Alcan Investor Workshop

Performance Against Targets Metric Return on capital employed (1) Operating EPS growth (3) Cash from continuing operations Debt to Capital (1) Operating see definition in Appendix (2) Annualized (3) Trailing 4 quarters adjusted for spin-off of Novelis 2006 ALCAN INC. Target Cover COC by 2008 15% / year Min. $2B from 2006 35% 1H-06 13.5% (2) 76% $1.1 B 35% ALCAN 2005 6.7% 39% $1.5B 40% Note: Targets based on 5-year plans and forward rates for currency and metal as at September 2005 Slide 6

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