Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 139

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 139
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 dollar fair market value of the single foreign currency note on the date of purchase.

Gain or loss realized with
respect to principal upon the sale, retirement or other taxable disposition of a single foreign currency note will be ordinary income or loss to the extent it is attributable to fluctuations in currency exchange rates. Gain or loss attributable to
fluctuations in exchange rates generally will be equal to the difference between the U.S. dollar value of the foreign currency principal amount of the note, determined by using the “spot” exchange rate in effect on the date the payment is
received or the note is disposed of and the U.S. dollar value of the foreign currency principal amount of the note, determined by using the “spot” exchange rate in effect on the date the holder acquired the note. The foreign currency
principal amount of a single foreign

S-85

currency note generally is equal to the issue price in the foreign currency of the note. The foreign currency gain or loss will be recognized only to the extent of the total gain or loss
recognized by a U.S. holder on the sale, retirement or other taxable disposition of the single foreign currency note. The source of exchange gain or loss will be determined by reference to the residence of the U.S. holder or the “qualified
business unit” of the U.S. holder on whose books the note is properly reflected. Any gain or loss recognized by the U.S. holder in excess of the foreign currency gain or loss will be capital gain or loss (except, in the case of an original
issue discount note, to the extent of any accrued original issue discount), and generally will be long-term capital gain or loss if the U.S. holder’s holding period of the single foreign currency note exceeds one year.

Any gain or loss which is treated as ordinary income or loss, as described above, generally will not be treated as interest income or expense
except to the extent provided by administrative pronouncements of the IRS.

The amount of original issue discount on a single foreign
currency note is determined in the relevant foreign currency. The amount of original issue discount that is taken into account currently under general rules applicable to notes other than single foreign currency notes is to be determined for any
accrual period in the relevant foreign currency and then translated into U.S. dollars on the basis of the average exchange rate in effect during the accrual period (or, with respect to an accrual period that spans two taxable years, the partial
period within the taxable year) unless the U.S. holder elect