Alcan Investor Workshop

Performance Against Targets ROCE* (%) * See definition in Appendix Operating EPS (US$ / share) 2006 ALCAN INC. 15.0% 12.5% 10.0% 7.5% 5.0% 2.5% 0.0% 3.00 2.00 1.00 0.00 2001 2001 2002 2002 CAGR = 15% 2003 2004 CAGR 17% 2003 2004 2005 2005 Note: 2001-2004 results include Novelis 1H06 1H06 ALCAN Earn cost of capital by 2008 15% growth per year Slide 7

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