1. KeyCorp Annual Meeting May 13, 2004

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 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.

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 Sterling Branch Acquisition Hired Tim King Retail Banking

4. 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%

5. Net Income by Line of Business Corporate & Investment Bkg. 45% Consumer Banking 43% 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

6. Financial Highlights Net interest income (TE)$ 685$ 703(2.6)% Noninterest income4313978.6 Total revenue (TE) 1,1161,1001.5 Provision for loan losses81130(37.7) Noninterest expense659657.3 Net income $ 250$ 21715.2% EPS$.59$.5115.7% ROA1.19%1.05% - ROE14.4712.91- 1Q041Q03 % Change $ in millions

7. 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. 1Q044Q031Q034Q031Q03 $ 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) -

8. Stock Performance – Total Return

9. Strong Dividend Record Dividend increased 39 consecutive years

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