Slides of Presentation by Christel Bories

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Statements made in the course of this presentation which describe

the Company's or management’s objectives, projections, estimates,
expectations or predictions may be "forward-looking statements"
within the meaning of securities laws. All statements that address the
Company's expectations or projections about the future including
statements about the Company's growth, cost reduction goals,
operations reorganization plans, expenditures and financial results
are forward-looking statements. nature, forward-looking statements involve risk and uncertainty and
actual actions or results could differ materially. Reference should be
made to the most recent Form 10-Q or 10-K for a summary of
factors that could cause such differences. In addition, certain
non-GAAP measures are used which are reconciled to the
comparable GAAP measures herein or on the Company’s website at
www.alcan.com in the “Investors” section.

Forward Looking Statements

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AP Sales

Packaging Market

Western

Europe

North

America

Emerging

Countries

Japan

Western

Europe

North

America

Emerging

Countries

Alcan Packaging Sales ($6bn)

Tobacco 7%

Globally, Alcan is the #1 supplier to all these

markets

GDP Real Growth Rate in 2005

W.Europe

USA

Russia

India

China

+1,5%

+3,5%

+5,9%

+7,1%

+9,9%

Value-added Packaging is Our Specialty

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We are operating in structurally growing, profitable market segments

Market Growth

Market size

= 1 bn$

-10%

-5%

10%

15%

-3%

-1%

Food Asia

Pharma

Beauty

Tobacco

Food Americas

Food Europe

Business Environment & Competitive

Position

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During a period of intense input cost pressure and

challenging market conditions, we are successfully building a greatly improved platform that positions us favorably for the future.

From this improved platform, we will accelerate

the pace of growth leading to enhanced value creation going forward.

Alcan Packaging

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We have experienced a dramatic rise in our raw material prices since 2004.

The trend has been flatter in 2006 for resins, though not for aluminum.

Chart based on nominal

prices

LDPE resin price

increased by 70%
since 2002

Raw material purchases

Business Environment & Competitive Position

Evolution of Raw Material Prices

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Unprecedented rise in raw material prices significantly squeezed industry

margins

Average EBITDA margin decline of 3.7% from the peak of 2002, and 2.2% from the more

average years of 2001 & 2003

Weakening economic conditions, especially in Europe, have also been a significant factor

contributing to declining margins over the period 2002-2005

Bemis, Sealed Air, Winpak, Huhtamaki, Amcor, Alcan

Packaging

NA Flexibles Industry – 2001-2005

Global Packaging Companies – 2001-2005

Source: Harris Nesbitt, May 2006

Business Environment & Competitive

Position
Effect of Cost Pressures since 2002

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582

145

100

(290)

623

$300

$400

$500

$600

$700

$800

$900

Variance = +41M$

Comments

Volume growth achieved in a

difficult and competitive business
environment.

Successive waves of raw material

and energy price increases
resulting in an unprecedented escalation of input costs

Price/Mix reflecting tough pass

through policy partly offset by competitive price erosion

Large cost reductions achieved

in excess of inflation manufacturing and fixed cost
reductions as well as purchasing
savings.

Business Environment & Competitive

Position
BGP Variance*

* BGP excluding restructuring charges

Compared to an industry decline of 2.2%, Alcan Packaging has been

successful in maintaining margins

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… Our margins have been relatively more resistant to cost pressures,

due to significant progress in strategy implementation.

Strategic Progress

Setting Operating Excellence as a foundation of our success

Rationalization of our portfolio

Focus on growing and attractive market segments

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Setting Operating Excellence as a foundation of our success

Strategic Progress – Operating Excellence

Best in class EHS

56% fewer accidents over 2 years (05 vs 03). YTD RC at 1.10 (end of H2/06)

Fewer plants, larger operations, more specialized by product and

technology

40 plants less since 2004 (with fewer in Western countries and increased presence in

emerging economies). Average revenue by plant increased by 15%

Part of the business in low cost areas

From 12% in 04 to 17% of the sales now (06 forecast)

New operating models in line with customer needs

Creation of centres of excellence: e.g. NA Flex, Labels, European Dairy, …

Deployment of CI as a way to leverage our size (best practice sharing)

Target: $72m annual EVA savings in 2006

Deployment of good management systems

Increased procurement leverage through key initiatives

Savings 2004-6 : $144m

LCC sourcing supported by new focused teams

Working capital best practices being implemented

Days of Sales Outstanding = 13 days (-19%) reduction since start of 2004

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Food Europe: Rub-on Tattoos

Sales $5m, 28 people,
1 site in Spain

Global Tobacco* Print Finishing

Sales $50m. 406 people, 23 sites in UK

Global Beauty: Aluminium Tubes

Sales $85m. 780 people, 3 sites: Fr,
Cz, Italy

Global Beauty : Bottles (for Personal Care)

Sales $30m. 312people, 2 sites in France

Food Americas*:PET BottlesSales $50m. 90 people,

1 site in UK

Global Tobacco* Steel Cans

Sales $70m. 310 people, 1 site in UK

* Although part of the Global Tobacco sector for management reasons, the

businesses of Print Finishing and Steel Cans were serving almost entirely
non-tobacco markets.

Divestments Announced &

Completed (Sept YTD 2006): Total Sales: $615M

Total sites: 42

Food Plastic Bottles, North America:

Sales $130M, 495 people, 3 sites

Food Flexible

Sales $30m, 152

people
1 site in Spain

Strategic Progress – Portfolio Rationalization

Exit Mature and Non-Profitable Segments

Beauty: Aerosols

Sales $ 100m, 593 people

5 sites in FR, SP, UK, CZ

Beauty: Deo-stick

Sales $15m, 184 people 1 site in France

Global Beauty :Mass-Market CompactsSales $25m. 115 people,

1 site in Italy

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Allocate our money & effort to growing segments where we can

sustain a competitive advantage

Some significant progress: 5 greenfields, 7 acquisitions and some major

investments in new capacities/capabilities

Growing part of our sales in emerging countries

Innovate with new business / service models

New market-focused models in Food Europe, China

Improve our product mix

Margin Management initiative: “Best Practice” focus on sales performance,

pricing. New skills and organization being deployed.

Strategic Progress - Growth

… re-aligning our portfolio towards growing and attractive market segments

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Strategic Progress

Leveraging of Key Competitive Advantages

Strong relationships with most major customers

Greater purchasing leverage / selling power due to size and scope

Broad footprint allowing for capacity optimization

Increased flexibility in the portfolio (multiple product offering)

Existing platforms in emerging economies on which we can grow

Strong technical capabilities which can be leveraged across the

business

Ability to consolidate the market, supported by experience and

know-how regarding business integration

Financial strength to implement where value accretive

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In less than 2 years, we have significantly altered our footprint

Western Countries

Emerging Countries

% of total revenues

Capex

88%

12%

262

Sales

$5.3 B

$ 0.7B

Number of plants

148

2004

83%

253

$4.9 B

103

2006

2004

17%

115

$ 1.0 B

2006

+98%

+43%

+16%

% 06/04

Capex as % sales

12%

+98%

Sales by plant

+13%

+33%

-45

Strategic Progress – Change in the

Footprint

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Extensive restructuring largely complete

80% of restructuring completed

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Strategic Progress – Restructuring

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A much stronger platform for future performance than 2 years ago …

Strategic Progress

Better focused and better positioned portfolio

Stronger industrial platform with fewer, larger, more specialised

plants

Larger part of business in growing areas and robust new project

pipeline

Strong, expert and diversified management

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During a period of intense input cost pressure and

challenging market conditions, we are successfully building a greatly improved platform that positions us favorably for the future.

From this improved platform, we can accelerate

the pace of growth leading to enhanced value creation going forward.

Alcan Packaging

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Focus on Operational Excellence and Continuous Improvement continues to

be key to achieve profitable growth in a competitive environment

Our priority going forward is to leverage our global operations to

accelerate progress, for example;

LCC sourcing, e-procurement

Operational best practice sharing & lean manufacturing

deployment

Shared services and SG&A reductions

Margin management best practice

Technology transfers

Creating Further Value – Operational Excellence

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We can derive substantial further value by accelerating organic growth …

“Continuing business” (excluding portfolio rationalisations) has been

growing 4% over the past 3 years, despite adverse packaging
environment.

Numerous success stories, including in Western countries, for example:

Meat and Dairy US = + 11% pa> Mexico = + 22% pa

Labels NA = + 20% pa> China = + 16% pa

Global Pharma Flexibles = + 7% pa

New focus on growth has fuelled our pipeline with many new attractive

projects, some of which have already commenced:

Greenfields = Australia (wine caps), USA (labels and tobacco packaging), Russia

(tobacco packaging and food), China (beauty)

Significant investments in Pharma Flexibles, in Europe and US (90MUS$) in the

past 2 years.

* Grow rates relate to 2004-2006

Creating Further Value – Organic Growth

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Organic Growth – Examples

Alcan Global Pharmaceutical Packaging’s Pharma Center in Shelbyville,

Kentucky
is growing at a CAGR of 12% since 2002 (double the market growth rate)

Alcan Packaging Pharma

Center

The leading player in the North

American pharmaceutical flexible
packaging market.

The only dedicated pharmaceutical

flexible packaging facility in North
America.

$27.5M new investment will enable

Alcan to capture growth
opportunities.

A new drug delivery system for inhalable insulin is expected to

be a blockbuster product for our customer. The drug, in powder
form, is packaged in complex Formpack^® package is a result of joint efforts between Alcan and the
pharmaceutical company.

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We can derive substantial further value by accelerating acquisitive growth;

we have already identified several potentially attractive opportunities

Acquisitions are important for the growth and development of our

business:

Quicker establishment of platforms in emerging countries

Avoid risks from ramp up of new facilities

Skilled local management to accelerate new projects

Enhances our market knowledge and commercial opportunities

Grow faster in attractive western market segments, without creating overcapacity

Consolidation of western market & synergies

Our focus is mid-size companies, specialised in market segments

that are attractive to us … and easy to integrate.

The Companies we are targeting are profitable companies with BGP

margins in line with our target.

Creating Further Value – Acquisitive

Growth

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Acquisition of a strong base (120M$ in 2003,

leader in the market, profitable)

Retained good management

Capture local market growth (+7% p.a.)

Develop to the next level:

Acquisition of a site in Northern Mexico to

serve the US market (Relapasa)

Develop new projects with US

multinationals

Leverage low-cost base

We have proven ability to successfully integrate acquisitions which drive

value

Started with a JV (65% of shares) of a sizeable

business (70 M$ in 2003)

Acquisition of the minority shares end of 2005

Kept former owner as General Manager and local

team

Develop new markets:

New Greenfield for Beauty

New BU for Pharma / product transfers

Tobacco Market study

Acquisitions list under review

(De Quan acquisition complete)

Mexico

China

4 Sales +22% p.a.

Turnover $190m, 1350 employees

4 Sales +16% p.a.

Turnover $110m, 1200 employees

* Grow rates relate to 2004-2006

Creating Further Value

Despite a very difficult environment, our results are progressing

Margins have been impacted by:

input cost pressure

portfolio transformation costs

Good asset management led to

ROCE improvement

Margin and ROCE will improve as

input costs stabilize.

BGP margin target remains 15%

Financial Outlook

2005

ACT

End of June

2006

Op. BGP %

Margin

10.2%

10.1%

ROCE

bef. P/A

7.5%

10.4%

ROCE

aft. P/A

3.7%

4.9%

TARGET = + 1 pt ROCE per year

% Sales

in LCC

16.0%

17.0%

Summary

The substantial consolidation and optimization work performed over

the past 2 years has allowed us to cost pressures during that period

We have built a stronger platform that positions us favorably for

the future.

We can now accelerate the pace of growth leading to significant

further value creation.

Our margins have been relatively more resistant to cost pressures, partly

due to implementation of our integration/synergy program.

Integration/Synergy Achievements

Integration

Full alignment on AIMS throughout the organization

High degree of integration in all functional areas

Synergy Realization

VAW Flexpak integration complete, with target synergies of

$45M captured

Pechiney integration completed, with actual savings ($148M)

well ahead of initial target ($115M)

7 Plants closed

Paris

Chicago

Singapour

Montréal

Paris

Bristol

We have in place a strong, decentralized and diversified management to

grow our business

Vice President

Information

Technology

Massimo

Spada

Vice President

& Business

Finance
Director

Keith Wilkins

President &

Chief Executive Officer

Christel Bories

Vice President

Procurement

Carlo Aversa

Vice President

HR & EHS

Michel Carnec

Vice President

Strategic

Planning & Bus.
Dev.

Adrian

Haughton

Vice President

Communicatio
ns

Colette

Chauvière

President

Global Beauty

Packaging

François Luscan

President

Food Packaging,

Europe

Michael Cronin

President

Global

Pharmaceutical
Packaging

Michael

Rubenstein

President

Food Packaging,

Americas

Ilene Gordon

President

Food Packaging,

Asia

Jean -Paul

Meausoone

President

Global Tobacco

Packaging

Ralf Wunderlich

Vice President

Continuous

Improvement &

Operational
Excellence

Colin Smart

HQ’s:

Paris

Chicago

Singapore

Montreal

Paris

Bristol

7 nationalities in the management team

Creating Further Value