Montreal, Canada - December 3, 2004 Alcan Inc. (NYSE, TSX: AL) announced today that it is now in a period of exclusive discussions, based on a proposal put forth by Mytilineos Holdings S.A. of Greece, for the potential sale of Alcan's interest in Aluminium de Grece S.A. (ADG).

'The consideration of a possible sale of Alcans controlling interest in ADG is part of our on-going efforts to identify and develop value creating options,' said Cynthia Carroll, President and Chief Executive Officer of Alcan Primary Metal Group. 'We are confident that the positive outcome of these discussions would contribute to ADG's long-term sustainability,' she added. The shared objective of the parties is to finalize the terms and conditions of the proposal over the next two weeks.

Alcan engaged in discussions with various parties under the protection of confidentiality agreements as part of its efforts to identify and develop value-creating options in relation to ADG. Alcan is a multinational, market-driven company and a global leader in aluminum and packaging, as well as aluminum recycling. 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 88,000 people and has operating facilities in 58 countries and regions.