At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. The Chairman of the Board and the Vice Chairman of the Board shall serve terms of three years and may serve consecutive terms if reelected.The Board of Directors shall be accountable to the Shareholders’ General Meeting and exercise the following functions and powers:to convene Shareholders’ General Meetings and to report on its work to the Shareholders’ General Meeting;to implement the resolutions of the Shareholders’ General Meeting;to decide on the business plans and investment plans of the Company;to formulate the annual financial budgets plans and final accounts plans of the Company;to determine the Company’s annual loan financing plan;to formulate the profit distribution plans and plans for making up losses of the Company;to formulate plans for the Company’s debt and financial policies, the increase or reduction of the registered capital of the Company and plans for the issuance of corporate bonds or other securities;to draft plans for major acquisitions or disposals of the Company, as well as the merger, division or dissolution of the Company;to make decision on the security not subject to the approval of the Shareholders’ General Meeting, in accordance with the laws, the administrative regulations and rules, as well as these Articles of Association;to decide on such matters as the Company’s investments in third parties, purchase and sales of assets, asset mortgages, entrustment of financial services, connected transactions, etc., to the extent authorized by the Shareholders’ General Meeting;to decide on the establishment of the Company’s internal management organization;to engage or dismiss the Company’s Manager; to engage or dismiss such senior management staff as the Senior Deputy Manager, the Deputy Manager, the Chief Accountant, as proposed by the Manager; to engage or dismiss the Secretary to the Board and decide on matters relating to their remuneration; to appoint or replace the members of the Board of Directors and the Board of Supervisors of the wholly-owned subsidiary; to appoint, replace or recommend the shareholder representatives, directors and supervisors of the subsidiaries controlled by it or equity affiliates;to decide on the establishment of the Company’s branches;to formulate amendments to these Articles of Association;to formulate the basic management systems of the Company;to make decision on the Company’s other major affairs and administrative affairs, and to sign other important agreements, except for the matters to be considered at the Shareholders’ General Meeting in accordance with the provisions of the Company Law and these Articles of Association;to make decision on the matters in relation to buyback of shares of the Company under the circumstances set forth in items (5) and (6) of the Article 30;other functions and powers provided for in these Articles of Association or granted by the Shareholders’ General Meeting.Resolutions by the Board of Directors on the matters referred to in the preceding paragraph shall be passed by the affirmative vote of not less than one half of all of the directors with the exception of resolutions on the matters referred to in items (7), (8), (9), (14), (16) and (18), which shall require the affirmative vote of at least two-thirds of all of the directors for adoption.If a director has a connected relationship with an enterprise involved in a matter on which a resolution is to be made at a meeting of the Board of Directors, he or she may not exercise his or her right to vote regarding such resolution, nor may he or she exercise the voting right of another director as such director’s proxy thereon.

In 2019, we exported tonnes of chemical alumina products to the United States, which decreased by more than 10% compared to 2018 due to the tariff increase. The pricing policy is summarized below:The price prescribed by the PRC government (“the state-prescribed price”) is adopted;If there is no state-prescribed price, the state-guidance price is adopted;If there is neither a state-prescribed price nor state-guidance price, then the market price (being price charged to and from independent third parties) is adopted; andIf none of the above is available, then the adoption of a contractual price (being reasonable costs incurred in providing the relevant services plus not more than 5% of such costs is adopted).For the years ended December 31, 2017, 2018 and 2019 All transactions with related parties are conducted at prices and terms mutually agreed by the parties involved, which are determined as follows: Utility services, including electricity, gas, heat and water, are provided at the state-prescribed price.Engineering, project construction and supervisory services were provided for construction projects. We also provide this material to provide an annual snapshot of the Association's financial position. Our key operating assets currently include six subsidiaries mainly engaged in bauxite mining; two integrated alumina and primary aluminum production plant; eight stand-alone alumina refineries; nine stand-alone primary aluminum smelters; one stand-alone secondary aluminum producer; four stand-alone carbon production plants; one integrated power generation company with coal mining operations and one institute providing research and development services. The number of our employees increased from 2018 to 2019, which was mainly due to increasing demand for human resources arising from our newly completed and ongoing projects. Such a determination could ultimately lead to the delisting from the NYSE or deregistration from the SEC, or both, which would substantially reduce or effectively terminate the trading of our ADSs in the United States.We were incorporated as a joint stock limited company under the Company Law of the PRC on September 10, 2001 under the corporate name Aluminum Corporation of China Limited. The outflows from changes in working capital consisted primarily of (i) an increase in inventories of RMB2,662.5 million and (ii) an increase in trade and notes receivables of RMB1,963.2 million, and partially offset by (i) an increase in other payables and accrued liabilities of RMB1,672.7 million, (ii) an increase in trade and notes payables of RMB1,601.0 million and (iii) a decrease in other current assets of RMB1,275.5 million.The net cash flows used in investing activities increased significantly from RMB5,529.1 million for the year ended December 31, 2018 to RMB13,392.3 million for the year ended December 31, 2019, primarily due to the structured deposits we purchased for increasing return on our existing cash, and the increase in investment in project construction and associates. The coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 1.31 per cent, (b) the China Treasury Rate, and (c) a margin of maximum 300 Bps every five years after November 20, 2022.