Alcan + Pechiney A New World of Opportunity

Strategic 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

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