Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 97

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 97
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 including a zero coupon note, offered at a discount from the principal amount of the note due at its stated maturity, as specified in the applicable pricing supplement. Unless otherwise specified in the applicable pricing supplement, the amount payable at acceleration of maturity to the holder of a discount note will be the sum of:

| • |     | the amortized face amount of the note; and |

| • |     | in the case of an interest-bearing note issued as a discount note, any accrued but unpaid stated interest 
 payments.                                                                                                 |

Unless otherwise specified in the applicable pricing supplement, the amount payable upon redemption to the holder of a discount note will be the sum of:

| • |     | the applicable percentage of the amortized face amount of the note specified in the applicable pricing 
 supplement; and                                                                                        |

| • |     | in the case of an interest-bearing note issued as a discount note, any accrued but unpaid stated interest 
 payments.                                                                                                 |

For purposes of computing the payments described in the foregoing paragraph, the amortized face amount of a discount note is equal to the sum of:

| • |     | the issue price of the discount note; and |

| • |     | the portion of the difference between the issue price and the principal amount of the discount note that has been                                                                                                                           
 amortized at the yield of the discount note, computed in accordance with the rules set forth in the Internal Revenue Code of 1986, as amended (the “Code”), and applicable Treasury regulations, at the date as of which the amortized face 
 amount is calculated. See “Certain United States Federal Income Tax Considerations—U.S. Holders—Original Issue Discount.”                                                                                                                   |

In no event can the amortized face amount exceed the principal amount of the note due at its stated maturity date. Persons considering the purchase of discount notes should read the discussion set forth below under the heading “Certain United States Federal Income Tax Considerations—U.S. Holders—Original Issue Discount.” Indexed Notes We may issue notes for which the amount of interest or principal that you will receive will not be known on your date of purchase. We will specify the formulae for computing interest or principal payments for these types of notes, which we call “indexed notes”, by reference to securities, financial or non-financialindices, currencies, commodities, interest rates, or composites or baskets of any or all of the above. Examples of indexed items that we may use include a published stock index, the common stock price of a publicly traded company,