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This Amendment No. 7 to Tender Offer Statement on Schedule TO (the "Amendment") constitutes the final amendment to the Tender Offer Statement on Schedule TO and amends and supplements the statement originally filed on October 27, 2003, as amended (the "Schedule TO"), by Alcan Inc., a corporation organized under the laws of Canada ("Alcan"). This Schedule TO relates to the offers by Alcan (the "Offers") to acquire all of the outstanding common shares, nominal value €15.25 per share (the "Pechiney Common Shares"), the bonus allocation rights, each bonus allocation right entitling the holder to 0.1 of a Pechiney Common Share (the "Pechiney Bonus Allocation Rights"), the American depositary shares, each American depositary share representing one-half of one Pechiney Common Share (the "Pechiney ADSs") and the bonds issued by Pechiney that are convertible or exchangeable into new or existing Pechiney Common Shares (obligations à option de conversion en actions nouvelles et/ou d'échange en actions existantes) (the "Pechiney OCEANEs") (the Pechiney OCEANEs, together with the Pechiney Common Shares, the Pechiney Bonus Allocation Rights and the Pechiney ADSs, the "Pechiney Securities") of Pechiney, a société anonyme organized under the laws of France. The Offers were made on the terms and subject to the conditions set forth in the prospectus dated October 24, 2003 (the "Prospectus"), incorporated herein by reference as Exhibit (a)(1), and the related letter of transmittal and forms of acceptance, incorporated herein by reference as Exhibits (a)(2) and (a)(7) through (a)(9).

This Amendment also constitutes Amendment No. 1 to the statement on Schedule 13D originally filed on December 22, 2003 (the "Schedule 13D") with respect to the beneficial ownership by Alcan of Pechiney Securities, which is incorporated herein by reference, and amends and supplements the Schedule 13D.

The Schedule TO and Item 4 of the Schedule 13D are hereby amended and supplemented to include the following information:

On January 8, 2004, the French Autorité des marchés financiers (the "AMF") announced the final results of the subsequent offering period of the Offers. According to the announced results, Alcan had secured 97.80% of Pechiney share capital and 97.77% of Pechiney voting rights, on a fully diluted basis, by securing:

• 81,777,414 Pechiney Common Shares, which represents 97.95% of the 83,487,754 Pechiney Common Shares currently outstanding, including Pechiney Common Shares underlying the remaining Pechiney ADSs and remaining Pechiney Bonus Allocation Rights;
• 1,617 Pechiney Bonus Allocation Rights, which represents 67.10% of the 2,410 Pechiney Bonus Allocation Rights currently outstanding; and
• 7,871,987 Pechiney OCEANEs, which represents 99.54% of the 7,908,636 Pechiney OCEANEs outstanding.

On January 8, 2004, Alcan announced that because the number of Pechiney Securities tendered into the Offers represents more than 95% of the share capital and voting rights of Pechiney (on a fully diluted basis), Alcan will pay the following additional consideration to tendering holders of Pechiney Securities:

• €1 for each Pechiney Common Share tendered in the Offers;
• €0.10 for each Pechiney Bonus Allocation Right tendered in the Offers;
• €0.50 for each Pechiney ADS tendered in the Offers; and
• €0.40 for each Pechiney OCEANE tendered in the Offers.

Accordingly, the aggregate final consideration payable by Alcan in the Offers is:

• 0.5441 Alcan Common Shares and €29.60 in cash for each Pechiney Common Share, two Pechiney ADSs or ten Pechiney Bonus Allocation Rights tendered; and
• €83.80 in cash for each Pechiney OCEANE tendered.

On January 8, 2004, Alcan announced that the results of the Offers enable it to launch, subject to applicable law and obtaining the requisite approvals, including the approval by the AMF, a withdrawal offer (offre publique de retrait) followed by a compulsory acquisition (retrait obligatoire) of all remaining Pechiney Securities not held by Alcan. The withdrawal offer will be made only in France in accordance with French law. The compulsory acquisition will apply to all holders of Pechiney Securities, wherever located.

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Following the consummation of the withdrawal offer and compulsory acquisition, which Alcan expects to be completed before the end of the first quarter of 2004, Pechiney Common Shares are expected to be de-listed from Euronext Paris and SEAQ International in London and Pechiney OCEANEs are expected to be de-listed from Euronext Paris. The de-listing of the Pechiney ADSs from the New York Stock Exchange is expected to be completed before the end of January 2004.

Item 5 of the Schedule 13D is hereby amended and supplemented by deleting the first paragraph of Item 5(a)-(b) in its entirety and inserting the following paragraph in place thereof:

(a) - (b) As described above, Alcan has currently secured 81,777,414 Pechiney Common Shares and, in accordance with Rule 13d-1 promulgated under the Act, is deemed to have beneficially secured the 7,880,019 Pechiney Common Shares that would be received upon conversion, exchange or exercise of the Pechiney OCEANEs and Pechiney Bonus Allocation Rights, and thus to have beneficially secured 89,657,433 Pechiney Common Shares, representing 97.80% of the Pechiney Common Shares currently outstanding (after giving effect to the deemed conversion, exchange or exercise of the 7,871,987 Pechiney OCEANEs and the 1,617 Pechiney Bonus Allocation Rights held by Alcan).

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