Filed by Alcoa Inc.

Pursuant to Rule 425

under the Securities Act of 1933

Subject Company: Alcan Inc.

Commission File No:

001-03677

Set

forth

below

are

excerpts

from

a

slide

presentation

presented

by

Alain

J.P.

Belda,

Chairman

and

Chief

Executive

Officer

of

Alcoa

Inc.,

and

Charles D. McLane Jr., Vice President and Chief Financial Officer of Alcoa Inc., on July 9, 2007, which excerpts relate to the potential combination

of

Alcoa

Inc.

and

Alcan

Inc.:

1

Alcan Offer Update

–

Synergies

–

Growth Opportunities

–

Commitment to Quebec and Canada

–

Regulatory Approvals

2

A Winning Strategic Combination

–

Creates the 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

3

Tony Thene

Director, Investor Relations

Alcoa

390 Park Avenue

New York, N.Y. 10022-4608

Telephone:  (212) 836-2674

Facsimile:  (212) 836-2813

www.alcoa.com

For Additional Information, Contact:

4

5

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.

6

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

customer 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 and

Quarterly Report on Form 10-Q for the quarter ended March 31, 2007.  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.

7

In connection with the offer by Alcoa to purchase all of the issued and outstanding common shares of Alcan (the “Offer”), Alcoa

has filed 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”) each as amended.  This communication is not a substitute for the Prospectus, the Registration Statement

and the Schedule TO.  ALCAN SHAREHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THESE

DOCUMENTS, ALL OTHER APPLICABLE DOCUMENTS AND ANY AMENDMENTS OR SUPPLEMENTS TO ANY SUCH

DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE EACH CONTAINS OR WILL CONTAIN IMPORTANT

INFORMATION ABOUT ALCOA, ALCAN AND THE OFFER.  Materials filed with the SEC are available electronically without

charge at the SEC’s website, www.sec.gov. Materials filed with the Canadian securities regulatory authorities ("CSRA") are

available electronically without charge at www.sedar.com.  Materials filed with the SEC or the CSRA 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

CSRA

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 it may deem necessary to extend the Offer in any

such jurisdiction.

Where to Find Additional Information