Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 40

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 40
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 any notes linked to, referencing, or otherwise dependent (in whole or in part) upon, EURIBOR.

With respect to any
series of EURIBOR notes, if we or our designee (which may be our affiliate), after consulting with us, determines that a Benchmark Event has occurred with respect to EURIBOR, the applicable successor rate or alternative rate will replace EURIBOR for
all purposes relating to such notes. See “—Discontinuance of EURIBOR might adversely affect the value of investments in floating rate notes that reference EURIBOR” below. This may, among other things, result in the application of
backward-looking €STR compounded in arrears, whereas EURIBOR is expressed on the basis of a forward-looking term and includes a risk element based on interbank lending.

Furthermore, if EURIBOR is discontinued or ceases to be published, there can be no assurances that we and other market participants will be
adequately prepared for such discontinuance or cessation, which may have an unpredictable impact on contractual mechanics (including, but not limited to, the interest rate with respect to particular series of EURIBOR notes), among other adverse
consequences.

Discontinuance of EURIBOR might adversely affect the value of investments in floating rate notes that reference EURIBOR.

To the extent that EURIBOR is discontinued or no longer published or we determine that another Benchmark Event (as defined under
“Description of Notes—Calculation of Interest——EURIBOR Notes—Benchmark Discontinuation—Reference Rate Replacement—EURIBOR”) has occurred, then we will use reasonable efforts to appoint an Independent Financial
Adviser for the determination (with our agreement) of a successor rate or, if we and the Independent Financial Adviser agree that there is no successor rate, an alternative rate and, in either case, an adjustment spread (the “benchmark
discontinuation provisions”) for the relevant notes, as described more fully under “Description of Notes—Calculation of Interest——EURIBOR Notes—Benchmark Discontinuation—Reference Rate
Replacement—EURIBOR.”

The consent or approval of the holders of notes is not required in the case of benchmark discontinuation
provisions to vary the method or basis of calculating the rate or rates or amount of interest or the basis for calculating any interest amount in respect of the notes or for any other variation of the terms of the notes and/or the indentures that we
required to be made in the circumstances described in the