Press Release: Pechiney

    PARIS--July 9, 2003--
    Pechiney (PY)(PECH.PA)(SICOVAM:13290)(PCHO)

    Pechiney's Board of Directors met Tuesday, 8 July 2003, further to the proposed hostile offer for Pechiney, filed by Alcan on Monday. The Board meeting was attended by all Directors.
    The Board of Directors stresses the fact that the proposed offer is highly uncertain, due to the conditions stipulated by Alcan, whose offer is subject to phase one European Commission approval. The Board of Directors considers that the situation that this creates is contrary to the interests of the company and its employees, its industrial partners and its shareholders.
    The Pechiney Group has been considerably strengthened in recent years: it has increased its technological leadership in primary aluminum by launching the new AP50 smelting technology and has developed strong positions in supplying the aerospace and automotive industries. In addition, in only a few years, Pechiney has become a world leader in high added value speciality packaging.
    The Board of Directors points out to Pechiney's shareholders the fact that the price proposed by Alcan is clearly inadequate, when taking into account the company's industrial, technological and intangible assets, and in no way reflect its true strategic value.
    The Board of Directors unanimously expresses its full confidence in Jean-Pierre Rodier and its management team to act in the best interests of the company, its employees, its partners and its shareholders.

    Pechiney is an international group listed on the Paris and New York stock exchanges. Its three core businesses are primary aluminum, aluminium conversion and packaging. Pechiney achieved sales of EUR11.9 billion in 2002. It employs 34,000 employees.

    Certain statements in this press release that describe Pechiney's intentions, expectations or projections may constitute forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Pechiney's actual results, performance or achievement to be materially different from its intentions, expectations or projections. The forward-looking statements in this press release speak only as of its date and Pechiney undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.