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0001193125-07-103986.txt : 200705070001193125-07-103986.hdr.sgml : 2007050720070507123436ACCESSION NUMBER:0001193125-07-103986CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:39FILED AS OF DATE:20070507DATE AS OF CHANGE:20070507

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:ALCAN INCCENTRAL INDEX KEY:0000004285STANDARD INDUSTRIAL CLASSIFICATION:PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330]IRS NUMBER:000000000STATE OF INCORPORATION:A6FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-03677FILM NUMBER:07823016

BUSINESS ADDRESS:STREET 1:1188 SHERBROOKE ST WESTCITY:MONTREAL QUEBEC CANASTATE:A8ZIP:00000BUSINESS PHONE:5148488000

MAIL ADDRESS:STREET 1:1188 SHERBROOKE STREET WESTCITY:MONTREAL QUEBEC CANASTATE:A8ZIP:00000

FORMER COMPANY:FORMER CONFORMED NAME:ALCAN ALUMINIUM LTD /NEWDATE OF NAME CHANGE:19930519

FORMER COMPANY:FORMER CONFORMED NAME:ALUMINUM CO OF CANADA LTDDATE OF NAME CHANGE:19870728

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:ALCOA INCCENTRAL INDEX KEY:0000004281STANDARD INDUSTRIAL CLASSIFICATION:ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]IRS NUMBER:250317820STATE OF INCORPORATION:PAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:201 ISABELLA STSTREET 2:ALCOA CORPORATE CTRCITY:PITTSBURGHSTATE:PAZIP:15212-5858BUSINESS PHONE:4125532576

MAIL ADDRESS:STREET 1:801 ISABELLA STSTREET 2:ALCOA CORPORATE CTRCITY:PITTSBURGHSTATE:PAZIP:15212-5858

FORMER COMPANY:FORMER CONFORMED NAME:ALUMINUM CO OF AMERICADATE OF NAME CHANGE:19920703

4251d425.htmFORM 425

Form 425

SharedHistory, Shared Values, One Future

Alcoas

Offer

for

Alcan

7 May 2007

Filed by Alcoa Inc.

Pursuant to Rule 425

under the Securities Act

of 1933

Subject Company: Alcan Inc.

Commission File No:

001-03677

2

Forward-Looking Statements

Certain

statements

and

assumptions

in

this

communication

contain

or

are

based

on

"forward-looking

information

and

involve

risks and uncertainties. Forward-looking statements may be identified by their useof words like "anticipates," "believes,"

"estimates," "expects," "hopes," "targets,""should," "will," "will likely result," "forecast," "outlook," "projects" or other words of

similar

meaning.

Such

forward-looking

information

includes,

without

limitation,

the

statements

as

to

the

impact

of the

proposed acquisition on revenues, costs and earnings. Such forward lookingstatements are subject to numerous

assumptions, uncertainties and risks,many of which are outside of Alcoa's control. Accordingly, actual results and

developments are likely to differ, and may differ materially, from those expressed orimplied by the forward-looking

statements contained in thiscommunication. These risks and uncertainties include Alcoa's ability to successfully integrate the

operations of Alcan; the outcome of contingencies including litigation, environmentalremediation, divestitures of businesses,

and anticipated costs of capitalinvestments; general business and economic conditions; interest rates; the supply and

demand for, deliveries of, and the prices and price volatility of primary aluminum,fabricated aluminum, and alumina produced

by Alcoa and Alcan; the timing ofthe receipt of regulatory and governmental approvals necessary to complete the acquisition

of Alcan and any undertakings agreed to in connection with the receipt of suchregulatory and governmental approvals; the

timing

of

receipt

of

regulatory

and

governmental

approvals

for

Alcoa's

and

Alcan's

development

projects

and

other

operations;

the

availability

of

financing

to

refinance

indebtedness

incurred

in

connection

with

the

acquisition

of

Alcan

on

reasonable

terms;

the

availability

of

financing

for

Alcoa's

and

Alcan's

development

projects

on

reasonable

terms;

Alcoa's

and

Alcan's respective costs of production and their respective production and productivitylevels, as well as those of their

competitors;

energy

costs;

Alcoa's

and

Alcan's

ability

to

secure

adequate

transportation

for

their

respective

products,

to

procure mining equipment and operating supplies in sufficient quantities and on a timelybasis, and to attract and retain

skilled

staff;

the

impact

of

changes

in

foreign

currency

exchange

rates

on

Alcoa's

and

Alcan's

costs

and

results,

particularly

the Canadian dollar, Euro, and Australian dollar, may affect profitability as someimportant raw materials are purchased in

other currencies, while productsgenerally are sold in U.S. dollars; engineering and construction timetables and capital costs

for

Alcoas

and

Alcan's

development

and

expansion

projects;

market

competition;

tax

benefits

and

tax

rates;

the

outcome

of

negotiations

with

key

customers;

the

resolution

of

environmental

and

other

proceedings

or

disputes;

and

Alcoa's

and

Alcan's

ongoing

relations

with

their

respective

employees

and

with

their

respective

business

partners

and

joint

venturers.

3

Forward-Looking Statements

Additional risks, uncertainties and other factors affecting forward looking statementsinclude, but are not limited to, the following:

Alcoa is, and thecombined company will be, subject to cyclical fluctuations in London Metal Exchange primary aluminum prices,

economic and business conditions generally, and aluminum end-use markets;

Alcoa's operations consume, and the combined company's operations will consume,substantial amounts of energy, and profitability

may decline if energy costsrise or if energy supplies are interrupted;

The profitability of Alcoaand/or the combined company could be adversely affected by increases in the cost of raw materials;

Union disputes and other employee relations issues could adversely affect Alcoa'sand/or the combined company's financial results;

Alcoa and/or thecombined company may not be able to successfully implement its growth strategy;

Alcoa's operations are, and the combined company's operations will be, exposed tobusiness and operational risks, changes in

conditions and events beyond itscontrol in the countries in which it operates;

Alcoa is, and thecombined company will be, exposed to fluctuations in foreign currency exchange rates and interest rates, as well as

inflation and other economic factors in the countries in which it operates;

Alcoa faces, and the combined company will face, significant price competitionfrom other aluminum producers and end-use markets for

Alcoa productsthat are highly competitive;

Alcoa

and/or

the

combined

company

could

be

adversely

affected

by

changes

in

the

business

or

financial

condition

of

a

significant

customer or customers;

Alcoa and/or the combined company may not be able to successfully implement itsproductivity and cost-reduction initiatives;

Alcoa and/or thecombined company may not be able to successfully develop and implement new technology initiatives;

Alcoa is, and the combined company will be, subject to a broad range ofenvironmental laws and regulations in the jurisdictions in which

it operatesand may be exposed to substantial costs and liabilities associated with such laws;

Alcoas smelting operations are expected to be affected by variousregulations concerning greenhouse gas emissions;

Alcoa and the combinedcompany may be exposed to significant legal proceedings, investigations or changes in law; and

Unexpected events may increase Alcoa's and/or the combined company's cost of doingbusiness or disrupt Alcoa's and/or the

combined company's operations.

See also the risk factors disclosed in Alcoa's Annual Report on Form 10-K forthe fiscal year ended December 31, 2006. Readers are

cautioned not to putundue reliance on forward-looking statements. Alcoa disclaims any intent or obligation to update these forward-

looking statements, whether as a result of new information, future events or otherwise,except as may be required by applicable law.

4

Presenters

Alain J. P. Belda

Chairman and Chief Executive Officer

Charles D. McLane

Vice President and Chief Financial Officer

Alain J.P. Belda

Chairman and Chief Executive Officer

6

A Winning Strategic Combination

Creates the premier fully integrated aluminum company

Enhanced cash flow and $1 billion in annual synergies

Significant scale to compete in a changing environment

Optimized portfolio of upstream assets

Enhanced capacity for growth

Strong technology, operations and talent

Shared values and commitment to sustainability

7

188,000

$9.5 billion

$54.0 billion

7.8 million tonnes

#1

21.5 million tonnes

#1

Combined

$23.6 billion

$30.4 billion

Revenue

$3.9 billion

$5.6 billion

EBITDA

65,000

123,000

Employees

4.4 million tonnes

#1

15.6 million tonnes

#1

3.4 million tonnes

#3

Aluminum Capacity

(Global Ranking)

Alumina Capacity

(Global Ranking)

5.9 million tonnes

#4

Creating an Industry Leader

Source: Company 2006 annual reports and 10-Ks

Note: Alumina includes specialty alumina

8

Bauxite & Refining

Access to

World-Class

Reserves

2

nd

Quartile

on Cost

Curve

Capacity:

21.5 MMT

Energy

Self

Generation:

34%

Long Term

Contracts:

54%

Smelting

Global Rank:

#1

2

nd

Quartile

on Cost

Curve

Capacity:

7.8 MMT

End Markets

Creating an Industry Leader

Renewable

Hydro:

54%

Building &

Construction

Packaging

Commercial

Transportation

Automotive

Aerospace

Global Rank:

#1

9

Access to quality

bauxite and

alumina

Evolving Competitive Landscape

Aluminum consumption

projected to double over 15

years

Emerging global competitors

in Russia, China, India and the

Middle East

Scale required to maintain

competitiveness

Evolving end markets

demanding product

innovation

Industry Fundamentals

Access to long-term,

low cost energy

Innovation through

world-class

technology and

R&D

Proven commitment

to sustainability

Keys to Success

Alcoa

/

Alcan

well

positioned

to

compete

with

large

global

peers

and

deliver profitable growth

10

World Aluminum Consumption (MT)

Outlook for Aluminum is Strong

2005: 32M

2020E: 60.6M

+0.4

+1.1

+0.9

+0.5

+7.1

+0.5

Latin America

+4.1

Western Europe

+2.4

E. Europe, CIS & Other

+4.4

North America

+17.2

Asia

Source: CRU; McKinsey & Co

1998: 22M

7.2

6.7

1.7

5.6

0.8

14.3

7.2

2.6

6.7

1.2

31.5

11.6

5.0

10.8

1.7

11

$155

$121

$93

$91

$66

$55

$41

$41

$41

$38

$30

$29

$28

$27

$25

$74

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Industry Landscape Demands Large Scale

Top 15 Metals & Mining Companies

Source:

Factset

and

public

filings.

Market

data

as

of

May

4,

2007.

Note:

Alcoa

/

Alcan

represents

the

combined

enterprise

value

pro

forma

for

shares

and

new

debt

issued

for

transaction.

(1)

United

Company

Rusal.

Enterprise

value

estimate

per

Wall

Street

research.

Combination

creates

the

5

th

largest

metals

& mining company in the world

12

South America

6.5%

CIS/E. Europe

5.1%

BHP Billiton

5.6%

India

3.2%

Alcan

8.3%

Alcoa

19.8%

Alcoa

23.2%

Reynolds

5.7%

Pechiney

3.5%

India

2.8%

E. Europe

3.9%

South America

5.8%

Alcan

9.8%

Alusuisse

2.3%

Billiton

3.4%

Inespal

2.1%

1998

2006

Transforming Alumina Landscape

Total Market: 53 MMT

Total Market: 79 MMT

Source: CRU

Note: Percentages may not add to 100%

Significant Growth in the East

Alumina Capacity

Rusal

13.2%

Chalco

12.1%

Other China

9.8%

Hydro

2%

RTZ Comalco

4%

Other W. World

10%

China

6.8%

CIS

10.8%

Hydro

1%

VAW

1%

Comalco

3%

Other W. World

15%

13

Rusal

10.3%

Chalco

9.2%

Other China

21.0%

Alcan

9.4%

Alcoa

10.9%

Middle East

4.2%

BHP Billito

3.5%

India

2.1%

CIS/E. Europe

2.8%

South America

3.9%

Alcoa

8.9%

Pechiney

3.3%

Reynolds

4.5%

E. Europe

1.9%

Middle East

3.6%

Alcan

6.7%

Alusuisse

1.1%

Billiton

4.2%

Inespal

1.4%

Alumax

2.8%

1998

2006

Significant Growth in the East

Aluminum Capacity

Transforming Aluminum Landscape

Total Market: 25 MMT

Total Market: 39 MMT

Source: CRU

Note: Percentages may not add to 100%

Hydro

3%

VAW

2%

Comalco

3%

Other W. World

29%

Hydro

4%

RTZ Comalco

2%

Other W. World

16%

China

10.4%

CIS

14.9%

14

Alcoa

Alcan

Shared

Access to Quality Bauxite & Alumina

Alcoa

Alcan

Shared

Total Potential

Bauxite

Alumina

12 mines and 13 refineries on 6 continents

Note: Includes ownership in JVs

15

9,564

2,269

2,930

4,448

5,907

10,443

15,617

21,524

6,926

16,490

0

5,000

10,000

15,000

20,000

25,000

Alumina Refinery Cash Costs ($/MT)

0

50

100

150

200

250

300

350

400

450

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Worldwide-Production---000-MT

2006 Cost Curve

Alcan Average

Alcoa Average

66

th

Percentile

38

th

Percentile

World-Class Bauxite & Alumina Franchise

Bauxite & Alumina

2006 ($Millions)

2006 Refining Capacity (kMT)

Chalco

Other China

Source: CRU full operating cost, Alcoa analysis; Company filings

Global supplier with premier facilities

Low cost production base -

majority of

production in bottom half of cost curve

Best in class operational expertise and

technology

Investing in high return growth projects

Combined

Total Revenue

4,929

3,845

8,774

EBITDA

1,670

609

2,279

16

Alcoa

Alcan

Shared

Attractive Smelter Portfolio

46 smelters on 6 continents

Note: Includes ownership in JVs

17

7,788

855

1,364

1,683

3,418

3,985

4,370

3,534

853

771

8,096

11,630

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Primary Metals

Aluminum Smelter Cash Costs ($/MT)

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Worldwide-Production---000-MT

2006 Cost Curve

Alcan Average

Alcoa Average

34

th

Percentile

51

st

Percentile

2006 Smelting Capacity (kMT)

Attractive Smelter Portfolio

Chalco

Other China

2006 ($Millions)

Global supplier with premier facilities

Low cost production base

Best in class operational expertise and

technology

88% of power requirement self-generated

or under long-term contracts

Investing in high return growth projects

Source: CRU full operating cost, Alcoa analysis; Company filings

Combined

Total Revenue

12,379

11,147

23,526

EBITDA

2,881

2,962

5,843

18

5%

45%

50%

54%

12%

34%

21%

18%

61%

Access to Long-Term, Low Cost Energy

Alcoa

Type

Alcan -

Type

Short-term

Self-generation

Long-term

Short-term

Self-generation

Long-term

Alcoa/Alcan -

Type

Short-term

Self-generation

Long-term

Alcoa/Alcan -

Source

Hydro

Other

46%

54%

34% power self-generated; 54% under long-term contract

54% of power from renewable hydro

Source: Company filings and reports; CRU; Alcoa analysis

19

Alcan: AP50 proprietary technology to be piloted at Complexe Jonquiere

Alcoa: Post-Carbon Smelting through use of inert anode. Small-scaledeployment

in

U.S.

smelter

today

targeted

pilot

in

Quebec

smelter.

Can

reduce

CO

2

emissions from smelting by nearly 80%.

Alcoa: Proven Carbon Sequestration for bauxite residue. On-line in Western

Australia

refinery.

Eliminates

70,000

tons

of

CO

2

each

year

equivalent

to

taking

more than 17,500 cars off the road.

Emerging, Breakthrough Technologies

Source: IAI

20

Shared Commitment to Sustainability

Winner

Alcoa 1996, Alcan 2007

Alcoa

Founding Member 2006

Alcan

Founding Canadian Member 2007

Alcoa

5 Time Member

Alcan

4 Time Member

Founded $1 million

Prize for

Sustainability

Founded $9 million

Conservation and

Sustainability Program

21

Alcoa

Alcan

Shared

Refinery

Smelter

Mine

Juruti

Suriname

Brunei

North Iceland

Kitimat

Coega

Quebec

Isal

Ningxia

Jamalco

Sohar I

Sohar II

Sao Luis

Wagerup

Vietnam

Ghana

Gove

Guinea

Global Growth Opportunities

Source: Company filings and press releases

Victoria Ops

Saudi Arabia

Trinidad

Madagascar

22

Deeply Committed to Canada Today

1,400 kMT

7%

1,400 kMT

24%

-

-

Alumina Capacity

Canada % of Total Company

$769

19%

$371

21%

$398

18%

Income from Continuing Ops

Canada % of Total Company

2,773 kMT

35%

1,774 kMT

51%

999 kMT

23%

Aluminum Capacity

Canada % of Total Company

16,100

9%

11,000

17%

5,100

4%

Employees

Canada % of Total Company

$8,555

12%

$5,451

17%

$3,104

10%

Total Revenue

Canada % of Total Company

Combined

2006 ($Millions)

Source: Alcoa analysis; Companyfilings

23

Montreal

Increased Commitment to Canada

British Columbia

Quebec

Alcoa

Alcan

Shared

Refinery

Smelter

11 smelters

1 refinery

Upstream in Canada

Potential Investment

SaguenayLac-Saint-Jean

region: AP50 pilot first step in

ten-year, $1.8B program

Baie Comeau: $1.2B, 110kMT

expansion and modernization

Deschambault: $1.4B, ~300kMT

expansion

Quebec

Kitimat: $1.8B, 123kMT

expansion and modernization

British Columbia

Source: Company filings and press releases

Largest private sector investment

program in Quebec history

24

Dual headquarters in Montreal and New York

Strategic

management

functions

in

each

city

Significant Canadian Board representation

Alumina and Primary Metals business based in Montreal

Would be the largest aluminum company in the World

$32.3 billion in total revenue

38,000 employees operating in 29 countries

Headquarters of Global Growth group

decision-making

centered in Quebec

Quebec becomes center of aluminum innovation

Alcan AP50 carbon smelting technology at the Complexe Jonquiere

Alcoa post carbon inert anode

technology pilot deployment in

Quebec

Increased Commitment to Canada

Corporate

Presence

Global

Business

R&D

Center

The Global Primary Products business headquartered in

Montreal will be one of the largest companies in Canada

25

$6 billion diversified

packaging group

Worlds leading

producer in all

markets served:

Food Flexible

Pharmaceutical

Beauty

Tobacco

Remain Committed to Profitable-Growth

Downstream Businesses

Flat Rolled Products / Hard

Alloy Extrusions

Leading position in the

value added

products

Technology Leadership

Proprietary alloys

Unique equipment

capability

Worldwide Presence

In fast growing

markets of China &

Russia

Focus on the global

transportation market

Capitalizing on

technically complex

products and

processes

Provides significant

opportunity for

differentiation and

growth

Strong customer

connections

Branded Products

Engineered Solutions

Alcan

Packaging

26

The industry has changed significantly with emerging

global players in Russia, China, India and the Middle East

who are quickly expanding and adding capacity

We have carefully considered the regulatory approvals

We are prepared to make the necessary targeted

divestitures in the appropriate industry segments

We are already in contact with several regulatory agencies

We are confident that the transaction will be approved

Regulatory Approvals

CharlesD. McLane

Vice President and Chief Financial Officer

28

The Proposed Transaction

Additional listing planned for the Toronto Stock Exchange

Listings

Fully committed bridge loan facility

Committed to maintain investment grade status

Financing

We are in contact with the regulatory authorities

Targeting completion by year end 2007

Timing

66-2/3% of Alcan shares tendered

Customary government and regulatory approvals

Key Conditions

US$58.60

per

share

in

cash

and

0.4108

of

a

share

of

Alcoa

common

stock

(1)

Total

value

of

US$73.25

per

share

(2)

80% cash / 20% stock

Offer

Premium

32%-premium-to-Alcans-30-day-average-trading-price

20%-premium-to-Alcans-closing-price-on-May-4--2007

(1)

Alcoa will deliver C$ at closing at then current exchange rates to shareholderselecting to receive C$.

(2)

Based

on

Alcoa

share

price

of

$35.66

as

of

May

4

th

2007

(3)

Based on NYSE closing prices

(3)

(3)

th

29

Shareholder Value Creation

EPS accretive within first

year

Cash flow per share

accretive within first year

$1 billion in synergies

Greater linkage to a strong

aluminum market

Increased profitable growth

opportunities

Improved risk profile

Immediate realization of

significant premium

Compelling cash value up

front

Participate in value creation

through achieved synergies

Ownership in the industry

leader

For Alcoa Shareholders

For Alcan Shareholders

30

Compelling Value for Alcan Shareholders

Note: Averages based on NYSE closing prices, per Bloomberg

$40

$45

$50

$55

$60

$65

$70

$75

Dec-06

Jan-07

Feb-07

Mar-07

Apr-07

4-May-07 Close: US$61.03

30-Day Average: US$55.36

Offer Price: US$73.25

US$ / share

90-Day Average: US$52.32

32% Premium

20% Premium

40% Premium

31

$1 billion annual pre-tax synergies

Includes overhead, manufacturing process

optimization and procurement

Phased in over 3 years

One-time implementation costs

approximately $1 billion

$1 Billion of Defined & Achievable Synergies

Direct materials

Indirect materials

$200

Procurement

Eliminate redundant overhead costs

Complementary technology

$400

Overhead Productivity

Comments

Value ($mm)

Type

Leverage expertise from both companies to create

more efficient combined company

$1,000

Total Synergies

Supply chain / logistics efficiencies

Manufacturing overhead optimization

Cross-Deployment of best practices

$400

Manufacturing Process Optimization

Overhead

Manufacturing

Procurement

40%

40%

20%

32

History of Successful Integration

and Synergy Realization

Pechiney

Size:

$6,400

Revenue:

$12,766

Synergies:

$400

% of Revenue:

3.1%

Algroup

Size:

$4,500

Revenue:

$5,146

Synergies:

$200

% of Revenue:

3.9%

Alumax

Size:

$3,800

Revenue:

$3,004

Synergies: $110

% of Revenue:

3.7%

Alcan Acquisitions

Reynolds

Size:

$5,900

Revenue:

$5,047

Synergies:

$288

% of Revenue:

5.7%

Cordant

Size:

$3,300

Revenue:

$2,541

Synergies:

$141

% of Revenue:

5.6%

Fairchild

Size:

$650

Revenue:

$571

Synergies:

$67

% of Revenue:

11.7%

Ivex

Size:

$790

Revenue:

$643

Synergies:

$34

% of Revenue:

5.3%

Alcan

Size:

$33,200

Revenue:

$23,641

Synergies: $1,000

% of Revenue: 4.2%

1998

1999

2000

2001

2002

2004

2003

2005

2006

2007

(US$ in mm)

Note: % of sales represents synergies achieved as % of last twelve months revenue at timeof transaction

Note: Size represents transaction size

Source: Company filings and press releases

Alcoa Acquisitions

33

A Winning Strategic Combination

Creates the premier fully integrated aluminum company

Enhanced cash flow and $1 billion in annual synergies

Significant scale to compete in a changing environment

Optimized portfolio of upstream assets

Enhanced capacity for growth

Strong technology, operations and talent

Shared values and commitment to sustainability

34

A

35

In connection with the offer by Alcoa to purchase all of the issued and outstandingcommon shares of

Alcan (the Offer), Alcoa will be filing withthe Securities and Exchange Commission (the SEC) a

registrationstatement on Form S-4 (the Registration Statement), which contains a prospectus relating

to the Offer (the Prospectus), and a tender offer statement on Schedule TO(the Schedule TO). This

communication is not a substitutefor the Prospectus, the Registration Statement and the Schedule TO

that

Alcoa

will

file

with

the

SEC.

ALCAN

SHAREHOLDERS

AND

OTHER

INTERESTED

PARTIES

ARE

URGED TO READ THESE DOCUMENTS, ALL OTHER APPLICABLE DOCUMENTS (AND ANY

AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS), WHEN THEY BECOME AVAILABLE

BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ALCOA, ALCAN AND THE

OFFER. Materials filed with SEC will be available electronically without charge atthe SECs

website,

www.sec.gov. Materials filed with the Canadian securities regulatory authorities alsowill be available

electronically without charge at www.sedar.com.Materials filed with the SEC or the Canadian securities

regulatoryauthorities may also be obtained without charge at Alcoas website, www.Alcoa.com, or by

directing a request to Alcoas investor relations department at 212 836 2674. Inaddition, Alcan

shareholders may obtain free copies of such materials filedwith

the SEC or the Canadian securities

regulatory authorities by directing a written or oral request to

the Information Agent for the Offer,

MacKenzie

Partners, Inc., toll-free at (800) 322-2885 (English) or (888) 405-1217(French). While the

Offer is being made to all holders of Alcan CommonShares, this communication does not constitute an

offer or a solicitation inany jurisdiction in which such offer or solicitation is unlawful. The Offer is not

being made in, nor will deposits be accepted in, any jurisdiction in which the making oracceptance

thereof would not be in compliance with the laws of suchjurisdiction. However, Alcoa may, in its sole

discretion, take suchaction as they may deem necessary to extend the Offer in any such jurisdiction.

Where to Find Additional Information

GRAPHIC2g56590txs10gbgd.jpgGRAPHIC

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