Alcan Provides Estimated Tax Basis For Novelis Spin-Off 2005/01/17

Montreal, Canada — As undertaken in its proxy circular of November 23, 2004, Alcan Inc. (NYSE, TSX: AL) today provided an estimate of the adjusted cost base allocation resulting from the spin-off of its rolled products assets into an independent company called Novelis Inc. on January 6, 2005. For tax purposes, shareholders are generally required to allocate the cost* of their Alcan common shares held immediately before the spin-off to their Alcan and Novelis common shares held immediately after the spin-off in proportion to their respective fair market values. Alcan has determined that it is reasonable for shareholders to allocate 9 percent of the cost of their pre spin-off Alcan common shares to their Novelis common shares and 91 percent to their post spin-off Alcan common shares. Alcan’s estimated allocation is not binding on tax authorities or any individual shareholder, and a variety of methods may be used to determine relative fair market values in different jurisdictions. However, it is recommended that allocations made by shareholders be consistent with Alcan’s estimate, and that they consult their own tax advisors with respect to the specific tax consequences to them. Additional information will shortly be made available on Alcan’s Web site. Alcan is a multinational, market-driven company and a global leader in aluminum and packaging. 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 approximately 73,000 people and has operating facilities in 56 countries and regions. * Known as "adjusted cost base" for Canadian tax purposes and "tax basis" for US tax purposes. -30- Media Contact: Anik Michaud Tel.: +1-514-848-8151 media.relations@alcan.com Investor Contact: Corey Copeland Tel.: +1-514-848-8368 investor.relations@alcan.com

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