**EXHIBIT 99.2***-***MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS (ITEM 7 TO REGISTRANT'S ANNUAL REPORT ON FORM 10-K FOR THE FISCALYEAR ENDED DECEMBER 31, 2005)**

**OVERVIEW**

Higher interestrates and rising commodity pricesworked together to slow economic growth in North America, Western Europe and Japan in2005.  In late summer, hurricanes Katrina and Rita added further pressureon the United States(U.S.) economy just as it looked poised to rebound.  In contrast, China continued to grow rapidlythroughout the year and provided a much needed boost toworld economic growth as well as the growth of other developing andnewly-industrialized nations in Asia.

Global primaryaluminum demand grew by more than 4% in 2005, while primary production grew at afaster rate, almost 7% year over year.  As a result, the aluminum market wentfrom an almost 700-kt supply deficit in 2004 to a balanced supply/demand position in2005.  The announcement of smelter closures by a number of aluminumproducers, including Alcan, in response to rising energy prices in Europe andNorth America, together with the threat of further announcements helped to pushaluminum prices sharply higher during the latter half of the year. The benchmark3-month aluminum price on the London Metal Exchange (LME) reached $2,290 pertonne (/t) by year-end, its highest level since 1989. Aluminum prices also rosein terms of other major currencies for the first time in several years.

Despite a challenging business environment, Alcanperformed well during 2005. The benefit of higher prices, increased volumes aswell as synergy gains associated with the Pechiney acquisition more than offsetthe penalties from substantially higher costs for key inputs, the weaker U.S.dollar and the loss of contribution from the rolled products businesses spun-offinto Novelis on January 6, 2005. Net income was reduced by charges for OtherSpecified Items (OSIs) of $670 million, mainly related to the restructuring of certainpackaging operations and the closure of two smelters.

During the year, Alcan continued to make excellentprogress on key operating and growth initiatives. The Company successfullycompleted the two-year synergy program undertaken following the acquisition of Pechiney, achieving a run rate of $400 million; well in excess of its $360million target. As well, the Company made good headway on the ongoingoptimization of its portfolios of value-added engineered products and packagingbusinesses. The expansion of the Gove alumina refinery in Australia, which willnearly double that facility's capacity and significantly improve Alcan's costposition in alumina, continued on budget and on schedule; with first productionexpected towards the end of 2006. The Company's 20% participation in a350-thousand tonne per year (kt/y) smelter in Oman, scheduled to beginproduction in 2008, will fully leverage Alcan's leading-edge technology,operational know-how and management expertise.

While currency movements and rising input costs havepushed the industry smelter cost curve substantially higher over the last twoyears, Alcan's relative cost position has further improved; bringing to theforefront the Company's unique competitive advantage of low-cost, wholly-ownedpower generation.

***The informationpresented in this Management's Discussion and Analysis (MD&A) includes Pechiney's results asof January 1, 2004 except for the balance sheet which includes Pechiney beginning on December31, 2003. The information contained in the MD&A includes the businesses transferred to Novelisfor all periods prior to 2005. In the Operating Segment Review on page 21, thesebusinesses are included in "Entities transferred to Novelis".***

**MARKETREVIEW**

**World PrimaryAluminum Balance **

***Supply andDemand***

World primaryaluminum demand grew by about 4.5% in 2005 to 31.9 million tonnes (Mt); lessthan half of the 9.7% growth seen in 2004.  The 2004 growth rate had beenaugmented by customer inventory restocking and material substitution effects dueto relatively higher prices for other metals such as steel, copper and secondaryaluminum.  While Chinese primary aluminum demand grew almost 20% in 2005,Western World* demand growth fell to under 2%; below the long-term trend ofaround 3% per annum.

As it had in theprevious year, world primary aluminum production increased by about 7% in 2005,reaching 31.8 Mt.  China continued to be by far both the largest and fastestgrowing producer, with production up roughly 18% year over year to 7.7 Mt. Output from Western World smelters grew by 4.3% in 2005 mainly due to smelterexpansions in Bahrain, Canada and Dubai in the first half of the year as well asrestarts in North America, which more than offset closures in that region.Primary aluminum production in the C.I.S. was up 2% to about 4.2 Mt.

**Defined as theworld excluding the Commonwealth of Independent States (C.I.S.), Eastern Europeand China.*

1

----

***World PrimaryAluminum Supply and Demand***

*Mt/y*

|   | *Q1*
*Q2*
*Q3*
*Q4*
 
*Supply*
2001
25.5
25.4
25.2
25.7
 
2002
25.2
25.7
26.2
26.9
 
2003
27.2
27.5
28.1
29.0
 
2004
29.1
29.6
29.7
30.4
 
2005
30.6
31.8
32.5
32.6
 
*Demand (seasonally adjusted)*
2001
23.7
23.8
24.1
24.3
 
2002
24.7
24.7
26.4
26.6
 
2003
27.3
27.4
27.8
28.6
 
2004
31.0
29.9
30.8
30.2
 
2005
31.1
31.3
32.6
32.4
 
***Balance***

With supplyincreasing faster than demand in 2005, the primary aluminum market was inrelative balance for the year compared to the 685-kt supply deficit in 2004.  Bythe end of 2005, inventories held on the LME, the New York MercantileCommodities Exchange (COMEX) and by aluminum producers had fallen marginally tojust below 3.9 Mt, which represented about nine weeks of Western World supply. Driven by rising smelter costs and the threat of closures in Europe and NorthAmerica, the average LME 3-month aluminum price rose over 10% to $1,900/t for2005, its highest level since 1989, and up from $1,721/t in 2004.

***Total AluminumInventories and Ingot Prices***
		 
*Q1*
*Q2*
*Q3*
*Q4*
 
*LME 3-month aluminum price (US$/t)*
2001
1,562
1,511
1,404
1,337
 
2002
1,395
1,377
1,329
1,358
 
2003
1,392
1,379
1,420
1,521
 
2004
1,667
1,687
1,716
1,813
 
2005
1,887
1,796
1,846
2,069
 
*Total inventories (IAI*, LME and COMEX warranted) (kt)*
2001
3,743
3,799
3,887
3,910
 
2002
4,084
4,226
4,250
4,312
 
2003
4,401
4,290
4,438
4,538
 
2004
4,242
3,975
3,711
3,903
 
2005
3,830
3,776
3,794
3,882
 		 		 		 		 		 		 **  International Aluminium Institute*		 		 		 		 		 
***Outlook***

In the firsthalf of 2006, the small amount of new smelter capacity starting up in Brazil,China and India will only serve to offset already announced power-relatedclosures in Western Europe, the U.S. and China.  Consequently, any demand growthshould lead to inventory declines.  Market tightness could ease somewhat laterin the year as smelter expansions in Dubai, Iceland and Russia begin coming onstream. The supply/demand balance could also be affected by possible restarts ofidled capacity in the U.S. Pacific Northwest, due to new power arrangements, aswell as in China, facilitated by major alumina refinery expansions in Australiaand Brazil.  For 2006, primary shipments are forecast to rise 5% globally, whileworld primary aluminum production is expected to increase by about 4%.  Thiswould lead to a primary aluminum deficit of about 300 kt for the year, whichwould provide a supportive environment for aluminum prices.

**Total AluminumConsumption**

Total globalaluminum consumption (measured as semi-fabricated aluminum, castings, forgings,etc.) grew by an estimated 5% in 2005 to about 43 Mt.  Of this, about 32 Mt wassourced from primary aluminum with the other 11 Mt coming fromsecondary/recycled metal.

Total aluminumconsumption was up in all major regions of the world, but in each case thegrowth rate was lower than in 2004.  China continued to enjoy strong growth in2005.  Consumption in China increased nearly 10%, reaching roughly 10 Mt for the year andsurpassing the U.S. for the first time in terms of absolute size.  Shipmentswere also up about 10% in the C.I.S. and 6% in the rest of Eastern Europe.  Forthe Western World, total aluminum consumption rose just over 2% year on year,led by a 6% increase in Latin America and a 5% increase in Asia (excludingChina).  Growth in Western Europe continued to be weak, up only about 2%. Finally, after being inflated by restocking and material substitution effects inthe previous year, there was virtually no growth in North America in 2005. Consumption growth in the U.S. is still about 4% below the peak levels reachedin 1999 and 2000.

2

For a secondstraight year, aluminum consumption rose in every end-use market.  The strongestgrowth rates, at around 5%, were in machinery and equipment, electrical,building and construction, and automobiles.  The latter two are also the largestaluminum markets at 8.6 Mt and 7.4 Mt, respectively, and were boosted by stronggrowth in China.  Increased automobile production in Japan together with higheraluminum penetration ratios helped to offset the impact of production declinesin the U.S. and Western Europe. Housing starts were strong in the U.S. andJapan, which contributed to the higher growth in building and constructionconsumption.  The slowest growth in aluminum consumption, at less than 2%, camefrom beverage cans, a mature end-market in which competing materials, suchas polyethylene terephalate (PET), continue to make gradual inroads.  There wasmoderate growth for other packaging, principally foil, consumer durables, andother transportation such as heavy trucks, aerospace, buses, trains and ships..

***Total GlobalConsumption by End-Use Market- 2005* **

*Containers and Packaging*
*16%*
*Building and Construction*
*20%*
*Electrical*
*10%*
*Transportation*
*27%*
*Consumer Durables*
*7%*
*Machinery and Equipment*
*8%*
*Other*
*12%*
*   Total*
*100%*
***Total GlobalConsumption by Geographic Market -2005* **

*North America*
*24%*
*Western Europe*
*22%*
*Asia (excl. China)*
*21%*
*Latin America*
*5%*
*Africa and Oceania*
*2%*
*   Western World*
*74%*
*China*
*22%*
*Eastern Europe*
*2%*
*CIS*
*2%*
*   Total*
*100%*
***Alcan's Revenuesby**Geographic Market - 2005***

*North America*
*36%*
*Europe*
*47%*
*Asia/Pacific/Africa*
*16%*
*South America*
*1%*
*Total*
*100%*
**RESULTS OF OPERATIONS**

**Presentation ofFinancial Information**

***Novelis Spin-Off***

On January 6, 2005, Alcancompleted the spin-off of substantially all of the aluminum rolled productsbusinesses it operated prior to the 2003 acquisition of Pechiney,together withsome of Alcan's alumina and primary metal-related businesses in Brazil, whichare fully integrated with the rolled products operations there, as well as fourformer Pechiney rolling facilities in Europe, whose end-use markets andcustomers were similar to those of Novelis. Also included in Novelis are theassets, liabilities and operations relating to portions of the Sierre facility,located in Switzerland. The spin-off created a company that was named Novelis Inc. (Novelis). Theinformation contained in the MD&A includesthe businesses transferred to Novelis for all periods prior to 2005. In the Operating Segment Review on page 21, these businesses are included in"Entities transferred to Novelis".**Alcancontinues to have significant cash flows from Novelis related to the supply ofmetal and alumina, the provision of transitional and technical services, thelicensing of certain Alcan patents, trademarks and other intellectual propertyrights, and the use of certain buildings, machinery and equipment, technologyand employees.  As a result of the significant continuing involvement and cashflows from Novelis, the spin-off did not meet the criteria for classification asa discontinued operation for 2004 and prior years.

3

**EarningsSummary**

***Income fromContinuing Operations***

** **
**2005**
2004
2003
Income from continuing operations (US$M)
**          155**
          243
          262		
Foreign currency balance sheet translation		
** **
		 
		 
   and Other Specified Items (US$M)
**        (756)**
        (557)
        (283)
Average LME 3-month aluminum price (US$/t)
**      1,900**
      1,721
      1,428 
**In 2005, income from continuing operations was lower than the prior year		mainly reflecting significant impairment and restructuring charges.**
In 2005, incomefrom continuing operations was $155 million compared to $243 million in 2004 and$262 million in 2003. Lower results for 2005 reflected an increase in chargesfor Other Specified Items (OSIs) of $266 million, offset in part by a positiveyear-over-year change in foreign currency balance sheet translation of $67million.  Details concerning OSIs and translation effects are discussed below. In 2005, the Company benefited from higher prices, an improved sales mix andincreased volumes in the primary aluminum and engineeredproducts businesses, as well as synergy gains associated with the Pechineyacquisition.  LME prices were up on average 10% compared to 2004 reflectingfurther improvement in industry fundamentals.  Offsetting these positive factorswere substantially higher costs for key inputs across all businesses, thenegative effects of the weaker U.S. dollar on operating costs and the loss ofcontribution from the rolled products businesses spun-off into Novelis onJanuary 6, 2005. Cost pressures were especially severe in the packaging businesswhere prices for raw materials, most notably resins and films, have experienceda sharp increase since mid-2004.  The Packaging group has been largelysuccessful in mitigating the resulting pressure on margins through selling priceincreases and operational improvements. 

In 2004, resultswere affected by a negative year-over-year change in OSIs of $447 million,offset in part by a positive impact of $173 million resulting from lowerforeign currency balance sheet translation losses.   During 2004, the Company benefited from significantly higher prices, increasedvolumes, an improved product mix, cost-reduction initiatives and synergy gainsassociated with the Pechiney and VAW Flexible Packaging (FlexPac) acquisitions.LME aluminum prices were up on average 21% compared to 2003, mainly reflectingimproved aluminum industry fundamentals. Results were somewhat dampened by anumber of external factors including increased costs for raw materials, mainlyoil-based, and the impact of the weaker U.S. dollar on operating costs.   On apro forma basis, giving effect to the spin-off of Novelis as of January 1, 2004,income from continuing operations for 2004 was $222 million. 

After includingthe results of discontinued operations and the cumulative effect of anaccounting change, the Company's net income was $129 million in 2005 compared to$258 million in 2004 and $64 million in 2003.  The after-tax loss fromdiscontinued operations was $26 million in 2005 compared to income of $15million in 2004 and a loss of $159 million in 2003.  Net income in 2003 wasreduced by a charge of $39 million for the cumulative effect of an accountingchange related primarily to costs for spent potlining disposal. 

 
***Net Income***		 		 		 
*** ****(in		millions of US$)*
**2005**
2004
2003
		 
		 
		 
		 
Included		in income from continuing operations are: 
** **
		 
		 
 		Foreign currency balance sheet translation 
**              (86)**
             (153)
             (326)
  Other		Specified Items:
** **
		 
		 
    		    Synergy costs
**             (57)**
             (44)
             (14)
    		    Restructuring charges
**      (162)**
             (41)
             (26)
    		    Asset impairments
**            (314)**
             (66)
               (4)
    		    Goodwill impairment
**            (122)**
           (154)
             (28)
    		    Gains from non-routine sales of assets, businesses and investments, net
**               36**
               54
              39
    		    Tax adjustments 
**              (37)**
               13
               72
  		      Novelis costs
**            (21)**
(31)
                  -
   		     Legal and environmental provisions
**                   -**
               (7)
(17)
    		    Pechiney financing-related gains (losses)
**                   -**
              (2)
65
		   		     Purchase accounting and related adjustments
**                   -**
(122)
(32)
   		     Other
**                  7**
(4)
(12)
Total		Other Specified Items
**            (670)**
             (404)
               43
		 
** **
		 
		 
**Income		from continuing operations**
**               155**
              243
              262
Income		(Loss) from discontinued operations
**              (26)**
15
(159)
Cumulative effect of accounting change
**                    -**
-
(39)
** Net		Income**
**               129**
              258
64
4

Included inincome from continuing operations for 2005 were foreign currency balance sheettranslation losses of $86 million compared to losses of $153 million in 2004 and$326 million in 2003. Foreign currency balance sheet translation effects arisefrom translating monetary items (principally deferred income taxes, operatingworking capital and long-term liabilities) denominated in Canadian andAustralian dollars into U.S. dollars for reporting purposes. While lower than inthe previous year, the translation losses in 2005 reflected the continuedweakening of the U.S. dollar against the Canadian dollar, partially offset bythe appreciation of the U.S. dollar against the Australian dollar.  At December31, 2005, the closing value of the U.S. dollar was 3% lower against the Canadiandollar than the value at December 31, 2004 (7% lower at December 31, 2004 versusDecember 31, 2003).  At December 31, 2005, the closing value of the U.S. dollarwas 7% higher against the Australian dollar than the value at December 31, 2004(4% lower at December 31, 2004 versus December 31, 2003). Although balance sheettranslation effects are primarily non-cash in nature, they can have asignificant impact on the Company's net income.

Income fromcontinuing operations for 2005 included a net after-tax charge of $670 millionfor OSIs compared to a charge of $404 million in 2004 and a gain of $43 millionin 2003.  In 2005, OSIs included restructuring and assetimpairment charges of $162 million and $314 million, respectively, mainly forthe restructuring of certain packaging businesses, notably Global BeautyPackaging and Food Packaging Europe, the closures of the Steg andLannemezan smelters in Europe and the rationalization of certain EngineeredProducts operations, including the Vernon, California, cast plate facility. Also included in OSIs was a goodwill impairment charge of $122 million. Asrequired under GAAP, the Company annually tests for goodwill impairment. Due toan increasingly competitive environment for Global Beauty Packaging, the Companyhas concluded that part of the goodwill associated with this business should bewritten down. OSIs also reflected costs incurred in connection with the captureof Pechiney acquisition synergies of $57 million.  

The mostsignificant OSIs in 2004 included: a goodwill impairment charge of $154 millionmainly related to European fabricating assets in the Engineered Products group,acquired as part of Pechiney; purchase accounting and other adjustments relatedto Pechiney of $122 million, primarily on inventory; asset impairment charges of$65 million related to two rolling mills in Italy; restructuring charges of $41million mainly related to the closures of two rolled products facilities in theUnited Kingdom (U.K.) and Belgium; synergy costs of $44 millionrelated to the Pechiney and FlexPac acquisitions; gains of $54 million onthe sale of assets and investments principally related to the dilution in theCompany's interest in an anode-producing operation in the Netherlands; andexpenses of $31 million related to the spin-off of Novelis.

The mostsignificant items in 2003 included: favourable tax adjustments of $72 millionprimarily resulting from a change in tax legislation in Australia; acurrency-related gain, net of financing costs, of $65 million on the funding ofthe Pechiney acquisition; and gains of $39 million mainly from the sale ofassets in Japan, the U.K., Malaysia and Italy.  These were partiallyoffset by: a $32-million write-off of in-process research and developmentundertaken by Pechiney prior to the acquisition; a goodwill impairment charge of$28 million related to Engineered Products businesses; restructuring charges of$26 million related to closure costs for flexible packaging operations in Europeand certain cable operations in the U.S.; environmental and legal provisions of$17 million mainly due to an environmental reserve for a site in the U.S.; andsynergy costs of $14 million related to the FlexPac acquisition. 

**Sales andOperating Revenues**

***Revenues andAluminum Volumes***

		 
**2005**
2004
2003
Third-party sales and operating revenues (US$M)
**20,320**
24,948
13,850
Total aluminum volume* (kt)
**4,339**
6,296
4,508
**Includes ingot and rolled product shipments, conversion of		customer-owned metal (tolling) as well as aluminum used in engineered		products and packaging.*
**Lower revenues in 2005 principally reflected the impact of the Novelis		spin-off, which more than offset the benefit of higher LME prices and		price increases in downstream businesses.**
***Sales PriceRealizations***

*(US$/t)*
**2005**
2004
2003
Ingot product realizations
**2,036**
1,876
1,607
LME 3-month aluminum price 
**1,900**
1,721
1,428
**Realizations increased in line with higher LME aluminum prices.**
Sales andoperating revenues were $20.3 billion in 2005, a decrease of $4.6 billion, or19%, compared to 2004.  The decrease reflected the impact of the Novelisspin-off.  Sales and operating revenues increased by4% in 2005 compared to 2004 based on Alcan's pro forma 2004 sales of $19.6billion as shown in note 7, Spin-Off of Rolled Products Businesses, of the consolidated financial statements. Aftergiving effect to the Novelis spin-off, the increase was mainly due to higher LME aluminum prices, which were up on average 10%compared to 2004, increased ingot shipments and higher prices and volumes indownstream businesses. 

Sales andoperating revenues were $24.9 billion in 2004, an increase of $11.1 billion, or80%, compared to 2003.   Approximately $9 billion of the increase reflected theadditional revenues from former Pechiney businesses acquired in December 2003,with the balance largely explained by higher LME aluminum prices, which were upon average 21% compared to 2003.  Also contributing to the increase in sales in2004 were higher alumina prices and the impact of the stronger euro.  The valueof the U.S. dollar declined by approximately 9% against the euro year over year.

5

***Revenues byMarket - 2005*                                                                               **

*Packaging*
*30%*
*Aluminum Ingot*
*30%*
*Beverage Cans*
*3%*
*Building and Construction*
*3%*
*Electrical*
*3%*
*Transportation*
*8%*
*Other*
*23%*
*Total*
*100%*
**Costs andExpenses**

Based on current raw material, energy and currencyexposures post the Pechiney and Novelis transactions, Alcan estimatesthat its cost base has increased by approximately $1 billion since 2003 due toincreased costs for energy, freight and key raw materials such as coke, pitch,plastics and resins as well as from the impact of the weaker U.S. dollar. Whilethe depreciation of the U.S. dollar was less of a factor in 2005 than it was in2004 and 2003, it nonetheless had a significant unfavourable impact on costsincurred in other currencies, which are translated into U.S. dollars forreporting purposes. The economic impact of the depreciation in the U.S dollarover the last three years has been marked in countries such as Canada andAustralia, where the Company's bauxite, alumina and aluminum smelting operationshave a local currency cost base but U.S. dollar revenues.  This has resulted inescalating costs in U.S. dollar terms without any offsetting increase inrevenues, inflating overall costs as a percentage of sales.  Through costreductions, productivity improvements, more efficient use of raw materials andhigher selling prices for both metal and end products, Alcan has largely beenable to offset the cost penalty.

***Value of		U.S. Dollar****-****Average Annual Percentage Change*		(%)**
**Cumulative**
**2005**
2004
2003
  		Canadian dollar
**(23)**
**(7)**
(7)
(11)
  		Australian dollar
**(29)**
**(3)**
(11)
(17)
   Euro
**(24)**
**-**
(9)
(16)
ContinuousImprovement (CI) is a core component of Alcan's Integrated Management System(AIMS).  It equips Alcan entities with the tools necessary to consistentlymaximize improvement opportunities and thereby enhance the Company's competitiveposition. Alcan estimates that improvement initiatives have contributed about$120 million to Business Group Profit (BGP) since the introduction of CI in2003.  Refer to the Operating Segment Review on page14 for adefinition of BGP. Crucial to its ability to capitalize on improvementopportunities, Alcan now has 2,500 trained CI experts, known as Black Belts andGreen Belts, throughout the Company.

At the end of2005, the Company reached the successful conclusion of its two-year Pechineysynergy program, achieving a run rate of $400 million pre-tax, well in excess ofthe original target of $360 million.  This was an excellent performanceconsidering that approximately $30 million of the originally targeted benefitswere no longer available following the spin-off of Novelis and the sale ofAluminium de Grèce (AdG).  In 2005, the Company realized total in-year benefitsof $330 million, which represented incremental savings of $230 million over2004.  By business, the Packaging group and corporate functions are responsiblefor close to 60% of the $400 million synergy run rate, with the remainder comingfrom the three remaining business groups. 

In addition tothe $400 million of annual synergy benefits, there were also tax synergies ofabout $65 million in 2005 resulting from the Pechiney acquisition that were notincluded in the original target.  These benefits are cash savings that resultmainly from the use of tax loss carryforwards acquired with Pechiney. Additionalbenefits of approximately $85 million areexpected over the next two years. *** ***

***Costs andExpenses***

*(in millions of US$, except where indicated)*
**2005**
**% of sales**
2004
% of sales
2003
% of sales
Cost of sales and operating expenses
**16,135**
**   79.4**
   20,270
     81.2
11,171
      80.7
Depreciation and amortization        		
**    1,080**
**      5.3**
     1,337
        5.4
       862
        6.2
Selling, administrative and general expenses
**    1,402**
**     		6.9**
     1,615
        6.5
       758
        5.5
Research and development expenses
**       227**
**     		1.1**
        239
        1.0
       190
        1.4
Restructuring charges - net 
**       685**
**      3.4**
           87
        0.3
         26
        0.2
Other expenses (income) - net 
**          (4)**
**        		-**
        321
        1.3
       105
        0.8
6

***Total AluminumVolume and Purchases***

*(kt)*
**2005**
2004
2003
Total aluminum volume *
**4,339**
6,296
4,508
Total purchases
**843**
2,172
1,843
** Includes ingot and rolled product shipments, conversion of		customer-owned metal (tolling) as well as aluminum used in engineered		products and packaging.*    
** **

 

 

In 2005, cost ofsales and operating expenses were 79.4% of sales and operating revenues comparedto 81.2% in 2004 and 80.7% in 2003.  The improvement mainly reflected higherprices for aluminum ingot and fabricated products, increased volumes, animproved product mix and Pechiney synergy benefits, which together more thanoffset increased energy and raw material costs and the negative impact of theweaker U.S. dollar. During the year, the Packaging group was largely successfulin passing on the higher cost of resins and films through increases in sellingprices. The increase in the percentage from 2003 to 2004 reflected higherrealized prices for aluminum, alumina and products sold through downstreambusinesses, together with increased volumes, which more than offset the adverseimpact of the weaker U.S. dollar on operating costs and increased costs for fueland raw materials.  

Depreciation andamortization expense was $1,080 million in 2005, a decrease of $257 millioncompared to 2004.  The decrease was mainly attributable to the Novelis spin-off. Depreciation and amortization expense was $1,337 million in 2004,an increase of $475 million compared to 2003.  Close to 90%of the increase in 2004 was due to the addition of Pechiney, acquired at the endof 2003, while the balance reflected higher capital expenditures and the weakerU.S. dollar against the euro. 

Following theacquisition of Pechiney at the end of 2003, selling, administrative and general(SA&G) expenses increased as a percentage of sales and operating revenues. Thepercentage for 2005 was 6.9% compared to 6.5% in 2004 and 5.5% in 2003. Theincrease in large part reflects the changing composition of Alcan's structureand in particular the greater relative weight of the downstream businesses. The Company believes that it canreduce expenses as a percentage of sales to approximately 6% by the end of 2007. In 2005,SA&G expenseswere $1,402 million, $213 million lower than in 2004. The decrease in 2005compared to 2004 was mainly attributable to the Novelis spin-off. SA&G expenseswere $1,615 million in 2004, $857 million higher than in 2003.  Close to 80% ofthe year-over-year increase was due to the addition of Pechiney, while thebalance mainly reflected costs associated with the Novelis spin-off, variouscompliance and governance initiatives, higher incentive compensation expensesand the decline in the value of the U.S. dollar. 

Alcan's researchand development (R&D) activities continue to be closely aligned with the needsof its core businesses. The Company is focused on improving process technologyand developing new product applications for a diverse range of markets andcustomers. R&D spending at central research laboratories, technology centresand technical departments was $227million in 2005, 5% lower than in the previous year. The decrease mainlyreflected the impact of the Novelis spin-off. R&D spending was $239 million in2004, 26% higher than in 2003.  The increase in 2004 was due to the addition ofPechiney.  *** ***

**Interest* ***

***Interest***
**2005**
2004
2003
Interest expense (US$M)
**350**
346
212
Capitalized interest (US$M)
**29**
11
5
Effective average interest rate (%)
**5.6**
3.7
5.2
**Despite the significant reduction in debt subsequent to the Novelis		spin-off, interest expense increased in 2005 due to increased interest		rates and a shift to longer-term debt.**
Interest expensewas $350 million in 2005, compared to $346 million in 2004 and $212 million in2003.  While total debtdecreased by about $2.5 billion following the Novelis spin-off, higher interestrates and a shift in the mix of borrowings toward longer-term debt led toslightly higher interest expense.  The increase in interest expense in 2005compared to 2004 reflected thehigher level of debt outstanding throughout the year as a result of the debtraised to finance the Pechiney acquisition in December 2003 and debt assumed onacquisition.  The impact of increased leverage more than offset the benefit of alower average cost of debt.  

Alcan'seffective average interest rate on debt was 5.6% in 2005 compared to 3.7% in2004 and 5.2% in 2003.  The higher rate in 2005 compared to 2004 reflectedhigher interest rates on floating and short-term debt and a shift in thematurity profile to longer-term debt as the Company issued $800 million of notesin May 2005 in replacement of commercial paper.  The lower effective rate in2004 compared to 2003 reflected the much larger proportion of floating andshort-term debt carried throughout 2004 in anticipation of the financingsettlement associated with the Novelis spin-off. The effective average interestrate is derived by dividing the total interest cost (interest expense andcapitalized interest) on debt for the year (referto the Liquidity and Capital Resources section for a calculation of debt) by theaverage quarter-end debt for the year, including the prior year-end debtbalance. To calculate the effective rate for 2005, the prior year-end debtbalance as at December 31, 2004 was adjusted on a pro-rata basis for the debtsettlement related to the Novelis spin-off.  To calculate the effective rate for2003, the year-end debt balance as at December 31, 2003 was adjusted on apro-rata basis for the debt raised to finance the Pechiney acquisition andexcludes Pechiney debt assumed as no interest costs were incurred on this debtin 2003.  These adjustments provide a more representative debt level on whichinterest was incurred for those periods. 

7

**RestructuringCharges **

In 2005, theCompany recorded restructuring charges of $685 million.  The most significantitems included: a charge of $485 million in connection with its plans torestructure certain packaging businesses, notably Global Beauty Packaging andFood Packaging Europe, reflecting the continuing drive to reshape the Packagingportfolio, counter increasing competitive pressures in Western countries andimprove margins; andcharges of $115 million related to the closure of its aluminum smelters in Lannemezan,France, and Steg, Switzerland, due toescalating energy costs.  The closure process for Lannemezan is expected to becompleted during the course of 2008 while the closure of Steg is expected to becompleted by the end of April 2006.  ** **

In 2004, theCompany recorded restructuring charges of $87 million.  The most significantitems included: charges of $39million related to exit costs incurred in connection with certain non-strategicpackaging facilities located in the U.S. and France; charges of$19 millionrelated to the consolidation of a U.K. aluminum sheet rolling activities in Rogerstone, Wales; charges of $14 million related to the permanent shutdown ofSöderberg capacity at a primary aluminum facility in Saguenay, Quebec; andcharges of $7 million related to the closure of two corporate offices in theU.K. and Germany.  

In 2003,the Company recorded restructuring charges of $26 million. The most significantitems included: closure and exit costs of $36 million related to certainflexible Packaging operations in Europe and certain Engineered Products cableoperations in the U.S.; asset impairment charges of $28 million mainly relatedto the closure of Söderberg capacity at its primary aluminum facility inSaguenay, Quebec, flexible packaging operations in Europe, and a packagingconverting facility in Charlotte, North Carolina; and a recovery ofrestructuring charges of $38 million that included a gain of $19 millionprincipally for the sale of the Borgofranco power facilities in Italy and incomeof $15 million on the sale of extrusions operations in Malaysia and sales ofassets in the U.K.** **

**Other Expenses(Income) - Net **

In 2005, theCompany recorded other income (net of other expenses) of $4 million. The mostsignificant items included: interest revenue of $73 million of which $33 millionrelated to income tax refunds; gains of $32million resulting from disposal of businesses and investments; asset impairmentcharges of $28 million related principally to certain Bauxite and Aluminaproject costs in Australia and certain Engineered Products assets primarily inGermany and Brazil; losses of $49 million related to the marking-to-market ofderivatives; and foreign exchange losses of $10 million.** **

In 2004, theCompany recorded other expenses (net of other income) of $321 million. The mostsignificant items included:  asset impairment charges of $69 million principallyrelated tocertain rolling assets in Italy that were transferred to Novelis in 2005;severance and other exit costs of$34 million that were notpart of major restructuring plans;losses of $36million related to the marking-to-market of derivatives, foreign exchange lossesof $61 million; Pechiney integration costs of $38 million; and gains of $35million resulting from disposal of businesses and investments mainly related toa dilution in the Company's interest in an anode-producing operation in theNetherlands.

In 2003, theCompany recorded other expenses (net of other income) of $105 million. The mostsignificant items included:  foreign exchange losses of $116 million mainlyrelated to balance sheet translation; a gain of $34 million on the sale of theCompany's remaining portfolio investment in Nippon Light Metal Company, Ltd. (NLM); impairmentcharges of $8 million related to operations in Canada; an environmentalprovision of $25 million for a site in the U.S.; and gains of $30 millionrelated to the marking-to-market of derivatives.

**Income Taxes**

Income taxexpense of $257 million for 2005 represented an effective tax rate of 80%,compared to 65% in 2004 and 52% in 2003.  This compares to a composite of theapplicable statutory corporate income tax rate of 32% (32% in 2004 and 39% in2003).  In 2005, the difference between the effective and composite tax rateswas principally due to goodwill and other impairment charges for which taxbenefits could not be recorded, non-deductible foreign currency balance sheettranslation losses, as well as a $42 million increase in deferred taxliabilities due to an increase in the Quebec corporate tax rate.  In 2004, thedifference in the rates was mainly due to goodwill and other impairment chargesfor which tax benefits could not be recorded and non-deductible foreign currencybalance sheet translation losses.  In 2003, the difference between the effectiveand composite tax rates was primarily due to foreign currency balance sheettranslation losses, partially offset by one-time tax benefits in Australia,investment and other allowances and lower tax rates in foreign jurisdictions. The tax benefits in Australia relate to the implementation of a taxconsolidation regime together with the conversion to the U.S. dollar as the taxreporting currency, which the Company adopted at the earliest opportunity toreduce foreign currency volatility.  As a result of these changes inlegislation, the Company was able to reset the tax value of certain assets inAustralia and record a deferred tax benefit of $74 million in 2003.  Aftercertain uncertainties in the application of the legislation were resolved,additional tax benefits of $23 million were recorded in 2004.

8

A fullreconciliation between the Canadian composite statutory tax rate and theeffective tax rate is presented in note 11, Income Taxes, of theconsolidated financial statements.

**Goodwill**

At the end of2005, Alcan had $4,713 million of goodwill on its balance sheet, excludinggoodwill included in equity-accounted entities, compared to $5,496 million atthe end of 2004 and $4,686 million at the end of 2003.  The decrease in goodwillin 2005 reflected amounts transferred to Novelis, foreign currency translationeffects and an impairment charge. The increase in goodwill in 2004 reflected thefinalization of purchase accounting following the acquisition of Pechiney at theend of 2003, offset in part by an impairment charge.   As required underGenerally Accepted Accounting Principles (GAAP), goodwill is tested forimpairment on at least an annual basis. Following testing in the fourth quarterof 2005, the Company concluded that an impairment charge of $122 million shouldbe taken in order to reflect the increasingly competitive environment in theGlobal Beauty Packaging business, resulting from weaker local market conditions,increased foreign competition, rising input costs and adverse foreign currencyeffects. In 2004, the Company's review of goodwill resulted in an impairmentcharge of $154 million mainly related to European fabricating assets acquired aspart of Pechiney. At the time of acquisition, Pechiney's value was based onprevailing exchange rates and metal prices combined with Pechiney's internalplanning assumptions. In 2004, the strong appreciation of the euro and aluminumprices, together with a reassessment of plan assumptions, adverselyaffected the value of several fabricating facilities in the Engineered Productsgroup, mainly in Europe.  In 2003, the review of goodwill resulted in animpairment charge of $28 million related to extrusions operations in Europe. Goodwill in equity-accounted entities was $665 millionin 2005 compared to $837 million in 2004 and $173 million in 2003.

**LIQUIDITY AND CAPITAL RESOURCES**

**OperatingActivities**

***Cash Flow fromOperating Activities and Free Cash Flow from Continuing Operations***

*(in		millions of US$)*
**             2005**
2004
2003
Cash flow from operating activities in continuing operations
**            1,628**
1,759
1,801
Free cash flow from continuing operations
**(438)**
230
752
**In 2005, cash flow from operations decreased due to the loss of		contribution from Alcan's former rolled products businesses, which more than offset		the inflows from higher aluminum prices.  Negative free cash flow in		2005 reflected $863 million of spending on the Gove alumina refinery		expansion in Australia.**
***Free Cash Flowfrom Continuing Operations - Reconciliation with Cash Flow from OperatingActivities***

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