Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 28

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 28
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 or our industry.

Risks Relating to Floating Rate Notes

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

For notes with variable or “floating” interest rates, there will be additional significant risks not associated with a conventional
fixed rate debt security. These risks include fluctuation of the interest rates, which may be volatile over time, could result in investors receiving an amount of interest that is lower than expected and/or could cause a decline in the market value
of the notes. We have no control over a number of factors that may affect market rates, including geopolitical conditions and economic, financial, political, regulatory or other events that affect the markets generally and that are important in
determining the existence, magnitude and longevity of market volatility and other risks and their impact on the value of, or payments made on, floating rate notes. Volatility of rates may adversely impact the return on or market value of such
floating rate notes.

If the notes are structured to include multipliers or other leverage factors, or caps or floors, or any combination
of those features or other similar related features, their market values may be even more volatile than those for securities that do not include those features. No interest will accrue on variable rate notes for which the applicable floating rate
specified in the applicable pricing supplement is zero on the related interest reset date. Variable interest rates, by their nature, fluctuate and may be equal to or less than 0.0% unless otherwise provided for in the applicable pricing supplement.

Historical rates are not an indication of future rates.

In the past, the base rates or “benchmarks” that may be used for the floating rate notes have experienced significant fluctuations.
You should note that historical levels, fluctuations and trends of the applicable base rate are not necessarily indicative of future levels. Any historical upward or downward trend in the applicable base rate is not an indication that such base rate
is more or less likely to increase or decrease at any time. Future performance of a base rate may bear little or no relation to the historical actual or historical indicative base rate data. Prior observed patterns, if any, in the behavior of market
variables and their relation to the base rate, such as correlations, may change in the future. In addition, to the extent that any pre-publication historical data is

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published with respect to a base rate, production of such historical indicative data inherently involves assumptions, estimates and approximations. No future performance of any base rate may