Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 16

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 16
---
 of interest between investors in the notes and the calculation agent. |

| • |     | If you purchase redeemable notes, we may choose to redeem the notes when prevailing interest rates are relatively 
 low, and you will have reinvestment risks.                                                                        |

| • |     | The trading value of the notes may be less than the purchase price of the notes. |

| • |     | Changes in our credit ratings may affect the value of the notes. |

| • |     | Holders of KeyCorp’s debt, including the notes, and equity securities will absorb losses if it were to enter 
 into a resolution.                                                                                           |

| • |     | Hedging activities may affect your return at maturity and the market value of the notes. |

| • |     | The amount of interest we may pay on the notes may be limited by state law. |

| • |     | Changes in laws, including how they are interpreted and enforced in applicable jurisdictions, may affect the 
 value of the notes.                                                                                          |

| • |     | Holders of subordinated notes have limited acceleration and enforcement rights. |

| • |     | The subordinated notes will be subordinated in right of payment to all of our senior indebtedness. |

| • |     | Any right of ours to redeem the subordinated notes is subject to certain limitations, including any required 
 prior approval of the Federal Reserve Board.                                                                 |

| • |     | Variable rate notes can be volatile investments, and variable rates may be equal to or less than zero. |

| • |     | Historical rates are not an indication of future rates. |

| • |     | Certain base rates described herein refer to “benchmarks,” including SOFR, EURIBOR and CORRA, may be 
 discontinued or reformed, which may adversely affect the value of and return on floating rate notes. |

| • |     | SOFR may be more volatile than other benchmark or market rates. |

S-3

| • |     | The interest rate on SOFR notes may be based on compounded SOFR, which is relatively new in the marketplace. |

| • |     | Any failure of SOFR to maintain market acceptance could adversely affect SOFR notes. |

| • |     | The secondary trading market for notes linked to SOFR may be limited. |

| • |     | SOFR may be modified or discontinued, which could adversely affect the return on, value of or market for SOFR 
 notes.                                                                                                        |

| • |     |