Document:

EX-4.3.(c)

 Exhibit 4.3(c) 

THIS MASTER GLOBAL NOTE IS AN OBLIGATION OF SOLELY KEYCORP AND IS NOT A SAVINGS ACCOUNT, A DEPOSIT OR OTHER OBLIGATION OF ANY BANK AND IS NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
  

					
	 REGISTERED
  

 
 No. 001
	  	 KEYCORP

FORM OF
 SENIOR MEDIUM-TERM NOTE,
SERIES O
 (MASTER GLOBAL NOTE)
	  	REGISTERED

 If the registered owner of this Master Global Note (as indicated below) is The Depository Trust Company
(“DTC”) or a nominee of DTC, this Master Global Note is a Global Security and the following legend applies: 
 Unless this certificate
is presented by an authorized representative of The Depository Trust Company (the “Depository”) to the issuer or its agent for registration of transfer, exchange or payment, and such certificate issued is registered in the name of
CEDE & CO., or such other name as requested by an authorized representative of the Depository, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, since the registered owner hereof,
CEDE & CO., has an interest herein. 
 If the registered owner of this Master Global Note (as indicated below) is
[                                        ]
(“[            ]”) or a nominee of [                    ], this Master
Global Note is a Global Security and the following legend applies: 
 [Unless this certificate is presented by an authorized representative of
[                    ] (the “Depository”) to the issuer or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of [                    ] or in such other name as is requested by an authorized representative of the
Depository (and any payment is made to [                    ] or to such other entity as is requested by an authorized representative of the
Depository), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
[                    ], has an interest herein.] 

Thereafter the following legend applies, regardless of the registered owner of this Security: 

Unless and until this certificate is exchanged in whole or in part for Notes in certificated form, this certificate may not be transferred except as a whole
by the Depository to a nominee thereof or by a nominee thereof to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor of the Depository or a nominee of such successor. 

KEYCORP, an Ohio corporation (herein referred to as the “Issuer,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby 

 
promises to pay to [                    ], or its registered assigns: (i) on each
principal payment date, including each amortization date, redemption date, repayment date, maturity date, and extended maturity date, as applicable, of each obligation identified on the records of the Issuer (which records are maintained by Deutsche
Bank Trust Company Americas, or such other paying agent as designated in the applicable pricing supplement (the “Paying Agent”)) as being evidenced by this Master Global Note, the principal amount then due and payable for each such
obligation, and (ii) on each interest payment date, if any, the interest then due and payable on the principal amount for each such obligation. Payment shall be made by wire transfer of United States dollars to the registered owner, or
immediately available funds or the equivalent to a party as authorized by the registered owner and in the currency other than United States dollars as provided for in each such obligation, by the Paying Agent without the necessity of presentation
and surrender of this Master Global Note. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER GLOBAL NOTE SET FORTH ON THE REVERSE HEREOF.

 This Master Global Note is a valid and binding obligation of the Issuer. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its corporate
seal. 
  

					
		 	KEYCORP
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

			
		 	Attest:	 	  

		 		 	Assistant Secretary
	[Seal]
		
	Dated:                        	 	TRUSTEE’S CERTIFICATE OF AUTHENTICATION:
		
		 	This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
		
		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

			
		 	By:	 	  

		 		 	Authorized Signatory

 [REVERSE OF NOTE] 

KEYCORP 
 SENIOR MEDIUM-TERM NOTE,
SERIES O 
 (MASTER GLOBAL NOTE) 

This Master Global Note evidences certain indebtedness (the “Debt Obligations”) of the Issuer, which shall form a part of the
Issuer’s unsecured, unsubordinated medium-term notes, Series O due nine months or more from the date of issue (“Series O”), all issued or to be issued under and pursuant to an Indenture dated as of June 10, 1994, as it may
be supplemented from time to time (the “Indenture”), duly executed and delivered by the Issuer to Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), to which Indenture and all indentures supplemental
thereto (including the Issuer’s Officers’ Certificate and Company Order, dated June 9, 2017, with respect to, among other things, the establishment of Senior Medium-Term Notes, Series O) reference is hereby made for a description of the
rights, duties and immunities thereunder of the Issuer, the Trustee and the holders of the Debt Obligations. As provided in the Indenture, the Debt Obligations may mature at different times, may bear interest, if any, at different rates, may be
subject to different redemption and repayment provisions, if any, may be subject to different sinking, purchase, or analogous funds, if any, may be subject to different covenants and events of default, and may otherwise vary as in the Indenture
provided or permitted. The Indenture was amended pursuant to a First Supplemental Indenture dated as of November 14, 2001 and a Second Supplemental Indenture dated as of November 13, 2013, copies of which are available from the Issuer or
the Trustee. The Debt Obligations as evidenced by this Master Global Note aggregated with any other indebtedness of the Issuer issued under Series O are unlimited. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THE DEBT OBLIGATIONS SET FORTH IN THE RECORDS OF THE ISSUER MAINTAINED BY THE TRUSTEE,
WHICH RECORDS CONSIST OF THE PRICING SUPPLEMENT(S) TO THE PROSPECTUS SUPPLEMENT DATED JUNE 9, 2017, AND PROSPECTUS DATED JUNE 9, 2017 (EACH, AS IT MAY BE AMENDED OR SUPPLEMENTED, A “PRICING SUPPLEMENT”) RELATING TO EACH ISSUANCE OF
DEBT OBLIGATIONS, AS FILED BY THE ISSUER WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN AND SHALL COMPRISE A PART OF THIS MASTER GLOBAL NOTE. 

Capitalized terms used herein that are not defined herein shall have the meanings assigned to them in the Indenture. 

No reference herein to the Indenture and no provision of this Master Global Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest, if any, on each Debt Obligation at the times, places, and rates, and in the coin or currency, identified on the records of the Issuer. 

 At the request of the registered owner, the Issuer shall promptly issue and deliver one or more
separate note certificates evidencing each Debt Obligation evidenced by this Master Global Note. As of the date any such note certificate or certificates are issued, the Debt Obligations which are evidenced thereby shall no longer be evidenced by
this Master Global Note. 
 Beneficial interests in the Debt Obligations evidenced by this Master Global Note are exchangeable for
definitive notes in registered form, of like tenor and of an equal aggregate principal amount, only if (a) (i) [The Depository Trust
Company][                    ], as depositary (the “Depository”), notifies the Issuer that it is unwilling or unable to continue as
Depository for this Master Global Note, or (ii) if at any time the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, if then required by applicable law or regulation, and in either case,
a successor depositary is not appointed by the Issuer within 90 days after receiving notice or becoming aware the Depository is unwilling or unable to continue as depositary or is no longer so registered; (b) in the case of any other registered
global note if (i) the clearing system(s) through which the notes are cleared and settled is closed for business for a continuous period of 14 days, other than by reason of holidays, statutory or otherwise; or (ii) the clearing system(s)
through which the notes are cleared and settled announces an intention to cease business permanently or does in fact do so; (c) the Issuer in its sole discretion elects to issue definitive notes; or (d) after the occurrence of an
Event of Default relating to a Debt Obligation evidenced by this Master Global Note, beneficial owners representing a majority in principal amount of such Debt Obligation advise the Depository or other clearing system(s) through its participants to
cease acting as depositary for such Debt Obligation evidenced by this Master Global Note. Any beneficial interests in such Debt Obligation that are exchangeable pursuant to the preceding sentence shall be exchangeable in whole for definitive notes
in registered form, of like tenor and of an equal aggregate principal amount, in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof, unless otherwise specified in the applicable Pricing Supplement. Such definitive
notes shall be registered in the name or names of such person or persons as the Depository shall instruct the registrar. 
 Prior to due
presentment of this Master Global Note for registration of transfer, the Issuer, the Trustee or any agent of the Issuer or the Trustee may treat the holder in whose name this Master Global Note is registered as the owner hereof for all purposes,
whether or not this Master Global Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary except as required by applicable law. 

ASSIGNMENTS 
 FOR VALUE
RECEIVED, the undersigned 
 hereby sell(s), assign(s) and transfer(s) unto: 

PLEASE INSERT TAX PAYER IDENTIFICATION NUMBER, SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE:                                 

  
  

 
 (Please print or type name and
address, 
 including zip code of assignee) 

the Master Global Note of KEYCORP and all rights thereunder and does hereby irrevocably constitute and appoint: 

 
  

Attorney to transfer the said Master Global Note on the books of the within-named Issuer, with full power of substitution in the premises. 

Dated                         
                                         
                                         
                                         
                                         
                                         
                 
  

	 	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Master Global Note in every particular, without alteration or enlargement or any change whatsoever. 

SIGNATURE GUARANTEED:EX-4.3.(d)

 Exhibit 4.3(d) 

THIS SECURITY IS AN OBLIGATION OF SOLELY KEYCORP AND IS NOT A SAVINGS ACCOUNT, A DEPOSIT OR OTHER OBLIGATION OF ANY BANK AND IS NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY. 
 [THIS SECURITY IS SUBORDINATED, AS TO PRINCIPAL, INTEREST AND PREMIUM, AND ADDITIONAL
AMOUNTS, IF ANY, TO ALL “SENIOR INDEBTEDNESS” OF KEYCORP, INCLUDING ALL OBLIGATIONS TO KEYCORP’S GENERAL CREDITORS (OTHER THAN OBLIGATIONS TO TRADE CREDITORS INCURRED IN THE ORDINARY COURSE OF THE KEYCORP’S BUSINESS). THIS
SECURITY IS NOT SECURED BY ANY ASSETS OF KEYCORP OR BY THE ASSETS OF ANY OF ITS SUBSIDIARIES OR AFFILIATES, IS NOT GUARANTEED BY ANY OF KEYCORP’S SUBSIDIARIES OR AFFILIATES, AND IS INELIGIBLE AS COLLATERAL TO SECURE A LOAN OR EXTENSION OF
CREDIT FROM KEYCORP OR ANY OF ITS SUBSIDIARIES.] 
 CUSIP
NO.                 

[ISIN:                 ] 

[Common Code:                 ] 

REGISTERED PRINCIPAL AMOUNT $                    

 No. FX
-                         

KEYCORP 
 FORM OF 

SUBORDINATED MEDIUM-TERM NOTE, SERIES P 

(FIXED RATE) 
 Due from 9 Months or
More from Date of Issue 
 If the registered owner of this Security (as indicated below) is The Depository Trust Company (“DTC”) or a
nominee of DTC, this Security is a Global Security and the following legend applies: 
 Unless this certificate is presented by an authorized
representative of The Depository Trust Company(the “Depository”) to the issuer or its agent for registration of transfer, exchange or payment, and such certificate issued is registered in the name of CEDE & CO., or such other name
as requested by an authorized representative of the Depository, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, since the registered owner hereof, CEDE & CO., has an interest herein. 

 If the registered owner of this Security (as indicated below) is
[                        ]
(“[                    ]”) or a nominee of
[                ], this Security is a Global Security and the following legend applies: 

Unless this certificate is presented by an authorized representative of
[                                    ] (the “Depository”)
to the issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of
[                                ] or in such other name as is requested by an authorized
representative of the Depository (and any payment is made to
[                                        ] or to
such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
[                                    ], has an interest herein.

 Thereafter the following legend applies, regardless of the registered owner of this Security: 

Unless and until this certificate is exchanged in whole or in part for Notes in certificated form, this certificate may not be transferred except as a
whole by the Depository to a nominee thereof or by a nominee thereof to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor of the Depository or a nominee of such successor. 

IF APPLICABLE, THE “TOTAL AMOUNT OF OID,” “YIELD TO MATURITY” AND “INITIAL ACCRUAL PERIOD OID” (COMPUTED
UNDER THE APPROXIMATE METHOD) BELOW WILL BE COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT (“OID”) RULES. 

ISSUE PRICE: 
 ORIGINAL ISSUE PRICE: 

STATED MATURITY: 
 MINIMUM DENOMINATIONS: 

☐ $1,000 
 ☐ Other: 

SPECIFIED CURRENCY: 
 United States Dollars: 

☐ YES    ☐ NO 
 FOREIGN CURRENCY:

 EXCHANGE RATE AGENT: 
 PAYING AGENT: 

 PLACE OF PAYMENT: 

OPTION TO RECEIVE PAYMENTS IN SPECIFIED CURRENCY OTHER THAN U.S.
DOLLARS:    ☐  YES    ☐  NO 
 INTEREST RATE: 

COMPUTATION PERIOD: 
 INTEREST PAYMENT DATES IF OTHER THAN
JUNE 15 AND DECEMBER 15: 
 REGULAR RECORD DATES: 

OPTIONAL REDEMPTION:    ☐  YES    ☐  NO 

INITIAL REDEMPTION DATE: 
 ADDITIONAL REDEMPTION DATES: 

DAY COUNT CONVENTION: 
 INITIAL REDEMPTION PERCENTAGE: 

ANNUAL REDEMPTION PERCENTAGE REDUCTION: 
 OPTION TO ELECT
REPAYMENT:    ☐  YES    ☐  NO 
 REPAYMENT DATE(S): 

REPAYMENT PRICE: 
 ADDITIONAL AMOUNTS: 

DEFEASANCE:    ☐  YES    ☐  NO 

COVENANT DEFEASANCE:    ☐  YES    ☐  NO 

OPTIONAL INTEREST RATE RESET: 

    ☐  YES    ☐  NO 

OPTIONAL INTEREST RATE RESET DATES: 
 OPTIONAL EXTENSION OF
MATURITY: 
     ☐  YES    ☐  NO 

LENGTH OF EXTENSION PERIOD: 
 NUMBER OF EXTENSION PERIODS: 

TOTAL AMOUNT OF OID (for Discount Securities only): 
 ORIGINAL
YIELD TO MATURITY (for Discount Securities only): 
 INITIAL ACCRUAL PERIOD OID (for Discount Securities only): 

OTHER/DIFFERENT PROVISIONS: 

 KEYCORP, an Ohio corporation (herein referred to as the “Company,” which term
includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [                    ]
or registered assigns, the principal sum of [                                DOLLARS ($
)] on the Stated Maturity shown above (except to the extent redeemed, repaid, renewed or extended prior to the Stated Maturity) and to pay interest on such principal sum at the Interest Rate shown above from the Original Issue Date shown above or
from the most recent Interest Payment Date to which interest, if any, has been paid or duly provided for, semi-annually on June 15 and December 15 of each year (unless other Interest Payment Dates are shown on the face hereof and except as
provided in the next succeeding paragraph) (each, an “Interest Payment Date”) until the principal hereof is paid or made available for payment and on the Stated Maturity, any Redemption Date or Repayment Date (such terms are
together hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date); provided, however, that any payment of principal, premium, if any, or interest, if any, to be made on any
Interest Payment Date or on the Maturity Date that is not a Business Day (as defined below) shall be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity Date, as the case
may be, and no additional interest, if any, shall accrue or be paid on the amount so payable as a result of such delayed payment. 
 For
purposes of this Security, unless otherwise specified on the face hereof, “Business Day” means as follows: (i) for LIBOR Notes issued in U.S. dollars, a Business Day, with respect to any payment, is any day that is not a
Saturday or Sunday and that is not a day that banking institutions in New York City are generally authorized or obligated by law or executive order to close, and is also a London Business Day, and with respect to an Interest Determination Date, is a
London Business Day; (ii) for notes denominated in a specified currency other than euro, the term Business Day means any day that is not a Saturday or Sunday and that is not a day that banking institutions in New York City are generally
authorized or obligated by law or executive order to close, and is also a day on which commercial banks and foreign exchange markets settle payments in the principal financial center of the country of the relevant specified currency (if other than
New York City); (iii) for notes denominated in euro, the term Business Day means any day that is not a Saturday or Sunday and that is not a day that banking institutions in New York City are generally authorized or obligated by law or executive
order to close and is also a TARGET Business Day; and (iv) in all other circumstances, any day that is not a Saturday or Sunday and that is not a day that banking institutions in New York City are generally authorized or obligated by law or
executive order to close. 
 “Principal Financial Center” means (i) the capital city of the country issuing the
Specified Currency or (ii) the capital city of the country to which the designated LIBOR currency, if applicable, relates, except, in each case, that with respect to United States dollars, Australian dollars, Canadian dollars, euro, New Zealand
dollars, South African rand and Swiss francs, the “Principal Financial Center” shall be New York City, Sydney, Toronto, London (solely in the case of the designated LIBOR currency), Wellington, Johannesburg and Zurich, respectively. 

“London Business Day” means any day on which dealings in the United States dollars are transacted in the London market. 

 “TARGET Business Day” means a day on which the Trans-European Automated Real
Time Gross Settlement Express Transfer payment systems (which utilizes a single shared platform and which was launched on November 19, 2007) is open for the settlement of payment in euro. 

Any interest hereon is accrued from, and including, the next preceding Interest Payment Date in respect of which interest, if any, has been
paid or duly provided for (or from, and including, the Original Issue Date if no interest has been paid) to, but excluding , the succeeding Interest Payment Date or the Maturity Date, as the case may be. The interest, if any, so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (referred to on the reverse hereof), be paid to the person (the “Holder”) in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date or as otherwise specified above (each, a “Regular Record Date”); provided,
however, that, if this Security was issued between a Regular Record Date and the initial Interest Payment Date relating to such Regular Record Date, interest, if any, for the period beginning on the Original Issue Date and ending on such
initial Interest Payment Date shall be paid on the Interest Payment Date following the next succeeding Regular Record Date to the Holder hereof on such next succeeding Regular Record Date; and provided further that interest, if any, payable
on the Maturity Date will be payable to the person to whom the principal hereof shall be payable. Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) will forthwith cease to be payable to the Holder
on such Regular Record Date and may either be paid to the person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a special record date (the “Special Record Date”) for the
payment of such Defaulted Interest to be fixed by the Trustee (referred to on the reverse hereof), notice whereof shall be given to the Holder of this Security not less than ten days prior to such Special Record Date, or may be paid at any time in
any other lawful manner, all as more fully provided in the Indenture. 
 Unless otherwise specified above, all payments in respect of this
Security will be made in U.S. dollars regardless of the Specified Currency shown above unless the Holder hereof makes the election described below. If the Specified Currency shown above is other than U.S. dollars, the Exchange Rate Agent (referred
to on the reverse hereof) will arrange to convert all payments in respect hereof into U.S. dollars in the manner described on the reverse hereof; provided, however, that the Holder hereof may, if so indicated above, elect to receive
all payments in such Specified Currency by delivery of a written request to the corporate trust office of the Trustee in New York City, on or prior to the applicable Regular Record Date or at least 15 days prior to the Stated Maturity, as the case
may be. Such request may be in writing with a signature guarantee, mailed or hand delivered, or by cable, telex, or other form of facsimile transmission. Unless otherwise specified above, the Holder hereof may elect to receive payment in such
Specified Currency for all principal, premium, if any, and interest payments and need not file a separate election for each payment. Such election will remain in effect until revoked by written notice to the Trustee, but written notice of any such
revocation must be received by the Trustee on or prior to the Regular Record Date or at least 15 days prior to the Stated Maturity, as the case may be. Notwithstanding the foregoing, if the Company determines that the Specified Currency is not
available for making payments in respect hereof due to the imposition of exchange controls or other circumstances beyond the Company’s control, or is no longer used by the government of the country issuing such currency or for the settlement of
transactions by public institutions of or 

 
within the international banking community, then the Holder hereof may not so elect to receive payments in the Specified Currency and any such outstanding election shall be automatically
suspended, until the Company determines that the Specified Currency is again available for making such payments. 
 In the event of an
official redenomination of the Specified Currency, the obligations of the Company with respect to payments on this Security shall, in all cases, be deemed immediately following such redenomination to provide for payment of that amount of
redenominated currency representing the amount of such obligations immediately before such redenomination. In no event shall any adjustment be made to any amount payable hereunder as a result of any change in the value of the Specified Currency
shown above relative to any other currency due solely to fluctuations in exchange rates. 
 Unless otherwise shown above, payment of
interest on this Security (other than on the Maturity Date) will be made by check mailed to the registered address of the Holder hereof; provided, however, that, if (i) the Specified Currency is U.S. dollars and the Holder hereof
is the Holder of U.S.$1,000,000 or more in aggregate principal amount of Securities of the series of which this Security is a part (whether having identical or different terms and provisions) or (ii) the Specified Currency is a Foreign
Currency, and the Holder has elected to receive payments in such Specified Currency as provided for above, such interest payments will be made by transfer of immediately available funds, but only if appropriate instructions have been received in
writing by the Trustee on or prior to the applicable Regular Record Date. Simultaneously with any election by the Holder hereof to receive payments in respect hereof in the Specified Currency (if other than U.S. dollars), such Holder may provide
appropriate instructions to the Trustee, and all such payments will be made in immediately available funds to an account maintained by the payee with a bank, but only if such bank has appropriate facilities therefor. Unless otherwise specified
above, the principal hereof (and premium, if any) and interest hereon payable on the Maturity Date will be paid in immediately available funds upon surrender of this Security at the corporate trust office of the Trustee maintained for that purpose
in the Borough of Manhattan, the City and State of New York (or at such other location as may be specified above). The Company will pay any administrative costs imposed by banks in making payments in immediately available funds, but, except as
otherwise provided above, any tax, assessment or governmental charge imposed upon payments will be borne by the Holders of the Securities in respect of which such payments are made. 

Unless otherwise specified on the face hereof, interest on this Security, if any, will be computed and paid on the basis of a 360-day year of twelve 30-day months. 
 REFERENCE IS HEREBY MADE
TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE, INCLUDING, WITHOUT LIMITATION, THE PROVISIONS RELATING TO THE
SUBORDINATION OF THIS SECURITY TO THE COMPANY’S SENIOR INDEBTEDNESS. 

 Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its facsimile corporate seal. 
  

							
		 		 	KEYCORP
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

				
		 		 	Attest:	 	  

		 		 		 	Assistant Secretary
				
	[Seal]	 		 		 	
			
	Dated:                        	 		 	TRUSTEE’S CERTIFICATE OF AUTHENTICATION:
			
		 		 	This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture
			
		 		 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 [REVERSE OF NOTE] 

KEYCORP 
 SUBORDINATED MEDIUM-TERM
NOTE, SERIES P 
 Section 1. General. This Security is one of a duly authorized issue of securities (herein called the
“Securities”) of the Company, issued and to be issued in one or more series under and pursuant to an indenture, dated as of June 10, 1994, as it may be supplemented from time to time (herein called the
“Indenture”), between the Company and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to a series of which
this Security is a part), to which indenture and all indentures supplemental thereto, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Indenture was amended pursuant to a First Supplemental Indenture dated as of November 14, 2001 and a Second Supplemental
Indenture dated as of November 13, 2013, copies of which are available from the Company or the Trustee. This Security is one of the series designated on the face hereof that is unlimited in aggregate principal amount. 

Section 2. Payments. If the Specified Currency is other than U.S. dollars and the Holder hereof fails to elect payment in such
Specified Currency, the amount of U.S. dollar payments to be made in respect hereof will be determined by the Exchange Rate Agent specified on the face hereof or a successor thereto (the “Exchange Rate Agent”) based on the highest
bid quotation in New York City at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date from three recognized foreign exchange dealers selected by the Exchange Rate Agent (one of which may be
the Exchange Rate Agent unless the Exchange Rate Agent is the applicable agent to or through which this Security was originally sold) for the purchase by the quoting dealer of the Specified Currency for U.S. dollars for settlement on such payment
date in the aggregate amount of the Specified Currency payable to all Holders of Securities denominated in a Foreign Currency scheduled to receive U.S. dollar payments and at which the applicable dealer commits to execute a contract. If three of
such bid quotations are not available, payments will be made in the Specified Currency. 
 Except as set forth below, if the Specified
Currency is other than U.S. dollars and the Specified Currency is not available due to the imposition of exchange controls or to other circumstances beyond the Company’s control, or is no longer used by the government of the country issuing
such currency or for settlement of transactions by public institutions of or within the international banking community, the Company will be entitled to make payments in U.S. dollars on the basis of the noon buying rate in New York City for cable
transfers of such Specified Currency as certified for customs purposes (or, if not so certified as otherwise determined) by the Federal Reserve Bank of New York (the “Market Exchange Rate”) as computed by the Exchange Rate Agent for
such Specified Currency on the second Business Day prior to such payment or, if the Market Exchange Rate is then not available, on the basis of the most recently available Market Exchange Rate or as otherwise indicated on the face hereof. Any
payment made under such circumstances in U.S. dollars where the required payment is in a Specified Currency other than U.S. dollars will not constitute an Event of Default or Default under the Indenture. 

 All determinations referred to above made by the Exchange Rate Agent shall be at its sole
discretion and, in the absence of manifest error, shall be conclusive for all purposes and binding on the Holder of this Security. 
 All
currency exchange costs will be borne by the Holder of this Security through deductions from payments otherwise due to such Holder. 

References herein to “U.S. dollars” or “U.S. $” or “$” are to the currency of the United
States of America. 
 Section 3. Redemption. If so specified on the face hereof, the Company may at its option redeem this
Security in whole or from time to time in part in increments of $1,000 (provided that any remaining principal amount of this Security shall not be less than the minimum authorized denomination of such Security (except in the case of a Discount
Security)) on or after the date designated as the Initial Redemption Date on the face hereof at 100% of the unpaid principal amount hereof or the portion thereof redeemed (or, if this Security is a Discount Security, such lesser amount as is
provided for below) multiplied by the Initial Redemption Percentage specified on the face hereof, together with accrued interest to the Redemption Date, provided that any such redemption will be subject to the prior approval of the Board of
Governors of the Federal Reserve System or its delegee (the “Federal Reserve”), if then required. Such Initial Redemption Percentage, if more than 100%, shall decline at each anniversary of the Initial Redemption Date by an amount
equal to the Annual Redemption Percentage Reduction specified on the face hereof until the redemption price is 100% of such amount. The Company may exercise such option by causing the Trustee to mail a notice of such redemption at least 10 but not
more than 60 days prior to the Redemption Date. In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.
If less than all the Securities of the series, of which this Security is a part, with differing issue dates, interest rates and stated maturities are to be redeemed, the Company in its sole discretion shall select the particular Securities to be
redeemed and shall notify the Trustee in writing thereof at least 45 days prior to the relevant redemption date. If less than all of the Securities with like tenor and terms to this Security are to be redeemed, the Securities to be redeemed shall be
selected by the Trustee by such method as the Trustee shall deem fair and appropriate. 
 Section 4. Repayment. If so specified
on the face hereof, this Security shall be repayable prior to the Stated Maturity at the option of the Holder on each applicable Repayment Date shown on the face hereof at the Repayment Price shown on the face hereof, together with accrued interest
to the Repayment Date. In order for this Security to be repaid, the Paying Agent must receive at least 30 but not more than 45 days prior to a Repayment Date this Security with the form attached hereto entitled “Option to Elect
Repayment” duly completed. Except as set forth in Section 308 of the Indenture, any tender of this Security for repayment shall be irrevocable. The repayment option may be exercised by the Holder of this Security in whole or in part in
increments of $1,000 (provided that any remaining principal amount of this Security shall not be less than the minimum authorized denomination hereof). Upon any partial repayment, this Security shall be canceled and a new Security or Securities for
the remaining principal amount hereof shall be issued in the name of the Holder of this Security. 

 Section 5. Sinking Fund. This Security will not be subject to any sinking fund. 

Section 6. Discount Securities. If this Security (such Security being referred to as an “Original Issue Discount
Security”) (a) has been issued at an Issue Price lower, by more than a de minimis amount (as determined under United States federal income tax rules applicable to original issue discount instruments), than its “stated redemption
price at maturity” (as defined below) and (b) would be considered an original issue discount security for United States federal income tax purposes, then the amount payable on this Security in the event of redemption by the Company or upon
an Acceleration Event described in Section 8, in lieu of the principal amount due at the Stated Maturity hereof, shall be the Amortized Face Amount (as defined below) of this Security as of the date of such redemption, repayment or
acceleration. The “Amortized Face Amount” of this Security shall be the amount equal to the sum of (a) the Issue Price (as set forth on the face hereof) plus (b) the aggregate of the portions of the original issue discount
(the excess of the amounts considered as part of the “stated redemption price at maturity” of this Security within the meaning of Section 1273(a)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), whether
denominated as principal or interest, over the Issue Price of this Security) which shall theretofore have accrued pursuant to Section 1272 of the Code (without regard to Section 1272(a)(7) of the Code) from the date of issue of this Security to
the date of determination, minus (c) any amount considered as part of the “stated redemption price at maturity” of this Security which has been paid on this Security from the date of issue to the date of determination. 

Section 7. Modification and Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series. Such amendment may be effected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a 66-2/3% in principal amount of all Outstanding Securities affected thereby. The Indenture also contains provisions permitting the Holders of not less than 66-2/3% in principal amount of the Outstanding Securities, on behalf of the Holders of all Outstanding Securities, to waive compliance by the Company with certain provisions of the Indenture. Provisions in the
Indenture also permit the Holders of not less than 66-2/3% in principal amount of all Outstanding Securities of any series to waive on behalf of all of the Holders of all the Securities of such series and any
related coupons certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder of this Security and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security[, provided no action provided in this Section shall be taken without the Company’s
consent where it would result in the Notes not being Tier 2 capital for Federal Reserve purposes]. 
 Section 8. Subordination;
Obligation of the Company Absolute. The indebtedness evidenced by the Securities of this series is, to the extent provided in the Indenture, subordinated and subject in right of the payment in full of the principal of (and premium, if any) and
interest on all Senior Indebtedness, as defined in the Indenture, and this Security is issued subject to the provisions of the Indenture with respect thereto. In the event of insolvency, bankruptcy, receivership, reorganization, liquidation or
similar proceedings of the Company or the receivership, insolvency, liquidation or similar proceeding of a Major Bank as set forth in Federal Reserve Regulation Q, 12 C.F.R. Part 217 (“Acceleration Events”), all Senior

 
Indebtedness of the Company shall be entitled to be paid in full before any payment shall be made on, the Securities of this series. Each Holder of this Security, by accepting the same, agrees
that each holder of Senior Indebtedness, whether created or acquired before or after the issuance of the Securities of this series, shall be deemed conclusively to have relied on such provisions in acquiring and continuing to hold, or in continuing
to hold, such Senior Indebtedness. The Indenture also provides that if, upon the occurrence of certain events of bankruptcy or insolvency relating to the Company, there remains, after giving effect to the subordination provisions referred to in
Section 1614 of the Indenture, any amount of cash, property or securities available for payment or distribution in respect of Securities of this series (as defined in the Indenture, “Excess Proceeds”, and if at such time any
Entitled Person (as defined in the Indenture) has not received payment in full of all amounts due or to become due on or in respect of Other Senior Obligations (as defined in the Indenture), then such Excess Proceeds shall first be applied to pay or
provide for the payment in full of such Other Senior Obligations before any payment or distribution may be made in respect of the Securities of this series. This Security is also issued subject to the provisions of the Indenture regarding payments
to Entitled Persons in respect of Other Senior Obligations. Each Holder of this Security, by accepting the same, agrees to be bound by the provisions of the Indenture described herein and authorizes and directs the Trustee to take such action on his
behalf as may be necessary or appropriate to acknowledge or effectuate the subordination of this Security and payment of Excess Proceeds as provided in the Indenture and appoints the Trustee his attorney-in-fact for any and all such purposes. 
 No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in
the Specified Currency herein prescribed. 
 Section 9. Defeasance and Covenant Defeasance. The Indenture contains provisions
for defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain restrictive covenants and the related defaults and Events of Default, upon compliance by the Company with certain conditions set
forth therein, which provisions apply to this Security, unless otherwise specified on the face hereof. 
 Section 10. Authorized
Denominations. Unless otherwise provided on the face hereof, this Security is issuable only in registered form without coupons issued in denominations of $1,000 or any amount in excess thereof which is an integral multiple of $1,000. If this
Security is denominated in a Specified Currency other than U.S. dollars or is an Original Issue Discount Security, this Security shall be issuable in the denominations set forth on the face hereof. 

Section 11. Registration of Transfer. As provided in the Indenture and subject to certain limitations herein and therein set
forth, the transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of transfer at a Place of Payment for the series of Securities of which this Security is a part, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 If the registered owner of this Security is the Depository (such a Security being referred to
herein as a “Global Security”) and (i) the Depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed by the Company within 90 days following notice to the Company or
(ii) an Event of Default occurs, the Company will issue Securities in certificated form in exchange for this Global Security. In addition, the Company may at any time determine not to have Securities represented by this Global Security and, in
such event, will issue Securities in certificated form in exchange in whole for this Global Security representing such Security. In any such instance, an owner of a beneficial interest in a Global Security will be entitled to physical delivery in
certificated form of Securities equal in principal amount to such beneficial interest and to have such Securities registered in its name. Securities so issued in certificated form will be issued in denominations of $1,000 (or such other denomination
as shall be specified by the Company) or any amount in excess thereof which is an integral multiple of $1,000 and will be issued in registered form only, without coupons. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 Section 12. Events of Default. If an Event of Default with respect to the Securities of
the series of which this Security forms a part shall have occurred and be continuing, the principal of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. 

Section 13. Defined Terms. All terms used in this Security which are defined in the Indenture and are not otherwise defined herein
shall have the meanings assigned to them in the Indenture. 
 Section 14. Governing Law. This Security shall be governed by and
construed in accordance with the laws of the State of New York. 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
 TEN COM - as tenants in common 

TEN ENT - as tenants by the entireties 

JT TEN - as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT -
                                    Custodian  
                                         
  
 (Cust.)
                                         
    (Minor)                             

Under Uniform Gifts to Minors Act 
  

 
 (State) 

Additional abbreviations may also be used though not in the above list. 

 ASSIGNMENTS 

FOR VALUE RECEIVED, the undersigned 

hereby sell(s), assign(s) and transfer(s) unto: 

PLEASE INSERT TAX PAYER IDENTIFICATION NUMBER, SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE:                                       
              
  

 
  

 
 (Please print or type name and
address, 
 including zip code of assignee) 

the within Security of KEYCORP and all rights thereunder and does hereby irrevocably constitute and appoint: 

 
  

Attorney to transfer the said Security on the books of the within-named Company, with full power of substitution in the premises. 

 

			
	Dated                                   
                                         
                                         
                                         
                                         
                                         
      

	 	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Security in every particular, without alteration or enlargement or any change whatsoever.

  
 SIGNATURE GUARANTEED: 

 
  

 OPTION TO ELECT REPAYMENT 

The undersigned hereby irrevocably requests and instructs the Company to repay this Security (or the portion thereof specified below),
pursuant to its terms, on the “Repayment Date” first occurring after the date of receipt of the within Security as specified below, at a Repayment Price equal to 100% of the principal amount thereof, together with interest thereon
accrued to the Repayment Date, to the undersigned at: 
  
  

(Please Print or Type Name and Address of the Undersigned.) 

For this Option to Elect Repayment to be effective, this Security with the Option to Elect Repayment duly completed must be received at
least 30 but not more than 45 days prior to the Repayment Date (or, if such Repayment Date is not a Business Day, the next succeeding Business Day) by the Company at its office or agency, which will be located initially at the office of the Trustee
at Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, Attention: Corporate Trust & Agency Services. 

If less than the entire principal amount of the within Security is to be repaid, specify the portion thereof (which shall be $1,000 or an
integral multiple thereof) which is to be repaid:
$                                    . 

If less than the entire principal amount of the within Security is to be repaid, specify the denomination(s) of the Security(ies) to be issued
for the unpaid amount ($1,000 or any integral multiple of $1,000; provided that any remaining principal amount of this Security shall not be less than the minimum denomination of such Security):
$                                    . 

 

			
	Dated:                                   
                                         
                                         
                                         
                                         
                                         
    

	 	Note: The signature to this Option to Elect Repayment must correspond with the name as written upon the face of the within Security in every particular without alterations or enlargement or any change whatsoever.

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