Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 151

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 151
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 will be made in relation to
each issue about whether, for the purpose of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the “MiFID Product Governance Rules”), any Agent subscribing for any notes is a manufacturer in respect of such notes,
but otherwise neither the Agents nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules.

United Kingdom

Neither
this prospectus supplement nor the accompanying Prospectus is a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended by the
European Union (Withdrawal Agreement) Act 2020 (the “EUWA”) (the “UK Prospectus Regulation”). This prospectus supplement and the accompanying Prospectus have been prepared on the basis that any offer of notes in the United
Kingdom will only be made to a legal entity which is a qualified investor under the UK Prospectus Regulation (“UK Qualified Investors”). Accordingly any person making or intending to make an offer in the United Kingdom of notes which are
the subject of the offering contemplated in this prospectus supplement and the accompanying Prospectus may only do so with

S-93

respect to UK Qualified Investors. Neither KeyCorp nor the Agents have authorized, nor do they authorize, the making of any offer of notes other than to UK Qualified Investors.

Prohibition of Sales to United Kingdom Retail Investors– Notes which are the subject of the offering contemplated
by this prospectus supplement as completed by the final pricing supplements in relation thereto may not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For the purposes of this provision: (a) the
expression “retail investor” means a person who is one (or more) of the following: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law in the United Kingdom by
virtue of the EUWA; or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) and any rules or regulations made under the FSMA to implement the Insurance
Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of the UK Prospectus Regulation;