Aluminum of China : 2017 SECOND EXTRAORDINARY GENERAL MEETING

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.

A notice convening the EGM 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 Wednesday, 20 December 2017 is set out on page 5 to page 7 of this circular.

Reply slip and form of proxy for use at the EGM are enclosed and are also published on the website of the Hong Kong Stock Exchange (www.hkexnews.hk). Shareholders who intend to attend the EGM should complete and return the reply slip in accordance with the instructions printed thereon on or before Thursday, 30 November 2017. Shareholders who intend to appoint a proxy to attend the EGM are requested to complete and return the form of proxy in accordance with the instructions printed thereon not less than 24 hours before the time appointed for the holding of the EGM 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 EGM or any adjournment thereof if you so wish.

3 November 2017

* For identification purposes only

Page

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

"A Share(s)" the domestic share(s) issued by the Company and subscribed for in RMB, which are 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;

"Articles of Association" the articles of association of the Company;

"associate(s)" has the same meaning ascribed thereto under the Hong Kong Listing Rules;

"Board" the board of Directors of the Company;

"Chinalco" Aluminum Corporation of China* (中國鋁業公司), a wholly state-owned enterprise incorporated in the PRC and the controlling shareholder of the Company holding directly and indirectly approximately 34.77% of the total issued share capital of the Company as at the Latest Practicable Date;

"Chinalco Finance" Chinalco Finance Co., Ltd. (中鋁財務有限責任公司), a limited

liability company incorporated in the PRC, which is wholly owned by Chinalco as at the Latest Practicable Date. Chinalco Finance is a non-banking financial institution legally established with the approval of the CBRC and is a professional institution engaging in corporate financial services;

"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 ADS(s) 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;

"EGM" the 2017 second extraordinary 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 Wednesday, 20 December 2017;

"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, as amended from time to time; "Hong Kong Stock Exchange" The Stock Exchange of Hong Kong Limited;

"Independent Shareholder(s)" Shareholders other than Chinalco and its associates, who are not

required to abstain from voting on the resolution proposed at the EGM for approving the entering into of the New Financial Services Agreement between the Company and Chinalco Finance and proposed transaction caps thereof;

"Latest Practicable Date" 30 October 2017, being the latest practicable date of ascertaining

certain information contained in this circular prior to its publication;

"New Financial Services Agreement"

the financial services agreement proposed to be entered into conditionally between the Company and Chinalco Finance, subject to Independent Shareholders' approval at the EGM;

"PRC" the People's Republic of China which, for the purposes of this circular, excludes Hong Kong, the Macau Special Administrative Region and Taiwan;