Montreal, Canada — At its 103rd annual general meeting of shareholders today, Alcan Inc. (NYSE, TSX: AL) said 2004 was defined by the continued transformation of the Company into a higher growth, higher margin business through the integration of Pechiney and the spin-off of its rolled products assets into an independent company called Novelis Inc.

"In 2004, we made excellent progress in implementing our Maximizing Value strategy through Alcan's Integrated Management System (AIMS). This fact is reflected in the on-going integration of Pechiney and the Novelis spin-off, completed this past January, which have strengthened Alcan's financial position and significantly transformed our business portfolio, laying an even more promising foundation for profitable growth and value creation," said Travis Engen, President and Chief Executive Officer of Alcan Inc. "Today, Alcan is focused on growing its leading bauxite and alumina businesses, its best-in-class primary aluminum business and its value-added packaging and engineered products businesses," added Engen.

AIMS to be the Best

In 2004, the Company continued to focus on its governing objective of maximizing value. As a result, Alcan's performance in two critical areas, corporate governance and sustainability, have placed it among the ranks of the world's most respected corporations stated the Chairman of Alcan's Board of Directors, L. Yves Fortier.

"AIMS makes Alcan an even more competitive and dynamic organization than ever before. Linked by a common purpose, we have united our strengths and advanced our capabilities to move together in the same direction for maximum effect and value," said Fortier. "It is at the core of our commitment to doing the right thing, to being the best and building a sustainable future for all Alcan stakeholders," he added.

Alcan's commitment to sustainability was also highlighted as a fundamental operating tenet and crucial to the best interests of shareholders. At the beginning of 2004, the Company unveiled the US$1 million Alcan Prize for Sustainability, awarding it to the Bonn, Germany–based Forest Stewardship Council for its development — through an inclusive, consultative process — of global standards for responsible forest management.

"This annual prize underscores Alcan's commitment to sustainability in its own operations and our deep belief that sustainable development is best served when all stakeholders work together. The 2004 winner was selected from a total of 488 submissions from 79 countries received by the International Business Leaders Forum, which manages the application and selection process to ensure its credibility and objectivity," explained Fortier.

At the meeting, shareholders elected the Company's directors, appointed PricewaterhouseCoopers as external auditors, reconfirmed the Shareholder Rights Plan and approved amendments to the Alcan Executive Share Option Plan.

Alcan is a multinational, market-driven company and a global leader in aluminum and packaging, as well as aluminum recycling. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, aerospace applications, bauxite mining and alumina processing, today's Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs 70,000 people and has operating facilities in 55 countries and regions.