Through our governing objective of Maximizing Value, we challenge the way we do things in all aspects of our business, from operations to administration, in an effort to incorporate best practices and continuous improvement throughout Alcan. Correspondingly, through our focus on sustainability, we see ever more clearly

We've set some important near-term goals that reflect the intersection between sustainability and profitable growth:

Doubling shareholder value through Maximizing Value Continually reducing greenhouse gas emissions, by another 500,000 tonnes by 2004 Striving for zero work-related injuries and illnesses Launching our EHS FIRST integrated business module Implementing company-wide management systems such as ISO 14001 and OHSAS 18001 by 2004, a requirement of EHS FIRST. In 2002, we took some important steps towards meeting those goals. For example, we signed an innovative recycling agreement with a key customer in the automotive sector that reduces costs and risks to both parties while also minimizing the environmental impacts associated with our businesses. Internally, a "Call to Action" on safety triggered important improvements in reducing workplace accidents, injuries or incidents, while our TARGET program resulted in greenhouse gas emission reductions of an average 1.45 million tonnes in 2001 and 2002, far surpassing our original objectives. We continued the development of our integrated EHS FIRST system. And our business groups continued to work closely with key stakeholders on efforts to reduce energy consumption, eliminate waste, improve employee health and safety, and make the best use of the unique properties of our products. In addition, we worked cooperatively with external organizations to develop recognized, industry-wide, sustainability indicators. This includes an initiative with the International Aluminium Institute, a project with the Wuppertal - European Aluminium Association and my personal involvement as co-chair of the accountability and reporting working group of the World Business Council on Sustainable Development. These efforts reflect a common concern and interest within Alcan and amongst our stakeholders in establishing useful, effective and transparent metrics that support the implementation of sustainability in companies today. During the coming year, we will remain focused on building a continuous improvement and sustainability culture and mindset at Alcan. We will continue our efforts to help our executives, managers and employees understand the link between Maximizing Value, Continuous Improvement and Sustainability, work with stakeholders to determine long term priorities for our sustainability efforts, and refine our capacity to measure, manage and report on the various aspects of our performance across all fields of activities. Sustainability makes good business sense. As we progress in this direction with our stakeholders we become stronger and more adaptive and responsive to change. Ultimately, the connection between the economic, environmental and social dimensions of sustainability will enable us to go from strength to strength and differentiate ourselves as a truly value-based and performance driven company.