1. Seattle Investor Meeting February 26, 2003

2. 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.

3. 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

4. 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

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

6. 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

7. 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

8. Retail Services per Household Retail – Focus on Cross-sell 2.59 2.63 2.81 2.86

9. Retail – Relationship Building Profit Contribution per Customer

10. 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

11. 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

12. Asset Quality – Reserve Coverage

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

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

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

16. Dividend Record.56.64.72.76.84.94 1.04 1.12 1.20 1.18 38 Consecutive Years of Increases 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003T 1.22

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

18. Questions & Answers