KAISER ALUMINUM CORP — Director's Dealing 2016

May 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KAISER ALUMINUM CORP (KALU)
CIK: 0000811596
Period of Report: 2016-05-26

Reporting Person: OSBORNE ALFRED E JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-26	Common Stock, par value $0.01 per share	A	1078	$0.00	Acquired	14703	Direct
2016-05-26	Common Stock, par value $0.01 per share	A	681	$88.07	Acquired	15384	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	3500	Indirect
Common Stock, par value $0.01 per share	200	Indirect
Common Stock, par value $0.01 per share	500	Indirect

Footnotes

F1: Grant to the reporting person of restricted stock under the Kaiser Aluminum Corporation 2016 Equity and Incentive Compensation Plan. All restrictions will lapse on May 26, 2017.

F2: Stock received by the reporting person under the Kaiser Aluminum Corporation 2016 Equity and Incentive Compensation Plan at such person's election in lieu of all or a portion of the reporting person's annual cash retainer for serving as a member of the Board of Directors of Kaiser Aluminum Corporation, lead independent director or chair of a committee of the Board of Directors.

F3: Equal to the average of the closing prices of the Issuer's common stock as reported by the Nasdaq Stock Market, LLC for the twenty trading days prior to May 26, 2016.