Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 49

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 49
---
 supplement or as such risks may change from time to time. Prospective purchasers should consult their own financial, legal and tax advisors as to the risks entailed by an investment in notes denominated in, or the payment of which is related to the value of, currencies other than their particular home currency. If you invest in foreign currency notes and currency indexed notes, your investment will be subject to significant risks not associated with investments in debt instruments denominated in U.S. dollars or U.S. dollar-based indices. Such risks include, but are not limited to:

| • |     | market changes from time to time in rates of exchange between the U.S. dollar and your payment currency, which 
 changes may be volatile and significant;                                                                       |

| • |     | the possibility of significant changes in rates of exchange between U.S. dollar and the specified currency 
 resulting from official redenomination relating to your payment currency;                                  |

| • |     | the possibility of the imposition or modification of foreign exchange controls by either the United States or 
 applicable foreign governments; and                                                                           |

| • |     | the possibility of volatility and significant changes in the rates of exchange between the U.S. dollar and your                                                                                                                                       
 payment currency as a result of the sovereign debt difficulties experienced by a variety of countries, including certain countries that are part of the European Union, which could relate to events in currencies other than the U.S. dollar or your 
 payment currency.                                                                                                                                                                                                                                     |

Such risks generally depend on factors over which KeyCorp has no control and which cannot be readily foreseen such as:

| • |     | economic events; |

S-24

| • |     | political events; and |

| • |     | the supply of, and demand for, the relevant currencies. |

In recent years, rates of exchange between the U.S. dollar and certain foreign currencies have been volatile. This volatility may continue in the future. Past fluctuations in any particular exchange rate are not necessarily indicative of fluctuations that may occur in the rate during the term of the note. Fluctuations in exchange rates against the U.S. dollar could result in a decrease in the U.S. dollar-equivalent value of the principal or any premium payable at maturity of your notes and, generally, in the U.S. dollar-equivalent market value of your notes. The currency risks with respect to your foreign currency notes or currency indexed notes may be further described in the applicable pricing supplement. Foreign exchange rates can either float, float based on an index or reference currency or