KeyCorp Annual KeyCorp Annual MeetingMeetingMay 13, 2004May 13, 2004

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995FORWARD-LOOKING STATEMENT DISCLOSURE

The presentation, including related questions and answers, contain forward-looking statements about issues like anticipated second quarter and full-year 2004 earnings, anticipated level of net loan charge-offs and nonperforming assets and anticipated improvement in profitability and competitiveness. Forward-looking statements by their nature are subject to assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such forward-looking statements for a variety of factors including: changes in interest rates; failure of the economy to continue to recover, which could materially impact credit quality trends and the ability to generate loans; failure of the capital markets to function consistent with customary levels; delay in or inability to execute strategic initiatives designed to grow revenues and/or manage expenses; consummation of significant business combinations or divestitures; new legal obligations or restrictions or unfavorable resolution of litigation; further disruption in the economy or the general business climate as a result of terrorist activities or military actions; and changes in accounting, tax or regulatory practices or requirements.

Reshaping Key: A Different Company

Exit Auto LeaseEst. Runoff Portfolio

2001 2002 2003

Henry Meyer Elected Chairman

HiredTom Bunn

Corporate Banking

Completed PEG $250 mill. savings

HiredJeff Weeden

CFO

Union Bankshares Acquisition

Integrated Investment & Commercial

Banking

T.D. Leasing Portfolio

Acquisition

Focused on product

Higher credit risk tolerance

Unfocused expense culture

Inconsistent financial measures

Focused on deepening relationships

Re-established conservative credit culture

PEG expense culture

Economic Profit Added (EPA)

NewBridge Acquisition

ConningAcquisition

2

2004

Sterling BranchAcquisition

Hired Tim King

Retail Banking

Key Messages

Improving revenue environment

Positive asset quality trends

Continuing expense discipline

Improving shareholder returns

• Strong dividend record• Financial targets: EPS 8% to

10% ROE 16% to 18%

Net Income by Line of Business

Corporate & Investment Bkg.

45%

Consumer Banking43%

Net Income – 1Q04

• Retail Banking• Small Business• Consumer Finance

• Corporate Banking• KeyBank Real Estate Capital• Key Equipment Finance Investment Mgmt

Services 12%

• Victory Capital Mgmt• McDonald Financial Group

Financial Highlights

Net interest income (TE) $ 685 $ 703 (2.6)%Noninterest income 431 397 8.6 Total revenue (TE) 1,116 1,100 1.5Provision for loan losses 81 130 (37.7)Noninterest expense 659 657 .3Net income $ 250 $ 217 15.2%

EPS $ .59 $ .51 15.7%

ROA 1.19% 1.05% -ROE 14.47 12.91 -

1Q04 1Q03 % Change

$ in millions

Asset Quality

Net C/O to Average Loans

Nonperforming Loans

to EOP Loans

Nonperforming Assets to EOP Loans + OREO

Allowance to Total Loans to Nonperforming Loans

$ in millions

Change 1Q04 vs.1Q04 4Q03 1Q03 4Q03 1Q03

$ 161 1.04%

$ 904 1.44%

$ 968 1.54%

$1,421 2.27% 157%

$ 123 .78%

$ 694 1.11%

$ 753 1.20%

$1,406 2.24% 203%

$ 111 .71%

$ 587 .94%

$ 670 1.07%

$1,306 2.09% 222%

$ (12) -

$ (107)-

$ (83)-

$ (100)- -

$ (50) -

$ (317)-

$ (298)-

$ (115)- -

Stock Performance – Total Return

(10)

(5)

0

5

10

15

20

25

30

35

40

12/31/02 3/31/03 6/30/03 9/30/03 12/31/03 3/31/04

KeyCorp

S&P 500

S&P Banks

Strong Dividend Record

$1.24$1.22$1.20$1.18

$1.12$1.04

$0.94

$0.64$0.72 $0.76

$0.84

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004T

Dividend increased 39 consecutive years

Strategic Priorities

Profitably grow revenue

Improve credit quality

Maintain expense discipline

Improve shareholder returns