UBS WarburgFinancial Services

ConferenceApril 29, 2003

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 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.

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

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

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

Retail Banking Markets

AL

AK

AZ

AR

CA CO

CT

DEDC

FL

GA

ID

IL IN

IA

KSKY

LA

ME

MD

MAMI

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

Retail Services per Household

Retail – Focus on Cross-sell

1999 2000 2001 2002 1Q03

2.592.63

2.812.86

2.92

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

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

Financial Review

Financial OverviewFinancial Overview

Revenue challenges in weak economy

Strong expense management

Growth in core deposits

Continued focus on asset quality

Strong capital position

Net Interest Income Net Interest Income

$702 $721 $722 $724 $703

3.93% 3.98% 3.99% 3.98%3.86%

$200

$400

$600

$800

1Q02 2Q02 3Q02 4Q02 1Q03

1.0%

2.0%

3.0%

4.0%

$0

$25,000

$50,000

$75,000

1Q02 2Q02 3Q02 4Q02 1Q03

Net Interest Income (TE)Net Interest Margin (TE)

Net Interest Income (TE) Average Earning Assets

InvestmentsConsumer LoansCommercial Loans

$71,981 $72,579 $72,083 $72,554 $73,424

$ in millions

1Q03 vs. 1Q02

Commercial$37,140 $37,088 $36,497 $36,367 $36,463 (1.8)% Consumer 22,908 23,967 24,591 24,308 24,683 7.7

Exit Portfolios Auto 2,499 2,041 1,705 1,371 1,135 (54.6) Commercial 941 832 693 631 564 (40.1)

1Q02 2Q02 3Q02 4Q02 1Q03

Average LoansAverage Loans$ in millions

$63,488 $63,928 $63,486 $62,677 $62,845

% Change

% Change 1Q03 vs.

1Q024Q02 1Q03 1Q02 4Q02*

Noninterest Bearing $8.6 $9.9 $9.8 14% (6)%

NOW & MMDA 13.4 15.2 16.8 25 43

Savings Deposits 1.9 2.0 2.0 5 13

CDs Under 100k 13.4 12.2 11.8 (12) (14)

Total Core Deposits $37.3 $39.3 $40.4 8% 12%

$ in billions

Average Core Deposit Growth

*Annualized

Commercial Portfolio - Geography

Northeast 20%

Rocky Mountain

10%

Northwest 27%

Great Lakes

43%

Commercial Portfolio- Credit Size

14.3%18.4%

98.1%

59.7%

24.3%

10.1%5.9%

44.6%

22.7%

1.3% 0.4% 0.2%0%

20%

40%

60%

80%

100%

120%

<$5 $5 to $15 $15 to $25 > $25

Outstanding Commitments # of Obligations

in millions

Commercial Portfolio- Utilization Rate

38.8%

41.1%

44.0%

45.2%

42.5%42.0%

44.0%44.3%

45.9%

47.3%

45.9%46.5% 46.1%

30%

35%

40%

45%

50%

1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03

* Excludes Real Estate, Leasing and Commercial Run-off portfolios

Net Charge Offs/ Loans

0.84%

0.42%

0.63% 0.64% 0.66%

1.02% 1.04%

1.37%1.32%

1.27%

1.16% 1.18%

1.04%

0.00%

0.40%

0.80%

1.20%

1.60%

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03

KEY Peer Median S&P Banks Index

NPA / Loans and OREO

0.78%

0.88%0.93%

1.00%

1.23%

1.41%

1.50%1.58% 1.56%

1.61% 1.59%1.54%

1.10%

0.00%

0.40%

0.80%

1.20%

1.60%

2.00%

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03

Key Peer Median S&P Banks Index

Allowance to Total Loans

1.53% 1.49% 1.51% 1.50% 1.49%

1.85% 1.82%

2.65%

2.51%2.41% 2.37% 2.32% 2.27%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03

KEY Peer Median S&P Banks Index

Allowance to NPL

206.98%

179.63%169.09%

154.00%

140.39%

154.45%

132.66%

184.29%

165.16% 160.82%150.86% 153.98% 157.19%

0.00%

50.00%

100.00%

150.00%

200.00%

250.00%

300.00%

1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03

KEY Peer Median S&P Banks Index

1Q02 1Q03 $ %

Retail Banking $ 54 $ 62 $ 8 15%Small Business 21 22 1 5Consumer Finance 6 12 6 100Corporate Banking 59 51 (8) (14)Real Estate Capital 36 30 (6) (17)Equipment Finance 19 25 6 32Investment Mgmt Services 23 20 (3) (13)

Net Income by Line of Net Income by Line of BusinessBusiness

1Q02 1Q03

Corporate & Investment

Banking48%

Consumer Banking

43%

Investment Mgmt Services

9%

Investment Mgmt Services

11%

Consumer Banking

37%

Corporate & Investment

Banking52%

Change

$ in millions

Tangible Equity to Tangible Tangible Equity to Tangible AssetsAssets

6.71% 6.73% 6.71%6.57% 6.69% 6.55%

6.58% 6.65%

6.47%6.50%

1Q02 2Q02 3Q02 4Q02 1Q03

KEY Peer Median - S& P 500 Banks Index

Dividend Record

.56.56.64.64

.72.72.76.76

.84.84

.94.941.041.04

1.121.12

1.201.201.181.18

38 Consecutive Years of Increases

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003T

1.221.22

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

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

Question and AnswerQuestion and Answer