of the market is forecast to accelerate, with an anticipated CAGR of 13.7% for2009-14, which is expected to drive the market to a value of $61.4 billion by the end of 2014.Hindalco extracts precious metals from its refinery located at Dahej. It produces 99.9% pure gold,silver, and selenium. The residue also contains traces of platinum and palladium, which are sold asplatinum group metal mix. The company could capture the growth trend and increase its revenuesand market share.ThreatsEnvironmental regulationsHindalco’s operations worldwide are subject to numerous complex and increasingly stringentenvironmental laws and regulations.The costs of complying with such laws and regulations, includingparticipation in assessments and cleanups of sites, as well as internal voluntary programs, aresignificant and will continue to be so in the foreseeable future.In addition, the Kyoto Protocol calls on industrialized countries to reduce their greenhouse gasemissions by 5.2% annually during the 2008-12, relative to their emission levels in 1990. AnotherHindalco Industries Limited Page 15© DatamonitorHindalco Industries LimitedSWOT Analysisimportant development in 2005 was the passing of the 'clean air interstate rule' (CAIR), by the USEnvironmental Protection Agency (EPA), according to which US states have to reduce their allowablesulfur dioxide (SO2) and nitrogen oxide (NOX) emissions by 70% and 60%, respectively, by 2015,compared to the 2003 levels. The Kyoto Protocol now covers more than 160 countries globally andmore than 60% of countries in terms of global greenhouse gas emissions.These regulations may impose new liabilities on the company or hamper its existing operations,which could result in a material decline in its profitability.Mining and production risksHindalco is subject to operating risks in its mining and production activities. Due to these risks, thecompany is liable to incur higher mining, transportation, or production costs, disrupt or halt operationsat its mines and production facilities permanently or for varying lengths of time, or interrupt thetransport of its products to the customers. The company’s aluminum smelters are particularlyvulnerable to disruptions in the supply of power which could cause the contents of the furnaces orcells to solidify, which would necessitate a plant closure and a shutdown in operations for a significantperiod, as well as involve expensive repairs. For example, power interruptions caused Hindalco’scompetitor Bharat Aluminium Company (BALCO) to partially suspend operations at its new 245,000tons per annum (tpa), aluminum smelter at Korba in 2006, as a result of which the smelter did notbecome fully operational again until November 2006. The loss from this interruption included lostproduction, repair costs, and other expenses. Such risks would increase the operating costs ofHindalco which would have a material impact on the company’s profits.Intense competitionThere is substantial competition in the copper and aluminum industries, both in India andinternationally. The company’s competitors in the copper, and aluminum markets outside Indiainclude major international producers. Certain of these international producers have significantlylarger scale of operations, greater financial resources and manufacturing and technologicalcapabilities, more established and larger marketing and sales organizations, and larger technicalstaffs.In the Indian copper market, the company competes primarily against Sterlite Industries, HindustanCopper, and imports. In the Indian aluminum market, it competes primarily against National AluminumCompany (NALCO), Bharat Aluminium Company (BALCO), Pennar Aluminium Company, SterliteIndustries, and imports. Many of the company’s competitors are also expanding their productioncapacities. If domestic demand is not sufficient to absorb these increases in capacity, its competitorscould reduce their prices, which may force the company to do the same or cause the company tolose market share or sell its products in overseas markets at lower prices. Such an intense competitionthreatens to erode the market share of the company.Hindalco Industries Limited Page 16

© DatamonitorHindalco Industries LimitedSWOT AnalysisTOP COMPETITORSThe following companies are the major competitors of Hindalco Industries LimitedNational Aluminium CompanyPennar Aluminium Company LtdBHP Billiton GroupRio Tinto LimitedAluminum Corporation of China LimitedBharat Aluminium Company LtdSterlite Industries (India) LimitedHindalco Industries Limited Page 17© DatamonitorHindalco Industries LimitedTop Competitors

COMPANY VIEWA statement by Kumar Mangalam Birla, the Chairman of the Board of Directors at Hindalco Industries,is given below. The statement has been taken from the company's annual report for FY2009:As I look at the numbers at the current maelstrom, whilst our revenues and profits have been impactedacross businesses, in relative terms, measured against the competition, we stood our ground. Thelitmus test we apply is: if a down turn of this magnitude were to persist for some time, would we bethe last man standing, which means, will be the industry player, least likely affected.Without doubt, we are facing toughest challenge, but we still, all the same, will be the 'last manstanding' once the dust settles down, as the statistics for our various businesses bear out.We believe that tough times don't last, tough people do. At a time like this, we constantly remindourselves, that collective endeavor as an organization is to build businesses for the long haul. In thepast too, there have been sharp swings in business cycles - and there will be more of these in thefuture, though hopefully not the magnitude and ferociousness we are seeing today. And each timein the past we have come out of the eye of the storm, we have emerged fitter and stronger.At the business level too we had to grapple with many challenges given the piquant environment.Your Company's consolidated turnover (gross) crossed US$ 13.5 billion (Rs.65,625 crores) andEBIDTA of US$ 763 million (Rs.3,665.2 crores). Of the revenues, over US$ 11.3 billion came fromthe aluminium business, while copper accounted for US$ 2.2 billion (Rs.10,760.26 crores).Your Company has taken major initiatives to ensure to sustain profitable growth. An in-depthpresentation of these steps has been detailed in the Management Discussion and Analysis, so I willhighlight only the key points.As part of its strategic growth initiatives, your Company has embarked on a series of expansionprojects.Your Company's Greenfield's projects - Utkal Alumina and Aditya Aluminium in Orissa, MahanAluminium in Madhya Pradesh and Jharkhand Aluminium in Jharkhand will go on stream between2011 and 2013. With these, your Company's smelting capacity will increase from 0.5 million tons to1.7 million tons with three new projects of 360 ktpa each. Likewise, your Company's refining capacitywill increase from 1.7 million tons at present to 6.15 million tons. These expansions will give yourCompany a greater edge.I would like to add that the liquidity position of Novelis has remained stable despite challengingmarket conditions. The Company's actions taken to adjust metal intake, reduce production anddecrease fixed costs will deliver an estimated $140 million annualized future savings.Hindalco Industries Limited Page 18© DatamonitorHindalco Industries LimitedCompany ViewThe fundamental reason for which we acquired Novelis - global market leadership, cutting edgetechnology, going up the value chain in the largest segment of value added products and a highlycompetent team, remain unchanged. However, Novelis has been impacted negatively, especially

due to the falling off of markets in North America and Europe. Our Hindalco/Novelis teams areworking double time to take appropriate action. I remain very confident, that the inherent strengthsof Novelis will see us through the next two years. Our commitment to Novelis remains unflinching.Birla Copper demonstrated outstanding resilience by delivering highest ever PBT in a year whenthe TcRcs fell by 39% and market volitality was unprecedented. This was achieved through acombination of savvy marketing, innovative cost management and deft leveraging of its businessmodel to maximise value creation. Effort towards significant value unlocking through marketing ofwaste materials are unrelenting. Birla Copper is today in the top quartile in the global pecking order,in so far as it relates to smelting costs.OutlookYour Company will continue to strengthen its leadership position. Substantial increase in capacities,improved cost optimization, higher productivity and strong fundamentals augur well for your Companyin the years to come.I believe our people are our biggest strength.We have further strengthened our endeavour, in thesetimes of slowdown, to aggressively establish a performance - oriented culture that rewards betterperformance and distinguishes the best performers from the others. I would like to acknowledge allof our performers who deliver results.The Aditya Birla Group: In PerspectiveToday, we manage multinational teams - 1,30,000 employees, comprising 30 nationalities, across25 countries, anchor our US$ 29.2 billion meritocratic conglomerate. Our values - Integrity,Commitment, Passion, Seamlessness and Speed, is the thread that strings us together.Post our Group being declared the "Best Employer" in 2007 by the Hewitt / Economic Times / WallStreet Study, our brand as an employer continues to grow strongly. More than 8,000 leadingprofessionals from India and globally have teamed up with us.Our rigorous assessment process, inclusive of Development Assessment Centres, assesses ourpeople early in their career on their potential to hold leadership roles. This way, we have ensuredthat we have a robust bench strength of talent.We also use short term secondments and long termassignments to develop the capability of our people to work across borders. This year over 1,700colleagues have been job rotated.Over 80% of our businesses have participated in a compensation benchmarking exercise this yearand we have taken significant corrective and proactive measures to stay competitive and attractive.This positioning will further help us to attract and retain the right talent.Hindalco Industries Limited Page 19© DatamonitorHindalco Industries LimitedCompany ViewWe lay great emphasis on continuous learning through our in-house learning university - Gyanodaya.This globally benchmarked institution leverages resources from around the world to meet thedevelopment needs of our people. Over a 1,000 executives have taken courses this year. Additionally,more than 14,000 employees spread across the world, from Farmington Hills in USA to Giza in Egyptto Perth in Australia and Renukoot in Uttar Pradesh have used Gyanodaya's E-learning platformcalled GVC. GVC prides itself in having a course completion ratio of 90%, which is a world benchmark.As perhaps many of you may be aware we track the organisational climate every two years.We usethe Organisational Health Survey (OHS), as the barometer of employee engagement at work. It isconducted by Gallup. Over 22,000 executives, across 17 businesses, spanning 25 countries and750 cities/interiors participated in the OHS6. The participation level at 94%, according to Gallup, isa benchmark. 83% of the employees surveyed in the OHS6 said that they are proud to be an employeeof the Aditya Birla Group and get professional satisfaction working here. 67% of our managementemployees have clearly emphasized their confidence in the ability of the leaders at various levelsto successfully manage the emerging challenges that the Group is facing. Almost threefourths ofour employees (73%) have stated that they would definitely advocate our Group as a place to builda meaningful career.Going forward, I would like to emphasize that the brand of leadership that we seek to build combinesthe virtues of professionalism with the commanding power of the mind, heart and soul. The mindwhich has the intellect to perceive the right from the wrong, the heart which has an emotional bondwith the organisation that cannot be severed, and a soul that is indomitable. Our biggest strength

has been an emotional bonding that our employees have with the Group that makes the paradigmof duty truly boundaryless.Hindalco Industries Limited Page 20© DatamonitorHindalco Industries LimitedCompany View

LOCATIONS AND SUBSIDIARIESHead OfficeHindalco Industries LimitedAditya Birla CentreS. K. Ahire MargWorliMumbai 400 030MaharashtraINDP:91 22 6652 5000F:91 22 6652 5841http://www.hindalco.comOther Locations and SubsidiariesHindalco Industries Limited Novelis Inc.Century Bhavan 3rd floor 3399 Peachtree Road North EastDr. Annie Besant Road Suite 1500Worli AtlantaMumbai 400 030 Georgia 30326Maharashtra USAINDAditya Birla Minerals Limited Hindalco-Almex Aerospace LimitedLevel 3 Century Bhavan 3rd Floor256 Adelaide Terrace Dr. Annie Besant RoadSeptimus Roe Building WorliPerth Mumbai 400 030Western Australia 6005 MaharashtraAUS INDHindalco Industries Limited Hindalco Industries LimitedRegional office – Aluminium Regional office – AluminiumVandhana Industry House 7th Floor5th Floor 45 Race Course Road11 Tolstoy Marg Bangalore 560 001New Delhi 110 001 KarnatakaIND INDHindalco Industries Limited Page 21© DatamonitorHindalco Industries LimitedLocations and SubsidiariesHindalco Industries Limited Hindalco Industries LimitedRegional office – Aluminium Regional office – AluminiumIndustry House 9th Floor Ahura Centre 1st Floor10 Camac Street 82 Mahakali Caves RoadKolkata 700 017 Mumbai 400 093West Bengal MaharashtraIND INDHindalco Industries Limited Page 22© DatamonitorHindalco Industries Limited

Locations and Subsidiaries