Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 96

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 96
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 United States Department of Treasury. |

| • |     | If the results of the most recent auction of Treasury Bills having the index maturity described in the pricing                                                                                                                                         
 supplement are not published or announced as described above by 3:00 p.m., New York City time, on the calculation date, or if no auction is held on the interest determination date, then the Treasury Rate will be the bond equivalent yield on such  
 interest determination date of Treasury Bills having the index maturity specified in the applicable pricing supplement as published in H.15(519) under the caption “U.S. Government Securities/ Treasury Bills/ Secondary Market” or, if not           
 published by 3:00 p.m., New York City time, on the related calculation date, the rate on such interest determination date of such Treasury Bills as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of 
 displaying such rate, under the caption “U.S. Government Securities/ Treasury Bills (Secondary Market).”                                                                                                                                               |

| • |     | If such rate is not published in H.15(519), H.15 Daily Update or another recognized electronic source by 3:00                                                                                                                                            
 p.m., New York City time, on the related calculation date, then the calculation agent will determine the Treasury Rate to be the bond equivalent yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m., New York 
 City time, on the interest determination date of three leading primary U.S. government securities dealers (which may include the Agents or their affiliates) for the issue of Treasury Bills with a remaining maturity closest to the index maturity     
 described in the related pricing supplement. The calculation agent will select the three dealers referred to above.                                                                                                                                      |

| • |     | If fewer than three dealers selected by the calculation agent are quoting as mentioned above, the Treasury Rate 
 will remain the Treasury Rate then in effect on that interest determination date.                               |

“Bond equivalent yield” means a yield (expressed as a percentage) calculated in accordance with the following formula:

| Bond equivalent yield = |

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable interest reset period. S-58

Discount Notes We may issue discount notes. A discount note generally is a note,