KEYCORP NEW

We took the following actions during 2023 in support of our corporate strategy:

•Throughout dynamic market conditions wecontinued to support our clients, growing in both commercial clients and consumer households and raising $80 billion in capital for our clients.

•We’ve continued to focus on relationships, primacy, and quality deposits, while de-emphasizing non-relationship business and significantly improving our funding and liquidity.

•Overall, credit quality remains strong reflecting ourstrong risk management discipline and our proven underwrite-to-distribute business model. We’ve continued to maintain low exposure in high-risk categories such as leveraged lending and office properties.

•We proactively managed our balance sheet by reducing risk-weighted assets, improving our capital position. At December 31, 2023, our Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 10.02% and 11.67%, respectively.

•We remained committed to our strategy toengage a high-performing, talented, and diverse workforce. We have been recognized by multiple organizations for our dedication to creating an environment where employees are treated with respect and empowered to bring their authentic selves to work. Some of these awards and recognitions included the Human Rights Campaign naming us one of the 2023 Equality 100 Award recipients as a leader in LGBTQ+ Workplace Inclusion, Bloomberg listing us on the Gender-Equality Index, G.I. Jobs and Military Spouse Magazine recognizing us as a Military Friendly®and Military Friendly®Spouse Employer, and receiving the Leading Disability Employer Seal from the National Organization on Disability. We were also named to DiversityInc’s 2023 Top 50 Companies for Diversity.

Current year expectations - full year 2024 vs. full year 2023

(a) Guidance range: relatively stable: +/- 2%.

(b) Excludes impact of the FDIC special assessment charge of $190 million, efficiency related expenses of $131 million, and a pension settlement charge of $18 million in 2023.

(c) Additional Guidance: End of period loans: relatively stable vs. year-end 2023 balances; Net interest income (TE): Up low-single digits vs. 4Q23 annualized exit rate, 10%+ 4Q24 vs. 4Q23.