Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 159

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 159
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 Church Plans or non-U.S. plans) should
consult with its legal advisor concerning the potential consequences to the plan under ERISA, the Code or such Similar Laws of an investment in the notes.

By its acquisition of the notes (or any interest therein), each purchaser and subsequent transferee will be deemed to have represented and
warranted on each day from the date on which such purchase or transferee, as applicable, acquires its interest in such notes through and including the date on which such purchaser or transferee, as applicable, disposes of its interest in such notes,
either that (A) it is not, and is not acting on behalf of, a Plan or a Governmental Plan, Church Plan or non-U.S. plan, and it is not using the assets of any of the foregoing in purchasing an interest in
the notes or (B) its purchase, holding and disposition of the notes or an interest in the notes does not and will not constitute or result in a non-exempt prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code or under any Similar Law.

The sale of any note to a Plan or a Governmental Plan, Church Plan, or non-U.S. plan that is subject to Similar Laws is in no respect a representation by the issuer, the agents or the trustee or any of their respective affiliates that such an investment meets all relevant legal
requirements with respect to investments by plans generally or any particular plan, or that such an investment is appropriate for plans generally or any particular plan.

S-98

VALIDITY OF THE NOTES

Certain matters relating to the validity of the notes will be passed on for us by the General Counsel or any Associate General Counsel to
KeyCorp and/or Squire Patton Boggs (US) LLP, Cleveland, Ohio, and for the Agents by Sidley Austin LLP, New York, New York.

The opinions
of such General Counsel or Associate General Counsel to KeyCorp and/or Squire Patton Boggs (US) LLP and Sidley Austin LLP will be conditioned upon, and subject to certain assumptions regarding, future action required to be taken by us and the
trustee in connection with the issuance and sale of notes, the specific terms of notes and other matters which may affect the validity of notes but which cannot be ascertained on the date of such opinions.

EXPERTS

The consolidated financial statements of KeyCorp appearing in KeyCorp’s Annual Report on Form
10-K for the year ended December 31, 202