Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 126

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 126
---
 tax purposes) created or 
 organized in or under the laws of the United States, any state thereof or the District of Columbia;            |

| • |     | an estate the income of which is subject to United States federal income taxation regardless of its source; or |

| • |     | a trust that is subject to the supervision of a court within the United States and the control of one or more                                                                                         
 “United States persons” (within the meaning of section 7701(a)(30) of the Code) or that has a valid election in effect under applicable Treasury Regulations to be treated as a United States person. |

As used herein, the term “non-U.S.holder” means a beneficial owner of a note that is neither a U.S. holder nor a partnership for United States federal income tax purposes. If an entity or arrangement treated as a partnership for United States federal income tax purposes holds a note, the United States federal income tax treatment of the partner generally will depend upon the status of the partner and the activities of the partnership. A partnership holding notes, and partners in such a partnership, should consult their tax advisors regarding the United States federal tax consequences of the purchase, ownership and disposition of the notes. For purposes of this summary, a “single foreign currency note” means a note on which all payments to a holder are denominated in or determined by reference to the value of a single foreign currency. A “foreign currency” means a currency or currency unit, other than a hyperinflationary currency or the U.S. dollar. U.S. Holders Interest The issuer intends to treat the notes as indebtedness for U.S. federal income tax purposes and thus, as a general rule, interest paid or accrued on the notes, including qualified stated interest on notes with original issue discount, if any, will be treated as ordinary income to a U.S. holder. A U.S. holder using the accrual method of S-78

accounting for United States federal income tax purposes must include interest paid or accrued on the notes in income as the interest accrues, while a U.S. holder using the cash receipts and disbursements method of accounting for United States federal income tax purposes must include interest in income when payments are received or constructively received by the U.S. holder, except as described below under the section entitled “—Original Issue Discount.” Original Issue Discount A note with a term greater than one year may be issued with original issue discount for United States federal income tax purposes (i.e., a discount