# EDGAR Filing Document

**Accession Number:** 0000091576
**File Stem:** 0001193125-26-259482
**Filing Date:** 2026-6
**Character Count:** 73627
**Document Hash:** 803665ee8422dcbe09b820eb9921e841
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-259482.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001193125-26-259482

**CONFORMED SUBMISSION TYPE**: S-3ASR

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KEYCORP /NEW/
- **CENTRAL INDEX KEY:** 0000091576
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 346542451
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296536
- **FILM NUMBER:** 261068921

**BUSINESS ADDRESS:**
- **STREET 1:** 127 PUBLIC SQ
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114-1306
- **BUSINESS PHONE:** 2166896300

**MAIL ADDRESS:**
- **STREET 1:** 127 PUBLIC SQ
- **CITY:** CLEVELAND
- **STATE:** OH
- **ZIP:** 44114-1306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY CORP
- **DATE OF NAME CHANGE:** 19920703

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on June 5, 2026** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form S-3** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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| | | |
|:---|:---|:---|
| **KeyCorp** | **Ohio** | **34-6542451** |
| **(Exact name of registrant**<br> **as specified in its charter)** | **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **127 Public Square**<br> **Cleveland, Ohio 44114-1306**<br> **(216) 689-3000**<br> **(Address, including zip code, and telephone**<br> **number, including area code, of registrant's**<br> **principal executive offices)** | **James L. Waters, Esq.**<br> **General Counsel and Secretary**<br> **KeyCorp**<br> **127 Public Square**<br> **Cleveland, Ohio 44114-1306**<br> **(216) 689-3000**<br> **(Name, address and telephone number, including area**<br> **code, of agent for service)** |

---

***Copy to:***

**James J. Barresi** 

**Aaron A. Seamon** 

**Squire Patton Boggs (US) LLP** 

**1000 Key Tower** 

**127 Public Square** 

**Cleveland, Ohio 44114-1304** 

**(216) 479-8500**

**Approximate date of commencement of proposed sale to the public**: From time to time after the effective date of this registration statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐

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##### [**Table of Contents**](#toc)
**PROSPECTUS**![LOGO](g156282g00s00.jpg)

## KeyCorp
**127 Public Square** 

**Cleveland, Ohio 44114-1306** 

**(216) 689-3000** 

**Debt Securities** 

**Preferred Stock** 

**Depositary Shares** 

**Common Shares** 

**Warrants** 

**Purchase Contracts** 

**Units** 

The securities of each class listed above may be offered and sold by us and/or may be offered and sold, from time to time, by one or more selling securityholders to be identified in the future. We will provide the specific terms of these securities in supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest in the securities described in the applicable prospectus supplement. This prospectus may not be used to consummate sales of securities unless accompanied by a prospectus supplement and any applicable pricing supplement.

This prospectus, together with the relevant prospectus supplement and pricing supplement, if any, describing the terms of the specific securities being offered and sold, may be used by our affiliates, including KeyBanc Capital Markets, in connection with offers and sales of such securities referred to above. These affiliates may act as principal or agent in such transactions. Such sales will be made at prices related to prevailing market prices at the time of sale. We will not receive any of the proceeds of such sales. Our affiliates, including KeyBanc Capital Markets, do not have any obligation to make a market in the above referenced securities, and may discontinue their market-making activities at any time without notice, in their sole discretion.

KeyBanc Capital Markets is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") and may participate in distributions of the securities referred to above. Accordingly, the participation of such entity in the offerings of such securities will conform to the requirements addressing conflicts of interest when distributing the securities of an affiliate set forth in FINRA Rule 5121.

**Investing in these securities involves risks. Potential purchasers of the securities should consider the information set forth in the "Risk Factors" section in the applicable prospectus supplement and the discussion of risk factors contained in our annual and quarterly reports filed with the Securities and Exchange Commission, which are incorporated by reference into this prospectus.** 

These securities will be our equity securities or unsecured obligations and will not be deposits or other obligations of any of our bank or nonbank subsidiaries and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

Our common stock is listed on the New York Stock Exchange under the symbol "KEY."

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

**This prospectus is dated June 5, 2026.** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  [ABOUT THIS PROSPECTUS](#toc156282_1) |  | 1 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#toc156282_2) |  | 1 |
|  [KEYCORP](#toc156282_3) |  | 2 |
|  [USE OF PROCEEDS](#toc156282_4) |  | 2 |
|  [VALIDITY OF SECURITIES](#toc156282_5) |  | 3 |
|  [EXPERTS](#toc156282_6) |  | 4 |

---

- i -

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##### [**Table of Contents**](#toc)
**ABOUT THIS PROSPECTUS** 

This prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission (the "SEC"), utilizing a "shelf" registration process. Under this shelf registration process, we may offer and sell any combination of the securities identified in this prospectus. Each time we offer and sell securities, we will provide a prospectus supplement that will contain information about the terms of the offering and the securities being offered and, if necessary, a pricing supplement that will contain the specific terms of your securities. The prospectus supplement and, if necessary, the pricing supplement, may also add, update or change information contained in this prospectus. Any information contained in this prospectus will be deemed to be modified or superseded by any inconsistent information contained in a prospectus supplement or a pricing supplement. You should read carefully this prospectus and any prospectus supplement and pricing supplement, together with the additional information described below under "Where You Can Find More Information."

We have not authorized anyone to provide any information other than that contained or incorporated by reference in this prospectus or any prospectus supplement or pricing supplement, and we take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. Accordingly, you should rely only on the information provided in this prospectus and any prospectus supplement that we have authorized describing the terms of the specific securities being offered. You should not assume that the information contained or incorporated by reference in this prospectus or in any prospectus supplement is accurate as of any date other than the date of the applicable document. This prospectus and any prospectus supplement or pricing supplement do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described therein, or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful.

The words "Key," "Company," "we," "our," "ours" and "us" as used herein refer to KeyCorp and its subsidiaries, unless otherwise stated.

**WHERE YOU CAN FIND MORE INFORMATION** 

We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public at the SEC's website at http://www.sec.gov. You can also access our SEC filings through our website at http://www.key.com. Information on our website does not constitute part of and is not incorporated by reference in this prospectus or any prospectus supplement.

In this prospectus, as permitted by law, we "incorporate by reference" information from other documents that we file with the SEC. This means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be a part of this prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus is considered to be automatically updated and superseded. In other words, in case of a conflict or inconsistency between information contained in this prospectus and information incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed later.

We incorporate by reference the documents listed below and any documents we file with the SEC in the future under Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, including any amendment to such documents, until we or any underwriters sell all of the securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000162828026010546/key-20251231.htm) for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000162828026030507/key-20260331.htm) for the quarter ended March 31, 2026.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current Reports on Form 8-K filed on [January 16, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000009157626000003/key-20260113.htm) , [January 20, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000009157626000006/key-20260115.htm) (excluding that information designated in such Current
Report as furnished and not filed), [January 28, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000119312526027193/d74628d8k.htm) , [March 2, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000162828026013254/key-20260224.htm) , [April 16, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000009157626000013/key-20260416.htm) (excluding that information designated in such Current Report as
furnished and not filed), [May 14, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000091576/000162828026035060/key-20260513.htm) and [June 3, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/91576/000162828026040502/key-20260603_d2.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The description of our common stock set forth in [Exhibit 4.1](http://www.sec.gov/Archives/edgar/data/91576/000009157623000026/key-123122xexx41.htm) of our Annual Report on Form 10-K for the year ended December 31, 2025, including any other amendment or reports filed for the purpose of updating such description.

Unless stated otherwise in the applicable reports, information furnished under Item 2.02 or 7.01 of our Current Reports on Form 8-K is not incorporated by reference.

We will provide to each person (including any beneficial owner) to whom a prospectus is delivered, a copy of any of these filings, other than an exhibit to a filing unless that exhibit is specifically incorporated by reference into that filing, at no cost, on the written or oral request of any such person by writing to or telephoning us at the following address:

KeyCorp

127 Public Square

Cleveland, Ohio 44114-1306

Attention: Investor Relations

(216) 689-4221

**KEYCORP** 

KeyCorp, organized in 1958 under the laws of the State of Ohio, is headquartered in Cleveland, Ohio. We are a bank holding company under the Bank Holding Company Act of 1956, as amended, and one of the nation's largest bank-based financial services companies. KeyCorp is the parent holding company for KeyBank National Association ("KeyBank"), its principal subsidiary, through which most of our banking services are provided. Through KeyBank and certain other subsidiaries, we provide a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients.

Our common stock is listed on the New York Stock Exchange under the symbol "KEY." Our principal executive offices are located at 127 Public Square, Cleveland, Ohio 44114. Our telephone number is (216) 689-3000.

**USE OF PROCEEDS** 

Except as may be described otherwise in the applicable prospectus supplement or pricing supplement, we will use the net proceeds from the sale of the securities offered by this prospectus for general corporate purposes, including investments in and advances to our bank and nonbank subsidiaries, reduction of borrowings or indebtedness, short and long-term investments and financing possible future acquisitions including, without limitation, the acquisition of banking and nonbanking companies and financial assets and liabilities. All or a portion of the net proceeds from the sale of the securities offered by this prospectus may also be used to finance, in whole or in part, our repurchase of common shares pursuant to any share repurchase program and additional securities repurchases undertaken from time to time.

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##### [**Table of Contents**](#toc)
**VALIDITY OF SECURITIES** 

The validity of the securities will be passed upon for us by Squire Patton Boggs (US) LLP, Cleveland, Ohio, or by counsel identified in the applicable prospectus supplement. If the securities are being distributed in an underwritten offering, the validity of the securities will be passed upon for the underwriters by counsel identified in the applicable prospectus supplement.

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**EXPERTS** 

The consolidated financial statements of KeyCorp for the year ended December 31, 2025 appearing in KeyCorp's Current Report on Form 8-K dated June 3, 2026, and the effectiveness of KeyCorp's internal control over financial reporting appearing in KeyCorp's Annual Report on Form 10-K as of December 31, 2025 have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such consolidated financial statements and KeyCorp management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2025 are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

With respect to the unaudited consolidated interim financial information of KeyCorp for the three-month periods ended March 31, 2026 and March 31, 2025, incorporated by reference herein, Ernst & Young LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate report dated May 5, 2026, included in KeyCorp's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and incorporated by reference herein, states that they did not audit and they do not express an opinion on that interim financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. Ernst & Young LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 (the "Act") for their report on the unaudited interim financial information because that report is not a "report" or a "part" of the Registration Statement prepared or certified by Ernst & Young LLP within the meaning of Sections 7 and 11 of the Act.

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##### [**Table of Contents**](#toc)
![LOGO](g156282g00s00.jpg)

**Debt Securities** 

**Preferred Stock** 

**Depositary Shares** 

**Common Shares** 

**Warrants** 

**Purchase Contracts** 

**Units** 

**PROSPECTUS** 

**June 5, 2026** 

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 14.** ***Other Expenses of Issuance and Distribution.*** <br>

The following is an itemized statement of the estimated fees and expenses in connection with the issuance and distribution of the securities registered hereby (other than underwriting discounts and commissions):

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| | | |
|:---|:---|:---|
|  Registration Statement filing fees | $— | (1) |
|  Printing expenses | 25000.0 |  |
|  Trustee and Depositary fees and expenses | 50000.0 |  |
|  Attorneys' fees and expenses | 200000.0 |  |
|  Accounting fees and expenses | 75000.0 |  |
|  Miscellaneous | 25000.0 |  |
|  Total: | $375000.0 | (1)(2) |

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(1) The registrant is registering an indeterminate amount of securities under this Registration Statement and in
accordance with Rules 456(b) and 457(r), the registrant is deferring payment of any additional registration fee until the time the securities are sold under this Registration Statement pursuant to a prospectus supplement.

(2) Additional information regarding estimated expenses of issuance and distribution of each identified class of
securities being registered will be provided by post-effective amendment at the time that such class is included in a prospectus supplement in accordance with Rule 430B.

**Item 15.** ***Indemnification of Directors and Officers.*** <br>

Under Ohio law, Ohio corporations are authorized to indemnify directors, officers, employees, and agents within prescribed limits and must indemnify them under certain circumstances. Ohio law does not provide statutory authorization for a corporation to indemnify directors, officers, employees, and agents for settlements, fines, or judgments in the context of derivative suits. However, it provides that directors (but not officers, employees, and agents) are entitled to mandatory advancement of expenses, including attorneys' fees, incurred in defending any action, including derivative actions, brought against the director, provided the director agrees to cooperate with the corporation concerning the matter and to repay the amount advanced if it is proved by clear and convincing evidence that his act or failure to act was done with deliberate intent to cause injury to the corporation or with reckless disregard to the corporation's best interests.

Ohio law does not authorize payment of judgments to a director, officer, employee, or agent after a finding of negligence or misconduct in a derivative suit absent a court order. Indemnification is required, however, to the extent such person succeeds on the merits. In all other cases, if a director, officer, employee, or agent acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, indemnification is discretionary except as otherwise provided by a corporation's articles, code of regulations, or by contract except with respect to the advancement of expenses of directors.

Under Ohio law, a director is not liable for monetary damages unless it is proved by clear and convincing evidence that the director's action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken with reckless disregard for the best interests of the corporation. There is, however, no comparable provision limiting the liability of officers, employees, or agents of a corporation. The statutory right to indemnification is not exclusive in Ohio, and Ohio corporations may, among other things, procure insurance for such persons.

The Fourth Amended and Restated Regulations of KeyCorp provide that KeyCorp shall indemnify to the fullest extent permitted by law any person made or threatened to be made a party to any action, suit, or

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proceeding by reason of the fact that he is or was a director, officer, or employee of KeyCorp or of any other bank, corporation, partnership, trust, or other enterprise for which he was serving as a director, officer, or employee at the request of KeyCorp.

Under the terms of KeyCorp's directors' and officers' liability and company reimbursement insurance policy, directors and officers of KeyCorp are insured against certain liabilities, including liabilities arising under the Securities Act.

KeyCorp is party to Change of Control Agreements with certain executive officers pursuant to which KeyCorp has agreed to indemnify the officer, to the fullest extent permitted or authorized by Ohio law, if the officer is made or threatened to be made a party to any action, suit, or proceeding by reason of the officer's serving as employee, officer, or director of KeyCorp and/or any of its subsidiaries, and KeyCorp has agreed to advance expenses incurred by the officer in defending any such action, suit, or proceeding.

**Item 16.** ***Exhibits*.** <br>

The exhibits filed (unless otherwise noted) as a part of this Registration Statement are as follows:

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| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| 1(a) | Form of Underwriting Agreement.\* |
| 1(b) | Form of Distribution Agreement.\* |
| 4(a) | [Third Amended and Restated Articles of Incorporation of KeyCorp, effective May 23, 2019. Incorporated herein by reference to Exhibit 3.2 to Form 8-K filed on May 24, 2019.](http://www.sec.gov/Archives/edgar/data/91576/000119312519157021/d736948dex32.htm) |
| 4(b) | [Certificate of Amendment to the Third Amended and Restated Articles of Incorporation of KeyCorp with respect to Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H, filed August 22, 2022. Incorporated herein by reference to Exhibit 4.1 to Form 8-K filed on August 24, 2022.](http://www.sec.gov/Archives/edgar/data/91576/000119312522228512/d376484dex41.htm) |
| 4(c) | [Fourth Amended and Restated Regulations of KeyCorp, effective September 21, 2023. Incorporated herein by reference to Exhibit 3.3 to Form 10-K for the year ended December 31, 2025.](http://www.sec.gov/Archives/edgar/data/91576/000162828026010546/key-123125xexx33.htm) |
| 4(d) | [Description of KeyCorp's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. Incorporated herein by reference to Exhibit 4.1 to Form 10-K for the year ended December 31, 2025.](http://www.sec.gov/Archives/edgar/data/91576/000162828026010546/key-123125xexx41.htm) |
| 4(e) | [Senior Indenture between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit 4(c) to Registration Statement on Form S-3, File No. 33-58405, filed with the SEC on April 3, 1995 ("Registration Statement No. 33-58405").](http://www.sec.gov/Archives/edgar/data/91576/0000950152-95-000563.txt) |
| 4(f) | [First Supplemental Indenture to Senior Indenture dated November 14, 2001 between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit 4(p) to Registration Statement on Form S-3, File No. 333-73380, filed with the SEC on November 15, 2001 ("Registration Statement No. 333-73380").](http://www.sec.gov/Archives/edgar/data/91576/000095015201505910/l90890aex4-p.txt) |
| 4(g) | [Second Supplemental Indenture to Senior Indenture dated November 13, 2013 between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit 4.1 to Form 8-K filed on November 13, 2013.](http://www.sec.gov/Archives/edgar/data/91576/000119312513440321/d628178dex41.htm) |
| 4(h) | [Third Supplemental Indenture to Senior Indenture dated May 23, 2022 between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit 4.1 to Form 8-K filed on May 23, 2022.](http://www.sec.gov/Archives/edgar/data/91576/000119312522157462/d352456dex41.htm) |

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|:---|:---|
| 4(i) | [Subordinated Indenture between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit(4)(d) to Registration Statement No. 33-58405.](http://www.sec.gov/Archives/edgar/data/91576/0000950152-95-000563.txt) |
| 4(j) | [First Supplemental Indenture to Subordinated Indenture dated November 14, 2001 between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit 4(q) to Registration Statement No. 333-73380.](http://www.sec.gov/Archives/edgar/data/91576/000095015201505910/l90890aex4-q.txt) |
| 4(k) | [Second Supplemental Indenture to Subordinated Indenture dated November 13, 2013 between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit 4.2 to Form 8-K filed on November 13, 2013.](http://www.sec.gov/Archives/edgar/data/91576/000119312513440321/d628178dex42.htm) |
| 4(l) | [Third Supplemental Indenture to Subordinated Indenture dated June 16, 2023 between KeyCorp and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), as Trustee. Incorporated herein by reference to Exhibit 4.1 to Form 8-K filed on June 16, 2023.](http://www.sec.gov/Archives/edgar/data/91576/000119312523169144/d489244dex41.htm) |
| 4(m) | Form of Floating Rate Senior Note.\* |
| 4(n) | Form of Fixed Rate Senior Note.\* |
| 4(o) | Form of Fixed Rate Reset Senior Note.\* |
| 4(p) | Form of Fixed Rate/Floating Rate Senior Note.\* |
| 4(q) | Form of Floating Rate Subordinated Note.\* |
| 4(r) | Form of Fixed Rate Subordinated Note.\* |
| 4(s) | Form of Fixed Rate Reset Subordinated Note.\* |
| 4(t) | Form of Fixed Rate/Floating Rate Subordinated Note.\* |
| 4(u) | Form of Senior Master Global Note.\* |
| 4(v) | Form of Subordinated Master Global Note.\* |
| 4(w) | Form of Warrant Agreement.\* |
| 4(x) | Form of Warrant Certificate.\* |
| 4(y) | Form of Deposit Agreement.\* |
| 4(z) | Form of Depositary Receipt.\* |
| 4(aa) | Form of Purchase Contract Agreement.\* |
| 4(bb) | Form of Unit Agreement, including form of Unit Certificate.\* |
| 5(a) | [Opinion of Squire Patton Boggs (US) LLP as to the validity of the securities to be registered.](d156282dex5a.htm) |
| 8(a) | Opinion of tax counsel as to certain tax matters.\* |
| 15(a) | [Acknowledgment of Ernst & Young LLP.](d156282dex15a.htm) |
| 23(a) | [Consent of Ernst & Young LLP.](d156282dex23a.htm) |
| 23(b) | [Consent of Squire Patton Boggs (US) LLP (included in Exhibit 5(a)).](d156282dex5a.htm) |
| 23(c) | Consent of tax counsel (included in Exhibit 8(a)). |
| 24(a) | [Power of Attorney.](d156282dex24a.htm) |
| 25(a) | [Form T-1 Statement of Eligibility of Deutsche Bank Trust Company Americas to act as Senior Trustee under the Senior Indenture.](d156282dex25a.htm) |

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|:---|:---|
| 25(b) | [Form T-1 Statement of Eligibility of Deutsche Bank Trust Company Americas to act as Subordinated Trustee under the Subordinated Indenture.](d156282dex25b.htm) |
| 107 | [Filing Fee Table](d156282dexfilingfees.htm) |

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\* To be filed, if necessary, subsequent to the effectiveness of this Registration Statement by an amendment to this Registration Statement or incorporated by reference to a Current Report on Form 8-K in connection with an offering of securities.

**Item 17.** ***Undertakings*.** <br>

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (17 C.F.R. § 424(b)) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*Provided, however,* that paragraphs (1)(i), (1)(ii) and (1)(iii) of this section do not apply if the registration statement is on Form S-3 (17 C.F.R. § 239.13) or Form F-3 (17 C.F.R. § 239.33) and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) (17 C.F.R. § 230.424(b)) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is relying on Rule 430B (17 C.F.R. § 230.430B):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) (17 C.F.R. § 230.424(b)(3)) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) (17 C.F.R. § 230.424(b)(2), (b)(5), or (b)(7)) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) (17 C.F.R. § 230.415(a)(1)(i), (vii), or (x)) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to

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##### [**Table of Contents**](#toc)
be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of the registrant's securities pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (17 C.F.R. § 230.424);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes to file applications for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305 (b)(2) of the Trust Indenture Act.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cleveland, State of Ohio, on June 5, 2026.

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| | |
|:---|:---|
| **KEYCORP** | **KEYCORP** |
| By: | /s/ Andrea R. McCarthy |
|  | Name: Andrea McCarthy |
|  | Title: Assistant Secretary |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| \*<br> Christopher M. Gorman | Chairman, Chief Executive Officer<br> (Principal Executive Officer), and Director | June 5, 2026 |
| \*<br> Clark H.I. Khayat | Chief Financial Officer (Principal Financial Officer) | June 5, 2026 |
| \*<br> Stacy L. Gilbert | Chief Accounting Officer (Principal Accounting Officer) | June 5, 2026 |
| \*<br> Jacqueline L. Allard | Director | June 5, 2026 |
| \*<br> Alexander M. Cutler | Director | June 5, 2026 |
| \*<br> H. James Dallas | Director | June 5, 2026 |
| \*<br> Antonio DeSpirito | Director | June 5, 2026 |
| \*<br> Elizabeth R. Gile | Director | June 5, 2026 |
| \*<br> Robin N. Hayes | Director | June 5, 2026 |
| \*<br> Christopher L. Henson | Director | June 5, 2026 |
| \*<br> Richard J. Hipple | Director | June 5, 2026 |
| \*<br> Somesh Khanna | Director | June 5, 2026 |

---

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| \*<br> Devina A. Rankin | Director | June 5, 2026 |
| \*<br> Barbara R. Snyder | Director | June 5, 2026 |
| \*<br> Richard J. Tobin | Director | June 5, 2026 |
| \*<br> Todd J. Vasos | Director | June 5, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Andrea R. McCarthy |
| Name: | Andrea McCarthy |
| Title: | Attorney-In-Fact |
|  | June 5, 2026 |

---

## Ex-5.(A)

**Exhibit 5(a)** 

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| | |
|:---|:---|
| ![LOGO](g156282dsp15.jpg) | Squire Patton Boggs (US) LLP<br>4900 Key Tower<br>127 Public Square<br>Cleveland, OH 44114<br>O +1 216 479 8500<br> F +1 216 479 8780<br> squirepattonboggs.com |

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June 5, 2026

KeyCorp

127 Public Square

Cleveland, Ohio 44114

Ladies and Gentlemen:

We have acted as counsel to KeyCorp, an Ohio corporation (the "Company"), in connection with a Registration Statement on Form S-3ASR (the "Registration Statement") filed by the Company with the Securities and Exchange Commission (the "Commission") on the date hereof relating to the proposed sale by the Company from time to time, in one or more series, of its (i) senior debt securities and subordinated debt securities (the "Debt Securities"), to be issued pursuant to a senior indenture and a subordinated indenture, respectively, in each case between the Company and a trustee (each an "Indenture" and, collectively, the "Indentures"); (ii) shares of preferred stock, par value $1.00 per share (the "Preferred Stock"); (iii) depositary shares (the "Depositary Shares"), representing fractional shares of Preferred Stock and evidenced by depositary receipts to be issued pursuant to a deposit agreement between the Company and a depositary (a "Deposit Agreement"); (iv) common shares, $1.00 per share ("Common Shares"); (v) warrants to purchase Debt Securities (the "Debt Warrants"), to be issued pursuant to a warrant agreement between the Company and a designated warrant agent (the "Debt Securities Warrant Agreement"); (vi) warrants to purchase Preferred Stock, Common Shares, or Depositary Shares (the "Equity Warrants"), to be issued pursuant to a warrant agreement between the Company and a designated warrant agent (the "Equity Securities Warrant Agreement"); (vii) purchase contracts requiring the holders thereof to purchase or sell Debt Securities, Preferred Stock, Common Stock, or Depositary Shares ("Purchase Contracts"), to be issued pursuant to a purchase contract agreement (the "Purchase Contract Agreement") and (viii) units, consisting of two or more of the Securities (as defined below) in any combination (the "Units"), to be issued pursuant to a unit agreement between the Company and a designated unit agent (the "Unit Agreement").

The Debt Securities, Preferred Stock, Depositary Shares, Common Shares, Debt Warrants, Equity Warrants, Purchase Contracts, and Units are referred to herein collectively as the "Securities." The Securities may be issued and sold or delivered from time to time as set forth in the Registration Statement, any amendment thereto, the prospectus contained therein (the "Prospectus") and any supplements thereto.

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| | |
|:---|:---|
| KeyCorp | <br> Squire Patton Boggs (US) LLP |
| June 5, 2026 | <br> Squire Patton Boggs (US) LLP |
| Page 2 |  |

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We have examined such documents, including the resolutions of the Board of Directors of the Company (the "Board") adopted on May 13, 2026 (the "Resolutions"), and have reviewed such questions of law, as we have considered necessary and appropriate for the purposes of our opinion set forth below. In such examination and in rendering our opinions set forth below, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures, the accuracy and completeness of all documents submitted to us, and the conformity to authentic originals of all documents submitted to us as copies. We have also assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding and enforceable obligations of such parties. As to questions of fact material to our opinion, we have relied upon certificates of officers of the Company and of public officials. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in each form incorporated by reference as exhibits to the Registration Statement.

Based on the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When the specific terms of a series of Debt Securities have been specified in an Indenture, or a supplemental indenture or an Officer's Certificate, which has been executed and delivered to the trustee by an authorized officer, such series of Debt Securities will have been duly authorized by all requisite corporate action and, when executed and authenticated as specified in the Indentures and delivered against payment therefor and as specified by an authorized officer, or when issued upon valid exercise of Debt Warrants that have been duly authorized by all requisite corporate action and validly issued, will constitute valid and binding obligations of the Company, enforceable in accordance with the terms of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When appropriate corporate action has been taken to authorize the issuance and fix the specific terms of one or more series of Preferred Stock in accordance with applicable law and the Company's charter documents, such series of Preferred Stock will have been duly authorized by all requisite corporate action and, upon issuance, delivery and payment therefor as may be described in a supplement to the Prospectus, or when issued upon valid exercise of Equity Warrants that have been duly authorized by all requisite corporate action and validly issued, shares of such series of Preferred Stock will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon issuance, delivery and payment therefor as may be described in a supplement to the Prospectus, or when issued upon valid exercise of Equity Warrants that have been duly authorized by all requisite corporate action and validly issued, such Common Shares will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. When the specific terms of a series of Depositary Shares have been specified in a Deposit Agreement, the Depositary Shares established in such Deposit Agreement will have been duly authorized by all requisite corporate action and, upon issuance, delivery and payment therefor as described in a supplement to the Prospectus, will be validly issued, fully paid and nonassessable.

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| | |
|:---|:---|
| KeyCorp | <br> Squire Patton Boggs (US) LLP |
| June 5, 2026 | <br> Squire Patton Boggs (US) LLP |
| Page 3 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. When the specific terms of a series of Debt Warrants have been specified in a Debt Securities Warrant Agreement, the Debt Warrants established in such Debt Securities Warrant Agreement will have been duly authorized by all requisite corporate action and, when executed and authenticated as specified in such Debt Securities Warrant Agreement and delivered against payment therefor pursuant to any terms that may be described in a supplement to the Prospectus, will constitute valid and binding obligations of the Company, enforceable in accordance with the terms of such Debt Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. When the specific terms of a series of Equity Warrants have been specified in an Equity Securities Warrant Agreement, the Equity Warrants established in such Equity Securities Warrant Agreement will have been duly authorized by all requisite corporate action and, when executed and authenticated as specified in such Warrant Agreement and delivered against payment therefor pursuant to the terms described in a supplement to the Prospectus, will constitute valid and binding obligations of the Company, enforceable in accordance with the terms of such Equity Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. When the specific terms of a series of Purchase Contracts have been specified in a Purchase Contract Agreement, the Purchase Contracts established in such Purchase Contract Agreement will have been duly authorized by all requisite corporate action and, when executed and authenticated as specified in such Purchase Contract Agreement and delivered against payment therefor pursuant to the terms described in a supplement to the Prospectus, will constitute valid and binding obligations of the Company, enforceable in accordance with the terms of such Purchase Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. When the specific terms of a series of Units have been specified in a Unit Agreement, the Units established in such Unit Agreement will have been duly authorized by all requisite corporate action and, when executed and authenticated as specified in such Unit Agreement and delivered against payment therefor pursuant to the terms described in a supplement to the Prospectus, will constitute valid and binding obligations of the Company, enforceable in accordance with the terms of such Units.

The opinions set forth above are subject to the following qualifications and exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Our opinions in paragraphs 1, 5, 6, 7 and 8 above are subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or other similar law of general application affecting creditors' rights, (ii) the effect of general principles of equity, including (without limitation) concepts of materiality, reasonableness, good faith and fair dealing, and other similar doctrines affecting the enforceability of agreements generally (regardless of whether considered in a proceeding in equity or at law) and (iii) insofar as they relate to indemnification provisions, the effect of federal and state securities laws and public policy relating thereto.

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| | |
|:---|:---|
| KeyCorp | <br> Squire Patton Boggs (US) LLP |
| June 5, 2026 | <br> Squire Patton Boggs (US) LLP |
| Page 4 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In rendering the opinions set forth above, we have assumed that, at the time of the authentication and delivery of a series of Securities, the Resolutions referred to above will not have been modified or rescinded, there will not have occurred any change in the law affecting the authorization, execution, delivery, validity or enforceability of the Securities, the Registration Statement will have been declared effective by the Commission and will continue to be effective, none of the particular terms of a series of Securities will violate any applicable law and neither the issuance and sale thereof nor the compliance by the Company with the terms thereof will result in a violation of any agreement or instrument then binding upon the Company or any order of any court or governmental body having jurisdiction over the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the date of this opinion, a judgment for money in an action based on a debt security denominated in a foreign currency or currency unit in a federal or State court in the United States ordinarily would be enforced in the United States only in United States dollars. The date used to determine the rate of conversion into United States dollars of the foreign currency or currency unit in which a particular debt security is denominated will depend upon various factors, including which court renders the judgment. Under Section 27 of the New York Judiciary Law, a state court in the State of New York rendering a judgment on a debt security would be required to render such judgment in the foreign currency or currency unit in which such debt security is denominated, and such judgment would be converted into United States dollars at the exchange rate prevailing on the date of entry of the judgment.

Our opinions expressed above are limited to the laws of the State of New York, the laws of the State of Ohio and the federal laws of the United States of America.

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement and to the reference to our firm under the caption "Validity of Securities" contained in the Prospectus included therein. In giving such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations thereunder.

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| |
|:---|
| Respectfully submitted, |
| /s/ Squire Patton Boggs (US) LLP |

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## Ex-15.(A)

**Exhibit 15(a)** 

**Acknowledgment of Independent Registered Public Accounting Firm** 

June 5, 2026

The Shareholders and Board of Directors of KeyCorp

We are aware of the incorporation by reference in the Registration Statement (Form S-3ASR) and related Prospectus of KeyCorp for the registration of debt securities, preferred stock, depositary shares, common shares, warrants, purchase contracts and units of our report dated May 5, 2026 relating to the unaudited consolidated interim financial statements of KeyCorp that is included in its Form 10-Q for the quarter ended March 31, 2026.

/s/ Ernst & Young LLP

Cleveland, Ohio

## Ex-23.(A)

**Exhibit 23(a)** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the reference to our firm under the caption "Experts" in the Registration Statement (Form S-3ASR) and related Prospectus of KeyCorp for the registration of debt securities, preferred stock, depositary shares, common shares, warrants, purchase contracts and units and to the incorporation by reference therein of our report dated February 23, 2026, except for Note 23 and Note 25, as to which the date is June 3, 2026, with respect to the consolidated financial statements of KeyCorp included in its Current Report on Form 8-K dated June 3, 2026, and our report dated February 23, 2026, with respect to the effectiveness of internal control over financial reporting of KeyCorp, included in its Annual Report (Form 10-K) for the year ended December 31, 2025, both filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Cleveland, Ohio

June 5, 2026

## Ex-24.(A)

**Exhibit 24(a)** 

**KEYCORP** 

**POWER OF ATTORNEY** 

Each of the undersigned, an officer, a director, or both of KeyCorp, an Ohio corporation, hereby constitutes and appoints James L. Waters and Andrea R. McCarthy, and each of them, as his or her true and lawful attorney-in fact with full power of substitution and resubstitution, to sign in his or her name, place, and stead one or more Registration Statements on Form S-3 of KeyCorp, and any and all amendments and post-effective amendments thereto, in connection with the registration under the Securities Act of 1933, as amended, of debt and equity securities of KeyCorp and to file the same, with all exhibits and other related documents, with the Securities and Exchange Commission, and with full power and authority to take such other actions that the attorney-in-fact deems necessary in connection with the execution and filing of such Registration Statements, amendments and post-effective amendments thereto, and exhibits and other related documents.

This Power of Attorney may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as of June 5, 2026.

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| | |
|:---|:---|
| /s/ Christopher M. Gorman<br> Christopher M. Gorman<br> Chairman, Chief Executive Officer, and<br> Director (Principal Executive Officer) | /s/ Clark H.I. Khayat<br> Clark H.I. Khayat<br> Chief Financial Officer<br> (Principal Financial Officer) |
| /s/ Stacy L. Gilbert<br> Stacy L. Gilbert<br> Chief Accounting Officer<br> (Principal Accounting Officer) | /s/ Jacqueline L. Allard<br> Jacqueline L. Allard, Director |
| /s/ Alexander M. Cutler<br> Alexander M. Cutler, Director | /s/ H. James Dallas<br> H. James Dallas, Director |
| /s/ Antonio DeSpirito<br> Antonio DeSpirito, Director | /s/ Elizabeth R. Gile<br> Elizabeth R. Gile, Director |
| /s/ Robin N. Hayes<br> Robin N. Hayes, Director | /s/ Christopher L. Henson<br> Christopher L. Henson, Director |
| /s/ Richard J. Hipple<br> Richard J. Hipple, Director | /s/ Somesh Khanna<br> Somesh Khanna, Director |
| /s/ Devina A. Rankin<br> Devina A. Rankin, Director | /s/ Barbara R. Snyder<br> Barbara R. Snyder, Director |
| /s/ Richard J. Tobin<br> Richard J. Tobin, Director | /s/ Todd J. Vasos<br> Todd J. Vasos, Director |

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## Ex-25.(A)

**Exhibit 25(a)**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM T-1** 

**STATEMENT OF ELIGIBILITY** 

**UNDER THE TRUST INDENTURE ACT OF 1939** 

**OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE** 

☐ **CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)** 

## DEUTSCHE BANK TRUST COMPANY AMERICAS
**(formerly BANKERS TRUST COMPANY)** 

**(Exact name of trustee as specified in its charter)** 

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| | |
|:---|:---|
| **New York** | **13-4941247** |
| **(Jurisdiction of incorporation or**<br> **organization if not a U.S. national bank)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **One Columbus Circle**<br> **New York, New York** | **10019** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Deutsche Bank Trust Company Americas** 

**1 Columbus Circle** 

**New York, New York 10019** 

**(212) 250 – 2500** 

**(Name, address and telephone number of agent for service)** 

**KEYCORP** 

**(Exact name of obligor as specified in its charter)** 

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| | |
|:---|:---|
| **Ohio** | **34-6542451** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| 127 Public Square<br> Cleveland, Ohio | 44114-1306 |
| **(Address of principal executive offices)** | **(Zip code)** |

---

**Senior Debt Securities** 

**(Title of the indenture securities)** 

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**Item 1. General Information.** 

Furnish the following information as to the trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and address of each examining or supervising authority to which it is subject.

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| | |
|:---|:---|
| **Name** | **Address** |
| Federal Reserve Bank (2nd District) | New York, NY |
| Federal Deposit Insurance Corporation | Washington, D.C. |
| New York State Banking Department | Albany, NY |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether it is authorized to exercise corporate trust powers.

Yes.

**Item 2. Affiliations with Obligor.** 

If the obligor is an affiliate of the Trustee, describe each such affiliation.

None.

**Items 3. -15. Not Applicable** 

**Item 16. List of Exhibits.** 

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| | |
|:---|:---|
| **Exhibit 1 -** | Restated Organization Certificate of Bankers Trust Company dated August 31, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 25, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated December 18, 1998;Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 3, 1999; and Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated March 14, 2002, incorporated herein by reference to Exhibit 1 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 2 -** | Certificate of Authority to commence business, incorporated herein by reference to Exhibit 2 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 3 -** | Authorization of the Trustee to exercise corporate trust powers, incorporated herein by reference to Exhibit 3 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 4 -** | A copy of existing By-Laws of Deutsche Bank Trust Company Americas, incorporated herein by reference to Exhibit 4 filed with Form T-1 Statement, Registration No. 333-271647. |

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| | |
|:---|:---|
| **Exhibit 5 -** | Not applicable. |
| **Exhibit 6 -** | Consent of Bankers Trust Company required by Section 321(b) of the Act, incorporated herein by reference to Exhibit 6 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 7 -** | A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority. |
| **Exhibit 8 -** | Not applicable. |
| **Exhibit 9 -** | Not applicable. |

---

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**SIGNATURE** 

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Deutsche Bank Trust Company Americas, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, in The City of New York, and State of New York, on this 1st day of June, 2026.

DEUTSCHE BANK TRUST COMPANY AMERICAS

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| | |
|:---|:---|
| By: | /s/ Mary Miselis |
|  | Name: Mary Miselis |
|  | Title: Vice President |

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## Ex-25.(B)

**Exhibit 25(b)** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM T-1** 

**STATEMENT OF ELIGIBILITY** 

**UNDER THE TRUST INDENTURE ACT OF 1939** 

**OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE** 

☐ **CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)** 

## DEUTSCHE BANK TRUST COMPANY AMERICAS
**(formerly BANKERS TRUST COMPANY)** 

**(Exact name of trustee as specified in its charter)** 

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| | |
|:---|:---|
| **New York** | **13-4941247** |
| **(Jurisdiction of incorporation or**<br> **organization if not a U.S. national bank)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **One Columbus Circle** |  |
| **New York, New York** | **10019** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**Deutsche Bank Trust Company Americas** 

**1 Columbus Circle** 

**New York, New York 10019** 

**(212) 250 – 2500** 

**(Name, address and telephone number of agent for service)** 

**KEYCORP** 

**(Exact name of obligor as specified in its charter)** 

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| | |
|:---|:---|
| **Ohio** | **34-6542451** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **127 Public Square** |  |
| **Cleveland, Ohio** | **44114-1306** |
| **(Address of principal executive offices)** | **(Zip code)** |

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**Subordinated Debt Securities** 

**(Title of the indenture securities)** 

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**Item 1. General Information.** 

Furnish the following information as to the trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and address of each examining or supervising authority to which it is subject.

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| | |
|:---|:---|
| **Name** | **Address** |
| Federal Reserve Bank (2nd District) | New York, NY |
| Federal Deposit Insurance Corporation | Washington, D.C. |
| New York State Banking Department | Albany, NY |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether it is authorized to exercise corporate trust powers.

Yes.

**Item 2. Affiliations with Obligor.** 

If the obligor is an affiliate of the Trustee, describe each such affiliation.

None.

**Items 3. -15. Not Applicable** 

**Item 16. List of Exhibits.** 

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| | |
|:---|:---|
| **Exhibit 1 -** | Restated Organization Certificate of Bankers Trust Company dated August 31, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 25, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated December 18, 1998;Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 3, 1999; and Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated March 14, 2002, incorporated herein by reference to Exhibit 1 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 2 -** | Certificate of Authority to commence business, incorporated herein by reference to Exhibit 2 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 3 -** | Authorization of the Trustee to exercise corporate trust powers, incorporated herein by reference to Exhibit 3 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 4 -** | A copy of existing By-Laws of Deutsche Bank Trust Company Americas, incorporated herein by reference to Exhibit 4 filed with Form T-1 Statement, Registration No. 333-271647. |

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| | |
|:---|:---|
| **Exhibit 5 -** | Not applicable. |
| **Exhibit 6 -** | Consent of Bankers Trust Company required by Section 321(b) of the Act, incorporated herein by reference to Exhibit 6 filed with Form T-1 Statement, Registration No. 333-201810. |
| **Exhibit 7 -** | A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority. |
| **Exhibit 8 -** | Not applicable. |
| **Exhibit 9 -** | Not applicable. |

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**SIGNATURE** 

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Deutsche Bank Trust Company Americas, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, in The City of New York, and State of New York, on this 1st day of June, 2026.

DEUTSCHE BANK TRUST COMPANY AMERICAS

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| | |
|:---|:---|
| By: | /s/ Mary Miselis |
|  | Name: Mary Miselis |
|  | Title: Vice President |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**KEYCORP /NEW/**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation or Carry Forward Rule**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Debt | Debt Securities | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 2 | Equity | Preferred Stock, par value $1.00 per share | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 3 | Equity | Depositary Shares | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 4 | Equity | Common Shares, par value $1.00 per share | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 5 | Other | Warrants | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 6 | Other | Purchase Contracts | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 7 | Other | Units | 457(r) |  | 0.0001381 |  |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $0.00  |  | $0.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $0.00  |

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 **Offering Note** <br>

<sup>1</sup> The securities of each class may be offered and sold by the registrant and/or may be offered and sold, from time to time, by one or more selling securityholders to be identified in the future. The selling securityholders may purchase the securities directly from the registrant, or from one or more underwriters, dealers or agents. This Registration Statement serves to register such indeterminate amount of securities that may be offered and sold in connection with market-making activities of affiliates of the registrant, including KeyBanc Capital Markets Inc. An indeterminate aggregate initial offering price or number of the securities of each identified class is being registered as may from time to time be offered at indeterminate prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units or represented by depositary shares. In accordance with Rules 456(b) and 457(r), the registrant is deferring payment of all of the registration fee. In connection with the securities offered hereby, the registrant will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). Pursuant to Rule 457(q), no registration fee is required for the registration of an indeterminate amount of securities to be offered in market-making transactions by affiliates of the registrant.

<sup>2</sup> See Offering Note 1.

<sup>3</sup> See Offering Note 1. Such indeterminate number of depositary shares to be evidenced by depositary receipts issued pursuant to a deposit agreement. In the event the registrant elects to offer to the public whole or fractional interests in shares of the preferred stock registered hereunder, depositary receipts will be distributed to those persons purchasing such interests and such shares will be issued to the depositary under the deposit agreement.

<sup>4</sup> See Offering Note 1.

<sup>5</sup> See Offering Note 1.

<sup>6</sup> See Offering Note 1. Purchase contracts may be issued by the registrant for the purchase or sale of its debt securities, common shares, preferred stock or depositary shares.

<sup>7</sup> See Offering Note 1. Any registered securities may be sold as units with other registered securities. Units may consist of two or more securities in any combination, which may or may not be separable from one another, and will be issued pursuant to a unit agreement.

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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