JP Morgan Basics and Industrials Conference

Alcoa –

The Momentum Continues

Alain Belda, Chairman and CEO

11 June 2007

Filed by Alcoa Inc.

Pursuant to Rule 425

Under the Securities Act of 1933

Registration Statement:

333-142669

Subject Company: Alcan Inc.

Commission File No.:

001-03677

2

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

3

Rapid growth of cities presents significant opportunities for

physical infrastructure utilizing products that we currently make

New opportunities in areas like passenger rail, bus, natural disaster

survivability products (e.g. hurricane resistant panels), modular

housing, integrated building and construction solutions

Global Mega Trends Support Growth

1

2

3

4

Increasing trade.  Lightweight a key enabler of rapid migration –

payload increases of trucks, transport planes, containers

Lead the development of  lighter, faster, and stronger multi-

product offerings to combat the increasing potential for conflicts

and terrorism (e.g. tactical / combat vehicles, fighter aircraft)

Products for ultra-deep oil and gas exploration

Green Building products and solutions to conserve resource

usage (e.g. energy, water, construction materials)

Solar energy products for buildings and utilities

Trends towards miniaturization, hybridization and information

integrated products

Light and low maintenance hybrid aircraft structures, lightweight

multi-fuel vehicles, durable and easy to clean nano-coated

aluminum

Integrated thermal management for enhanced fuel efficiency

Demographics

Globalization

Natural Resources

& Environment

Science and

Technology Advances

4

Market Dynamics

Aerospace

Automotive

Oil and Gas

Aerospace

5

Aluminum Consumption Growth Rates

Source:  Alcoa analysis

6

China Production Rising to Meet Demand Growth

Source:  IAI and China Nonferrous Industry Association

7

Source:  Alcoa analysis

Supply / Demand Projections

8

Days of Consumption

Source:  IAI, Reuters and LME

9

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 Smelter Cash Cost Curve

Source:  CRU full operating cost

75

th

Percentile

$2,044

10

Momentum Continues

11

Momentum Builders

Record 2006 Financial Performance

Disciplined Capital Management

–

Debt restructuring

–

2007 peak capital spending year

–

Shareholder return initiatives

12

Momentum Builders

Continued Improvement in Downstream Performance

–

Consistent quarter over quarter improvement

–

Proprietary technology and unique equipment

–

Continued new product development

–

Significant investments in productive assets

–

Unique and proprietary products for growing end markets

13

Momentum Builders

Realization of the Growth Projects

–

Pinjarra refinery expansion

–

50% aerospace sheet & plate capacity increase

–

Iceland smelter

–

Russia and China rolling assets

–

Sao Luis refinery expansion

–

Juruti bauxite mine development

14

Momentum Builders

Continued Portfolio Management

–

Sale of Alcoa Home Exteriors

–

Creation of a soft alloy extrusions joint venture

–

November 2006 downstream restructuring

–

Exploration of disposition of packaging assets

–

Strategic review of selected automotive businesses

–

Offer for Alcan

15

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

16

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

17

$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%

18

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

19

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 have a well-developed, detailed roadmap to resolve regulatory

approvals through targeted divestitures in the appropriate

industry segments

We continue to be engaged in significant and meaningful

discussions with the regulatory agencies

On

June

5

th

,

we

filed

the

notification

and

report

forms

required

under

the

Hart-Scott-Rodino

Antitrust

Improvement

Act

of

1976

We are confident that the transaction will be approved

Regulatory Approvals

20

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

21

22

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 use of 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-

looking

statements

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 or implied by the forward-looking statements contained in this

communication. These risks and uncertainties include Alcoa's ability to successfully integrate the operations of Alcan; the

outcome of contingencies including litigation, environmental remediation, divestitures of businesses, and anticipated costs of

capital investments; 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

of the receipt of regulatory and governmental approvals necessary to complete the acquisition of Alcan and any undertakings

agreed to in connection with the receipt of such regulatory 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 productivity levels, 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 timely basis, 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 some important raw materials are purchased in other currencies, while products generally are sold in U.S.

dollars; engineering and construction timetables and capital costs for Alcoa's 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.

23

Forward-Looking Statements

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

•Alcoa is, and the combined 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 costs rise or if energy supplies are interrupted;

•The profitability of Alcoa and/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's and/or the combined company's financial

results;

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

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

conditions and events beyond its control in the countries in which it operates;

•Alcoa is, and the combined 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 competition from other aluminum producers and end-use

markets for Alcoa products that 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 its productivity and cost-reduction initiatives;

•Alcoa and/or the combined 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 of environmental laws and regulations in the jurisdictions in

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

•Alcoa’s smelting operations are expected to be affected by various regulations concerning greenhouse gas emissions;

•Alcoa and the combined company 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 doing business 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 for the fiscal year ended December 31, 2006. Readers

are cautioned not to put undue 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.

24

In connection with the offer by Alcoa to purchase all of the issued and outstanding common shares of Alcan (the “Offer”), Alcoa

has filed with the Securities and Exchange Commission (the “SEC”) a registration statement 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 substitute for the Prospectus, the Registration Statement and the Schedule

TO.  ALCAN SHAREHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THESE DOCUMENTS, ALL

OTHER APPLICABLE DOCUMENTS AND ANY AMENDMENTS OR SUPPLEMENTS TO ANY SUCH DOCUMENTS WHEN

THEY BECOME AVAILABLE, BECAUSE EACH CONTAINS OR WILL CONTAIN IMPORTANT INFORMATION ABOUT

ALCOA, ALCAN AND THE OFFER.  Materials filed with the SEC are available electronically without charge at the SEC’s

website, www.sec.gov. Materials filed with the Canadian securities regulatory authorities ("CSRA") are available electronically

without

charge

at

www.sedar.com.

Materials

filed

with

the

SEC

or

the

CSRA

may

also

be

obtained

without

charge

at

Alcoa’s

website, www.alcoa.com, or by directing a request to Alcoa’s investor relations department at (212) 836-2674.  In addition,

Alcan shareholders may obtain free copies of such materials filed with the SEC or the CSRA 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 Common Shares, this communication does not constitute an offer or a

solicitation in any 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 or acceptance thereof would not be in compliance with the laws of such

jurisdiction.  However, Alcoa may, in its sole discretion, take such action as they may deem necessary to extend the Offer in

any such jurisdiction.

Where to Find Additional Information

25

APPENDIX

26

Return on Capital (ROC) is presented based on Bloomberg Methodology which calculates ROC based on trailing

four quarters.

Reconciliation of Return on Capital

1Q'07

4Q'06

3Q'06

2Q'06

1Q'06

4Q'05

3Q'05

2Q'05

1Q'05

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

(In Millions)

Method

Method

Method

Method

Method

Method

Method

Method

Method

Net income

$2,302

$2,248

$2,113

$1,865

1,581

$1,233

$1,270

$1,271

$1,215

Minority interests

$446

$436

$418

$368

304

$259

$230

$239

$252

Interest expense (after-tax)

$281

$291

$272

$268

$274

$261

$263

$234

$206

Numerator (sum total)

$3,029

$2,975

$2,803

$2,501

$2,159

$1,753

$1,763

$1,744

$1,673

Average Balances

Short-term borrowings

$441

$386

$349

$306

$342

$279

$155

$152

$185

Short-term debt

$360

$451

$449

$55

$53

$58

$272

$273

$269

Commercial paper

$972

$1,192

$1,678

$1,501

$1,652

$771

$581

$553

$815

Long-term debt

$5,767

$4,861

$4,915

$5,333

$5,243

$5,309

$5,746

$5,920

$6,023

Preferred stock

$55

$55

$55

$55

$55

$55

$55

$55

$55

Minority interests

$1,669

$1,583

$1,416

$1,340

$1,280

$1,391

$1,332

$1,253

$1,263

Common equity

$14,621

$13,947

$14,120

$13,834

$13,611

$13,282

$13,045

$12,761

$12,766

Denominator (sum total)

$23,885

$22,475

$22,982

$22,424

$22,236

$21,144

$21,185

$20,967

$21,376

Return on Capital

12.7%

13.2%

12.2%

11.2%

9.7%

8.3%

8.3%

8.3%

7.8%

27

Return on capital, excluding growth investments is a non-GAAP financial measure.  Management believes that this

measure is meaningful to investors because it provides greater insight with respect to the underlying operating

performance of the company’s productive assets.  The company has significant growth investments underway in its

upstream and downstream businesses, as previously noted, with expected completion dates over the next several years. 

As these investments generally require a period of time before they are productive, management believes that a return on

capital measure excluding these growth investments is more representative of current operating performance.

Reconciliation of Adjusted Return on Capital

1Q'07

4Q'06

3Q'06

2Q'06

1Q'06

4Q'05

3Q'05

2Q'05

1Q'05

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

Bloomberg

(In Millions)

Method

Method

Method

Method

Method

Method

Method

Method

Method

Numerator (sum total)

$3,029

$2,975

$2,803

$2,501

$2,159

$1,753

$1,763

$1,744

$1,673

Russia, Bohai, and Kunshan

net losses

($79)

($74)

($85)

($78)

($86)

($71)

($48)

($41)

($12)

Adjusted numerator

$3,108

$3,049

$2,888

$2,579

$2,245

$1,824

$1,811

$1,785

$1,685

Average Balances

Denominator (sum total)

$23,885

$22,475

$22,982

$22,424

$22,236

$21,144

$21,185

$20,967

$21,376

Capital projects in progress and

Russia, Bohai, and Kunshan

capital base

$3,945

$3,655

$2,540

$2,330

$2,139

$1,913

$1,776

$1,478

$1,403

Adjusted denominator

$19,940

$18,820

$20,442

$20,094

$20,097

$19,231

$19,409

$19,489

$19,973

Return on capital, excluding

growth investments

15.6%

16.2%

14.1%

12.8%

11.2%

9.5%

9.3%

9.2%

8.4%