D.A. DAVIDSON Financial Services Conference May 7, 2003

2 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.

3 Progress on Initiatives Strengthened management team – 4 of 8 senior positions changed since 5/01 Improved expense discipline – Total PEG saves of $250 million – Relatively flat expenses for past 4 years Refocused on relationship businesses – Reduced nonrelationship loans by approximately $3.7 billion since 5/01

4 Strategic Priorities Grow revenue – Increase commercial loans – Focus on profitable deposit growth – Improve cross-sell – Align capital market businesses Maintain expense discipline Improve credit quality

5 Consumer Banking Initiatives Deposit growth –Rolled out Free Checking –Offering competitive deposit rates Increase cross-sell –Licensing RMs to sell investments New client acquisition –Added 125 new RMs –Adding new KeyCenters –Identifying acquisition opportunities

6 Retail Banking Markets AL AK AZ AR CA CO CT DE DC FL GA ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY Map Legend KeyCorp

7 Retail Services per Household Retail – Focus on Cross-sell

8 Corporate Finance Initiatives Revenue Growth –Align commercial and investment banking –Focus on obtaining appropriate returns for Key’s capital Deposit Growth –Cross-sell loans and deposits –Focus on client specific segments Improve Credit Quality –Align incentives with credit quality –Maximize Key-led transactions

9 Investment Management Services 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

10 Financial Review

11 Financial Overview  Revenue challenges in weak economy  Strong expense management  Growth in core deposits  Continued focus on asset quality  Strong capital position

12 1Q02 1Q03 $ % Retail Banking$ 54$ 62$ 8 15% Small Business Consumer Finance Corporate Banking5951(8)(14) Real Estate Capital3630(6)(17) Equipment Finance 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

13 Net Interest Income Net Interest Income (TE) Net Interest Margin (TE) Net Interest Income (TE) Average Earning Assets Investments Consumer Loans Commercial Loans $71,981 $72,579 $72,083 $72,554 $73,424 $ in millions

14 1Q03 vs. 1Q02 Commercial$37,140$37,088$36,497$36,367$36,463(1.8)% Consumer22,90823,96724,59124,30824, Exit Portfolios Auto2,4992,0411,7051,3711,135 (54.6) Commercial (40.1) Average Loans $ in millions $63,488 $63,928 $63,486$62,677$62,845 % Change

15 % Change 1Q03 vs. 1Q024Q02 1Q03 1Q02 4Q02* Noninterest Bearing$8.6$9.9$9.814%(6)% NOW & MMDA Savings Deposits CDs Under 100k (12)(14) Total Core Deposits$37.3$39.3$40.4 8%12% $ in billions Average Core Deposit Growth *Annualized

16 Commercial Portfolio - Geography Northeast 20% Rocky Mountain 10% Northwest 27% Great Lakes 43%

17 Commercial Portfolio- Credit Size in millions

18 Commercial Portfolio- Utilization Rate * Excludes Real Estate, Leasing and Commercial Run-off portfolios

19 Net Charge Offs/ Loans

20 NPA / Loans and OREO

21 Allowance to Total Loans

22 Allowance to NPL

23 Tangible Equity to Tangible Assets

24 Dividend Record Consecutive Years of Increases T 1.22

25 Thinking Like An Owner Total insider ownership: 7% – –77% of employees own Key shares – –69% of employees have stock options Stock ownership guidelines – –CEO: 6 x salary – –CEO direct reports: 4 x salary – –Executive Council: 2 x salary

26 Summary New management team focused on improving performance: – –Growing revenue – –Managing expenses – –Increasing deposits – –Improving asset quality Alignment of management and shareholder interests Strong dividend record

27 Question and Answer