#1Alcan + Pechiney A New World of Opportunity December 2003 ©2003 AL CAN INC. ALCAN#2ALCAN Alcan has filed with the Securities and Exchange Commission ("SEC") a registration statement to register the Alcan Common Shares to be issued in the U.S. offer, including related tender/exchange offer materials, and such registration statement has become effective. Investors and Pechiney securityholders are urged to read the registration statement and related tender/exchange offer materials and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information. Investors and Pechiney securityholders may obtain a free copy of the registration statement and related tender/exchange offer materials and other relevant documents at the SEC's Internet web site at www.sec.gov, and the transaction-related documents have been mailed to Pechiney securityholders. Additional copies of the transaction-related documents may be obtained at Alcan's expense by contacting the Information Agent for the offers, D.F. King & Co., Inc, toll-free at 1-800-488-8035 (North America), 0-800-90-2614 (France), 0-800-389-7892 (U.K.) or (44) 20-7920-9700 (collect in Europe). This communication is for informational purposes only. It shall not constitute an offer to purchase or buy or the solicitation of an offer to sell or exchange any securities of Pechiney, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The solicitation of offers to buy Alcan Common Shares will only be made pursuant to the prospectus, dated October 24, 2003, and related materials. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. FORWARD-LOOKING STATEMENTS Certain statements made in this communication are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Although Alcan's management believes that the expectations reflected in such forward-looking statements are reasonable, readers are cautioned that these forward- looking statements by their nature involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including those listed under "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" in the prospectus, dated October 24, 2003, included in the registration statement filed with the SEC. See the previous paragraphs for information about how you can obtain a free copy of the registration statement. ©2003 ALCAN INC. 2#3ALCAN IMPORTANT ADDITIONAL INFORMATION This presentation includes certain information concerning Pechiney and the combined business of Alcan and Pechiney. This information is subject to risks and uncertainties. We have based this information on publicly available information about Pechiney (primarily filings by Pechiney with the SEC and the French Commission des opérations de bourse). However, to date Pechiney has granted Alcan only limited access to non-public information regarding Pechiney and Alcan has no means of compelling such access. In addition, Pechiney's primary financial statements are prepared in accordance with generally accepted accounting principles ("GAAP") in France while Alcan's primary financial statements are prepared in accordance with Canadian GAAP. There are differences between Canadian and French GAAP. The unaudited pro forma information included herein is prepared based on the US GAAP information that Pechiney discloses publicly. Alcan has not been in a position to verify the Pechiney information or the pro forma information about the combined entity included in this presentation. Some of the information about Pechiney in this presentation is based on good faith estimates by Alcan or industry sources that may be materially inaccurate. The pro forma information presented is not necessarily indicative of the operating results or financial condition that would have been achieved had Alcan's offer for Pechiney been completed during the periods or at the times presented, nor is this information necessarily indicative of future results or conditions of Alcan after it has acquired Pechiney. The pro forma information does not reflect the impact of synergies that Alcan expects to realize over time or the costs associated with the integration of operations necessary to achieve such synergies nor does it reflect the impact of significant divestitures that Alcan must make as required by antitrust regulators. Some of the risks associated with the information about Pechiney and the combined Alcan and Pechiney is discussed under "Risk Factors" in the prospectus, dated October 24, 2003, included in the registration statement that we have filed with the SEC in connection with the offer. Certain terms used in this presentation are defined in the appendix. ©2003 ALCAN INC. 3#4Alcan + Pechiney A New World of Opportunity Strategic Rationale Pechiney Overview - The Combined Company ▪ Business Group Impacts Financial Dimensions Summary ©2003 ALCAN INC. ALCAN 4#5Strategic Rationale Compelling Strategic Rationale Creates Substantial Value for Shareholders ▪ Fits strategy & value-maximizing objectives Strengthens Alcan as a world-leading aluminum company ▪ Provides broad technology leadership - core smelting technology ▪ Enhances aluminum fabrication portfolio, e.g. aerospace ■ Creates US$6 billion packaging leader ▪ Accretive to EPS, free cash flow, ROCE from year one ■ Well timed Increases future options ©2003 ALCAN INC. ALCAN 5#6Strategic Rationale US$250 Million Annual Pre-Tax Cost Synergies Synergies are Realistic and Achievable R&D/ Technology 12% Manufacturing 15% ©2003 ALCAN INC. Corporate 16% Logistics 4% Purchasing 22% SG&A 31% 100% percent of synergies by year-end 2005 ■ Costs ALCAN Implementation: US$200 million CAPEX: US$50 million $50 million of synergies adds US$0.10 to EPS. 6#7Strategic Rationale Regulatory Review ■ Divestiture of either European Commission ■ Clearance by MTF, DOJ and French Treasury ■ 50% share in the AluNorf(1) mill and the Göttingen and Nachterstedt mills Neuf-Brisach (1), Rugles and, at purchaser's option, Annecy ■ Continue licensing of alumina refining and smelter cell technologies ■ Divestiture of Alcan's anode baking technology business Elimination of the overlap in aluminum aerosol cans and aluminum cartridges ©2003 ALCAN INC. US Department of Justice ▪ Divestiture of Pechiney's aluminum rolling mill located in Ravenswood (West Virginia) French Treasury ALCAN Continuity of operations at industrial sites except those which Pechiney has announced would be closed Location in France of: Global HQ for packaging and aerospace operations Global HQ of new cell technology for primary aluminum European headquarters for primary aluminum operations Total commitments amount to approximately 5% of pro-forma sales (1) Alcan's Latchford casting operations can also be added to either the AluNorf or Neuf-Brisach packages at the purchaser's option. Global HQ for engineered products 7#8Strategic Rationale Integration Underway Successful Track Record Lessons Learned ▪ Maintain current operating focus ▪ Line leadership of integration process Jointly staffed integration teams Fill and announce key jobs as soon as possible ©2003 ALCAN INC. ▪ Timeline to achieve full synergy run- rate within 2 years Dec 2003 Top-level executive team and structure announced Jan 2004 Milestones - Integration leadership team in place ALCAN April 2004 Completion of personnel review Completion of synergies review June 2004 Final decisions on key assets#9Strategic Rationale Organization Cynthia Carroll Pres. & CEO Primary Metal ©2003 ALCAN INC. David McAusland SVP, M & A, CLO Daniel Gagnier SVP Corp & External Affairs Jean- Dominique Senard Senior VP Alcan Inc. Leadership Team Travis Engen President and CEO Richard Evans EVP Michael Hanley Pres. & CEO Bauxite & Alumina Michel Jacques Pres. & CEO Engineered Products Geoffery Merszei EVP, CFO Martha Finn Brooks Pres. & CEO Rolled Products Americas & Asia Gaston Ouellet SVP Human Resources Brian Sturgell EVP Pierre Vareille SVP Christopher Bark-Jones Pres. & CEO Rolled Products Europe Armin Weinhold Senior VP Alcan Inc. COO Packaging ALCAN Christel Bories Pres. & CEO Packaging