Company: KEY-PI
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036859
Chunk: 9

Company: KEYCORP /NEW/
Filing Date: 2025-02-26
Form: 424B5
Chunk 9
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, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to the business day before their date of delivery hereunder should consult their advisors. Sales outside the United States Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the notes offered by this pricing supplement and the accompanying Prospectus in any jurisdiction where action for that purpose is required. The notes offered by this pricing supplement and the accompanying Prospectus may not be offered or sold, directly or indirectly, nor may this pricing supplement and the accompanying Prospectus or any other offering material or advertisements in connection with the offer and sale of any such notes be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons who obtain this pricing supplement and the accompanying Prospectus are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this pricing supplement and the accompanying Prospectus. This pricing supplement does not constitute an offer to sell or a solicitation of an offer to buy the notes offered by this pricing supplement and the accompanying Prospectus in any jurisdiction in which such an offer or a solicitation is unlawful. PS-5

Conflicts of Interest

Because KeyBanc Capital Markets Inc., our affiliate, is a joint book-running manager, this offering is being conducted in compliance with FINRA
Rule 5121. Pursuant to that rule, the appointment of a qualified independent underwriter is not necessary in connection with this offering, and KeyBanc Capital Markets Inc. is not permitted to sell notes in this offering to accounts over which it
exercises discretionary authority without the prior specific written approval of the account holder. KeyBanc Capital Markets Inc. is not a member of the New York Stock Exchange, Inc.

PS-6

VALIDITY OF THE NOTES

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

EXPERTS

The consolidated financial statements of KeyCorp appearing in KeyCorp’s Annual Report on Form
10-K for the year ended December 31, 2024, and the effectiveness of KeyCorp’s internal control over financial reporting as of December 31, 2024 have been aud