Statement by Alcan on BC Hydro/Powerex Contract Dispute 2002/02/20

Montreal, Canada — Alcan Inc. acknowledges the news release issued earlier today by BC Hydro/Powerex1 regarding the power supply contract with Enron Power Marketing Inc. (EPMI). The nature and amount of the BC Hydro/Powerex alleged claim against Alcan are without foundation in Alcan's view and Alcan will contest this accordingly. Furthermore, Alcan will seek compensation from BC Hydro/Powerex with respect to any damages caused by their news release of February 20, 2002. In any event, it is Alcan's position that such residual liabilities, which it may have as a result of its assignment of the power sale agreement to EPMI in 1997, would relate to the supply of power and not be in the form of a financial obligation. In this context it is noteworthy that Alcan is a major electrical power supplier to BC Hydro with average annual sales in excess of US$25 million. Alcan regrets that BC Hydro/Powerex has chosen to pursue this course of action rather than work with Alcan to identify solutions in accordance with what has heretofore been a long-standing and productive relationship consistent with Alcan's 50-year contribution to the economy of British Columbia. Alcan is a multinational, market-driven company and a global leader in aluminum and specialty packaging with annual revenues of US$12.6 billion in 2001. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs approximately 48,000 people and has operating facilities in 38 countries. -30- Please refer to the following backgrounder for more information: 1Powerex Corp., a wholly-owned subsidiary of BC Hydro. Media Contact: Marc Osborne +1 (514) 848-1342 Investor Contact: Serge Michaud +1 (514) 848-8368

© 2008 Alcan Inc.   Legal Disclaimer | Privacy Statement