Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 17

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 17
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 Date occur; the Applicable Fallback Rate for CORRA notes may not be a suitable replacement for CORRA or may be altered or discontinued. |

| • |     | We or our designee (which may be our affiliate), after consulting with us, will have authority to make                                                    
 determinations, elections, calculations and adjustments with respect to CORRA notes that could affect the value of, return on and market for those notes. |

| • |     | Foreign currency notes are subject to fluctuating exchange rates and exchange controls. |

S-4

| • |     | The unavailability of currencies could result in a substantial loss to you. |

| • |     | Judgments in a foreign currency could result in a substantial loss to you. |

| • |     | We will not adjust notes denominated or payable in a currency other than your home currency to compensate for 
 changes in foreign currency exchange rates.                                                                   |

| • |     | Notes denominated or payable in currencies other than U.S. dollars permit us to make payments in U.S. dollars if 
 we are unable to obtain the specified currency.                                                                  |

| • |     | The risk of loss to you as a result of linking principal or interest on payments on indexed notes to an index can 
 be substantial                                                                                                    |

S-5

RISK FACTORS

Your investment in the notes is subject to certain risks, including additional risks if the notes are indexed notes or involve a foreign currency. This prospectus supplement does not describe all of the risks of an investment in the notes, including, among others, risks that will arise if the notes are denominated in a currency other than U.S. dollars or if the return on the notes is linked to one or more interest rate or currency indices or formulas. Risk and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations, our financial results and the value of the notes. You should consult your own financial and legal advisors about the risks entailed by an investment in the notes and the suitability of your investment in the notes in light of your particular circumstances. The notes are not an appropriate investment for investors who are unsophisticated, including with respect to foreign currency transactions or transactions involving the type of index or formula used to determine amounts payable. You should not purchase the notes unless you understand, and know that you can bear, these risks. Before investing in the notes, you should carefully read this prospectus supplement, the applicable pricing supplement, the accompanying prospectus