Alcan Investor Workshop

Risk Management Key Relative Cash Flow Exposures AUD Pitch 2006 ALCAN INC. CAD Euro- like Coke Oil Gas Aluminum Caustic Alumina ALCAN Aluminum represents over 50% of Alcan's total cash flow exposure Canadian dollar, Australian dollar and Euro-like currency exposures combined are also significant... However, currency correlation with LME provides some degree of "natural" cash. flow volatility reduction. Slide 13

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