Alcan Investor Workshop

Business Process Excellence 3,000 2,500 2,000 1,500 1,000 500 Working Capital Management Mih 2001 2002 2003 Total Working Capital Disciplined management: ● ● 2004 2005 1H06 2006 ALCAN INC. Days Working Capital 60 50 40 30 20 positive trend in days working capital working capital down in 2005 despite high aluminum prices First half of 2006 reflects normal seasonal build up and high aluminum prices. 10 0 Days Capital Expenditure Management 1,800 1,500 1,200 900 600 300 0 2001 2002 Sustaining Capex 2003 2004 ALCAN Growth Capex 2005 1H06 Depreciation ➤ Sustaining capex signficantly below depreciation ➤ Sustaining capex continues to be subject to discliplined process Slide 11

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