1. Retail Banking at Key Financial Services Analysts Association Newport, Rhode Island June 18, 2003 Patrick J. Swanick, President, Retail Banking & Electronic Services

2. Retail Banking Initiatives Revenue, Revenue, Revenue, Deposit growth – –Rolled out Free Checking Nationwide – –Offering competitive deposit rates – –Introduced KeyMiles Continental Airlines Debit Card Retail Banking (Expense)

3. Free Checking, with KeyMiles Debit Card Retail Banking

4. 19961997199819992000200120022003 Forecast Debit Card Revenue Growth #4 Small Business and #8 Consumer MasterCard Debit Issuer Nationwide Percentage of Active Users and Transactions per Cardholder Exceed National Averages Retail Banking $ in millions

5. Retail Banking Initiatives Revenue, Revenue, Revenue, (Expense) Deposit growth – –Rolled out Free Checking Nationwide – –Offering competitive deposit rates – –Introduced KeyMiles Continental Airlines Debit Card Retail Banking New client acquisition – –Added new RMs and BDOs – –Adding new KeyCenters and ATMs – –Identifying acquisition opportunities Increase cross-sell – –Licensing RMs to sell investments – –Certifying RMs to handle small business clients

6. Total Revenue (TE) by Line of Business 1Q021Q03 $ in millions 1Q02 1Q03 $ % Retail Banking$ 311$ 320 $ 9 +3% Small Business9094 4 4 Consumer Finance150150- - Corporate Banking249234(15)(6) Real Estate Capital9084( 6)(7) Equipment Finance6671 58 Investment Mgmt Services213192( 21)(10) Investment Mgmt Services 18% Consumer Banking 47% Corporate & Investment Banking 35% Change Investment Mgmt Services 17% Consumer Banking 49% Corporate & Investment Banking 34% Retail Banking

7. 1Q02 1Q03 $ % Retail Banking$ 54$ 62$ 8 +15% Small Business2122 1 5 Consumer Finance612 6 100 Corporate Banking5951(8)(14) Real Estate Capital3630(6)(17) Equipment Finance1925 632 Investment Mgmt Services2320(3)(13) Net Income by Line of Business 1Q021Q03 Corporate & Investment Banking 48% Consumer Banking 43% Investment Mgmt Services 9% Investment Mgmt Services 11% Consumer Banking 37% Corporate & Investment Banking 52% Change $ in millions Retail Banking

8. % Change 1Q03 vs. 1Q024Q02 1Q03 1Q02 4Q02* Noninterest Bearing$8.6$9.9$9.814%(6)% NOW & MMDA 13.415.216.8 2543 Savings Deposits1.92.02.0513 CDs Under 100k13.412.211.8 (12)(14) Total Core Deposits$37.3$39.3$40.4 +8%+12% $ in billions Average Core Deposit Growth *Annualized Retail Banking

9. 1Q03 vs. 1Q02 Commercial$37,140$37,088$36,497$36,367$36,463(1.8)% Consumer22,90823,96724,59124,30824,6837.7% Exit Portfolios Auto2,4992,0411,7051,3711,135 (54.6) Commercial941832693631564(40.1) Average Loans $ in millions $63,488$63,928$63,486$62,677$62,845 % Change Retail Banking

10. Overview 902 KeyCenters 2,179 ATMs 1-800-KEY-2-YOU Key.com 12 State Footprint 2.2 Million Clients 6,100+ Employees $1.3+ Billion Revenues Retail Banking

11. Strategic Priorities for 2003 RETENTION Retain All Clients/Relationships Keep All High Performing Employees EXPANSION Drive Deeper Cross-Selling Foster 1Key Leadership ACQUISITION Attract New Relationship Clients & COIs Actively Recruit New High Potential Employees

12. KeyCenter Network Summary Retail Banking

13. New Customer Acquisition (Millions) Projected Organic Customer Growth Projected Customer Growth with Acquisitions Selected Initiatives Supporting Acquisition: Multiple new product introductions (Free Checking, Continental/Key Miles Debit Card, Relationship Mortgage, Home Loan First, Student Checking, etc.) Increased marketing spend, with clear, forceful messages More KeyCenters & ATMs; “Grand Re-Openings” of newer KeyCenters Added sales capacity – More RMs, SSAs, BDOs, COIs & TeleSales staff Additional strategic bank acquisitions (like UBT)

14. Retail Banking Client Retention Selected Initiatives Supporting Retention: Enhanced client contact strategy through KeyCenter and Outbound TeleSales Staffs and Direct Mail Harland Modeling – “Likely to Attrite” scores Fee changes/modifications Expanded KeyCenter hours Annual Attrition Rate

15. Client Satisfaction Grows Aggregate hospitality scores for Key’s branch network. The scale is 1-5: 1 = Strongly Disagree 5 = Strongly Agree 8.92 1Q 2003 The scale is 1-10: 1 = Very Dissatisfied 10 = Very Satisfied 8.99 Historical ScaleCurrent Scale Retail Banking

16. Relationship Building Profit Contribution per Customer Retail Banking

17. Retail Services per Household Focus on Cross-Sell 2.59 2.63 2.81 2.86 2.92 Retail Banking

18. Transaction Migration Continues Percentage of Transactions 31% 37% 11% 21%

19. Retail Banking Revenue Generation Through TeleSales $ Booked (Millions)

20. Growing Online Banking Penetration Retail Banking

21. Key.com Reviews l Third parties continue to rate Key.com highly l Key was rated as one of the best bank websites that effectively communicates its commitment to diversity. (DiversityInc. Dec. 2002) Evaluator Ranking & Number of Companies RatedRating CategoryDate Speer & Associates#1/10Transactional CapabilitiesQ1 ‘03 Gomez#1/15Small Business Ease of UseQ3 '02 Speer & Associates#2/10Business DevelopmentQ1 ‘03 Gomez#2/15Small Business Overall ScoreQ3 '02 Speer & Associates#2/10Small Business Internet BankingQ2 ‘03 Gomez#5/30Consumer Overall ScoreQ2 '03 Gomez#4/30Consumer Ease of UseQ2 '03 Gomez#6/30Consumer Relationship ServicesQ2 '03

22. Revenue per Sales FTE (Thousands) Relationship Building Retail Banking

23. Summary Key’s Retail Bank is positioned for growth…   Retention, expansion & acquisition initiatives are working.   Strategic acquisitions and DeNovo expansion will supplement organic growth.   Service quality and convenience, delivered by the best people, provide the foundation for our distinctiveness in the marketplace.

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

25. Retail Banking Question & Answer Session

26. Patrick J. Swanick President, Retail Banking & Electronic Services KeyBank 127 Public Square Cleveland, Ohio 44114 USA Phone: (216) 689-1201 Fax: (216) 689-4095 eMail: patrick_swanick@keybank.com Retail Banking