Alain J.P. Belda

MONTREAL, Canada & NEW YORK, N.Y.—Alcoa Inc. announced that it will be making an offer to acquire all of the outstanding common shares of Alcan Inc. for $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. The transaction will create a premier diversified global aluminum company, with a complementary portfolio of assets and enhanced growth opportunities, and better position the combined company to build value for shareholders. Alcoa expected to begin its offer on Tuesday, May 8, 2007. Based on Alcoa’s closing stock price on May 4, 2007, the offer has a value of

MONTREAL & N.Y.—Alcoa Inc. announced that it will be making an offer to acquire all of the outstanding common shares of Alcan Inc. for $58.60 in cash and 0.4108 of a share of Alcoa common stock for each outstanding common share of Alcan. The transaction will create a premier diversified global aluminum company, with a complementary portfolio of assets and enhanced growth opportunities, and better position the combined company to build value for shareholders. Alcoa expected to begin its offer on Tuesday, May 8, 2007. Based on Alcoa’s closing stock price on May 4, 2007, the offer has a value of $73.25 per Alcan