Aluminum of China : 2020 ANNUAL GENERAL MEETING

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold all your shares in Aluminum Corporation of China Limited*, you should at once hand this circular to the purchaser or to the bank, stockbroker or other agent through whom the sale was effected for transmission to the purchaser.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular.

2020 ANNUAL GENERAL MEETING

A notice of the 2020 AGM to be held at the Company's conference room, No. 62 North Xizhimen Street, Haidian District, Beijing, the PRC at 2:00 p.m. on Tuesday, 29 June 2021 is set out at page 24 to page 26 of this circular.

A reply slip and a form of proxy for use at the AGM are enclosed and are also published on the website of the Hong Kong Stock Exchange (http://www.hkex.com.hk). Shareholders who intend to attend the AGM shall complete and return the reply slip in accordance with the instructions printed thereon on or before Tuesday, 8 June 2021. Shareholders who intend to appoint a proxy to attend the AGM are requested to complete the form of proxy in accordance with the instructions printed thereon. In the case of H Shareholders, the form of proxy shall be lodged with the H Shares Registrar of the Company, Hong Kong Registrars Limited, at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong, and in the case of A Shareholders, the form of proxy shall be lodged with the Company's Board Office at No. 62 North Xizhimen Street, Haidian District, Beijing, the PRC, Postal Code 100082 as soon as possible and in any event not less than 24 hours before the time appointed for holding of the AGM or any adjournment thereof (as the case may be). Completion and return of the form of proxy will not prevent you from attending and voting in person at the AGM or any adjournment thereof if you so wish.

13 May 2021

• For identification purpose only

CONTENTS
	Page
DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	ii
LETTER FROM THE BOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1
APPENDIX - REPORT OF THE BOARD FOR THE YEAR ENDED 31 DECEMBER 2020. . .	11
NOTICE OF 2020 ANNUAL GENERAL MEETING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24

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DEFINITIONS

In this circular, the following expressions have the following meanings unless the context requires otherwise:

"A Share(s)"	the ordinary shares denominated in RMB issued by the Company
	which are subscribed for in RMB and listed on the Shanghai Stock
	Exchange;
"A Shareholder(s)"	holder(s) of A Shares;
"ADS(s)"	the American Depository Share(s) issued by the Bank of New
	York Mellon as the depository bank and listed on the New York
	Stock Exchange, with each ADS representing 25 H Shares;
"AGM"	the 2020 annual general meeting of the Company to be held at
	the Company's conference room, No. 62 North Xizhimen Street,
	Haidian District, Beijing, the PRC at 2:00 p.m. on Tuesday, 29
	June 2021;
"Articles of Association"	the articles of association of the Company;
"Board"	the board of directors of the Company;
"Chalco Hong Kong Investment"	Chalco Hong Kong Investment Company Limited* (中鋁香港投資
	有限公司), a limited company incorporated in the British Virgin
	Islands and a wholly-owned subsidiary of the Company as at the
	Latest Practicable Date;
"Chalco Shandong"	Chalco Shandong Co., Ltd.* (中鋁山東有限公司), a limited
	liability company incorporated in the PRC and a wholly-owned
	subsidiary of the Company as at the Latest Practicable Date;
"Company"	Aluminum Corporation of China Limited* (中國鋁業股份有限公
	司), a joint stock limited company incorporated in the PRC, the A
	Shares, H Shares and ADSs of which are listed on the Shanghai
	Stock Exchange, the Hong Kong Stock Exchange and the New
	York Stock Exchange, respectively;
"Director(s)"	the director(s) of the Company;

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	DEFINITIONS
"H Share(s)"	the overseas-listed foreign invested share(s) in the Company's
	share capital, with a nominal value of RMB1.00 each, which are
	listed on the Hong Kong Stock Exchange and subscribed for in
	Hong Kong dollars;
"H Shareholder(s)"	holder(s) of H Shares;
"Hong Kong"	the Hong Kong Special Administrative Region of the PRC;
"Hong Kong Listing Rules"	the Rules Governing the Listing of Securities on The Stock
	Exchange of Hong Kong Limited;
"Hong Kong Stock Exchange"	The Stock Exchange of Hong Kong Limited;
"Latest Practicable Date"	7 May 2021, being the latest practicable date of ascertaining
	certain information contained in this circular prior to its
	publication;
"RMB"	Renminbi, the lawful currency of the PRC;
"Share(s)"	A Share(s) and H Share(s);
"Shareholder(s)"	A Shareholder(s) and H Shareholder(s);
"Supervisor(s)"	the supervisor(s) of the Company;
"Supervisory Committee"	the supervisory committee of the Company;
"Xinghua Technology"	Chinalco Shanxi Jiaokou Xinghua Technology Co., Ltd.* (中
	鋁集團山西交口興華科技股份有限公司), a joint stock limited
	company incorporated in the PRC and owned as to 66% directly
	and indirectly by the Company as at the Latest Practicable Date;
	and
"%"	per cent.

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LETTER FROM THE BOARD

Executive Director:	Registered office:
Mr. Zhu Runzhou	No. 62 North Xizhimen Street
	Haidian District, Beijing
Non-executive Directors:	The People's Republic of China
Mr. Ao Hong (Acting as the Chairman)	Postal code: 100082
Mr. Wang Jun
	Principal place of business:
Independent Non-executive Directors:	No. 62 North Xizhimen Street
Ms. Chen Lijie	Haidian District, Beijing
Mr. Hu Shihai	The People's Republic of China
Mr. Lie-A-Cheong Tai Chong, David	Postal code: 100082
	Principal place of business in Hong Kong:
	Room 4501, Far East Finance Centre
	No. 16 Harcourt Road
	Admiralty
	Hong Kong
	13 May 2021
To the Shareholders
Dear Sirs or Madams,

2020 ANNUAL GENERAL MEETING

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