Seattle Investor Meeting February 26, 2003

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

Bank Offices and National Businesses National Businesses KeyCorp’s Franchise Retail:910 Offices in 12 States Commercial:262 Offices in 32 States and 23 Countries

Delivering on our Commitments What We Told YouActions Taken Strengthen management team Complete “PEG” program Refocus on relationship businesses Changed 3 senior positions (4 out of 8 since 5/01) Reduced annual expenses by $250 mill. Reduced non-relationship loans by $3.5 bill. since 5/01

Strategic Priorities Grow revenue – Accelerate deposit growth – Increase cross-sell – Align capital market businesses Maintain expense discipline Improve credit quality Deliver consistent financial results

Diversified Earnings Base Corporate Finance 41% Consumer Banking 43% Capital Partners 16% 2002 Net Income Retail Banking Small Business Indirect Lending National Home Equity Corporate Banking National Commercial R/E Nat. Equipment Finance Victory Capital Management High Net Worth Capital Markets

Consumer Banking Initiatives Deposit growth –Rolled out Free Checking –Offering competitive deposit rates Increase cross-sell –Licensing RMs to sell investments New client acquisition –Adding 100 to 150 new RMs –Adding new KeyCenters –Identifying acquisition opportunities

Retail Services per Household Retail – Focus on Cross-sell

Retail – Relationship Building Profit Contribution per Customer

Corporate Finance Initiatives Revenue Growth –Align commercial and investment banking –Use capital strategically, with the right clients Deposit Growth –Cross-sell loans and deposits –Focus on client specific segments Improve Credit Quality –Align incentives with credit quality –Maximize Key-led transactions

Capital Partners Initiatives Expand cross-sell teams in High Net Worth Expand distribution for Victory –Distribute mutual funds through KeyCenters –Focus on cross-sell opportunities with brokerage and corporate customers –Leverage existing WRAP relationships –Focus on consultants and retirement programs

Asset Quality – Reserve Coverage

Asset Quality – Nonperforming Trends Nonperforming Loans to Total Loans Nonperforming Assets to Total Loans + OREO

Asset Quality – Net charge-offs Net Charge-offs to Average Loans

Balance Sheet – Capital Tangible Equity/Assets Tier 1 Risk-Based Capital

Dividend Record Consecutive Years of Increases T 1.22

Summary New management team focused on performance Alignment of management and shareholder interests Strong dividend record Significant valuation gap to peers

Questions & Answers