1

Filed by Alcoa Inc.

Pursuant to Rule 425

under the Securities Act of 1933

Subject Company: Alcan Inc.

Commission File No: 001-03677

2

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.

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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

custo

mer

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.

Alcoa’s Commitment to Canada

Shared History, Shared Values, One Future

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A Winning Strategic Combination

Creates a 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

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Shared History

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Deeply Committed to Canada Today

1,400 kMT

7%

1,400 kMT

24%

-

-

Alumina Capacity

Canada % of Total Company

$769

19%

$371

21%

$398

18%

Income from Continuing Ops

Canada % of Total Company

2,773 kMT

35%

1,774 kMT

51%

999 kMT

23%

Aluminum Capacity

Canada % of Total Company

16,100

9%

11,000

17%

5,100

4%

Employees

Canada % of Total Company

$8,555

12%

$5,451

17%

$3,104

10%

Total Revenue

Canada % of Total Company

Combined

2006 (US$ millions)

Source:  Alcoa analysis; Company filings

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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

Alcoa/Alcan Global Primary Products business headquartered

in Montreal among largest companies by revenue in Canada

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Increased Commitment to Canada

British Columbia

Quebec

Alcoa

Alcan

Shared

Refinery

Smelter

11 smelters

1 refinery

Upstream in Canada

Potential Investment

•

Saguenay–Lac-Saint-Jean

region:  AP50 pilot first step in

ten-year, $1.8B program

•

Baie Comeau:  $1.2B, 110kMT

expansion and modernization

•

Deschambault:  $1.4B, ~300kMT

expansion

Quebec

•

Kitimat:  $1.8B, 123kMT

expansion and modernization

British Columbia

Source:  Company filings and press releases

Largest private sector investment

program in Quebec history

Montreal

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Shared Commitment to Sustainability

Winner –

Alcoa 1996, Alcan 2007

Alcoa –

Founding Member 2006

Alcan –

Founding Canadian Member 2007

Alcoa –

5 Time Member

Alcan –

4 Time Member

Founded $1 million

Prize for

Sustainability

Founded $9 million

Conservation and

Sustainability Program

Alcoa’s Commitment to Canada

Shared History, Shared Values, One Future

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In connection with the offer by Alcoa to purchase all of the issued and outstanding common shares of

Alcan (the “Offer”), Alcoa will be filing 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

that

Alcoa

will

file

with

the

SEC.

ALCAN

SHAREHOLDERS

AND

OTHER

INTERESTED

PARTIES

ARE

URGED TO READ THESE DOCUMENTS, ALL OTHER APPLICABLE DOCUMENTS (AND ANY

AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS), WHEN THEY BECOME AVAILABLE

BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ALCOA, ALCAN AND THE

OFFER.  Materials filed with SEC will be available electronically without charge at the SEC’s

website,

www.sec.gov. Materials filed with the Canadian securities regulatory authorities also will be available

electronically without charge at www.sedar.com.  Materials filed with the SEC or the Canadian securities

regulatory authorities 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 Canadian securities

regulatory authorities 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

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