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: 2016-05-04

Reporting Person: DONNAN JOHN MALCOLM (EVP - Legal, Compliance & HR)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-04	Employee Stock Options (Right to Buy)	M	2083	$80.01	Acquired	25767	Direct
2016-05-04	Employee Stock Options (Right to Buy)	S	2083	$90.6977	Disposed	23684	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-04	Employee Stock Options (Right to Buy)	$80.01	M	2083	Disposed	2017-04-03	Common Stock, par value $0.01 per share (2083)	Direct

Footnotes

F1: The acquisition of 4,107 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 2,083 shares of common stock, with one-third of such options vested on each of the first, second and third anniversaries of the grant date.