<table><tr><th>From:</th><th>Richard Kahn &lt;richardkahn12@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, September 6, 2016 5:55 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>Fwd: KeyCorp Perp nc10 Fixed/Float Pfd</td></tr></table>

please advise
thank you

Richard Kahn
HBRK Associates Inc.
575 Lexington =venue 4th Floor
New York, NY 10022
tel =12-971-1306
fax 646-350.0954
cell =17-414-7584

Begin forwarded message:

From: =/b>"Atlas, Andrew S" <Andrew.Atlas@morganstanley.com>

Subject: qb>KeyCorp Perp nc10 =fixed/Float Pfd

Date: September 6, 2016 at 11:28:23 AM EDT

To: =/b>"Richard Kahn (richardkahn12@gmail.com)" <richardkahn12@gmail.com>

Hi Rich,

I hope you had a nice =oliday.

New issue preferred pricing today.

Due to the size of the offering, please manage =xpectations.

Details:

Price Whisper: 5.125% =rea

<table><tr><th colspan="2">Issuer: &amp;n=sp; KeyCorp (Ticker: KEY)</th></tr><tr><td colspan="2">Securities: Depositary =hares, each representing a</td></tr><tr><td colspan="2">&amp;nb=p; 1/25th Interest in a Share of -ixed-to-Floating Rate</td></tr><tr><td>&amp;nb=p;</td><td>Perpetual Non-Cumulative =referred Stock, Series D Expected Ratings: Baa3/BB+</td></tr><tr><td colspan="2">Size: &amp;nbs; $525mm WNG</td></tr><tr><td>Offering rice:</td><td>$1,000 per depositary share</td></tr><tr><td colspan="2">Maturity: =nbsp; Perpetual</td></tr><tr><td>Dividends:</td><td>From the date of issuance to, but excluding,</td></tr><tr><td>&amp;nb=p;</td><td>09/15/2026, dividends will be =alculated</td></tr><tr><td>&amp;nb=p;</td><td>at a fixed annual rate of [ ] %, =nd from,</td></tr><tr><td>&amp;nb=p;</td><td>and including, 09/26/2026, ividends will be</td></tr><tr><td>&amp;nb=p;</td><td>calculated at a floating annual ate equal to</td></tr><tr><td>&amp;nb=p;</td><td>three-month LIBOR plus, reset =uarterly, []%</td></tr><tr><td>&amp;nb=p;</td><td>Non-Cumulative</td></tr><tr><td>Payment dates:</td><td>Quarterly for both the fixed and floating rate</td></tr><tr><td>&amp;nb=p;</td><td>periods, commencing on 2/15/2016, in each case</td></tr><tr><td>&amp;nb=p;</td><td>when, as and if declared</td></tr><tr><td>Redemption:</td><td>May be =edeemed at the issuer's option at par</td></tr><tr><td>&amp;nb=p;</td><td>plus any declared and unpaid=ividends:</td></tr><tr><td>&amp;nb=p;</td><td>(1) in whole or in part on any =ividend</td></tr><tr><td>&amp;nb=p;</td><td>payment date on or after =9/15/2026, or (2) in</td></tr><tr><td>&amp;nb=p;</td><td>whole but not in part at any =ime within 90</td></tr></table>

&nb=p; days following a Regulatory =apital Treatment &nb=p; Event — see red Listing: =one (TRACE)

DRD/QDI eligible: Yes, see red for tax and =ithholding details Use of Proceeds: General corporate purposes, =hich may include,

&nb=p; without limitation, working =apital, capital
&nb=p; expenditures, investments in or =oans to our
&nb=p; subsidiaries, refinancing of =utstanding
&nb=p; indebtedness, refinancing of =utstanding
&nb=p; capital securities, share =epurchases
&nb=p; (including, but not limited to, =epurchases
&nb=p; of our common stock), dividends, =unding potential
&nb=p; future acquisitions and =atisfaction of other
&nb=p; obligations.

Joint Books: MS, GS, JPM, =EY

Settlement: =nbsp; T+3, MS B&D

Thanks again,

Andrew

Andrew S. Atlas

First Vice President

Equity Sales/Middle Markets Group

Financial Advisor

Morgan Stanley Wealth Management

1290 Avenue of the =mericas, 12th Floor I New York, =Y 10104

Tel/Direct: +1 212 705 4521 | Fax: +1 212 705 4592
andrew.atlas@morganstanley.com <mailto:andrew.atlas@morganstanley.com>

NMLS ID # =326736

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