KAISER ALUMINUM CORP — Director's Dealing 2016

May 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KAISER ALUMINUM CORP (KALU)
CIK: 0000811596
Period of Report: 2016-05-03

Reporting Person: Harvey Keith (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-03	Common Stock, par value $0.01 per share	S	5797	$92.3588	Disposed	44735	Direct
2016-05-04	Employee Stock Options (Right to Buy)	M	1202	$80.01	Acquired	45937	Direct
2016-05-04	Employee Stock Options (Right to Buy)	S	1202	$90.7069	Disposed	44735	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	1202	Disposed	2017-04-03	Common Stock, par value $0.01 per share (1202)	Direct

Footnotes

F1: Represents the sale of 5,797 shares in multiple transactions, ranging from $91.7000 to $92.8700 per share, resulting in a weighted average sale price of $92.3588 per share. The reporting person undertakes to provide upon request by the SEC staff, the Registrant, or a security holder of the Registrant, full information regarding the number of shares sold at each separate price within the range.

F2: The acquisition of 5,107 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.

F3: Stock option award granted on April 3, 2007 for 1,202 shares of common stock, with one-third of such options vested on each of the first, second and third anniversaries of the grant date.