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<title>Press Release</title>



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<p align=center style='border:medium none;padding:0in'>&nbsp;</div>

<p align=center style='text-align:center'>&nbsp;</p>





<p align=center style='text-align:center'><b><font face="Arial" size="2">SECURITIES AND EXCHANGE COMMISSION</font></b></p>



<p align=center style='text-align:center'><font face="Arial" size="2">Washington, D.C. 20549</font></p>



<p align=center style='text-align:center'><font face="Arial" size="2"><b>FORM 8-K</b></font></p>



<p align=center style='text-align:center'><font face="Arial" size="2">CURRENT REPORT</font></p>





<p align=center style='text-align:center'><font face="Arial" size="2">Pursuant to Section 13 or 15(d) of<br>
the Securities Exchange Act of 1934</font></p>



<p align=center style='text-align:center'><font face="Arial" size="2">Date of Report (Date of earliest event reported):
October 22, 2003</font></p>





<p align=center style='text-align:center'><font face="Arial" size="5"><b>Alcan Inc.<br>
</b></font><font face="Arial" size="2">(Exact name of Registrant as specified in its
charter)</font></p>





<p align=center style='text-align:center'><font face="Arial" size="2"><u>Canada<br>
</u>(State or other jurisdiction of incorporation)</font></p>





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  padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center'><font face="Arial" size="2">1-3677</font></p>
  </td>
  <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=259 valign=top style='width:2.7in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center'><font face="Arial" size="2">Inapplicable</font></p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:159.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center'><font face="Arial" size="2">Commission File Number</font></p>
  </td>
  <td width=166 valign=top style='width:124.8pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=259 valign=top style='width:2.7in;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center'><font face="Arial" size="2">(I.R.S. Employer Identification No.)</font></p>
  </td>
 </tr>
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  <td width=638 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <font face="Arial" size="2">&nbsp;&nbsp; </font>
  </td>
 </tr>
 <tr>
  <td width=638 valign=top style='width:6.65in;padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><u>1188 Sherbrooke Street West,
  Montreal, Quebec, Canada H3A 3G2<br>
  </u>(Address of principal executive offices,
  including postal code)</font></p>
  <p align=center style='text-align:center'><font face="Arial" size="2">&nbsp;
  </font></p>
  </td>
 </tr>
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  <p align=center style='text-align:center'><font face="Arial" size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  (514) 848-8000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  <br>
  </u>(Registrant's telephone number, including area
  code)</font></p>
  </td>
 </tr>
</table>





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&nbsp;<p>&nbsp;</div>

&nbsp;<p align="center">1</p>

<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>


<p style='margin-left:1.0in;text-indent:-1.0in' align="justify">
<font face="Arial" size="2"><b>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Events</b></font></p>



<p align="justify"><font face="Arial" size="2">The following information is derived from a press release
dated October 22, 2003 of Alcan Inc.&nbsp; (the &quot;Company&quot;).&nbsp; Alcan
Inc. today reported third quarter 2003 net income from continuing operations of
US$0.36 per share versus US$0.59 per share a year ago. </font> </p>



<p align="justify"><font face="Arial" size="2">After including results from discontinued operations, the
Company reported net income of US$100 million (US$ 0.31 per share) for the
quarter, compared to net income of US$191 million (US$0.59 per share) in the
year-ago quarter.</font></p>



<p align="justify"><b><font face="Arial" size="2">CONSOLIDATED REVIEW</font></b></p>





<div align="left">





<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='margin-left:5.4pt;border-collapse:collapse;border:none' width="730">
 <tr style='page-break-inside:avoid'>
  <td valign=top style='width:354;border:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <font face="Arial" size="2">

  </font>
  </td>
  <td colspan=2 valign=top style='border-right:1.0pt solid windowtext; border-top:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:153;border-left:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>THIRD<br>
  QUARTER</b></font></p>
  </td>
  <td colspan=2 valign=top style='border-right:1.0pt solid windowtext; border-top:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:159;border-left:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>NINE<br>
  MONTHS</b></font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><i>(US$ millions,
  unless otherwise noted)</i></font></p>
  </td>
  <td valign=top style='width:74;border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td valign=top style='width:64;border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">2002</font></p>
  </td>
  <td valign=top style='width:74;border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td valign=top style='width:70;border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">2002</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:12.0pt'><font face="Arial" size="2">Sales &amp;
  operating revenues</font></td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:7.4pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2"><b>3,480&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=center style='margin-top:12.0pt;margin-right:
  2.2pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:
  right;line-height:normal;page-break-after:auto'><font face="Arial" size="2">3,170&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:7.4pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2"><b>10,161&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:2.2pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right;
  line-height:normal;page-break-after:auto'><font face="Arial" size="2">9,204&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  <p align=left style='text-align:left'><font face="Arial" size="2">Shipments <i>(thousands
  of tonnes)</i></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-right:7.4pt'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Ingot products<sup>1</sup></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>420&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">359&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>1,139&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">1,033&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0in;line-height:normal;page-break-after:
  auto'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Rolled products</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>502&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">530&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>1,543&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">1,555&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='margin-left:1.0pt;text-align:left'>
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Conversion
  of customer-owned metal</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>97&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">102&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>302&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">272&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='margin-left:1.0pt;text-align:left'>
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Aluminum
  used in engineered products &amp; packaging</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:6.7pt;text-align:right'>
  <font face="Arial" size="2"><b>127&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">140&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>418&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">418&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p><font face="Arial" size="2">Total aluminum volume</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>1,146&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">1,131&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>3,402&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">3,278&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='margin-top:12.0pt;text-align:left'>
  <font face="Arial" size="2">Ingot
  product realizations <i>(US$ per tonne) </i></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:7.4pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2"><b>1,552&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:2.2pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2">1,495&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:7.4pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2"><b>1,566&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:2.2pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2">1,510&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Average London Metal
  Exchange 3-month price <br>
  <i>(US$ per tonne)</i></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>1,420&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">1,329&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>1,397&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">1,367&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:12.0pt'><b><font face="Arial" size="2">Net income from continuing operations</font></b></td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:7.4pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2"><b>118&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:2.2pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2">192&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:7.4pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2"><b>155&nbsp;</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:2.2pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2">351&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; width:354;border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0in;line-height:normal;page-break-after:
  auto'><font face="Arial" size="2">Loss from discontinued operations</font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>(18)</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align="right"><font face="Arial" size="2">&nbsp; (1)</font></td>
  <td valign=top style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:7.4pt;text-align:right'>
  <font face="Arial" size="2"><b>(131)</b></font></p>
  </td>
  <td valign=top style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-right:2.2pt;text-align:right'>
  <font face="Arial" size="2">(3)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border-left:1.0pt solid windowtext; border-right:1.0pt solid windowtext; border-bottom:1.0pt solid windowtext; border-top:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <b><font face="Arial" size="2">Net income (loss)</font></b></td>
  <td valign=bottom style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align="right">
  <font face="Arial" size="2"><b>100&nbsp;&nbsp;&nbsp;&nbsp; </b></font>
  </td>
  <td valign=bottom style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:2.2pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2">191&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-top:medium none;border-left:medium none;
  border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='margin-top:12.0pt;margin-right:7.4pt;
  margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right'>
  <font face="Arial" size="2"><b>24&nbsp;</b></font></p>
  </td>
  <td valign=bottom style='border-top:medium none;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align="right">
  <font face="Arial" size="2">348&nbsp;</font></td>
 </tr>
 </table>

</div>

<p><font face="Arial" size="2"><i><sup>1 </sup>includes primary and secondary ingot and scrap, as
well as shipments resulting from trading activities  </i></font></p>

<p align="center"><font face="Arial" size="2">2</font></p>

<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>

<p><b><font face="Arial" size="2">Continuing operations</font></b></p>



<p style='page-break-after:avoid' align="justify"><font face="Arial" size="2">Sales and operating revenues
of US$3.5 billion in the third quarter benefited from the acquisitions of
packaging (VAW FlexPac) and composite (Baltek) businesses and the strengthening
of the Euro. Increased third-party shipments of
alumina and aluminum, together with better pricing, also contributed to the
improvement over the year-ago quarter. While revenues were higher than in the
second quarter of 2003, they were nonetheless affected by the summer slow-down
in Europe and softer demand for rolled products in the United States.</font></p>



<p align="justify"><font face="Arial" size="2">Total aluminum volume of 1,146 thousand tonnes (kt) was 15
kt higher than a year earlier but 9&nbsp;kt lower than the preceding quarter. The year-over-year increase reflects incremental volume
arising from the acquisition of the second tranche of the Alouette smelter in
Quebec and production restarts in Kitimat, British Columbia, partially offset
by lower rolled product volumes in Europe due to business exits.
Compared to the second quarter, increased third-party shipments of ingot were
more than offset by the seasonal decline in rolled and fabricated product
demand in Europe and weaker rolled product volumes in the United States. </font> </p>



<p align="justify"><font face="Arial" size="2">Ingot product realizations, at US$1,552 per tonne, were
US$57 per tonne higher than in the year-ago quarter largely reflecting the
benefit of higher LME prices. Compared with the second quarter, realizations
declined US$18 per tonne due to lower market premia and a changed sales mix.&nbsp;
</font> </p>



<p align="justify"><font face="Arial" size="2">Third quarter operating earnings from continuing operations,
at US$151 million, were little changed from the comparable quarter of last
year. Benefits from cost reduction initiatives and improved prices offset higher
pension, fuel and recycled metal costs, higher depreciation expense and the
negative impact of foreign currency movements. Compared to the second quarter,
operating earnings increased by US$7 million as cost reductions, benefits from
acquisitions, and moderating energy and recycled metal costs more than offset
lower volumes in rolled product and downstream businesses and higher
depreciation expenses. </font> </p>



<p align="justify"><font face="Arial" size="2">Net income from continuing operations was US$118 million,
down US$74 million from the year-ago quarter mainly due to the unfavourable
impact of foreign currency balance sheet translation, which represented a loss
of US$8 million in the third quarter of 2003 versus a gain of US$55 million a
year earlier. Net income from continuing operations rose by US$94 million
compared to the second quarter of 2003, which was negatively impacted by
foreign currency balance sheet translation losses of US$146 million. </font> </p>



<p align="justify"><b><font face="Arial" size="2">Discontinued operations</font></b></p>

<p align="justify"><font face="Arial" size="2">In line with its objective of maximizing value, the company
decided in the second quarter to sell certain non-strategic Packaging
operations in order to release cash for higher value-adding opportunities.&nbsp; A
re-evaluation of the expected proceeds on sale versus the book value of these
assets resulted in an additional non-cash, after-tax impairment charge of US$22
million in the third quarter. After-tax profits from discontinued operations,
excluding the impairment charge, were US$4 million in the quarter. </font> </p>



<p align="center"><font face="Arial" size="2">3</font></p>



<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>



<p><b><font face="Arial" size="2">SEGMENT REVIEW</font></b></p>



<div align="left">



<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="730">
 <tr style='page-break-inside:avoid'>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  &nbsp;</td>
  <td width=141 colspan=2 valign=top style='width:106.05pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center;page-break-after:
  avoid'><font face="Arial" size="2"><b>THIRD<br>
  QUARTER</b></font></p>
  </td>
  <td width=138 colspan=2 valign=top style='width:103.5pt;border:solid windowtext 1.0pt;
  border-left:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align="center"><font face="Arial" size="2"><b>NINE<br>
  MONTHS</b></font></td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left;page-break-after:avoid'>
  <font face="Arial" size="2"><i>(US$
  millions)</i></font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center;page-break-after:
  avoid'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center;page-break-after:
  avoid'><font face="Arial" size="2">2002</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center;page-break-after:
  avoid'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=center style='text-align:center;page-break-after:
  avoid'><font face="Arial" size="2">2002</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:12.0pt'><font face="Arial" size="2">Business Group
  Profit (BGP) </font>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:12.0pt'><font face="Arial" size="2"><b><i>&nbsp;</i></b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:12.0pt'><font face="Arial" size="2"><i>&nbsp;</i></font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:12.0pt'><font face="Arial" size="2"><b><i>&nbsp;</i></b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:12.0pt'><font face="Arial" size="2"><i>&nbsp;</i></font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:0in;line-height:normal;page-break-after:
  auto'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Bauxite, Alumina and Specialty
  Chemicals</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>72&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">78&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>186&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">205&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Primary Metal</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>239&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">232&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>622&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">657&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='margin-left:27.0pt;text-align:left;
  text-indent:-27.0pt'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Rolled Products Americas and Asia</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>86&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">86&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>259&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">272&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Rolled Products
  Europe</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>46&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">37&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>150&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">102&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Engineered
  Products</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>28&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">23&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>72&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">77&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Packaging</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>102&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">83&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>287&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">243&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:12.0pt'><font face="Arial" size="2"><b>BGP (sub-total)</b></font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2"><b>573&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2">539&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2"><b>1,576&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2">1,556&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:0in;line-height:normal;page-break-after:
  auto'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Intersegment, corporate offices
  and other</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(85)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(21)</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(201)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(146)</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:0in;line-height:normal;page-break-after:
  auto'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Restructuring, impairment and
  other special charges</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(5)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(6)</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>9&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(26)</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Depreciation &amp;
  amortization</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(237)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(207)</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(692)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(618)</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Interest</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(52)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(52)</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(156)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(151)</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Income taxes</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(77)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(64)</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(369)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(265)</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Minority interests</font></p>
  </td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(12)</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=376 valign=top style='width:281.85pt;border:solid windowtext 1.0pt;
  border-top:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-top:12.0pt'><b><font face="Arial" size="2">Net income from continuing operations</font></b></td>
  <td width=69 valign=top style='width:52.05pt;border-top:none;border-left:
  none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2"><b>118&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2">192&nbsp;</font></p>
  </td>
  <td width=66 valign=top style='width:49.5pt;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2"><b>155&nbsp;</b></font></p>
  </td>
  <td width=72 valign=top style='width:.75in;border-top:none;border-left:none;
  border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='margin-top:12.0pt;text-align:right'>
  <font face="Arial" size="2">351&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p><font face="Arial" size="2"><b>Segments</b></font></p>



<p align="justify"><font face="Arial" size="2">Business
group profit (BGP) comprises earnings before interest, taxes, depreciation and
amortization excluding certain items, such as corporate costs and asset
impairments, that are not under the control of the business groups.&nbsp; These
items are managed by the Company's head office, which focuses on strategy
development and oversees governance, policy, legal, compliance, human resources
and finance matters.</font></p>



<p align="justify"><font face="Arial" size="2">Third
quarter BGP of US$72 million for Bauxite, Alumina and Specialty Chemicals was
8% lower than the previous year.&nbsp; Benefits from cost initiatives and higher
alumina realizations were more than offset by increased foreign currency
balance sheet translation losses, higher energy costs and the impact of
currency movements on operating costs.&nbsp; Compared to the second quarter, BGP was
up by 20% mainly due to higher realizations on alumina sales and the negative
impact of foreign currency balance sheet translation in the earlier quarter.</font></p>



<p align="justify"><font face="Arial" size="2">For the Primary Metal Group, BGP was US$239 million for the
third quarter, up US$7 million year-over-year. The benefits from ongoing profit
improvement initiatives, higher metal realizations and sales volumes more than
offset the negative impact of strengthening local currencies, on both costs and
balance sheet translation, as well as higher raw material and pension costs.&nbsp;
BGP increased by 41% over the second quarter, reflecting the ongoing benefits
of profit improvement initiatives, higher sales volumes, marginally better
metal realizations, and the absence of foreign currency balance sheet
translation losses, which were US$27 million the earlier quarter. </font> </p>



<p align="justify">&nbsp;</p>



<p align="center"><font face="Arial" size="2">4</font></p>



<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>



<p align="justify"><font face="Arial" size="2">BGP for Rolled Products Americas and Asia, at US$86 million,
was unchanged from the previous year's third quarter.&nbsp; Ongoing benefits from
cost initiatives and the positive impact of metal pricing lags were offset by
lower volumes in North America and lower recycled metal spreads.&nbsp; Compared to
the preceding quarter, BGP declined by 8% as the positive impact of metal
pricing lags and improving recycled metal spreads were more than offset by
lower volumes and an unfavorable product mix in North America.</font></p>



<p style='text-align:justify'><font face="Arial" size="2">Rolled Products Europe achieved a BGP of US$46 million in
the third quarter, representing an improvement of US$9 million over the
year-ago quarter. Earnings benefited from an enhanced product mix, continued
cost discipline and the stronger Euro. Compared to the record second quarter,
BGP decreased by US$11 million mainly due to lower volumes resulting from the effects
of the normal summer slow-down and tightening market conditions.</font></p>



<p style='text-align:justify'><font face="Arial" size="2">Despite continued economic weakness, Engineered Products
posted a BGP of US$28 million, which was 22% higher than the year-ago quarter
and 33% above the second quarter of 2003. Cost-reduction initiatives, the
successful integration of the Baltek acquisition, and a stronger Euro were the
main factors contributing to the improved results.&nbsp; Composites and cable
businesses recorded solid profit improvements over both the year-ago quarter and
second quarter of 2003, and profits from extrusion operations were up year over
year. Automotive and transportation segments and service centers continue to be
affected by weak demand. Subsequent to quarter-end, Alcan added to its
composites portfolio with the acquisition of Uniwood/Fome-Cor, a manufacturer
of foam-based display boards.&nbsp; </font> </p>



<p align="justify"><font face="Arial" size="2">Packaging BGP was US$102 million in the third quarter, US$19
million ahead of the previous year, largely due to the FlexPac acquisition.
Despite the adverse impact of volume weakness, results continue to improve,
driven by benefits arising from foreign currency exchange, business disposals,
merger synergies and restructuring programs. Packaging sales and operating
revenues for the third quarter, at US$849 million, were 23% higher than a year
earlier. The sharp increase reflected the FlexPac acquisition and the impact of
the stronger Euro, partially offset by lower volumes. Compared to both the
year-ago quarter and second quarter of 2003, demand across most segments of the
flexible packaging market was markedly lower due to seasonal factors and
customer de-stocking.</font></p>



<p align="justify"><font face="Arial" size="2"><b>Reconciliation to
net income from continuing operations</b></font></p>



<p align="justify"><font face="Arial" size="2">&quot;Intersegment, corporate offices and other&quot; includes the
elimination of profits on intersegment sales of aluminum, as well as other
non-operating items.&nbsp; The increase of US$64 million from the year-ago quarter
reflects the impact of higher pension costs, environmental provisions and the
restructuring of businesses in Southeast Asia that resulted in the realization
of a deferred translation loss of US$13 million on the sale of a subsidiary in
Thailand. This sale completes the restructuring that started in the second
quarter with the disposal of the Company's remaining portfolio investment in
Nippon Light Metal Company, Ltd., which generated a gain of US$33 million.
</font> </p>



<p align="justify"><font face="Arial" size="2">Restructuring, impairment and other special charges for the third
quarter arose mainly from operations in the United Kingdom and Malaysia. The
second quarter of 2003 included a gain on sale of non-core assets in Italy
amounting to US$18 million.</font></p>



<p align="justify"><font face="Arial" size="2">Depreciation and amortization of US$237 million was US$30
million higher than in the year-ago quarter, largely due to the impact of the
stronger Euro, the purchase of FlexPac and increased ownership in the Alouette
smelter. Compared to the second quarter of 2003, depreciation was US$6 million
higher due in large part to the FlexPac acquisition.&nbsp; </font> </p>



<p align="justify">&nbsp;</p>



<p align="center"><font face="Arial" size="2">5</font></p>



<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>



<p align="justify"><font face="Arial" size="2">Interest expense of US$52 million was unchanged from the
year-ago quarter and US$4 million lower than in the preceding quarter.&nbsp; Debt as
a percent of invested capital at September 30, 2003 was 31%, compared to 32% at
the end of the second quarter of 2003 and the year-ago third quarter. </font> </p>



<p align="justify"><font face="Arial" size="2">The Company's effective tax rate on income from continuing operations was
40% in the quarter and 69% for the first nine months of the year, reflecting
the effects of balance sheet translation and Other Specified Items.&nbsp; Included
in the quarter's results was the realization of a non-tax deductible deferred
translation loss on the sale of the Company's subsidiary in Thailand.&nbsp;
Currency-related items increased the effective tax rate by 7 percentage points
for the quarter and 39 percentage points for year to date.</font></p>



<p align="justify"><font face="Arial" size="2">For the third quarter of 2003, the average number of common
shares outstanding was 321.8 million compared to 321.3 million in the
comparable year-ago quarter.&nbsp;
At September 30, 2003, 322.0 million shares were outstanding.</font></p>



<p align="justify"><font face="Arial" size="2">All tonnages are stated in metric tonnes, equivalent to
2,204.6 pounds.</font></p>



<p align="justify"><font face="Arial" size="2">All figures are unaudited.</font></p>



<p align="justify">&nbsp;</p>



<p align="justify">&nbsp;</p>



<p align="center"><font face="Arial" size="2">6</font></p>



<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>

<div align="left">




<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:740;border-collapse:collapse'>
 <tr style='height:15.0pt'>
  <td width=857 colspan=24 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b><u>ALCAN INC.</u></b></font></p>
  </td>
 </tr>
 <tr style='height:22.5pt'>
  <td width=285 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

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  </td>
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  </td>
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  </td>
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  </td>
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  </td>
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  </td>
  <td width=63 valign=bottom style='background:white;
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  </td>
  <td width=193 colspan=7 valign=bottom style='background:
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  <p align=center style='text-align:center'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
 </tr>

  <td width=857 colspan=24 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>INTERIM CONSOLIDATED STATEMENT OF INCOME</b></font></p>
  </td>
 </tr>

  <td width=285 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">(unaudited)</font></p>
  </td>
  <td width=29 colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
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  </td>
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  </td>
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  </td>
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  </td>
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  </td>
  <td width=85 colspan=5 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
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  </td>
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  </td>
  <td width=23 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=90 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:22.5pt'>
  <td width=285 valign=bottom style='background:white;
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  </td>
  <td width=29 colspan=2 valign=bottom style='background:
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  </td>
  <td width=55 colspan=6 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=4 valign=bottom style='background:white;
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  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=49 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=85 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=25 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=23 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=90 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width=397 colspan=9 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Periods ended September 30</b></font></p>
  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=180 colspan=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">Third Quarter</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=166 colspan=5 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">Nine Months</font></p>
  </td>
 </tr>

  <td width=397 colspan=9 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><i>(in millions of US$, except per share amounts)</i></font></p>
  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">2002</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">2002</font></p>
  </td>
 </tr>
 <tr style='height:22.5pt'>
  <td width=285 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=29 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=55 colspan=6 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width=397 colspan=9 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Sales and operating revenues</b></font></p>
  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3,480&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3,170&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>10,161&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">9,204&nbsp;</font></p>
  </td>
 </tr>

  <td width=397 colspan=9 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <b><font face="Arial" size="2">&nbsp; </font></b>
  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;</td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;</td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;</td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
 </tr>
 <tr style='height:25.5pt'>
  <td width=364 colspan=6 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Costs and expenses</b></font></p>
  </td>
  <td width=19 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=397 colspan=9 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Cost of sales and operating expenses</font></p>
  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2,741&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">2,499&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>8,027&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">7,259&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=397 colspan=9 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Depreciation and amortization</font></p>
  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>237&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">207&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>692&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">618&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=415 colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Selling, administrative and general expenses</font></p>
  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>186&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">136&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>525&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">416&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=397 colspan=9 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Research and development expenses</font></p>
  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>34&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">28&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>95&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">83&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=389 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Interest (note 3)</font></p>
  </td>
  <td width=1 colspan=4 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=4 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>52&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">52&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>156&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">151&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=415 colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Restructuring, impairment and other special charges</font></p>
  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>5&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">6&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(9)</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">26&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=389 colspan=7 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Other expenses (income) - net</font></p>
  </td>
  <td width=12 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>33&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(12)</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>142&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">38&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=296 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=47 colspan=4 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3,288&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">2,916&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>9,628&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">8,591&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=389 colspan=7 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Income from continuing operations
  </font> </p>
  </td>
  <td width=12 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=389 colspan=7 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">before income taxes and other items</font></p>
  </td>
  <td width=12 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>192&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">254&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>533&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">613&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=328 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Income taxes
  </font> </p>
  </td>
  <td width=47 colspan=4 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>77&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">64&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>369&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">265&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=415 colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Income from continuing operations before other items</font></p>
  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>115&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">190&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>164&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">348&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=328 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Equity income (loss)</font></p>
  </td>
  <td width=75 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(1)</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">2&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=328 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Minority interests</font></p>
  </td>
  <td width=75 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(12)</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=417 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Income from continuing operations</b></font></p>
  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>118&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">192&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>155&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">351&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=415 colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Loss from discontinued operations (note 2)</font></p>
  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(18)</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(1)</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(131)</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(3)</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=285 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Net income</b></font></p>
  </td>
  <td width=29 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=75 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>100&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">191&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>24&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">348&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=417 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Dividends on preference shares</font></p>
  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>5&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=415 colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Net income attributable to common shareholders</b></font></p>
  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>98&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">190&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>19&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">345&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=415 colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Net income per common share - basic</b></font></p>
  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=328 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2"><b>and diluted</b></font></p>
  </td>
  <td width=75 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=417 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Income from continuing operations</font></p>
  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>0.36&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">0.59&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>0.47&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1.07&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=417 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Loss from discontinued operations </font> </p>
  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(0.05)</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:right'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(0.41)</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:right'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=285 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Net income</b></font></p>
  </td>
  <td width=29 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=75 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>0.31&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">0.59&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>0.06&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1.07&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width=417 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Dividends per common share</b></font></p>
  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=80 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>0.15&nbsp;</b></font></p>
  </td>
  <td width=7 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">0.15&nbsp;</font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>0.60&nbsp;</b></font></p>
  </td>
  <td width=12 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">0.45&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=285 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=29 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=75 colspan=5 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=1 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=8 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=80 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=7 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=65 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=12 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 </table>



</div>



<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p align="center"><font face="Arial" size="2">&nbsp;7</font></p>

<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</b>

<font face="Arial" size="2"><b>&nbsp;</b></font></p>

<div align="left">

<table border=0 cellspacing=0 cellpadding=0 width="730" style="border-collapse: collapse" bordercolor="#111111">

  <td width=708 colspan=12 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><a
  name="RANGE!A1:I13"><b><u>ALCAN INC.</u></b></a></font></p>
  </td>
 </tr>

  <td width=169 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=192 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=155 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:50.25pt'>
  <td width=570 colspan=9 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>INTERIM CONSOLIDATED STATEMENT OF RETAINED EARNINGS</b></font></p>
  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width=169 colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">(unaudited)</font></p>
  </td>
  <td width=192 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=71 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=102 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=24 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width=169 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=192 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=71 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=102 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:72.75pt'>
  <td width=468 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Nine months ended September 30<i> </i></b><i>(in millions of US$)</i></font></p>
  </td>
  <td width=102 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width=30 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">2002</font></p>
  </td>
  <td width=24 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:69.0pt'>
  <td width=438 colspan=7 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Retained earnings - beginning of period</b></font></p>
  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=102 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3,503&nbsp;</b></font></p>
  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3,326&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">*</font></p>
  </td>
 </tr>
 <tr style='height:69.75pt'>
  <td width=132 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Net income</font></p>
  </td>
  <td width=265 colspan=4 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=23 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=102 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>24&nbsp;</b></font></p>
  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">348&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td width=132 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Dividends</font></p>
  </td>
  <td width=265 colspan=4 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;- Common</font></p>
  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=23 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=102 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;(193)</b></font></p>
  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">&nbsp;(144)</font></p>
  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=132 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=265 colspan=4 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;- Preference</font></p>
  </td>
  <td width=18 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=23 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=102 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;(5)</b></font></p>
  </td>
  <td width=30 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">&nbsp;(3)</font></p>
  </td>
  <td width=24 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:52.5pt'>
  <td width=415 colspan=6 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Retained earnings - end of period</b></font></p>
  </td>
  <td width=23 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=102 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3,329&nbsp;</b></font></p>
  </td>
  <td width=30 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3,527&nbsp;</font></p>
  </td>
  <td width=24 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:52.5pt'>
  <td width=169 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=192 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=54 colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=23 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=102 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:66.0pt'>
  <td width=570 colspan=9 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><i>* Restated in 2002 to
  reflect accounting change of $(748) with respect to impairment of goodwill.</i></font></p>
  </td>
  <td width=30 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=24 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 </table>

</div>

<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p align="center"><font face="Arial" size="2"><b>&nbsp;8</b></font></p>

<b><hr color="#000080"><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</b>

<div align="left">

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:749;border-collapse:collapse'>

  <td width="726" colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><a
  name="RANGE!A1:I34"><b><u>ALCAN INC.</u></b></a></font></p>
  </td>
 </tr>

  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:50.25pt'>
  <td width="427" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>INTERIM CONSOLIDATED BALANCE SHEET</b></font></p>
  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="380" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">(unaudited for 2003)</font></p>
  </td>
  <td width="8" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="18" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>September 30,</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">December 31,</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="380" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><i>(in millions of US $)</i></font></p>
  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">2002</font></p>
  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:35.25pt'>
  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b><u>ASSETS</u></b></font></p>
  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:45.0pt'>
  <td width="380" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Current assets</b></font></p>
  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:30.0pt'>
  <td width="380" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Cash and time deposits</font></p>
  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>123 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">109 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:30.0pt'>
  <td width="453" colspan=6 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="left">
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Trade receivables (net of allowances of $64 in 2003
  and $58 in 2002)</font></p>
  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1,516 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1,264 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:30.0pt'>
  <td width="380" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Other receivables</font></p>
  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>491 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">542 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:30.0pt'>
  <td width="129" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Inventories</font></p>
  </td>
  <td width="284" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;- Aluminum operating segments</font></p>
  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.25pt'>
  <td width="129" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="259" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Aluminum</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>891 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">905 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="129" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="259" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Raw materials</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>417 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">390 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="129" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="259" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Other supplies</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>316 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">296 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="129" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="237" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1,624 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1,591 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="129" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="284" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;- Packaging operating segment</font></p>
  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>496 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">368 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width="129" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="237" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2,120 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1,959 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width="402" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Current assets held for sale (note 2)</b></font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>79 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">76 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:20.25pt'>
  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>4,329 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3,950 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:24.0pt'>
  <td width="402" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Deferred charges and other assets</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>689 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">666 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:24.0pt'>
  <td width="402" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Property, plant and equipment</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.25pt'>
  <td width="427" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Cost (excluding Construction work in progress)</font></p>
  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>18,617
  &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">17,630 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="402" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Construction work in progress</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>783 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">570 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="402" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">Accumulated depreciation</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(8,859)&nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(8,107)&nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>10,541
  &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">10,093 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:24.0pt'>
  <td width="453" colspan=6 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Intangible assets (net of accumulated amortization of $77 in 2003</font></p>
  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="380" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">and $53 in 2002)</font></p>
  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>316 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">318 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:24.0pt'>
  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Goodwill</font></p>
  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2,379 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">2,303 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:24.0pt'>
  <td width="402" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Long-term assets held for sale (note 2)</font></p>
  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="111" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>55 &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">208 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:24.0pt'>
  <td width="130" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Total assets</b></font></p>
  </td>
  <td width="236" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="11" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="12" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="111" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>18,309
  &nbsp;</b></font></p>
  </td>
  <td width="18" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="93" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">17,538 &nbsp;</font></p>
  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 </table>

</div>

<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p align="center"><font face="Arial" size="2">&nbsp;9</font></p>

<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>

<div align="left">

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:754;border-collapse:collapse'>

  <td width="726" colspan=10 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><a
  name="RANGE!A1:I30"><b><u>ALCAN INC.</u></b></a></font></p>
  </td>
 </tr>

  <td width="310" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="45" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:50.25pt'>
  <td width="443" colspan=6 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>INTERIM CONSOLIDATED BALANCE SHEET (cont'd)</b></font></p>
  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="369" colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">(unaudited for 2003)</font></p>
  </td>
  <td width="15" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="20" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="310" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="45" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="310" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="45" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="310" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="45" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>September 30,</b></font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">December 31,</font></p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="398" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><i>(in
  millions of US$)</i></font></p>
  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width="20" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">2002</font></p>
  </td>
  <td width="2" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:35.25pt'>
  <td width="425" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b><u>LIABILITIES AND SHAREHOLDERS' EQUITY</u></b></font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:49.5pt'>
  <td width="369" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Current liabilities</b></font></p>
  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="398" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Payables and accrued liabilities</font></p>
  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2,520 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">2,294
  </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="369" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Short-term borrowings</font></p>
  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>385 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">381 </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="398" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Debt maturing within one year</font></p>
  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>181 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">295 </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="425" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Current liabilities of operations held for sale (note 2)</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="120" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>38 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">47 </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="310" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="45" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="120" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3,124 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3,017
  </font> </p>
  </td>
  <td width="2" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:30.0pt'>
  <td width="425" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Debt not maturing within one year (note 4)</font></p>
  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3,369 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3,186
  </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="398" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Deferred credits and other liabilities</font></p>
  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1,682 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1,418
  </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="369" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Deferred income taxes</font></p>
  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="27" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1,263 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1,120
  </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="443" colspan=6 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Long-term liabilities of operations held for sale (note 2)</font></p>
  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>7 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">22 </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="369" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Minority interests</font></p>
  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>148 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">150 </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:.5in'>
  <td width="369" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Shareholders' equity</b></font></p>
  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="426" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Redeemable non-retractable preference shares</font></p>
  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>160 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">160 </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:17.1pt'>
  <td width="398" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Common shareholders' equity</font></p>
  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="369" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
  Common shares</font></p>
  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>4,720 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">4,703
  </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="369" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
  Retained earnings</font></p>
  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3,329 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">3,503
  </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="398" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
  Deferred translation adjustments</font></p>
  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>507 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">259 </font> </p>
  </td>
  <td width="2" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="310" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="45" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>8,556 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">8,465
  </font> </p>
  </td>
  <td width="2" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="310" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="45" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="29" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="120" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>8,716 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">8,625
  </font> </p>
  </td>
  <td width="2" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:.5in'>
  <td width="426" colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Total liabilities and shareholders' equity</b></font></p>
  </td>
  <td width="3" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="120" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>18,309 </b>
  </font></p>
  </td>
  <td width="20" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="85" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">17,538
  </font> </p>
  </td>
  <td width="2" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt double windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 </table>

</div>

<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p align="center"><font face="Arial" size="2">10</font></p>

<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>

<div align="left">

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="114%"
 style='width:740;border-collapse:collapse'>
 <tr style='height:15.0pt'>
  <td width="99%" colspan=19 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><a
  name="RANGE!A1:N27"><b><u>ALCAN INC.</u></b></a></font></p>
  </td>
 </tr>

  <td width="36%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="13%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:25.5pt'>
  <td width="54%" colspan=8 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS</b></font></p>
  </td>
  <td width="4%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="13%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>

  <td width="36%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">(unaudited)</font></p>
  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="13%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="15%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:33.75pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Periods ended September 30</b></font></p>
  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="19%" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">Third Quarter</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="19%" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">Nine Months</font></p>
  </td>
 </tr>

  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><i>(in millions of US$)</i></font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='border-top:
  1.0pt solid windowtext;border-left:medium none;border-bottom:1.0pt solid windowtext;
  border-right:medium none;background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">2002</font></p>
  </td>
  <td width="3%" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='border-top:
  1.0pt solid windowtext;border-left:medium none;border-bottom:1.0pt solid windowtext;
  border-right:medium none;background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><b>2003</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2">2002</font></p>
  </td>
 </tr>
 <tr style='height:25.5pt'>
  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>OPERATING ACTIVITIES</b></font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.75pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Income from continuing operations</font></p>
  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>118 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">192 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>155 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">351 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.95pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Adjustments to determine cash from</font></p>
  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">operating activities:</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.95pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Depreciation and amortization</font></p>
  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>237 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">207 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>692 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">618 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.95pt'>
  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Deferred income taxes</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>20 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">19 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>89 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">59 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.95pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Asset impairment provisions</font></p>
  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>10 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">13 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>18 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">22 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.95pt'>
  <td colspan=7 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Loss (Gain) on sale of businesses and investments - net</font></p>
  </td>
  <td valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>13 &nbsp;</b></font></p>
  </td>
  <td valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">&nbsp;- &nbsp;</font></p>
  </td>
  <td valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(38)&nbsp;</b></font></p>
  </td>
  <td valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:right'><font face="Arial" size="2">- &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.95pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Change in operating working capital:</font></p>
  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
  Change in receivables</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(15)&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">32 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>56 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">83 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
  Change in inventories</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>125 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">37 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>65 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">60 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
  Change in payables</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(11)&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(79)&nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(47)&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(170)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width="48%" colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
  Total change in operating working capital</font></p>
  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>99 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(10)&nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>74 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(27)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:35.25pt'>
  <td width="51%" colspan=7 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Change in deferred charges, other assets, deferred credits</font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="39%" colspan=2 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">and other liabilities - net</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>54 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">(21)&nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>160 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">44 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:35.25pt'>
  <td width="36%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Other - net</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="5%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>2 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">12 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>26 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">4 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:.5in'>
  <td width="54%" colspan=8 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash from operating activities in continuing
  operations</b></font></p>
  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>553 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">412 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1,176 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1,071 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:35.25pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash from operating activities in </b>
  </font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;&nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2"><b>discontinued operations (note 2)</b></font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>7 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">8 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>14 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">7 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:35.25pt'>
  <td width="43%" colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash from operating activities</b></font></p>
  </td>
  <td width="3%" valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="3%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="4%" colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="9%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>560 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="8%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">420 &nbsp;</font></p>
  </td>
  <td width="3%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width="8%" colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1,190 &nbsp;</b></font></p>
  </td>
  <td width="2%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width="9%" valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2">1,078 &nbsp;</font></p>
  </td>
 </tr>
 </table>

</div>

<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p align="center"><font face="Arial" size="2">&nbsp;11</font></p>

<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>

<div align="left">

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:751;border-collapse:collapse'>
 <tr style='height:15.0pt'>
  <td width=737 colspan=12 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'><font face="Arial" size="2"><a
  name="RANGE!A1:N37"><b><u>ALCAN INC.</u></b></a></font></p>
  </td>
 </tr>

  <td width=72 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=122 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=76 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr style='height:24.75pt'>
  <td width=499 colspan=9 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
  (cont'd)</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>

  <td width=208 colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">(unaudited)</font></p>
  </td>
  <td width=76 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=20 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr style='height:28.5pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Periods ended September 30 </b>
  </font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=161 colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=center style='text-align:center'><font face="Arial" size="2">Third Quarter</font></p>
  </td>
  <td width=147 colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=center style='text-align:center'><font face="Arial" size="2">Nine Months</font></p>
  </td>
 </tr>

  <td width=208 colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><i>(in millions of US$)</i></font></p>
  </td>
  <td width=76 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p><font face="Arial" size="2"><b>2003&nbsp;&nbsp;&nbsp; </b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p><font face="Arial" size="2">2002&nbsp;&nbsp;&nbsp; </font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p><font face="Arial" size="2"><b>2003&nbsp;&nbsp;&nbsp; </b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p><font face="Arial" size="2">2002&nbsp;&nbsp;&nbsp; </font></p>
  </td>
 </tr>
 <tr style='height:22.5pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>FINANCING ACTIVITIES</b></font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">New debt,&nbsp; net of issuance costs</font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>30 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">502 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>535 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">684 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=208 colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Debt repayments</font></p>
  </td>
  <td width=76 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(229)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(542)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(575)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(734)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=72 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=122 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=76 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(199)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(40)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(40)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(50)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Short-term borrowings - net</font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>15 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(13)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(49)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(188)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=208 colspan=3 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Common shares issued</font></p>
  </td>
  <td width=76 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=13 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=28 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>9 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">2 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>17 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">12 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=71 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Dividends</font></p>
  </td>
  <td width=316 colspan=7 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Alcan shareholders (including preference)</font></p>
  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(50)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(49)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(150)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(147)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=71 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=316 colspan=7 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Minority
  interests</font></p>
  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(1)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(2)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(11)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(5)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=401 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash used for financing activities in continuing
  operations</b></font></p>
  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(226)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(102)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(233)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(378)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash from (used for) financing activities </b>
  </font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=left style='text-align:left'>&nbsp;</p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=left style='text-align:left'>&nbsp;</p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  &nbsp;</td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2"><b>in discontinued operations (note 2)</b></font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;(4)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">1 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(8)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">-&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash used for financing activities</b></font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(230)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(101)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(241)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(378)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:35.25pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>INVESTMENTS AND OTHER ASSETS</b></font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Property, plant and equipment</font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(241)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(156)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(578)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(413)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Business acquisitions (note 5)</font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(83)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(165)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(431)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(337)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=72 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=122 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=76 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(324)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(321)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(1,009)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(750)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Net proceeds from disposal of businesses,</font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=left style='text-align:left;text-indent:60.05pt'>
  <font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">investments and other assets</font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>3 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">19 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>56 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">66 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=401 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash used for investment activities in continuing
  operations</b></font></p>
  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(321)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(302)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(953)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(684)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash used for investment activities</b></font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2"><b>in discontinued operations (note 2)</b></font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(2)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(7)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(6)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(12)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Cash used for investment activities</b></font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(323)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(309)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(959)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(696)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Effect of exchange rate changes</font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=298 colspan=4 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left;text-indent:10.0pt'>
  <font face="Arial" size="2">on cash and time deposits</font></p>
  </td>
  <td width=20 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -
  &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>5 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">8 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2"><b>Increase (Decrease) in cash and time deposits</b></font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>8 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">10 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(5)&nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">12 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=360 colspan=6 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Cash of subsidiaries consolidated (deconsolidated) - net</font></p>
  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>(11)&nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -
  &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>19 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -
  &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Cash and time deposits - beginning of period</font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=84 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>127 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">121 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>110 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; background:white; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">119 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=401 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Cash and time deposits - end of period in continuing operations</font></p>
  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>123 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">133 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>123 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">133 &nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=401 colspan=8 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Cash and time deposits - end of period in discontinued operations</font></p>
  </td>
  <td width=84 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(2)&nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>1 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">(2)&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=332 colspan=5 valign=bottom style='background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=left style='text-align:left'><font face="Arial" size="2">Cash and time deposits - end of period</font></p>
  </td>
  <td width=14 valign=bottom style='background:white;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=27 colspan=2 valign=bottom style='background:
  white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>&nbsp;</b></font></p>
  </td>
  <td width=84 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt double windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>124 &nbsp;</b></font></p>
  </td>
  <td width=63 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt double windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">131 &nbsp;</font></p>
  </td>
  <td width=75 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt double windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2"><b>124 &nbsp;</b></font></p>
  </td>
  <td width=58 valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt double windowtext;border-right:medium none;
  background:white;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p align=right style='text-align:right'><font face="Arial" size="2">131 &nbsp;</font></p>
  </td>
 </tr>
 </table>

</div>

<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p align="center"><font face="Arial" size="2">&nbsp;12</font></p>

<b><hr color="#000080"><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</b>

<p align=center style='text-align:center'><font face="Arial" size="2"><b><u>ALCAN INC.</u></b></font></p>

<p align=center style='text-align:center;line-height:150%'>
<font face="Arial" size="2"><i>(in millions of US$, except per share amounts)</i></font></p>

<p><font face="Arial" size="2"><b>&nbsp;</b></font></p>

<p><font face="Arial" size="2"><b>&nbsp;1. ACCOUNTING POLICIES</b></font></p>

<p align="justify" style="margin-left: 30"><font face="Arial" size="2">The unaudited interim consolidated financial statements do not include all of the
financial statement disclosures required to be in accordance with Canadian
generally accepted accounting principles for interim reporting and, therefore,
should be read in conjunction with the most recent annual financial statements.</font></p>

<p><font face="Arial" size="2"><b>&nbsp;2.&nbsp; DISCONTINUED OPERATIONS AND
ASSETS HELD FOR SALE</b></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">In the
second quarter of 2003, the Company committed to a plan to sell certain
non-strategic Packaging operations.&nbsp; These businesses are classified as
held for sale and are included in discontinued operations.&nbsp; An impairment
charge of $22, after tax, and $135, after tax, for the third quarter and nine
months of 2003, respectively, was recorded in discontinued operations to reduce
the carrying values of these businesses to estimated fair values less costs to
sell.&nbsp; Certain financial information has been reclassified in the prior
periods to present these businesses as discontinued operations on the income
statement, as assets held for sale and liabilities of operations held for sale
on the balance sheet and as cash flows from (used for) discontinued operations
on the statement of cash flows.&nbsp; All of these divestments are expected to
be completed within one year.</font></p>



<p style='margin-left:14.75pt;text-indent:-14.75pt'><font face="Arial" size="2"><b>3.&nbsp; CAPITALIZATION
OF INTEREST COSTS</b></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">Total
interest costs in continuing operations in the third quarter and nine months of
2003 were $55 and $161 respectively (2002:&nbsp;&nbsp;$52 and $151) of which $3 and $5
(2002:&nbsp;nil) were capitalized.</font></p>





<p style='margin-left:14.75pt;text-indent:-14.75pt'><font face="Arial" size="2"><b>4.&nbsp; LONG
TERM DEBT</b></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">On May 1,
2003, the Company issued $500 of 4.5% global notes due May 15, 2013.</font></p>





<p style='margin-left:30;' align="justify">&nbsp;</p>





<p align="center"><font face="Arial" size="2">13</font></p>





<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>





<p style='margin-left:14.75pt;text-indent:-14.75pt'><font face="Arial" size="2"><b>5.&nbsp; SALES
AND ACQUISITIONS OF BUSINESSES</b></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2"> <u>Tender
Offer for Pechiney</u></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">On July
7, 2003, the Company announced its intention to launch a tender offer to
acquire all of the outstanding shares, convertible debentures, Bonus Allocation
Rights and American Depositary Shares of Pechiney. On October 7, 2003, the
Company announced that following the clearance by the French Commission des
op&eacute;rations de bourse of the documentation for its offer in France for Pechiney
and the publication in France of such documentation, the French Conseil des
march&eacute;s financiers published the notification of the opening of the offer.
Accordingly, the French offer is made and open for acceptance beginning October
7, 2003.</font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">The
Company's offer in the U.S. is expected to open soon following completion of a
review by the Securities and Exchange Commission of Pechiney's annual
disclosure documentation.&nbsp; Pechiney securities may not yet be tendered pursuant
to Alcan's U.S. offer.</font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">Pechiney
is an international group listed on the Paris and New York Stock exchanges.&nbsp;
Its three core businesses are primary aluminum, aluminum conversion and
packaging.&nbsp; Pechiney employs 34,000 employees.&nbsp; The offer is conditional upon
the tendering of more than 50% of the total diluted number of Pechiney shares
to the offer.&nbsp; The Company expects the offer to be completed by
December&nbsp;31,&nbsp;2003.</font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2"> <u>VAW
Flexible Packaging</u></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">On April
30, 2003, the Company completed the acquisition of VAW Flexible Packaging from
Norsk Hydro for a cost of $341, subject to post-closing adjustments.&nbsp; The
business combination is accounted for using the purchase method of accounting
and the results of operations are included in the Consolidated Financial
Statements since acquisition.</font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">As part
of the acquisition of VAW Flexible Packaging in the second quarter of 2003, the
Company acquired, directly and indirectly, 63% of the total issued share
capital of Strongpack Plc in Thailand.&nbsp; Strongpack is engaged in packaging
businesses, providing production and processing services on all types of
flexible packaging materials.&nbsp; On June 20, 2003, the Company acquired an
additional 11% of Strongpack at a price of $4.</font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">Also, as
part of the acquisition of VAW Flexible Packaging, the Company acquired 70% of
the total issued share capital of Rotopak in Turkey.&nbsp; Rotopak is engaged in the
food flexible packaging business.&nbsp; On August 28, 2003, the Company acquired an
additional 30% of Rotopak at a price of $24.</font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2"> <u>Baltek
Corporation</u></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">On July 1,
2003, the Company completed the acquisition of Baltek Corporation for a cost of
$38.&nbsp; The business combination is accounted for using the purchase method of
accounting and the results of operations are included in the Consolidated
Financial Statements since acquisition.</font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2"> <u>Aluminium
Company of Malaysia / Alcan Nikkei Siam Limited</u></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">In the
third quarter of 2003, the Company increased its ownership position in Aluminium Company of Malaysia from 36% to 59% by acquiring additional shares
from Nippon Light Metal in exchange for its ownership in Alcan Nikkei Siam
Limited in Rangsit, Thailand and a cash payment of $6.&nbsp; The sale of Alcan
Nikkei Siam Limited resulted in the realization of deferred translation losses
of $13, which is recorded in Other expenses (income) - net.&nbsp; Aluminium Company
of Malaysia is a manufacturer of light gauge aluminum products.</font></p>



<p style='margin-left:30;' align="justify">&nbsp;</p>



<p align="center"><font face="Arial" size="2">14</font></p>



<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2"> <u>Uniwood/Fome-Cor</u></font></p>



<p style='margin-left:30;' align="justify"><font face="Arial" size="2">On October
6, 2003, the Company completed the acquisition of Uniwood/Fome-Cor Division of
Nevamar for $95, subject to post-closing adjustments.&nbsp; Uniwood/Fome-Cor is one
of the largest US-based manufacturers of foam-based display boards, with its
head offices and production facilities in Statesvilles, North Carolina and
another production site in Glasgow, Kentucky.</font></p>



<p style='margin-left:1.0in;text-indent:-1.0in'><font face="Arial" size="2"><b>Item 12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results
of Operations and Financial Condition</b></font></p>



<p align="justify"><font face="Arial" size="2">On October 22, 2003, Alcan Inc. issued a press release
announcing its earnings for the third quarter of 2003.&nbsp; A copy of the press
release is attached hereto as Exhibits 99 and is furnished pursuant to this
item.</font></p>





<p><font face="Arial" size="2"><b>Exhibits :</b></font></p>

<p style='margin-left:1.0in;text-indent:-1.0in'><font face="Arial" size="2"><b>99.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press release of Alcan Inc., dated
October 22, 2003.</font></p>







<p style='margin-left:1.0in;text-indent:-1.0in'>&nbsp;</p>







<p align="justify"><font face="Arial" size="2">The information under Item 12 of
this report shall not be deemed to be &quot;filed&quot; for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), or otherwise
subject to the liability of that section, and shall not be incorporated by
reference into any registration statement or other document filed under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.</font></p>







<p align="justify">&nbsp;</p>







<p style='margin-left:1.0in;text-indent:-1.0in' align="center">
<font face="Arial" size="2">15</font></p>







&nbsp;<b><hr color="#000080">
<p><font face="Arial" size="2"><br clear=all
style='page-break-before:always'>
</font>
</p>
</b>




<p align="center"><b><font face="Arial" size="2">SIGNATURES</font></b></p>





<p align="justify"><font face="Arial" size="2">Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></p>





<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
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  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2">ALCAN INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
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  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p align=right style='text-align:right'><font face="Arial" size="2">BY: </font> </p>
  </td>
  <td width=319 valign=top style='width:239.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2">/s/ Roy
  Millington</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2">Roy
  Millington</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2"><i>Corporate
  Secretary</i></font></p>
  </td>
 </tr>
</table>







<p><font face="Arial" size="2">Date: October
22, 2003</font></p>







<p>&nbsp;</p>







<p>&nbsp;</p>







<p align="center"><font face="Arial" size="2">16</font></p>



<hr color="#000080"><font face="Arial" size="2"><br clear=all style='page-break-before:always'>


</font>


<p style='line-height:97%'><font face="Arial" size="2"><b>EXHIBIT
INDEX</b></font></p>







<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=217 colspan=2 valign=top style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2"><b>Exhibit<br>
  Number</b></font></p>
  </td>
  <td width=421 colspan=2 valign=top style='width:315.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2"><b>&nbsp;Description</b></font></p>
  </td>
 </tr>
 <tr>
  <td width=319 colspan=3 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>

  </td>
 </tr>
 <tr>
  <td width=109 valign=top style='width:81.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2"><b>(99)</b></font></p>
  </td>
  <td width=529 colspan=3 valign=top style='width:396.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p><font face="Arial" size="2">Press release of Alcan
  Inc. dated October 22,
  2003.</font></p>
  </td>
 </tr>
 </table>







<p>&nbsp;</p>
<p>&nbsp;</p>
<p align="center"><font face="Arial" size="2">17</font></p>







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{"company-data": {"conformed-name": "ALCAN INC", "cik": "0000004285", "assigned-sic": "3350", "irs-number": "000000000", "state-of-incorporation": "A6", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03677", "film-number": "03950886"}, "business-address": {"street1": "1188 SHERBROOKE ST WEST", "city": "MONTREAL QUEBEC CANA", "state": "A8", "zip": "00000", "phone": "5148488000"}, "mail-address": {"street1": "1188 SHERBROOKE STREET WEST", "city": "MONTREAL QUEBEC CANA", "state": "A8", "zip": "00000"}, "former-company": [{"former-conformed-name": "ALCAN ALUMINIUM LTD /NEW", "date-changed": "19930519"}, {"former-conformed-name": "ALUMINUM CO OF CANADA LTD", "date-changed": "19870728"}]}
Press Release
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 22, 2003
Alcan Inc.
(Exact name of Registrant as specified in its
charter)
Canada
(State or other jurisdiction of incorporation)
1-3677
Inapplicable
Commission File Number
(I.R.S. Employer Identification No.)
1188 Sherbrooke Street West,
  Montreal, Quebec, Canada H3A 3G2
(Address of principal executive offices,
  including postal code)
(514) 848-8000
(Registrant's telephone number, including area
  code)
1
Item 5.             Other Events
The following information is derived from a press release
dated October 22, 2003 of Alcan Inc.  (the "Company").  Alcan
Inc. today reported third quarter 2003 net income from continuing operations of
US$0.36 per share versus US$0.59 per share a year ago.
After including results from discontinued operations, the
Company reported net income of US$100 million (US$ 0.31 per share) for the
quarter, compared to net income of US$191 million (US$0.59 per share) in the
year-ago quarter.
CONSOLIDATED REVIEW
THIRD
QUARTER
NINE
MONTHS
(US$ millions,
  unless otherwise noted)
2003
2002
2003
2002
Sales &
  operating revenues
3,480
3,170
10,161
9,204
Shipments
(thousands
  of tonnes)
Ingot products
1
420
359
1,139
1,033
Rolled products
502
530
1,543
1,555
Conversion
  of customer-owned metal
97
102
302
272
Aluminum
  used in engineered products & packaging
127
140
418
418
Total aluminum volume
1,146
1,131
3,402
3,278
Ingot
  product realizations
(US$ per tonne)
1,552
1,495
1,566
1,510
Average London Metal
  Exchange 3-month price
(US$ per tonne)
1,420
1,329
1,397
1,367
Net income from continuing operations
118
192
155
351
Loss from discontinued operations
(18)
(1)
(131)
(3)
Net income (loss)
100
191
24
348
1
includes primary and secondary ingot and scrap, as
well as shipments resulting from trading activities
2
Continuing operations
Sales and operating revenues
of US$3.5 billion in the third quarter benefited from the acquisitions of
packaging (VAW FlexPac) and composite (Baltek) businesses and the strengthening
of the Euro. Increased third-party shipments of
alumina and aluminum, together with better pricing, also contributed to the
improvement over the year-ago quarter. While revenues were higher than in the
second quarter of 2003, they were nonetheless affected by the summer slow-down
in Europe and softer demand for rolled products in the United States.
Total aluminum volume of 1,146 thousand tonnes (kt) was 15
kt higher than a year earlier but 9 kt lower than the preceding quarter. The year-over-year increase reflects incremental volume
arising from the acquisition of the second tranche of the Alouette smelter in
Quebec and production restarts in Kitimat, British Columbia, partially offset
by lower rolled product volumes in Europe due to business exits.
Compared to the second quarter, increased third-party shipments of ingot were
more than offset by the seasonal decline in rolled and fabricated product
demand in Europe and weaker rolled product volumes in the United States.
Ingot product realizations, at US$1,552 per tonne, were
US$57 per tonne higher than in the year-ago quarter largely reflecting the
benefit of higher LME prices. Compared with the second quarter, realizations
declined US$18 per tonne due to lower market premia and a changed sales mix.
Third quarter operating earnings from continuing operations,
at US$151 million, were little changed from the comparable quarter of last
year. Benefits from cost reduction initiatives and improved prices offset higher
pension, fuel and recycled metal costs, higher depreciation expense and the
negative impact of foreign currency movements. Compared to the second quarter,
operating earnings increased by US$7 million as cost reductions, benefits from
acquisitions, and moderating energy and recycled metal costs more than offset
lower volumes in rolled product and downstream businesses and higher
depreciation expenses.
Net income from continuing operations was US$118 million,
down US$74 million from the year-ago quarter mainly due to the unfavourable
impact of foreign currency balance sheet translation, which represented a loss
of US$8 million in the third quarter of 2003 versus a gain of US$55 million a
year earlier. Net income from continuing operations rose by US$94 million
compared to the second quarter of 2003, which was negatively impacted by
foreign currency balance sheet translation losses of US$146 million.
Discontinued operations
In line with its objective of maximizing value, the company
decided in the second quarter to sell certain non-strategic Packaging
operations in order to release cash for higher value-adding opportunities.  A
re-evaluation of the expected proceeds on sale versus the book value of these
assets resulted in an additional non-cash, after-tax impairment charge of US$22
million in the third quarter. After-tax profits from discontinued operations,
excluding the impairment charge, were US$4 million in the quarter.
3
SEGMENT REVIEW
THIRD
QUARTER
NINE
MONTHS
(US$
  millions)
2003
2002
2003
2002
Business Group
  Profit (BGP)
Bauxite, Alumina and Specialty
  Chemicals
72
78
186
205
Primary Metal
239
232
622
657
Rolled Products Americas and Asia
86
86
259
272
Rolled Products
  Europe
46
37
150
102
Engineered
  Products
28
23
72
77
Packaging
102
83
287
243
BGP (sub-total)
573
539
1,576
1,556
Intersegment, corporate offices
  and other
(85)
(21)
(201)
(146)
Restructuring, impairment and
  other special charges
(5)
(6)
9
(26)
Depreciation &
  amortization
(237)
(207)
(692)
(618)
Interest
(52)
(52)
(156)
(151)
Income taxes
(77)
(64)
(369)
(265)
Minority interests
1
3
(12)
1
Net income from continuing operations
118
192
155
351
Segments
Business
group profit (BGP) comprises earnings before interest, taxes, depreciation and
amortization excluding certain items, such as corporate costs and asset
impairments, that are not under the control of the business groups.  These
items are managed by the Company's head office, which focuses on strategy
development and oversees governance, policy, legal, compliance, human resources
and finance matters.
Third
quarter BGP of US$72 million for Bauxite, Alumina and Specialty Chemicals was
8% lower than the previous year.  Benefits from cost initiatives and higher
alumina realizations were more than offset by increased foreign currency
balance sheet translation losses, higher energy costs and the impact of
currency movements on operating costs.  Compared to the second quarter, BGP was
up by 20% mainly due to higher realizations on alumina sales and the negative
impact of foreign currency balance sheet translation in the earlier quarter.
For the Primary Metal Group, BGP was US$239 million for the
third quarter, up US$7 million year-over-year. The benefits from ongoing profit
improvement initiatives, higher metal realizations and sales volumes more than
offset the negative impact of strengthening local currencies, on both costs and
balance sheet translation, as well as higher raw material and pension costs. 
BGP increased by 41% over the second quarter, reflecting the ongoing benefits
of profit improvement initiatives, higher sales volumes, marginally better
metal realizations, and the absence of foreign currency balance sheet
translation losses, which were US$27 million the earlier quarter.
4
BGP for Rolled Products Americas and Asia, at US$86 million,
was unchanged from the previous year's third quarter.  Ongoing benefits from
cost initiatives and the positive impact of metal pricing lags were offset by
lower volumes in North America and lower recycled metal spreads.  Compared to
the preceding quarter, BGP declined by 8% as the positive impact of metal
pricing lags and improving recycled metal spreads were more than offset by
lower volumes and an unfavorable product mix in North America.
Rolled Products Europe achieved a BGP of US$46 million in
the third quarter, representing an improvement of US$9 million over the
year-ago quarter. Earnings benefited from an enhanced product mix, continued
cost discipline and the stronger Euro. Compared to the record second quarter,
BGP decreased by US$11 million mainly due to lower volumes resulting from the effects
of the normal summer slow-down and tightening market conditions.
Despite continued economic weakness, Engineered Products
posted a BGP of US$28 million, which was 22% higher than the year-ago quarter
and 33% above the second quarter of 2003. Cost-reduction initiatives, the
successful integration of the Baltek acquisition, and a stronger Euro were the
main factors contributing to the improved results.  Composites and cable
businesses recorded solid profit improvements over both the year-ago quarter and
second quarter of 2003, and profits from extrusion operations were up year over
year. Automotive and transportation segments and service centers continue to be
affected by weak demand. Subsequent to quarter-end, Alcan added to its
composites portfolio with the acquisition of Uniwood/Fome-Cor, a manufacturer
of foam-based display boards.
Packaging BGP was US$102 million in the third quarter, US$19
million ahead of the previous year, largely due to the FlexPac acquisition.
Despite the adverse impact of volume weakness, results continue to improve,
driven by benefits arising from foreign currency exchange, business disposals,
merger synergies and restructuring programs. Packaging sales and operating
revenues for the third quarter, at US$849 million, were 23% higher than a year
earlier. The sharp increase reflected the FlexPac acquisition and the impact of
the stronger Euro, partially offset by lower volumes. Compared to both the
year-ago quarter and second quarter of 2003, demand across most segments of the
flexible packaging market was markedly lower due to seasonal factors and
customer de-stocking.
Reconciliation to
net income from continuing operations
"Intersegment, corporate offices and other" includes the
elimination of profits on intersegment sales of aluminum, as well as other
non-operating items.  The increase of US$64 million from the year-ago quarter
reflects the impact of higher pension costs, environmental provisions and the
restructuring of businesses in Southeast Asia that resulted in the realization
of a deferred translation loss of US$13 million on the sale of a subsidiary in
Thailand. This sale completes the restructuring that started in the second
quarter with the disposal of the Company's remaining portfolio investment in
Nippon Light Metal Company, Ltd., which generated a gain of US$33 million.
Restructuring, impairment and other special charges for the third
quarter arose mainly from operations in the United Kingdom and Malaysia. The
second quarter of 2003 included a gain on sale of non-core assets in Italy
amounting to US$18 million.
Depreciation and amortization of US$237 million was US$30
million higher than in the year-ago quarter, largely due to the impact of the
stronger Euro, the purchase of FlexPac and increased ownership in the Alouette
smelter. Compared to the second quarter of 2003, depreciation was US$6 million
higher due in large part to the FlexPac acquisition.
5
Interest expense of US$52 million was unchanged from the
year-ago quarter and US$4 million lower than in the preceding quarter.  Debt as
a percent of invested capital at September 30, 2003 was 31%, compared to 32% at
the end of the second quarter of 2003 and the year-ago third quarter.
The Company's effective tax rate on income from continuing operations was
40% in the quarter and 69% for the first nine months of the year, reflecting
the effects of balance sheet translation and Other Specified Items.  Included
in the quarter's results was the realization of a non-tax deductible deferred
translation loss on the sale of the Company's subsidiary in Thailand. 
Currency-related items increased the effective tax rate by 7 percentage points
for the quarter and 39 percentage points for year to date.
For the third quarter of 2003, the average number of common
shares outstanding was 321.8 million compared to 321.3 million in the
comparable year-ago quarter. 
At September 30, 2003, 322.0 million shares were outstanding.
All tonnages are stated in metric tonnes, equivalent to
2,204.6 pounds.
All figures are unaudited.
6
ALCAN INC.
INTERIM CONSOLIDATED STATEMENT OF INCOME
(unaudited)
Periods ended September 30
Third Quarter
Nine Months
(in millions of US$, except per share amounts)
2003
2002
2003
2002
Sales and operating revenues
3,480
3,170
10,161
9,204
Costs and expenses
Cost of sales and operating expenses
2,741
2,499
8,027
7,259
Depreciation and amortization
237
207
692
618
Selling, administrative and general expenses
186
136
525
416
Research and development expenses
34
28
95
83
Interest (note 3)
52
52
156
151
Restructuring, impairment and other special charges
5
6
(9)
26
Other expenses (income) - net
33
(12)
142
38
3,288
2,916
9,628
8,591
Income from continuing operations
before income taxes and other items
192
254
533
613
Income taxes
77
64
369
265
Income from continuing operations before other items
115
190
164
348
Equity income (loss)
2
(1)
3
2
Minority interests
1
3
(12)
1
Income from continuing operations
118
192
155
351
Loss from discontinued operations (note 2)
(18)
(1)
(131)
(3)
Net income
100
191
24
348
Dividends on preference shares
2
1
5
3
Net income attributable to common shareholders
98
190
19
345
Net income per common share - basic
and diluted
Income from continuing operations
0.36
0.59
0.47
1.07
Loss from discontinued operations
(0.05)
-
(0.41)
-
Net income
0.31
0.59
0.06
1.07
Dividends per common share
0.15
0.15
0.60
0.45
7
ALCAN INC.
INTERIM CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(unaudited)
Nine months ended September 30
(in millions of US$)
2003
2002
Retained earnings - beginning of period
3,503
3,326
*
Net income
24
348
Dividends
- Common
(193)
(144)
- Preference
(5)
(3)
Retained earnings - end of period
3,329
3,527
* Restated in 2002 to
  reflect accounting change of $(748) with respect to impairment of goodwill.
8
ALCAN INC.
INTERIM CONSOLIDATED BALANCE SHEET
(unaudited for 2003)
September 30,
December 31,
(in millions of US $)
2003
2002
ASSETS
Current assets
Cash and time deposits
123
109
Trade receivables (net of allowances of $64 in 2003
  and $58 in 2002)
1,516
1,264
Other receivables
491
542
Inventories
- Aluminum operating segments
Aluminum
891
905
Raw materials
417
390
Other supplies
316
296
1,624
1,591
- Packaging operating segment
496
368
2,120
1,959
Current assets held for sale (note 2)
79
76
4,329
3,950
Deferred charges and other assets
689
666
Property, plant and equipment
Cost (excluding Construction work in progress)
18,617
17,630
Construction work in progress
783
570
Accumulated depreciation
(8,859)
(8,107)
10,541
10,093
Intangible assets (net of accumulated amortization of $77 in 2003
and $53 in 2002)
316
318
Goodwill
2,379
2,303
Long-term assets held for sale (note 2)
55
208
Total assets
18,309
17,538
9
ALCAN INC.
INTERIM CONSOLIDATED BALANCE SHEET (cont'd)
(unaudited for 2003)
September 30,
December 31,
(in
  millions of US$)
2003
2002
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Payables and accrued liabilities
2,520
2,294
Short-term borrowings
385
381
Debt maturing within one year
181
295
Current liabilities of operations held for sale (note 2)
38
47
3,124
3,017
Debt not maturing within one year (note 4)
3,369
3,186
Deferred credits and other liabilities
1,682
1,418
Deferred income taxes
1,263
1,120
Long-term liabilities of operations held for sale (note 2)
7
22
Minority interests
148
150
Shareholders' equity
Redeemable non-retractable preference shares
160
160
Common shareholders' equity
Common shares
4,720
4,703
Retained earnings
3,329
3,503
Deferred translation adjustments
507
259
8,556
8,465
8,716
8,625
Total liabilities and shareholders' equity
18,309
17,538
10
ALCAN INC.
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
Periods ended September 30
Third Quarter
Nine Months
(in millions of US$)
2003
2002
2003
2002
OPERATING ACTIVITIES
Income from continuing operations
118
192
155
351
Adjustments to determine cash from
operating activities:
Depreciation and amortization
237
207
692
618
Deferred income taxes
20
19
89
59
Asset impairment provisions
10
13
18
22
Loss (Gain) on sale of businesses and investments - net
13
-
(38)
-
Change in operating working capital:
Change in receivables
(15)
32
56
83
Change in inventories
125
37
65
60
Change in payables
(11)
(79)
(47)
(170)
Total change in operating working capital
99
(10)
74
(27)
Change in deferred charges, other assets, deferred credits
and other liabilities - net
54
(21)
160
44
Other - net
2
12
26
4
Cash from operating activities in continuing
  operations
553
412
1,176
1,071
Cash from operating activities in
discontinued operations (note 2)
7
8
14
7
Cash from operating activities
560
420
1,190
1,078
11
ALCAN INC.
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
  (cont'd)
(unaudited)
Periods ended September 30
Third Quarter
Nine Months
(in millions of US$)
2003
2002
2003
2002
FINANCING ACTIVITIES
New debt,  net of issuance costs
30
502
535
684
Debt repayments
(229)
(542)
(575)
(734)
(199)
(40)
(40)
(50)
Short-term borrowings - net
15
(13)
(49)
(188)
Common shares issued
9
2
17
12
Dividends
Alcan shareholders (including preference)
(50)
(49)
(150)
(147)
Minority
  interests
(1)
(2)
(11)
(5)
Cash used for financing activities in continuing
  operations
(226)
(102)
(233)
(378)
Cash from (used for) financing activities
in discontinued operations (note 2)
(4)
1
(8)
-
Cash used for financing activities
(230)
(101)
(241)
(378)
INVESTMENTS AND OTHER ASSETS
Property, plant and equipment
(241)
(156)
(578)
(413)
Business acquisitions (note 5)
(83)
(165)
(431)
(337)
(324)
(321)
(1,009)
(750)
Net proceeds from disposal of businesses,
investments and other assets
3
19
56
66
Cash used for investment activities in continuing
  operations
(321)
(302)
(953)
(684)
Cash used for investment activities
in discontinued operations (note 2)
(2)
(7)
(6)
(12)
Cash used for investment activities
(323)
(309)
(959)
(696)
Effect of exchange rate changes
on cash and time deposits
1
-
5
8
Increase (Decrease) in cash and time deposits
8
10
(5)
12
Cash of subsidiaries consolidated (deconsolidated) - net
(11)
-
19
-
Cash and time deposits - beginning of period
127
121
110
119
Cash and time deposits - end of period in continuing operations
123
133
123
133
Cash and time deposits - end of period in discontinued operations
1
(2)
1
(2)
Cash and time deposits - end of period
124
131
124
131
12
ALCAN INC.
(in millions of US$, except per share amounts)
1. ACCOUNTING POLICIES
The unaudited interim consolidated financial statements do not include all of the
financial statement disclosures required to be in accordance with Canadian
generally accepted accounting principles for interim reporting and, therefore,
should be read in conjunction with the most recent annual financial statements.
2.  DISCONTINUED OPERATIONS AND
ASSETS HELD FOR SALE
In the
second quarter of 2003, the Company committed to a plan to sell certain
non-strategic Packaging operations.  These businesses are classified as
held for sale and are included in discontinued operations.  An impairment
charge of $22, after tax, and $135, after tax, for the third quarter and nine
months of 2003, respectively, was recorded in discontinued operations to reduce
the carrying values of these businesses to estimated fair values less costs to
sell.  Certain financial information has been reclassified in the prior
periods to present these businesses as discontinued operations on the income
statement, as assets held for sale and liabilities of operations held for sale
on the balance sheet and as cash flows from (used for) discontinued operations
on the statement of cash flows.  All of these divestments are expected to
be completed within one year.
3.  CAPITALIZATION
OF INTEREST COSTS
Total
interest costs in continuing operations in the third quarter and nine months of
2003 were $55 and $161 respectively (2002:  $52 and $151) of which $3 and $5
(2002: nil) were capitalized.
4.  LONG
TERM DEBT
On May 1,
2003, the Company issued $500 of 4.5% global notes due May 15, 2013.
13
5.  SALES
AND ACQUISITIONS OF BUSINESSES
Tender
Offer for Pechiney
On July
7, 2003, the Company announced its intention to launch a tender offer to
acquire all of the outstanding shares, convertible debentures, Bonus Allocation
Rights and American Depositary Shares of Pechiney. On October 7, 2003, the
Company announced that following the clearance by the French Commission des
opérations de bourse of the documentation for its offer in France for Pechiney
and the publication in France of such documentation, the French Conseil des
marchés financiers published the notification of the opening of the offer.
Accordingly, the French offer is made and open for acceptance beginning October
7, 2003.
The
Company's offer in the U.S. is expected to open soon following completion of a
review by the Securities and Exchange Commission of Pechiney's annual
disclosure documentation.  Pechiney securities may not yet be tendered pursuant
to Alcan's U.S. offer.
Pechiney
is an international group listed on the Paris and New York Stock exchanges. 
Its three core businesses are primary aluminum, aluminum conversion and
packaging.  Pechiney employs 34,000 employees.  The offer is conditional upon
the tendering of more than 50% of the total diluted number of Pechiney shares
to the offer.  The Company expects the offer to be completed by
December 31, 2003.
VAW
Flexible Packaging
On April
30, 2003, the Company completed the acquisition of VAW Flexible Packaging from
Norsk Hydro for a cost of $341, subject to post-closing adjustments.  The
business combination is accounted for using the purchase method of accounting
and the results of operations are included in the Consolidated Financial
Statements since acquisition.
As part
of the acquisition of VAW Flexible Packaging in the second quarter of 2003, the
Company acquired, directly and indirectly, 63% of the total issued share
capital of Strongpack Plc in Thailand.  Strongpack is engaged in packaging
businesses, providing production and processing services on all types of
flexible packaging materials.  On June 20, 2003, the Company acquired an
additional 11% of Strongpack at a price of $4.
Also, as
part of the acquisition of VAW Flexible Packaging, the Company acquired 70% of
the total issued share capital of Rotopak in Turkey.  Rotopak is engaged in the
food flexible packaging business.  On August 28, 2003, the Company acquired an
additional 30% of Rotopak at a price of $24.
Baltek
Corporation
On July 1,
2003, the Company completed the acquisition of Baltek Corporation for a cost of
$38.  The business combination is accounted for using the purchase method of
accounting and the results of operations are included in the Consolidated
Financial Statements since acquisition.
Aluminium
Company of Malaysia / Alcan Nikkei Siam Limited
In the
third quarter of 2003, the Company increased its ownership position in Aluminium Company of Malaysia from 36% to 59% by acquiring additional shares
from Nippon Light Metal in exchange for its ownership in Alcan Nikkei Siam
Limited in Rangsit, Thailand and a cash payment of $6.  The sale of Alcan
Nikkei Siam Limited resulted in the realization of deferred translation losses
of $13, which is recorded in Other expenses (income) - net.  Aluminium Company
of Malaysia is a manufacturer of light gauge aluminum products.
14
Uniwood/Fome-Cor
On October
6, 2003, the Company completed the acquisition of Uniwood/Fome-Cor Division of
Nevamar for $95, subject to post-closing adjustments.  Uniwood/Fome-Cor is one
of the largest US-based manufacturers of foam-based display boards, with its
head offices and production facilities in Statesvilles, North Carolina and
another production site in Glasgow, Kentucky.
Item 12.           Results
of Operations and Financial Condition
On October 22, 2003, Alcan Inc. issued a press release
announcing its earnings for the third quarter of 2003.  A copy of the press
release is attached hereto as Exhibits 99 and is furnished pursuant to this
item.
Exhibits :
99.
Press release of Alcan Inc., dated
October 22, 2003.
The information under Item 12 of
this report shall not be deemed to be "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise
subject to the liability of that section, and shall not be incorporated by
reference into any registration statement or other document filed under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
15
SIGNATURES
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
ALCAN INC.
BY:
/s/ Roy
  Millington
Roy
  Millington
Corporate
  Secretary
Date: October
22, 2003
16
EXHIBIT
INDEX
Exhibit
Number
Description
(99)
Press release of Alcan
  Inc. dated October 22,
  2003.
17