1. 2004 Lehman Brothers Financial Services Conference September 13, 2004 KeyCorp Henry L. Meyer III Chairman & Chief Executive Officer Jeffrey B. Weeden Senior Executive Vice President & Chief Financial Officer

2. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 FORWARD-LOOKING STATEMENT DISCLOSURE The presentation, including related questions and answers, contain forward- looking statements about issues like anticipated third 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. 1

3. Reshaping Key: A Different Company Exit Auto Lease Est. Runoff Portfolio 2001 2002 2003 Henry Meyer Elected Chairman Hired Tom Bunn Corporate Banking Completed PEG $250 mill. savings Hired Jeff 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 Conning Acquisition 2 2004 Acquisitions: Sterling Branches EverTrust American Capital Mgmt Additions: Tim King Chuck Hyle Bob Wagner Steve Yates

4. Strategic Priorities  Profitably grow revenue  Improve credit quality  Maintain expense discipline  Improve shareholder returns 3

5. Net Income by Line of Business Corporate & Investment Bkg. 46% Consumer Banking 43% Investment Management Services Net Income – 2Q04 Retail Banking Small Business Consumer Finance Corporate Banking KeyBank Real Estate Capital Key Equipment Finance 11% 4

6. Profitably Grow Revenue Consumer Banking – Tim King appointed President of Retail Banking – Acquired 22 branches in high-growth markets – New checking accounts opened up 31% – Small Business deposit balances up 13% – Accounts per customer have increased to 3.22 – Licensed 260 RMs to sell investment products 5 Retail Banking Small Business Consumer Finance

7. Profitably Grow Revenue Corporate and Investment Banking – Aligned commercial and investment banking – Focused on 8 industries – Institutional Bank – Successful “Lead with Leasing” campaign – Commercial mortgage servicing portfolio increased to $28 billion 6 Corporate Banking KeyBank R/E Capital Key Equipment Finance

8. Profitably Grow Revenue Investment Management Services – Increased AUM by $6.0 billion – Bob Wagner appointed President of Victory – Completed integration of Private Banking and Private Client Group – 4.85 products per household – Building brand awareness – Affluent Consumer Confidence Index Victory Capital Mgmt McDonald Financial Group 7

9. Financial Review 8

10. Net Interest Income Net Interest Income (TE) Net Interest Margin (TE) Net Interest Income (TE) Average Earning Assets Investments Consumer Loans Commercial Loans $73,934 $73,623 $73,113 $73,381 $73,874 $ in millions 9

11. $37.1$36.5$36.4$36.5$36.5$36.4$36.1 $36.3 $37.3 24.024.624.324.725.225.725.726.0 25.5 - 2.01.71.4 1.10.9 0.80.6 0.40.3 0.80.70.6 0.50.40.20.2 0.1 - Average Loans $ in billions * Annualized Commercial Consumer Auto Commercial Exit Portfolios 10

12. 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 2Q033Q034Q031Q042Q04 $ 141.90% $ 837 1.32% $ 897 1.42% $1,405 2.22% 168% $ 123.77% $ 795 1.27% $ 862 1.37% $1,405 2.24% 177% $ 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% $ 104.67% $ 454. 71% $ 540.84% $1,276 1.99% 281% 11

13. Maintain Expense Discipline $ in millions Personnel Non-Personnel 364345334335363361358354363371380379373371 334513349367298304301314294317319319286308 12 Noninterest Expense

14. Capital 2Q033Q034Q031Q042Q04 Tang. Equity/Tang. Assets 6.90% 6.94% 6.94% 6.98%6.64% Tier 1 Risk-Based Capital 7.94% 8.23% 8.35% 8.10% 7.93% Cash dividends paid$.305$.305$.305$.31$. 31 (per share) Shares Repurchased3.02.54.08.06.0 (millions) 13

15.  Stable net interest margin  Modest loan/earning assets growth  Improving climate for fee-based businesses  Improving asset quality  Continued cost discipline  EPS Range: 3Q04$0.57 to $0.61 2004 F.Y. $2.35 to $2.45 2004 Outlook 14

16. Strong Dividend Record Dividend increased 39 consecutive years 15

17. Strategic Priorities  Profitably grow revenue  Improve credit quality  Maintain expense discipline  Improve shareholder returns 16

18. Question and Answer