KeyCorp Annual Meeting May 22, 2003

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 FORWARD-LOOKING STATEMENT DISCLOSURE These presentation materials and discussion contain forward-looking statements about issues like anticipated improvements in credit quality and 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; continued weakness in the economy 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.

Delivering on Commitments Priorities in 2002 Strengthen management teamStrengthen management team Focus on relationship businessFocus on relationship business Work to restore credit qualityWork to restore credit quality Grow depositsGrow deposits Maintain expense disciplineMaintain expense discipline

Delivering on Commitments Management team is stronger

Delivering on Commitments Relationship focus is sharper Consumer Banking 42% Corporate & Investment Banking 46% Investment Management Services 2002 Net Income Retail Banking Consumer Finance Small Business Corporate Banking Commercial Real Estate Equipment Finance IMS 12%

Net charge-offs to average loans 1.37% 1.32% 1.27% 1.16% 1.18% 1.04% 4Q011Q022Q023Q024Q021Q03 Delivering on Commitments Net charge-offs are down

Delivering on Commitments 12/31/0012/31/0112/31/02 $38.8 $40.9 $38.7 Core Deposits * in billions Deposits are up $41.9 3/31/03 * period-end balances

$2,508 $3,070 $2,917 $2,941 $2, Noninterest Expense in millions Delivering on Commitments Costs are down

Earnings per Diluted Common Share Earnings Performance Clean quarters $0.56 $0.57$0.57$0.57 $0.51 1Q022Q023Q024Q021Q03

Thinking Like Owners Total insider ownership: 7% Stock ownership guidelines - 77% of employees own Key shares - 69% of employees have stock options (Ownership times base salary) CEO: CEO direct reports: CEO direct reports: Executive Council: Old5x2x1xNew6x4x2x

% -1% 8% S&P500 S&PBanksIndex Key Positive Total Return Total Return, 2002

 Grow revenue  Maintain expense discipline  Improve credit quality Clear Priorities for 2003