Aluminum of China : SUPPLEMENTAL CIRCULAR： 2016 SECOND EXTRAORDINARY GENERAL MEETING DISCLOSEABLE AND CONNECTE…

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this supplemental 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 supplemental circular.

This supplemental circular should be read together with the circular and notice of the EGM dated 22 July 2016.

A letter from the Board containing details of the proposed acquisition of 60% equity interest in Chinalco Shanghai, is set out on pages 1 to 11 of this supplemental circular.

A letter from the Independent Board Committee containing its recommendation to the Independent Shareholders in respect of the proposed acquisition of 60% equity interest in Chinalco Shanghai, is set out on pages 12 to 13 of this supplemental circular.

A letter from VBG Capital containing their independent financial advice to the Independent Board Committee and the Independent Shareholders in respect of the proposed acquisition of 60% equity interest in Chinalco Shanghai, is set out on pages 14 to 25 of this supplemental circular.

23 August 2016

* For identification purpose only

Page

In this supplemental 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 denominated in Renminbi and 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;

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

"Benchmark Date" 31 May 2016;

"Board" the board of Directors of the Company;

"Chinalco" Aluminum Corporation of China* (中國鋁業公司), a wholly state-owned enterprise established in the PRC and the controlling shareholder of the Company holding directly and indirectly approximately 35.77% of the total issued share capital of the Company as at the Latest Practicable Date;

"Chinalco Shanghai" Chinalco (Shanghai) Co., Ltd.* (中鋁(上海)有限公司), a limited

liability company incorporated in the PRC and a wholly-owned subsidiary of Chinalco prior to the completion of the Proposed Acquisition;

"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;

"connected person(s)" has the same meaning ascribed thereto under the Hong Kong Listing

Rules;

"Director(s)" the director(s) of the Company;

"EGM" the 2016 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 Tuesday, 6 September 2016;

"Equity Transfer Agreement" the equity transfer agreement subject to conditions precedent entered

into between Chinalco and the Company on 8 August 2016, pursuant to which, the Company proposes to acquire the 60% equity interest in Chinalco Shanghai held by Chinalco;

"Group" the Company and its subsidiaries;

"GZL" Guo Zhong Lian Land and Real Estate Asset Evaluation Co., Ltd.* (國 眾聯資產評估土地房地產估價有限公司), as the PRC qualified valuer engaged by Chinalco in appraising the value of the equity interest in Chinalco Shanghai with reference to the relevant requirements of SUAEE;

"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 Board Committee" the independent committee of the Board, the members of which

consist of the independent non-executive Directors, formed to advise the Independent Shareholders with respect to the Proposed Acquisition;

"Independent Shareholder(s)" the Shareholder(s) (other than Chinalco and its associates) who are

not required to abstain from voting on the resolution to be proposed at the EGM to approve the Proposed Aquisition;

"Latest Practicable Date" 20 August 2016, being the latest practicable date of ascertaining

certain information contained in this supplemental circular prior to its publication;

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