Alcan’s Board Recommends Shareholders Reject Alcoa’s Acquisition Offer

In addition, Alcan’s lead financial advisor has provided a written opinion to the board that, as of the date of the opinion, and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by holders of the Alcan Common Shares pursuant to the Alcoa Offer is inadequate, from a financial point of view, to such holders.