2004 Lehman Brothers Financial Services Conference

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. 1 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.

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

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

5. 4 Net Income by Line of Business Net Income – 2Q04 • Corporate Banking • KeyBank Real Estate Capital • Key Equipment Finance Investment Management Services Corporate & Investment Bkg.46% 11% Consumer Banking43% • Retail Banking • Small Business • Consumer Finance

6. 5 Profitably Grow Revenue • Retail Banking • Small Business • Consumer Finance • 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

7. 6 Profitably Grow Revenue • Corporate Banking • KeyBank R/E Capital • Key Equipment Finance • 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

8. 7 Profitably Grow Revenue • Victory Capital Mgmt • McDonald Financial • Group • 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

9. 8 Financial Review

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

11. 10 Average Loans $ in billions $37.1 $36.5 $36.4 $36.5 $36.5 $36.4 $36.1 $36.3 $37.3 24.0 24.6 24.3 24.7 25.2 25.7 25.7 26.0 25.5 2.0 1.7 1.4 1.1 0.9 0.8 0.6 0.4 0.3 0.8 0.7 0.6 0.5 0.4 0.2 0.2 0.1 - Commercial Consumer Exit Portfolios Auto Commercial * Annualized

12. Asset Quality 11 $ in millions 2Q033Q034Q031Q042Q04 Net C/O to Average Loans Nonperforming Loans to EOP Loans Nonperforming Assets to EOP Loans + OREO Allowance to Total Loans to Nonperforming Loans $ 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%

13. 12 Maintain Expense Discipline $ in millions Noninterest Expense • 345 334 335 363 361 358 354 363 371 380 379 373 371 • 334 513 349 367 298 304 301 314 294 317 319 319 286 308 Personnel Non-Personnel

14. Capital 13 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 Repurchased 3.0 2.5 4.0 8.0 6.0 (millions)

15. 14 2004 Outlook • 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

16. 15 Strong Dividend Record Dividend increased 39 consecutive years

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

18. Question and Answer