BancAnalyst Association of Boston November 7, 2003 Jack L. Kopnisky President Key Consumer Bank Michael Orsino National Sales Manager Retail Banking, KeyCorp.

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