Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 145

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 145
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 or other agreement. Under current Treasury Regulations, payments on the sale, exchange or other disposition of a note by a non-U.S.holder made to or through a foreign office of a broker generally will not be subject to information reporting or backup withholding. However, if a broker is

| • |     | a United States person, |

| • |     | a controlled foreign corporation for United States federal income tax purposes, |

| • |     | a United States branch of a foreign bank or insurance company, or |

then information reporting (but generally not backup withholding) will be required unless the broker has in its records documentary evidence that the beneficial owner otherwise establishes an exemption. Backup withholding may apply to any payment that the broker is required to report if the broker has actual knowledge or reason to know that the beneficial owner is a United States person. Payments to or through the United States office of a broker will be subject to backup withholding and information reporting unless the non-U.S.holder certifies, under penalties of perjury, that it is not a United States person or otherwise establishes an exemption and the broker does not have actual knowledge or reason to know that the beneficial owner is a United States person. Foreign Account Tax Compliance Act Sections 1471 through 1474 of the Code, known as the Foreign Account Tax Compliance Act (“FATCA”), and the relevant administrative guidance thereunder, impose a withholding tax of 30% on certain types of payments, including payments of U.S.-source interest or original issue discount, that are received by foreign financial institutions and certain other non-U.S.entities unless certain certification, information reporting and other specified requirements are satisfied. An inter-governmental agreement between the United States and an applicable non-U.S.country may modify such requirements. Although withholding under FATCA would have applied to payments of gross proceeds from the taxable disposition of notes, proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these S-89

proposed Treasury regulations until final Treasury regulations are issued. Under certain circumstances, a non-U.S. holder might be eligible for refunds or
credits of such taxes. Prospective investors should consult their own tax advisors regarding the relevant U.S. law and other official guidance on FATCA withholding.

If any amount of, or in respect of, United States withholding tax were to be deducted or withheld from payments on the notes as a result of a
failure by an investor (or by an institution through which an investor holds the notes) to comply with FATCA,