D.A. Davidson & Co. Financial Services Conference Lee Irving KeyCorp

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. 1

Reshaping Key: A Different Company Exit Auto Lease Est. Runoff Portfolio 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

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

Net Income by Line of Business Corporate & Investment Bkg. 45% Consumer Banking 43% Investment Management Services Net Income – 1Q04 Retail Banking Small Business Consumer Finance Corporate Banking KeyBank Real Estate Capital Key Equipment Finance 12% 4

Net Interest Income Net Interest Income (TE) Net Interest Margin (TE) Net Interest Income (TE) Average Earning Assets Investments Consumer Loans Commercial Loans $73,424 $73,934 $73,623 $73,113 $73,381 $ in millions 5

Net Interest Margin (TE) 6

$37.1$37.1$36.5$36.4$36.5$36.5$36.4$36.1$36.3 2% % NM NM Average Loans $ in billions % change * 1Q04 vs. 4Q03 * Annualized Commercial Consumer Auto Commercial Exit Portfolios 7

Commercial Portfolio – Geography Northeast 20% Rocky Mountain 11% Northwest 27% Great Lakes 42% 8

$ in billions Average Core Deposit Growth * Annualized 9 Now/MMDA$13.4 $13.2 $13.3 $15.1 $16.8 $17.7 $18.4$18.8$18.9 3% Savings (3) CD’s (2) DDA (9) TOTAL $37.3$37.0$37.2$39.2$40.4$41.3 $42.2$42.8$42.6 (2)% % change * 1Q04 vs. 4Q03

10 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 $ % $ % $ % $1, % 157% $ % $ % $ % $1, % 203% $ % $ % $ % $1, % 222% $ (12) - $ (107) - $ (83) - $ (100) - $ (50) - $ (317) - $ (298) - $ (115) -

Commercial Portfolio – C redit Size $ in millions OutstandingCommitments# of Obligations 11

$ in millions Personnel Non-Personnel Noninterest Expense Maintain Expense Discipline

Capital * Estimated 13 1Q032Q033Q034Q031Q04 Tang. Equity/Tang. Assets 6.71% 6.90% 6.94% 6.94% 6.98% Tier 1 Risk-Based Capital 7.86% 7.94% 8.23% 8.35% 7.97% * Cash dividends paid$.305$.305$.305$.305$.31 (per share) Shares Repurchased (millions)

Focus on Shareholder Value  Disciplined capital management – Invest in growth businesses – Share repurchase – Strong dividend record  Focused on Economic Profit Added (EPA)  Alignment of management and shareholder interests –Insider ownership: 7% –Stock ownership guidelines –Incentive compensation tied to EPA 14

Strong Dividend Record Dividend increased 39 consecutive years 15

Question and Answer