KAISER ALUMINUM CORP — Director's Dealing 2016

May 6, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: RINKENBERGER DANIEL J (EVP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-05	Employee Stock Options (Right to Buy)	M	803	$80.01	Acquired	71700	Direct
2016-05-05	Employee Stock Options (Right to Buy)	S	803	$90.0461	Disposed	70897	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-05	Employee Stock Options (Right to Buy)	$80.01	M	803	Disposed	2017-04-03	Common Stock, par value $0.01 per share (803)	Direct

Footnotes

F1: The acquisition of 4,723 shares was inadvertently reported as a grant of restricted stock on the reporting person's prior Form 4. Such shares were acquired pursuant to a grant of restricted stock units. These restricted stock units have the same vesting terms as previously reported.

F2: Stock option award granted on April 3, 2007 for 803 shares of common stock, with one-third of such options vested on each of the first, second and third anniversaries of the grant date.