Alcan Investor Workshop

Performance Against Targets Cash from 2,000 Operations 1,500 (US$M) 1,000 500 Debt to Capital 50% (%) 40% 2006 ALCAN INC. 30% 20% 10% 0% 0 2001 2001 III 2004 2002 2002 2003 2003 2004 2005 2005 Note: 2001-2004 results include Novelis 1H06 1H06 ALCAN Minimum $2b starting in 2006 35% Slide 8

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