Slides relating to Alcoa Inc. second quarter 2007 earnings call.

[Alcoa logo]

July 9, 2007

Quarter 2007 Analyst Conference

Exhibit 99.2

[Alcoa logo]

Forward Looking Statements

The information discussed on this call contains forward-looking

statements that involve future events and known and unknown

risks and uncertainties, including current expectations regarding

Alcoa’s future performance and the potential benefits of the

combination of Alcoa and Alcan. Actual results may differ

materially from those discussed today in our presentation.

Additional information concerning factors that may cause actual

results to differ can be found in Alcoa’s and Alcan’s respective

filings with the U.S. Securities and Exchange Commission and, in

Alcan’s case, the Canadian securities regulatory authorities.

Lastly, certain portions of the discussion concerning the proposed

transaction are addressed in a registration statement which Alcoa

has filed with the SEC and the Canadian securities regulatory

authorities. We urge you to read the registration statement

because it contains important information.

[Alcoa logo]

Vice President and Chief Financial Officer

Chuck McLane

[Alcoa logo]

Quarter 2007 Financial Overview

–

Income from continuing operations of $716m or

$0.81 per share

–

Revenues of $8.1b

–

Cash from operations of $1.35b

–

Debt-to-cap at 29.4%

–

Trailing four quarters ROC of 11.8%

[Alcoa logo]

Quarter 2007 Financial Overview

In Millions

1Q'07

2Q'07

Change

Sales

$7,908

$8,066

$158

Cost of Goods Sold

$6,007

$6,178

$171

% of Sales

76.0%

76.6%

0.6 pts.

SG&A

$357

$367

$10

% of Sales

4.5%

0.0 pts.

Restructuring and Other Charges

$26

($57)

($83)

Interest Expense

$83

$86

Other Income, Net

($44)

($60)

($16)

Effective Tax Rate

29.8%

30.0%

0.2 pts.

Minority Interests

$115

$110

($5)

GAAP Net Income

$662

$715

$53

(Loss) Income from Discontinued Operations

($11)

($1)

$10

GAAP Income From Continuing Operations

$673

$716

$43

[Alcoa logo]

Quarter vs. 2

Quarter Comparison

[Alcoa logo]

2Q’07

1Q’07

2Q’06

1,990

1,877

2,108

3 Party Shipments (kmt)

3,799

3,655

3,746

Production (kmt)

712

645

713

3 Party Revenue ($MM)

276

260

278

ATOI ($MM)

Production 4% higher sequentially

Higher prices

Reduced impact from Guinea strike

Stronger Australian dollar

Alumina

Quarter Highlights

Quarter Outlook

Prices to follow approximate two-month

lag calculation

Consistent production and shipment

levels anticipated

Quarter Business Conditions

$100

$120

$140

$160

$180

$200

$220

$240

$260

$280

$300

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

ATOI

Total Revenue

[Alcoa logo]

Quarter Highlights

462

504

489

ATOI ($MM)

2,879

2,902

2,728

3 Party Price ($/MT)

1,746

1,633

1,589

3 Party Revenue ($MM)

2Q’07

1Q’07

2Q’06

565

518

508

3 Party Shipments (kmt)

901

899

882

Production (kmt)

Primary Metals

Quarter Outlook

Quarter Business Conditions

Lower realized pricing sequentially

Tennessee and Rockdale curtailment

costs

Increased Iceland start-up costs

Unfavorable currency

Average June cash LME = $2,677/MT

Iceland start-up costs of $24

million

after-tax

Continued Rockdale curtailment costs

U.S. seasonal energy cost increases

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

$1,500

$1,700

$1,900

$2,100

$2,300

$2,500

$2,700

$2,900

$3,100

$3,300

$3,500

ATOI

Total Revenue

[Alcoa logo]

Increased volumes and favorable mix

Productivity increases

Improved Russia performance

2Q’07

1Q’07

2Q’06

ATOI ($MM)

2,344

2,275

2,115

Party Revenue

($MM)

Flat-Rolled Products

Quarter Highlights

Quarter Outlook

Quarter Business Conditions

Scheduled outages and seasonal

slowdown –

European holidays and

North American automotive shutdowns

Global aerospace markets remain

strong

$20

$40

$60

$80

$100

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

ATOI

Third Party Revenue

[Alcoa logo]

(5)

(6)

Other

107

(8)

1Q’07

Total

Investment Castings,

Forgings, Fasteners

AFL, Auto Castings and

Structures

100

2Q’06

105

118

(8)

2Q’07

North America Class 8 truck builds off 50%

year

over

year

–

partially

offset

continued

share gains and new product sales

Weakness continued in the North American

automotive customer base

Aerospace

remains

strong

–

accelerated

share gains and new product sales

Strong productivity across Fasteners,

Forgings and Investment Castings

Engineered Solutions

ATOI ($MM)

Quarter Business Conditions

Quarter Outlook

Seasonal

slowdown

–

European

holidays

and

North American automotive shutdowns

Negative impact of $9 million after-tax for AFL

tax rate change in Germany

Decline in Class 8 truck to continue –

projected at 48% year over year

Global aerospace markets remain strong

$20

$40

$60

$80

$100

$120

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

ATOI

Third Party Revenue

[Alcoa logo]

Alcoa Custom Extruded

Solutions, US Industrial

and Other

2Q’07

1Q’07

2Q’06

Total

Global Hard Alloy

Extrusions, Building &

Construction Systems

and Russia

Soft alloy extrusion joint venture

completed

Strong markets in Europe

Improved productivity

Extruded and End Products

ATOI ($MM)

Quarter Business Conditions

Quarter Outlook

Seasonal slowdown –

European

holidays and North American

automotive shutdowns

Soft alloy extrusions joint venture in

effect for entire quarter

$10

$15

$20

$25

$30

$35

$40

$45

$50

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

$200

$400

$600

$800

$1,000

$1,200

$1,400

ATOI

Third Party Revenue

[Alcoa logo]

(2)

(1)

(2)

Other

(3)

1Q’07

Total

Reynolds Food Packaging

and Flexible Packaging

Closure Systems and

Consumer Products

(1)

2Q’06

(1)

2Q’07

Packaging & Consumer

ATOI ($MM)

Quarter Business Conditions

Quarter Outlook

Benefits of the prior year restructuring

program and productivity improvements

will offset cost inflation

Normal seasonal slowdown expected in

Closure Systems

–

Normal seasonal increase in the

Closures and Consumer business

–

Productivity improvements

$10

$20

$30

$40

$50

$60

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

$500

$600

$700

$800

$900

ATOI

Third Party Revenue

[Alcoa logo]

Quarter 2007 Cash Flow Review

$ In Millions

2Q'06

2Q'07

Net Income

$744

$715

DD&A

324

317

Change in Working Capital

(399)

474

Other Adjustments

(116)

Pension Contributions

(25)

(41)

Cash From Operating Activities

699

1,349

Dividends to Shareholders

(131)

(149)

Change in Debt

191

172

Dividends to Minority Interests

(85)

(46)

Contributions from Minority Interests

103

Other Financing Activities

(45)

192

Cash From Financing Activities

(30)

272

Capital Expenditures

(729)

(891)

Other Investing Activities

Cash From Investing Activities

($685)

($886)

[Alcoa logo]

Strong Performance Trends

[Alcoa logo]

2007 Financial Targets

[Alcoa logo]

[Alcoa logo]

Safety Performance

[Alcoa logo]

Aluminum Consumption Growth Rates

Source: Alcoa analysis

[Alcoa logo]

Source: Alcoa analysis

Supply / Demand Projections

[Alcoa logo]

Source: IAI and LME

Global Days of Consumption

[Alcoa logo]

Momentum Builders Update

[Alcoa logo]

The Momentum Continues

[Alcoa logo]

Alcan Offer Update

–

Synergies

–

Growth Opportunities

–

Commitment to Quebec and Canada

–

Regulatory Approvals

[Alcoa logo]

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

[Alcoa logo]

Tony Thene

Director, Investor Relations

Alcoa

390 Park Avenue

New York, N.Y. 10022-4608

Telephone: (212) 836-2674

Facsimile: (212) 836-2813

www.alcoa.com

For Additional Information, Contact:

[Alcoa logo]

[Alcoa logo]

Forward-Looking Statements

Certain statements

and

assumptions

this

communication

contain

are

based

"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

the

impact

the

proposed

acquisition of Alcan on

revenues,

costs

and

earnings.

Such

forward-

looking

statements

are

subject

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,

procure

mining

equipment

and

operating

supplies

sufficient

quantities and on a timely basis, and to attract and retain skilled staff; the impact of changes in foreign currency exchange rates

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

negotiations

with

key

customers;

the

resolution

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.

[Alcoa logo]

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

inflation

and

other

economic

factors

the

countries

which

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

adversely

affected

changes

the

business

financial

condition

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 and

Quarterly Report on Form 10-Q for the quarter ended March 31, 2007. 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.

[Alcoa logo]

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”), each as amended. 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

such

materials

filed

with

the

SEC

the

CSRA

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,

its

sole

discretion,

take

such

action

may

deem

necessary

extend

the

Offer

any

such jurisdiction.

Where to Find Additional Information

[Alcoa logo]

APPENDIX

[Alcoa logo]

[Alcoa logo]

(1)

Certain amounts for the first and second quarter of 2006 have been reclassified to Other so that this line reflects only the impact of

LIFO. Presenting the Impact of LIFO as a separate line in the Reconciliation of ATOI started in the third quarter of 2006.

Financial information for the first and second quarter of 2006 has been reclassified to reflect the movement of the home exteriors

business to discontinued operations in the third quarter of 2006.

Reconciliation of ATOI to

Consolidated Net Income

$ 715

$ 662

$ 2,248

$ 359

$ 537

$ 744

$ 608

Consolidated net income

(50)

(10)

104

(7)

Other

(1)

(11)

101

(3)

(5)

(6)

Discontinued operations

(18)

(379)

(386)

(1)

Restructuring and other charges

(101)

(86)

(317)

(82)

(64)

(82)

(89)

Corporate expense

(110)

(115)

(436)

(98)

(109)

(124)

(105)

Minority interests

(56)

(54)

(250)

(61)

(66)

(63)

(60)

Interest expense

Interest income

(16)

(27)

(170)

(66)

(19)

(49)

(36)

Impact of LIFO (1)

Unallocated amounts (net of tax):

$ 1,019

$ 972

$ 3,551

$ 927

$ 780

$ 1,000

$ 844

Total segment ATOI

2Q07

1Q07

2006

4Q06

3Q06

2Q06

1Q06

[Alcoa logo]

[Alcoa logo]

[Alcoa logo]

[Alcoa logo]

Reconciliation of EBITDA Margin

Year ended

December 31,

2006

Six months

ended

June 30,

2007

Year ended

December 31,

2006

Six months

ended

June 30,

2007

Year ended

December 31,

2006

Six months

ended

June 30,

2007

Flat-Rolled Products

Extruded and End Products

Engineered Solutions

After-tax operating income (ATOI) (1)

$ 255

$ 155

$ 60

$ 80

$ 331

$ 198

Add: Income taxes

101

Less: Other income and (expenses), net (2)

(26)

(15)

(5)

(1)

Net margin

349

229

104

437

290

Add: Depreciation, depletion, and amortization

219

110

118

169

Earnings before interest, taxes, depreciation, and

amortization (EBITDA) (3)

$ 568

$ 339

$ 194

$ 123

$ 606

$ 373

Third-party sales

$ 8,297

$ 4,619

$ 4,419

$ 2,140

$ 5,456

$ 2,927

Intersegment sales

246

123

–

Total Sales

$ 8,543

$ 4,742

$ 4,518

$ 2,208

$ 5,456

$ 2,927

EBITDA Margin (4)

6.6%

7.1%

4.3%

5.6%

11.1%

12.7%

(1)

See Slide 34 for a reconciliation of segment ATOI to consolidated net income.

(2)

Other income and (expenses), net, include equity income (loss), gain or loss on sale of assets, mark-to-market activities and other items.

(3)

Alcoa’s definition of EBITDA is net margin plus depreciation, depletion, and amortization. Net margin is equivalent to sales minus the following items: cost of goods sold; selling, general administrative, and

other expenses; and research and development expenses.

(4)

EBITDA Margin is calculated by dividing EBITDA by Total Sales.

[Alcoa logo]

Reconciliation of EBITDA Margin –

P&C

Quarter

ended

June 30,

2006

Quarter

ended

June 30,

2007

Year ended

December 31,

2006

Six months

ended

June 30,

2007

Packaging and Consumer:

After-tax operating income (ATOI) (1)

$ 37

$ 95

$ 56

Add: Income taxes

Less: Other income and (expenses), net (2)

–

Net margin

122

Add: Depreciation, depletion, and amortization

124

Earnings before interest, taxes, depreciation, and

amortization (EBITDA) (3)

$ 73

$ 84

$ 246

$ 139

Third-party sales

$ 834

$ 837

$ 3,235

$ 1,573

EBITDA Margin (4)

8.8%

10.0%

7.6%

8.8%

(1)

See Slide 34 for a reconciliation of segment ATOI to consolidated net income.

(2)

Other income and (expenses), net, include equity income (loss), gain or loss on sale of assets, mark-to-market activities and other items.

(3)

other expenses; and research and development expenses.

(4)

EBITDA Margin is calculated by dividing EBITDA by Third-party Sales.

[Alcoa logo]

48.9

51.5

51.7

Days of Working Capital

$ 8,066

$ 7,908

$ 7,797

Sales

$ 4,335

$ 4,524

$ 4,427

Working Capital

2,668

2,570

2,536

Less: Accounts payable, trade

3,633

3,780

3,820

Add: Inventories

$ 3,370

$ 3,314

$ 3,143

Receivables from customers, less allowances

June 30,

2007

March 31,

2007

June 30,

2006 (a)

Quarter ended

Days of Working Capital = Working Capital divided by (Sales/number of days in the quarter)

(a) Certain financial information has been reclassified to reflect the movement of the home exteriors business to

discontinued operations and as held for sale in the third quarter of 2006, and the soft alloy extrusions business as held for

sale in the fourth quarter of 2006.

Days of Working Capital

[Alcoa logo]

Reconciliation of Sales

(a) This amount represents the sales for the month of June 2007 related to Alcoa’s soft alloy extrusions business that was contributed

to the joint venture formed with Orkla ASA’s Sapa Group on June 1, 2007.

(b) Management believes that this measure is meaningful to investors because in prior quarters the revenue of the soft alloy extrusion

business was included for all three months. Due to the completion of the joint venture with Sapa effective June 1, 2007, only two

months of sales were included in consolidated revenue. The adjusted consolidated revenue measure provides an accurate

comparison to past quarters.

Quarter ended

(in billions)

June 30,

2007

Sales

$ 8

Add: sales of soft alloy extrusions operations (a)

0.2

Sales, including sales of soft alloy extrusions operations

(b)

$ 8.3