1. KeyCorp Investor Presentation October 2003

2. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 FORWARD-LOOKING STATEMENT DISCLOSURE 1 The presentation and discussion, including related questions and answers, and presentation materials, contain forward-looking statements about issues like anticipated fourth quarter and full-year 2003 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; 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.

3. Reshaping Key: A Different Company Exit Auto Lease Est. Runoff Portfolio 2001 2002 2003 Henry Meyer Elected Chairman Built Loan Loss Reserve Hired Tom Bunn Corporate Banking Completed PEG $250 mill. savings Hired New CFO Jeff Weeden 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 Conning Acquisition 2

4. Strategic Priorities  Profitably grow revenue Focus on relationship businesses Increase deposits Improve cross-sell  Improve credit quality  Maintain expense discipline  Improve shareholder value (EPA) 3

5. Net Income by Line of Business Corporate & Investment Banking 40% Consumer Banking 50% Investment Management Services Net Income - 3Q03 Retail Banking Small Business Consumer Finance Corporate Banking KeyBank Real Estate Capital Key Equipment Finance 10% 4

6.  Deposit growth  Increase cross-sell  New client acquisition Adding new KeyCenters and RMs  Consumer Finance: reposition and improve cross-sell  Business Banking: focus on business development Business Initiatives Consumer Banking Business Scale 900 KeyCenters - 2,200 ATMs On-line Clients: 722,000 (37% Penetration) Small Business: 10th largest in loan balances Retail Banking Small Business Consumer Finance 5

7.  Revenue Growth Align commercial & investment banking “Lead with Leasing”  Deposit Growth Cross-sell loans and deposits Focus on client specific segments  Improve asset quality  Maximize Key-led transactions #5 Equipment Leasing #5 Commercial Real Estate Lender Corporate & Investment Banking Business Initiatives Business Scale Corporate Banking KeyBank R/E Capital Key Equipment Finance 6

8. Investment Management Services Business Scale Managed & Non-Managed Assets: $128 Bill. Business Initiatives  Victory Capital Leverage external distribution Continue to penetrate the franchise Fill out product menu - NewBridge  MFG Rationalize cost structure Align teams around high net worth clients Victory Capital Mgmt McDonald Financial Group (MFG) 7

9. Financial Review

10. Financial Objectives  Achieve long term targets ROE: 16 - 18% EPS Growth: 7 – 8%  Continue expense discipline  Improve asset quality  Manage strong capital position New authorization to repurchase 25 million shares 9

11. Net Interest Income Net Interest Income (TE) Net Interest Margin (TE) Net Interest Income (TE) Average Earning Assets Investments Consumer Loans Commercial Loans $ in millions $72.1 $72.6 $72.4 $73.9 $73.6 10 $ in billions

12. $38.1 $37.7 $37.1 $37.1 $36.5 $36.4 $36.5 $36.5 $36.4 (1)% 23.3 22.0 22.9 24.0 24.6 24.3 24.7 25.2 25.7 6 3.5 3.0 2.5 2.0 1.7 1.4 1.1 0.9 0.8 (61) 1.3 1.1 1.0 0.8 0.7 0.6 0.5 0.4 0.2 (166) in billions % change * 3Q03 vs. 2Q03 * Annualized Commercial Consumer Auto Commercial Exit Portfolios Average Loans 11

13. in billions Average Core Deposits * Annualized Now/MMDA$13.1 $13.0 $13.4 $13.2 $13.3 $15.1 $16.8 $17.7 18.414% Savings1.91.91.92.02.02.02.02.1 2.12 CD’s13.713.713.413.112.712.211.811.411.1(13) DDA8.38.88.68.79.29.99.810.1 10.6 23 TOTAL $37.0 $37.4$37.3$37.0$37.2$39.2$40.4$41.3 $42.2 8% % change * 3Q03 vs. 2Q03 12

14. Asset Quality Indicators $ in millions 3Q024Q021Q032Q033Q03 Nonperforming Loans $987$943$904$837$795 to EOP Loans 1.57%1.51%1.44%1.32%1.27% Nonperforming Assets $1,017$993$968$897$862 to EOP Loans + OREO 1.61%1.59%1.54%1.42%1.37% Net C/O$185$186$161$141$123 to Average Loans 1.16%1.18%1.04%.90%.77% Allowance$1,489$1,452$1,421$1,405$1,405 to Total Loans2.37%2.32%2.27%2.22%2.24% to Nonperforming Loans151%154%157%168%177% 13

15. Tangible Equity to Tangible Assets 3Q03: 20 of 24 banks reporting 6.78% 14

16. Dividend Record.56.64.72.76.84.94 1.04 1.12 1.20 1.18 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003T 1.22 15

17. Thinking Like An Owner   Total insider ownership: 7% 77% of employees own Key shares 69% of employees have stock options   Stock ownership guidelines CEO: 6 x salary CEO direct reports: 4 x salary Executive Council: 2 x salary 16

18. Summary   New management team focused on improving performance: Profitably grow revenue Focus on relationship businesses Increase deposits Improve asset quality Manage expenses   Alignment of management and shareholder interests   Strong dividend record 17

19. Appendix

20. Retail Banking Markets 900 KeyCenters 2,200 ATMs 1-800-KEY-2-YOU Key.com 12 State Footprint 2.2 Million Clients 6,100+ Employees $1.3+ Billion Revenues A-1

21. Market Share by District A-2

22. Commercial Portfolio - Geography Northeast 23% Rocky Mountain 9% Northwest 22% Great Lakes 46% A-3

23. Commercial Portfolio- Credit Size in millions A-4

24. Commercial Portfolio - Utilization Rate * Excludes Real Estate, Leasing and Commercial Run-off portfolios A-5

25. Net Charge-Offs to Average Loans 3Q03: 20 of 24 banks reporting A-6

26. Net Charge-Offs to Average Loans by Loan Type 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 ConsumerCommercial 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 A-7

27. NPAs to Loans and OREO 3Q03: 20 of 24 banks reporting 0.74% A-8

28. Allowance to Total Loans 3Q03: 20 of 24 banks reporting 1.45% A-9

29. Net Interest Margin (TE) 3.57% 3Q03: 20 of 24 banks reporting A-10

30. M. Mkt 18.319.721.822.223.321.320.019.520.719.318.319.119.318.9 Fixed Inc.14.313.113.213.013.7 15.315.717.3 17.516.316.1 16.317.117.3 Equity 37.9 39.637.735.536.6 32.835.636.132.426.827.2 25.426.928.8 Assets Under Management $ in billions A-11

31.  Relatively stable net interest margin  Stable to modest loan growth  Improving climate for fee-based businesses  Continued focus on expenses  Asset Quality – stable to improving  4Q03 EPS: $0.52 to $0.55 Fourth Quarter 2003 Outlook A-12