BancAnalystAssociation of Boston

November 7, 2003

Jack L. KopniskyPresident

Key Consumer Bank

Michael OrsinoNational Sales ManagerRetail Banking, KeyCorp

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995FORWARD-LOOKING STATEMENT DISCLOSURE

The presentation and discussion, including related questions and answers, and presentation materials, contain forward-looking statements about issues like anticipated fourth 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.

Net Income by Line of Business

Corporate & Investment Banking

40%

ConsumerBanking

50%

Investment Management Services

Net Income - 3Q03

• Retail Banking• Small Business• Consumer Finance

• Corporate Banking• KeyBank Real Estate Capital• Key Equipment Finance

10%

1

Deposit growth Increase cross-sell New client acquisition

• Adding new KeyCenters and RMs Consumer Finance: reposition and improve cross-sell Business Banking: focus on business development

Business Initiatives

Business Scale

900 KeyCenters - 2,200 ATMs On-line Clients: 722,000 (37% Penetration) Small Business: 10th largest in loan balances

Retail BankingSmall BusinessConsumer Finance

Consumer Banking2

Consumer Bank Financial PerformanceFinancial Performance ($ millions)

Q3’03 Q2’03 Q3’02% Growth

Q3’03 vs. Q3’02

Revenue

Provision for Loan Losses

Expenses (Incl Ovhd)

Net Income

Loans

Deposits

Transaction

MM/Savings

CD’s

616,102

69,857

354,578

119,791

29,100

34,999

10,367

10,913

13,719

580,997

64,754

353,093

101,969

28,874

34,780

9,902

10,697

14,182

576,864

70,171

336,343

106,605

28,243

33,580

9,054

8,949

15,577

6.8%

-0.4%

5.4%

12.4%

3.0%

4.2%

14.5%

21.9%

-11.9%

3

Progress on Relationship Development

Q3’03 Q2’03 Q3’02

Checking Balances ($ in Millions)

Retail Banking

Business Banking

Net New Checking Accounts

Retail Banking

Business Banking

MM/Savings Balances ($ in Millions)

Retail Banking

Business Banking

Home Equity Balances ($ in Millions)

Retail Banking

Net New Clients

Retail Banking

Business Banking

Accounts per Customer

Retail Banking

Business Banking

$6,871

$3,116

30,174

(469)

$9,687

$1,217

$7,900

10,766

1,030

Relationship Development and Client Acquisition

3.05

2.88

$6,707

$2,865

10,071

(556)

$9,531

$1,160

$7,614

3,480

1,103

3.03

2.84

$6,074

$2,652

(9,336)

(738)

$8,029

$916

$6,956

(16,047)

820

3.00

2.70

%

13%

17.5%

NM

57%

21%

33%

14%

26%

2%

7%

NM

4

Key’s Relationship Approach

FoundationElements

Human Capital

=+Products

Geography

Segmentation

Channels

DistinctiveElements

ClientKnowledge

Service & Advice

MultipleSolutions

Future State

Unique ClientExperience

ConsistentShareholder

Return

5

Key’s Relationship Approach

FoundationElements

Human Capital

Products

Geography

Segmentation

Channels

6

Key’s Relationship Approach

• Market Share Objective: Top 4 Market Share Position• Retail Infrastructure Investments 2000-2005 - $162 Million• Acquisition Strategy

• Measures of Success Market Share Growth Market Earnings Growth

District* Deposit Market

Position

* KeyBank Deposits

(in billions)

*KeyBank Deposit Market

Share # of KeyCenters

Cleveland OH 1 $16.2 36% 68Central New York 1 $1.8 12% 59Maine 2 $1.9 13% 62Toledo OH 2 $1.4 10% 38Western New York 3 $2.3 9% 42South Puget Sound WA 3 $2.0 12% 62Albany NY 3 $1.8 12% 46Hudson Valley NY 3 $1.6 7% 36Northern Indiana 3 $0.9 12% 33Idaho 3 $0.6 7% 30Seattle WA 4 $1.6 6% 42Dayton OH 4 $0.8 8% 24Vermont 4 $0.4 8% 12 Total (Key Position 1-4) $33.3 15% 554 % of KeyBank's Total 78% 62%

Oregon 5 $2.0 7% 66Trans Mountain WA 5 $0.8 5% 32Alaska 5 $0.4 6% 17Akron/Canton OH 6 $1.2 7% 38Central Indiana 6 $0.8 5% 32Columbus OH 6 $0.8 6% 25Cincinnati OH 6 $0.6 2% 23Rochester NY 8 $0.3 3% 14Coloroado 9 $1.0 2% 41Michigan 9 $0.5 4% 21Utah 10 $0.6 1% 37 Total (Key Position 5-10) $9.3 3% 346 % of KeyBank's Total 22% 38%KeyBank Totals $42.5 900

Foundation ElementsGeography

Market Share

7

Key’s Relationship Approach

• Profit Tier Segmentation

• Movement to Life Stage Segmentation

• Measures of Success Profitability/Client

Profitability/Segment

Net Client Growth

Foundation ElementsSegmentation

28.6% 30.1%33.9% 34.6%

31.2%

9.2%11.2% 11.7% 13.1% 13.5% 13.2%

5.3% 6.1% 6.4% 6.3%

3.4% 5.0% 5.4% 6.1% 6.1%

55.4%43.1%39.5%41.5%47.8%49.4%

28.0%

4.0% 6.8%

4.0%

Customers

June

1998

Dec

1999

Profitability/CustomersJune

1998

Dec

2000

($121)

$394

($104)

$532

P1P2P3

P4

P5

Dec

2000

$679

($143)

Dec

2002

Dec

2001

Dec

2001

Dec

1999

Dec

2002

$458 $618

($111) ($133)

Sept

2003

Sept

2003

$727

($129)

8

• Client Choice of Channel

• Key Centers / McDonald Offices

• ATM

• Call Center

• Key.com

Key’s Relationship Approach

• Measures of Success Productivity

Service Levels

Client Satisfaction

Foundation ElementsChannels

8.92

9.03

2002 Q3 2003

Current Scale

The scale is 1-10: 1 = Very Dissatisfied10 = Very Satisfied

Client Satisfaction

9

Key’s Relationship Approach

• Broad Product Solutions for Consumers and Institutions

• Loan, Deposit, Investments, Fee-Based Services

• Relationship Pricing and Packaging

• Measures of Success Profitable Balance & Fee Growth

Product Economic Value Added (EPA)

Foundation ElementsProducts

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

1st Qtr 2nd Qtr 3rd Qtr

2002 2003

48%Increasethis year

New DDA Account Opening

10

Key’s Relationship Approach

• Competency-Based Hiring

• Significant, Continuous Learning and Training Environment

• Differentiating for High Performance

• Meritocracy

-- Financial Objectives-- Behavior Expectations-- EPA Driven Rewards

• Measures of Success Employee Satisfaction

Retention/Turnover

Diversity

Foundation ElementsHuman Capital

10.0%

20.0%

30.0%

40.0%

Year End 2001 Year End 2002 Q3 2003

All Positions Client Relations Representatives

Retail Turnover Ratio

11

Key’s Relationship Approach

+

DistinctiveElements

ClientKnowledge

Service & Advice

MultipleSolutions

FoundationElements

Human Capital

Products

Geography

Segmentation

Channels

12

Key’s Relationship ApproachClient Knowledge

• Investments in Enterprise

• Turn Data to Actionable Information

• CRM System

• Measures of Success Sales Productivity

Conversion Metrics

Distinctive Elements

30,000

40,000

50,000

60,000

22%Increase

During 3rd Quarter

3Q’02 3Q’03

Retail Profit Production

13

Key’s Relationship Approach

• Defined Service Behaviors

• Relentless Consistency

• Proactive Advice

• Measures of Success Client Acquisition/Attrition

Client Satisfaction

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Year End 2002 1st Qtr 2003 2nd Qtr 2003 3rd Qtr 2003

Attrition Acquisition

Annualized Attrition/Acquisition Grows

Service & Advice Distinctive Elements

14

Key’s Relationship Approach

• Aggressive, Results Oriented

• Proactively Acquire Major Share of Wallet

• Measures of Success Defined Sales Activities

Cross Sell Ratio

Share of Wallet

Multiple Solutions Distinctive Elements

2.00

3.00

4.00

5.00

Year End2001

Year End2002

Q3 2003

Accounts/ Customer Accounts/ Household

Cross Sell Ratio

15

Key’s Relationship Approach

+ =

DistinctiveElements

ClientKnowledge

Service & Advice

MultipleSolutions

Future State

Unique ClientExperience

ConsistentShareholder

Return

FoundationElements

Human Capital

Products

Geography

Segmentation

Channels

16

Key’s Relationship ApproachFuture State

• Consistent & Distinctive Service Experience

• Aggressive, Unrelenting Sales Culture

• Consumer Banking Growth Supporting Consistent Shareholder Returns

• 3-5% Revenue Growth

• 10%+ Earnings Growth

• ROE 21%+

17

BancAnalystAssociation of Boston

November 7, 2003

Michael OrsinoNational Sales ManagerRetail Banking, KeyCorp

Retain Expand Acquire

• Relentless Accountability - Daily reports

• Leaner more efficient structure

More one-on-one coaching

• Retain/Recruit High Performers

18

Results

DDA Growth

5XBank Avg.

KeyCorp Central New York

LoanGrowth

2.9XBank Avg.

12%Net

IncomeGrowth

19

Question & AnswerSession

Jack L. KopniskyPresident

Key Consumer Bank

Michael OrsinoNational Sales ManagerRetail Banking, KeyCorp