8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 21, 2010

(Exact name of registrant as specified in its charter)

Ohio	1-11302	34-6542451
(State or other jurisdiction of incorporation)	Commission File Number	(I.R.S. Employer Identification No.)
127 Public Square, Cleveland, Ohio		44114-1306
(Address of principal executive offices)		(Zip Code)

(216) 689-6300

Registrant’s telephone number, including area code:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

8-K — FORM 8-K EARNINGS RELEASE

INDEX TO EXHIBITS:

EX-99.1 (Press Release Dated April 21, 2010)

EX-99.2 (Supplemental Information Package in Connection With Financial Results)

EX-99.3 (Consolidated Balance Sheets and Consolidated Statements of Income)

Section 2 – Financial Information

Item 2.02 Results of Operations and Financial Condition.

     On April 21, 2010, KeyCorp issued a press release announcing its financial results for the three-month period ended March 31, 2010 (the “Press Release”). The Press Release is attached as Exhibit 99.1 to this report and incorporated by reference in this Item 2.02.

     The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).

     KeyCorp’s Consolidated Balance Sheets and Consolidated Statements of Income (the “Financial Statements”), included as part of the Press Release, are attached as Exhibit 99.3 to this report and incorporated by reference herein. Exhibit 99.3 is “filed” for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.

Item 7.01 Regulation FD Disclosure.

     On April 21, 2010, KeyCorp held a conference call and webcast to facilitate a discussion of its financial condition at March 31, 2010, and its financial results for the three-month period ended March 31, 2010. The Supplemental Information Package reviewed by KeyCorp during the conference call and webcast is furnished herewith as Exhibit 99.2 and incorporated by reference in this Item 7.01. All information in the Supplemental Information Package is presented as of the particular dates or for the periods referenced therein, and KeyCorp does not undertake any obligation to, and disclaims any duty to, update any of the information provided.

     The information in the preceding paragraph, as well as Exhibit 99.2 referenced therein, is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that section. Furthermore, the information contained in Exhibit 99.2 shall not be deemed incorporated by reference in any filing of KeyCorp under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits

The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:

99.1 KeyCorp’s Press Release, dated April 21, 2010, announcing KeyCorp’s financial results for the three and twelve-month periods ended March 31, 2010.

99.2 KeyCorp’s Supplemental Information Package reviewed by KeyCorp during the conference call and webcast.

99.3 KeyCorp’s Financial Statements.

* * *

     Forward-Looking Statements. This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Key’s financial condition, results of operations, earnings outlook, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Key’s control. Key’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Key’s actual results to differ materially from those described in the forward-looking statements can be found in Key’s Annual Report on Form 10-K for the year ended December 31, 2009, which has been filed with the Securities and Exchange Commission and is available on Key’s website (www.key.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Key does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, KeyCorp has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	KEYCORP
	(Registrant)
Date: April 21, 2010	/s/	Robert L. Morris
	By:	Robert L. Morris
			Executive Vice President
			and Chief Accounting Officer

EX-99.1

Exhibit 99.1

News
	KeyCorp 127 Public Square Cleveland, OH 44114

CONTACTS:	ANALYSTS	MEDIA
	Vernon L. Patterson	William C. Murschel
	216.689.0520	216.828.7416
	Vernon_Patterson@KeyBank.com	William_C_Murschel@KeyBank.com
	Christopher F. Sikora
	216.689.3133
	Chris_F_Sikora@KeyBank.com
INVESTOR		KEY MEDIA
RELATIONS:	www.key.com/ir	NEWSROOM: www.key.com/newsroom

FOR IMMEDIATE RELEASE

KEYCORP REPORTS FIRST QUARTER 2010 RESULTS

¨ Net loss from continuing operations narrows to $.11 per common share

¨ Net interest margin increases to 3.19%

¨ Nonperforming loans decrease by $122 million from fourth quarter of 2009 to 3.69% of portfolio loans

¨ Net charge-offs decline $186 million from fourth quarter 2009

¨ Loan loss reserve at $2.4 billion, or 4.34% of total loans

¨ Capital and liquidity positions remain strong

¨ Tier 1 common equity and Tier 1 risk-based capital ratios of 7.53% and 12.96%, respectively

¨ $5.3 billion in new or renewed lending commitments originated

     CLEVELAND, April 21, 2010 — KeyCorp (NYSE: KEY) today announced a first quarter net loss from continuing operations attributable to Key common shareholders of $98 million, or $.11 per common share. These results compare to a net loss from continuing operations attributable to Key common shareholders of $507 million, or $1.03 per common share, for the first quarter of 2009. The first quarter of 2009 was negatively impacted by an $847 million loan loss provision and a $196 million ($164 million after tax) intangible assets impairment charge.

     A lower provision for loan losses and continued expense control resulted in a narrowing of Key’s first-quarter loss when compared to the fourth quarter of 2009. Net charge-offs declined by $186 million, and nonperforming loans showed continued improvement decreasing by $122 million from December 31, 2009. Key also experienced reduced expenses due to lower personnel expense and efficiency initiative efforts as well as a decrease in the provision for losses on lending-related commitments.

     “These results are encouraging and reflect our persistent focus over recent quarters to ensure that Key emerges strong and ready to grow as the economic recovery continues to take hold,” said Chief Executive Officer Henry L. Meyer III. “Particularly notable in the results is the improvement in net interest margin, a decrease in nonperforming loans for the second quarter in a row, and good expense control.”

     Meyer continued: “We are positioning Key for an improving economy. We have reduced our risk, continue to emphasize our core relationship businesses, and our balance sheet reflects strong capital, liquidity and loan loss reserve levels.”

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 2

     At March 31, 2010, Key’s estimated Tier 1 common equity and Tier 1 risk-based capital ratios were 7.53% and 12.96%, respectively.

     The Company originated approximately $5.3 billion in new or renewed lending commitments to consumers and businesses during the quarter.

     Key continues to invest in its relationship businesses, including its 14-state branch network. Meyer noted that Key opened eight new branches in the first quarter, expects to open an additional 32 new branches during the remainder of 2010, and continues to modernize its existing branches. The new and modernized branches underscore Key’s relationship strategy by leveraging its branch network to offer the full breadth of solutions, expertise, services and products that Key has to offer. Additionally, Key received recognition from Corporate Insight’s 2009 Bank Monitor which highlights firms that excel in key areas of the online banking experience. Key had previously been named a Customer Service Champion by BusinessWeek in its March 2009 edition. The Company is positioning its branch and online capabilities to enhance growth as the economy turns.

     During the quarter, Christopher M. Gorman was promoted to senior executive vice president and head of Key’s National Banking business. He also became vice chairman of KeyBank National Association. Mr. Gorman has been with Key for the past 19 years and was most recently president of KeyBanc Capital Markets. In his new role, Gorman is responsible for Key’s corporate, investment banking, capital markets, commercial real estate and equipment finance businesses.

     The following table shows Key’s continuing and discontinued operating results for the three-month periods ended March 31, 2010, December 31, 2009, and March 31, 2009.

Results of Operations

	Three months ended
in millions, except per share amounts	3-31-10			12-31-09			3-31-09
Summary of operations
Income (loss) from continuing operations attributable to Key	$	(57	)	$	(217	)	$	(459	)
Income (loss) from discontinued operations, net of taxes (a)		2			(7	)		(29	)
Net income (loss) attributable to Key	$	(55	)	$	(224	)	$	(488	)
Income (loss) from continuing operations attributable to Key	$	(57	)	$	(217	)	$	(459	)
Less: Dividends on Series A Preferred Stock		6			5			12
Cash dividends on Series B Preferred Stock		31			31			32
Amortization of discount on Series B Preferred Stock		4			5			4
Income (loss) from continuing operations attributable to Key common shareholders		(98	)		(258	)		(507	)
Income (loss) from discontinued operations, net of taxes (a)		2			(7	)		(29	)
Net income (loss) attributable to Key common shareholders	$	(96	)	$	(265	)	$	(536	)
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders	$	(.11	)	$	(.30	)	$	(1.03	)
Income (loss) from discontinued operations, net of taxes (a)		—			(.01	)		(.06	)
Net income (loss) attributable to Key common shareholders (b)	$	(.11	)	$	(.30	)	$	(1.09	)

(a)

In September 2009, management made the decision to discontinue the education lending business conducted through Key Education Resources, the education payment and financing unit of KeyBank National Association. In April 2009, management made the decision to curtail the operations of Austin Capital Management, Ltd., an investment subsidiary that specializes in managing hedge fund investments for its institutional customer base. As a result of these decisions, Key has accounted for these businesses as discontinued operations. Included in the loss from discontinued operations for the three-month period ended March 31, 2009, is a $23 million after tax, or $.05 per common share, charge for intangible assets impairment related to Austin Capital Management.

(b)

Earnings per share may not foot due to rounding.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 3

     As shown in the following table, the comparability of Key’s earnings for the current, prior and year-ago quarters is affected by several significant items.

Significant Items Affecting the Comparability of Earnings

	First Quarter 2010									Fourth Quarter 2009									First Quarter 2009
	Pre-tax			After-tax			Impact			Pre-tax			After-tax			Impact			Pre-tax			After-tax			Impact
in millions, except per share amounts	Amount			Amount			on EPS			Amount			Amount			on EPS			Amount			Amount			on EPS
Provision for loan losses less (in excess of) net charge-offs	$	109		$	68		$	.08		$	(48	)	$	(31	)	$	(.04	)	$	(387	)	$	(242	)	$	(.49	)
Net gains (losses) from principal investing (a)		21			13			.02			44			28			.03			(63	)		(39	)		(.08	)
Realized and unrealized gains (losses) on loan and securities portfolios held for sale or trading		(11	)		(7	)		(.01	)		(92	)		(58	)		(.07	)		—			—			—
Credits related to IRS audits and leveraged lease tax litigation		—			—			—			—			106			.12			—			—			—
(Provision) credit for losses on lending-related commitments		2			1			—			(27	)		(17	)		(.02	)		—			—			—
Noncash charge for intangible assets impairment		—			—			—			—			—			—			(196	) (b)		(164	) (b)		(.33	) (b)
Gain from sale/redemption of Visa Inc. shares		—			—			—			—			—			—			105			65			.13

(a)	Excludes principal investing results attributable to noncontrolling interests.
(b)	Excludes a $27 million ($23 million after tax, or $.05 per common share) charge for intangible assets impairment related to the discontinued operations of Austin Capital Management, Ltd.

EPS = Earnings per common share

SUMMARY OF CONTINUING OPERATIONS

     Taxable-equivalent net interest income was $632 million for the first quarter of 2010, and the net interest margin was 3.19%. These results compare to taxable-equivalent net interest income of $595 million and a net interest margin of 2.79% for the first quarter of 2009. The improvement in the net interest margin is primarily attributable to lower funding costs and improved yields on loans. During the past year the Company has experienced an improvement in the mix of deposits, resulting in a lower level of higher costing certificates of deposit and an increase in lower costing transaction accounts. The Company expects this change in funding mix to continue as higher costing certificates of deposit mature and are repriced to current market rates. This repricing and changing the mix of deposits should continue to benefit the Company’s net interest margin for the remaining quarters of 2010. Funding costs were also reduced by maturities of long-term debt and the 2009 exchanges of retail trust preferred securities for Key common shares.

     Compared to the fourth quarter of 2009, taxable-equivalent net interest income decreased by $5 million, and the net interest margin rose by 15 basis points. The increase in the net interest margin resulting from the improved funding mix was mostly offset by the lower day count and reduced average earning assets in the first quarter of 2010 compared to the fourth quarter of 2009.

     Key’s noninterest income was $450 million for the first quarter of 2010, compared to $478 million for the year-ago quarter. The decrease reflects a $105 million gain from the sale of Visa Inc. shares during the first quarter of 2009. In addition, operating lease income and gains on leased equipment decreased by $14 million and $18 million, respectively, compared to the first quarter of 2009 due to a lower level of leasing activity. Net gains of $37 million in the first quarter of 2010 from principal investing (including results attributable to noncontrolling interests), compared to net losses of $72 million for the same period last year, partially offset this decline in noninterest income.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 4

     The major components of Key’s fee-based income for the past five quarters are shown in the following table.

Fee-based Income – Major Components

in millions	1Q10		4Q09			3Q09			2Q09			1Q09
Trust and investment services income	$	114	$	117		$	113		$	119		$	110
Service charges on deposit accounts		76		82			83			83			82
Operating lease income		47		52			55			59			61
Letter of credit and loan fees		40		52			46			44			38
Corporate-owned life insurance income		28		36			26			25			27
Electronic banking fees		27		27			27			27			24
Insurance income		18		16			18			16			18
Net gains (losses) from principal investing		37		80			(6	)		(6	)		(72	)
Investment banking and capital markets income (loss)		9		(47	)		(26	)		14			17

     Compared to the fourth quarter of 2009, noninterest income decreased by $19 million. This lower noninterest income resulted from a decrease of $43 million in principal investing results (including results attributable to noncontrolling interests), a $12 million decrease in letter of credit and loan fees, an $8 million decrease in income from corporate owned life insurance as well as decreases in various other miscellaneous income components. The negative effect of these factors was partially offset by a $56 million increase in results from investment banking and capital markets activities that was primarily attributable to changes in the fair values of certain commercial real estate related investments in the fourth quarter of 2009.

     Key’s noninterest expense was $785 million for the first quarter of 2010, compared to $927 million for the same period last year. Noninterest expense for the first quarter of 2009 was adversely affected by an intangible assets impairment charge of $196 million. Excluding this charge, noninterest expense for the current quarter was up $54 million, or 7%, from the year-ago quarter. Personnel expense increased by $3 million while nonpersonnel expense rose by $51 million, reflecting increases of $26 million in costs associated with OREO, including write-downs and losses on sales, and various other expense categories.

     Compared to the fourth quarter of 2009, noninterest expense decreased by $86 million. Personnel expense decreased by $38 million, due largely to lower incentive compensation. Nonpersonnel expense decreased by $48 million, reflecting a decrease in the provision for losses on lending-related commitments of $29 million, a $25 million reduction in professional fees and a decrease in operating lease expense of $11 million. These items were partially offset by a $22 million increase in various other expense categories.

ASSET QUALITY

     Key’s provision for loan losses was $413 million for the first quarter of 2010, compared to $847 million for the year-ago quarter and $756 million for the fourth quarter of 2009. Key’s allowance for loan losses was $2.4 billion, or 4.34% of total loans, at March 31, 2010, compared to 4.31% at December 31, 2009, and 2.88% at March 31, 2009.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 5

     Selected asset quality statistics for Key for each of the past five quarters are presented in the following table.

Selected Asset Quality Statistics from Continuing Operations

dollars in millions	1Q10			4Q09			3Q09			2Q09			1Q09
Net loan charge-offs	$	522		$	708		$	587		$	502		$	460
Net loan charge-offs to average loans		3.67	%		4.64	%		3.59	%		2.93	%		2.60	%
Allowance for loan losses	$	2,425		$	2,534		$	2,485		$	2,339		$	2,016
Allowance for credit losses (a)		2,544			2,655			2,579			2,404			2,070
Allowance for loan losses to period-end loans		4.34	%		4.31	%		4.00	%		3.48	%		2.88	%
Allowance for credit losses to period-end loans		4.55			4.52			4.15			3.58			2.96
Allowance for loan losses to nonperforming loans		117.43			115.87			108.52			107.05			116.20
Allowance for credit losses to nonperforming loans		123.20			121.40			112.62			110.02			119.31
Nonperforming loans at period end	$	2,065		$	2,187		$	2,290		$	2,185		$	1,735
Nonperforming assets at period end		2,428			2,510			2,799			2,548			1,994
Nonperforming loans to period-end portfolio loans		3.69	%		3.72	%		3.68	%		3.25	%		2.48	%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		4.31			4.25			4.46			3.77			2.84

(a) Includes the allowance for loan losses plus the liability for credit losses on lending-related commitments.

     Net loan charge-offs for the quarter totaled $522 million, or 3.67% of average loans. These results compare to $460 million, or 2.60%, for the same period last year and $708 million, or 4.64%, for the previous quarter.

     Key’s net loan charge-offs by loan type for each of the past five quarters are shown in the following table.

Net Loan Charge-offs from Continuing Operations

dollars in millions	1Q10			4Q09			3Q09			2Q09			1Q09
Commercial, financial and agricultural	$	126		$	218		$	168		$	168		$	232
Real estate — commercial mortgage		106			165			81			87			21
Real estate — construction		157			181			216			133			104
Commercial lease financing		21			39			27			22			18
Total commercial loans		410			603			492			410			375
Home equity — Community Banking		30			27			25			24			17
Home equity — Other		17			19			20			18			15
Marine		38			33			25			29			32
Other		27			26			25			21			21
Total consumer loans		112			105			95			92			85
Total net loan charge-offs	$	522		$	708		$	587		$	502		$	460
Net loan charge-offs to average loans from continuing operations		3.67	%		4.64	%		3.59	%		2.93	%		2.60	%
Net loan charge-offs from discontinued operations — education lending business	$	36		$	36		$	38		$	37		$	32

     Compared to the fourth quarter of 2009, net loan charge-offs in the commercial loan portfolio decreased by $193 million. The decrease was attributable to declines in both the commercial, financial and agricultural and real estate commercial mortgage and construction lines of business. The level of net charge-offs in the consumer portfolio rose by $7 million. As shown in the table on page 6, Key’s exit loan portfolio accounted for $153 million, or 29%, of Key’s total net loan charge-offs for the first quarter of 2010. Net charge-offs in the exit portfolio increased by $12 million from the fourth quarter of 2009. Management expects net charge-offs to remain elevated in 2010, but to continue to improve from the first quarter level in future quarters.

     At March 31, 2010, Key’s nonperforming loans totaled $2.1 billion and represented 3.69% of period-end portfolio loans, compared to 3.72% at December 31, 2009, and 2.48% at March 31, 2009. Nonperforming assets at March 31, 2010, totaled $2.4 billion and represented

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 6

4.31% of portfolio loans, OREO and other nonperforming assets, compared to 4.25% at December 31, 2009, and 2.84% at March 31, 2009. The following table illustrates the trend in Key’s nonperforming assets by loan type over the past five quarters.

Nonperforming Assets from Continuing Operations

dollars in millions	1Q10			4Q09			3Q09			2Q09			1Q09
Commercial, financial and agricultural	$	558		$	586		$	679		$	700		$	595
Real estate — commercial mortgage		579			614			566			454			310
Real estate — construction		607			641			702			716			546
Commercial lease financing		99			113			131			122			109
Total consumer loans		222			233			212			193			175
Total nonperforming loans		2,065			2,187			2,290			2,185			1,735
Nonperforming loans held for sale		195			116			304			145			72
OREO and other nonperforming assets		168			207			205			218			187
Total nonperforming assets	$	2,428		$	2,510		$	2,799		$	2,548		$	1,994
Restructured loans included in nonperforming loans (a)	$	226		$	364		$	65		$	7			—
Nonperforming assets from discontinued operations — education lending business		43			14			12			3		$	3
Nonperforming loans to period-end portfolio loans		3.69	%		3.72	%		3.68	%		3.25	%		2.48	%
Nonperforming assets to period-end portfolio loans, plus OREO and other nonperforming assets		4.31			4.25			4.46			3.77			2.84

(a) Restructured loans (i.e. troubled debt restructurings) are those for which Key, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. These concessions are made to improve the collectability of the loan and generally take the form of a reduction of the interest rate, extension of the maturity date or reduction in the principal balance.

     Nonperforming assets decreased during the first quarter of 2010 which represents the second quarterly decline. Most of the reduction came from nonperforming loans and OREO in the commercial real estate line of business. These reductions were offset in part by an increase in nonperforming loans held for sale. As shown in the following table, Key’s exit loan portfolio accounted for $499 million, or 21%, of Key’s total nonperforming assets at March 31, 2010, compared to $599 million, or 24%, at December 31, 2009.

     The composition of Key’s exit loan portfolio at March 31, 2010, and December 31, 2009, the net charge-offs recorded on this portfolio for the first quarter of 2010 and the fourth quarter of 2009, and the nonperforming status of these loans at March 31, 2010, and December 31, 2009, are shown in the following table.

Exit Loan Portfolio from Continuing Operations

													Balance on
	Balance					Change			Net Loan				Nonperforming
	Outstanding					3-31-10 vs.			Charge-offs				Status
in millions	3-31-10			12-31-09		12-31-09			1Q10		4Q09		3-31-10		12-31-09
Residential properties — homebuilder	$	269		$	379	$	(110	)	$	44	$	53	$	167	$	211
Residential properties — held for sale		40			52		(12	)		—		—		40		52
Total residential properties		309			431		(122	)		44		53		207		263
Marine and RV floor plan		339			427		(88	)		28		16		66		93
Commercial lease financing (a)		2,685			2,875		(190	)		22		17		191		195
Total commercial loans		3,333			3,733		(400	)		94		86		464		551
Home equity — Other		795			838		(43	)		17		19		18		20
Marine		2,636			2,787		(151	)		38		33		16		26
RV and other consumer		201			216		(15	)		4		3		1		2
Total consumer loans		3,632			3,841		(209	)		59		55		35		48
Total exit loans in loan portfolio	$	6,965		$	7,574	$	(609	)	$	153	$	141	$	499	$	599
Discontinued operations — education lending business	$	6,268	(b)	$	3,957	$	2,311		$	36	$	36	$	42	$	13

(a)	Includes the business aviation, commercial vehicle, office products, construction and industrial leases, and Canadian lease financing portfolios; and all remaining balances related to lease in, lease out; sale in, sale out; service contract leases and qualified technological equipment leases.
(b)	Includes loans in Key’s education loan securitization trusts consolidated upon the adoption of new consolidation accounting guidance on January 1, 2010.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 7

CAPITAL

     Key’s risk-based capital ratios included in the following table continued to exceed all “well-capitalized” regulatory benchmarks at March 31, 2010.

Capital Ratios

	3-31-10			12-31-09			9-30-09			6-30-09			3-31-09
Tier 1 common equity (a)		7.53	%		7.50	%		7.64	%		7.36	%		5.62	%
Tier 1 risk-based capital (a)		12.96			12.75			12.61			12.57			11.22
Total risk-based capital (a)		17.11			16.95			16.65			16.67			15.18
Tangible common equity to tangible assets		7.37			7.56			7.58			7.35			6.06

(a) March 31, 2010 ratio is estimated.

     As shown in the preceding table, at March 31, 2010, Key had a Tier 1 common equity ratio of 7.53%, a Tier 1 risk-based capital ratio of 12.96%, and a tangible common equity ratio of 7.37%.

     Transactions that caused the change in Key’s outstanding common shares over the past five quarters are summarized in the following table.

Summary of Changes in Common Shares Outstanding

in thousands	1Q10		4Q09			3Q09		2Q09		1Q09
Shares outstanding at beginning of period		878,535		878,559			797,246		498,573		495,002
Common shares exchanged for capital securities		—		—			81,278		46,338		—
Common shares exchanged for Series A Preferred Stock		—		—			—		46,602		—
Common shares issued		—		—			—		205,439		—
Shares reissued (returned) under employee benefit plans		517		(24	)		35		294		3,571
Shares outstanding at end of period		879,052		878,535			878,559		797,246		498,573

     During the first quarter of 2010, Key made a $31 million cash dividend payment to the U.S. Treasury Department. During 2009, Key made four quarterly dividend payments aggregating $125 million to the U.S. Treasury Department as a participant in the U.S. Treasury’s Capital Purchase Program.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 8

LINE OF BUSINESS RESULTS

     The following table shows the contribution made by each major business group to Key’s taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. The specific lines of business that comprise each of the major business groups are described under the heading “Line of Business Descriptions.” During the first quarter of 2010, Key re-aligned its reporting structure for its business groups. Previously, Consumer Finance consisted mainly of portfolios which were identified as exit or run-off portfolios and were included in Key’s National Banking segment. Effective for all periods presented, Key is reflecting the results of these exit portfolios in Other Segments. The automobile dealer floor plan business, previously included in Consumer Finance, has been re-aligned with the Commercial Banking line of business within the Community Banking segment. In addition, other previously identified exit portfolios included in the National Banking segment, including $309 million of homebuilder loans from the Real Estate Capital line of business and $2.685 billion of commercial leases from the Equipment Finance line of business, have been moved to Other Segments. For more detailed financial information pertaining to each business group and its respective lines of business, see the tables at the end of this release.

Major Business Groups

										Percent change 1Q10 vs.
dollars in millions	1Q10			4Q09			1Q09			4Q09			1Q09
Revenue from continuing operations (TE)
Community Banking	$	599		$	629		$	612			(4.8	)%		(2.1	)%
National Banking (a)		376			342			423			9.9			(11.1	)
Other Segments		96			128			(39	)		(25.0	)		N/M
Total Segments		1,071			1,099			996			(2.5	)		7.5
Reconciling Items (b)		11			7			77			57.1			(85.7	)
Total	$	1,082		$	1,106		$	1,073			(2.2	)%		.8	%
Income (loss) from continuing operations attributable to Key
Community Banking	$	5		$	(41	)	$	12			N/M			(58.3	)%
National Banking (a)		(33	)		(211	)		(394	)		84.4	%		91.6
Other Segments		(46	)		(58	)		(162	)		20.7			71.6
Total Segments		(74	)		(310	)		(544	)		76.1			86.4
Reconciling Items (b)		17			93			85			(81.7	)		(80.0	)
Total	$	(57	)	$	(217	)	$	(459	)		73.7	%		87.6	%

(a)	National Banking’s results for the first quarter of 2009 include a noncash charge for intangible assets impairment of $196 million ($164 million after tax).
(b)	Reconciling Items for the first quarter of 2009 included a $105 million ($65 million after tax) gain from the sale of Key’s remaining equity interest in Visa Inc.
TE = Taxable Equivalent, N/M = Not Meaningful

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 9

Community Banking

										Percent change 1Q10 vs.
dollars in millions	1Q10			4Q09			1Q09			4Q09			1Q09
Summary of operations
Net interest income (TE)	$	412		$	431		$	423			(4.4	)%		(2.6	)%
Noninterest income		187			198			189			(5.6	)		(1.1	)
Total revenue (TE)		599			629			612			(4.8	)		(2.1	)
Provision for loan losses		142			230			141			(38.3	)		.7
Noninterest expense		468			492			468			(4.9	)		—
Income (loss) before income taxes (TE)		(11	)		(93	)		3			88.2			N/M
Allocated income taxes and TE adjustments		(16	)		(52	)		(9	)		69.2	%		(77.8	)
Net income (loss) attributable to Key	$	5		$	(41	)	$	12			N/M			(58.3	)%
Average balances
Loans and leases	$	27,769		$	28,321		$	31,275			(1.9	)%		(11.2	)%
Total assets		30,873			31,048			34,171			(.6	)		(9.7	)
Deposits		51,459			52,640			51,655			(2.2	)		(.4	)
Assets under management at period end	$	18,248		$	17,709		$	14,205			3.0	%		28.5	%

TE = Taxable Equivalent, N/M = Not Meaningful

Additional Community Banking Data

										Percent change 1Q10 vs.
dollars in millions	1Q10			4Q09			1Q09			4Q09			1Q09
Average deposits outstanding
NOW and money market deposit accounts	$	18,650		$	17,930		$	17,376			4.0	%		7.3	%
Savings deposits		1,814			1,785			1,721			1.6			5.4
Certificates of deposit ($100,000 or more)		7,363			8,165			8,491			(9.8	)		(13.3	)
Other time deposits		12,559			13,708			14,723			(8.4	)		(14.7	)
Deposits in foreign office		502			529			714			(5.1	)		(29.7	)
Noninterest-bearing deposits		10,571			10,523			8,630			.5			22.5
Total deposits	$	51,459		$	52,640		$	51,655			(2.2	)%		(.4	)%
Home equity loans
Average balance	$	9,967		$	10,101		$	10,277
Weighted-average loan-to-value ratio (at date of origination)		70	%		70	%		70	%
Percent first lien positions		53			53			53
Other data
Branches		1,014			1,007			989
Automated teller machines		1,501			1,495			1,479

Community Banking Summary of Operations

     Community Banking recorded net income attributable to Key of $5 million for the first quarter of 2010, compared to net income attributable to Key of $12 million for the year-ago quarter. Decreases in net interest income and noninterest income caused the decline.

     Taxable-equivalent net interest income declined by $11 million, or 3%, from the first quarter of 2009, due to a reduction in average earning assets which declined by $4 billion or 11%, from the year-ago quarter. Average deposits declined slightly from the first quarter of 2009. The mix of deposits has changed reflecting strong growth in noninterest-bearing deposits and negotiable order of withdrawal (“NOW”) accounts, as higher-costing certificates of deposit originated in prior years mature and reprice to current market rates.

     Noninterest income decreased by $2 million, or 1%, from the year-ago quarter, due to lower service charges on deposits and an increase in the reserve for credit losses from client derivatives. These factors were partially offset by higher income from trust and investment services, letter of credit fees and electronic banking fees. Assets under management have increased 29% from the same period one year ago.

     The provision for loan losses increased slightly compared to the first quarter of 2009. Community Banking’s provision for loan losses for the first quarter of 2010 exceeded its net

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 10

loan charge-offs by $26 million as consumer and business clients continue to experience lingering effects from the economic downturn and elevated unemployment levels.

     Noninterest expense remained flat from the year-ago quarter. Lower personnel costs, marketing, office supplies and printing, and a reduction in the provision for losses on lending-related commitments were offset by increases in FDIC deposit insurance, occupancy cost, and various other expense categories.

National Banking

										Percent change 1Q10 vs.
dollars in millions	1Q10			4Q09			1Q09			4Q09			1Q09
Summary of operations
Net interest income (TE)	$	197		$	210		$	224			(6.2	)%		(12.1	)%
Noninterest income		179			132			199			35.6			(10.1	)
Total revenue (TE)		376			342			423			9.9			(11.1	)
Provision for loan losses		161			382			511			(57.9	)		(68.5	)
Noninterest expense (a)		270			299			428			(9.7	)		(36.9	)
Income (loss)  before income taxes (TE)		(55	)		(339	)		(516	)		83.8			89.3
Allocated income taxes and TE adjustments		(22	)		(128	)		(121	)		82.8			81.8
Net income (loss)		(33	)		(211	)		(395	)		84.4			91.6
Less: Net income (loss) attributable to noncontrolling interests		—			—			(1	)		—			N/M
Net income (loss) attributable to Key	$	(33	)	$	(211	)	$	(394	)		84.4	%		91.6	%
Average balances
Loans and leases	$	22,440		$	24,011		$	29,697			(6.5	)%		(24.4	)%
Loans held for sale		240			431			482			(44.3	)		(50.2	)
Total assets		26,269			28,253			37,208			(7.0	)		(29.4	)
Deposits		12,398			13,241			11,945			(6.4	)		3.8
Assets under management at period end	$	47,938		$	49,230		$	45,959			(2.6	)%		4.3	%

(a)	National Banking’s results for the first quarter of 2009 include a noncash charge for intangible assets impairment of $196 million ($164 million after tax).
TE = Taxable Equivalent, N/M = Not Meaningful

National Banking Summary of Operations

     National Banking recorded a net loss attributable to Key of $33 million for the first quarter of 2010, compared to a $394 million net loss attributable to Key for the same period one year ago. During the first quarter of 2009, results were adversely affected by an intangible assets impairment charge of $196 million ($164 million after tax). Also contributing to the improvement in the first quarter of 2010 was a substantial decrease in the provision for loan losses, partially offset by lower net interest income and noninterest income.

     Taxable-equivalent net interest income decreased by $27 million, or 12%, from the first quarter of 2009, primarily due to lower earning assets, partially offset by improved earning asset spreads. Average earning assets decreased by $8 billion, or 24%, from the year-ago quarter, reflecting reductions in the commercial and held-for-sale portfolios.

     Noninterest income declined by $20 million, or 10%, from the first quarter of 2009. Dealer trading and derivatives income decreased $26 million, primarily due to an increase in the reserve for credit losses from client derivatives of $21 million. Operating lease revenue was also $8 million lower than the first quarter of 2009.

     The provision for loan losses in the first quarter of 2010 was $161 million compared to $511 million for the same period one year ago. For the second quarter in a row, National Banking experienced an improvement in nonperforming assets.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 11

     Excluding the intangible assets impairment charge in the first quarter of 2009, noninterest expense increased by $38 million, or 16%, from the first quarter of 2009, caused primarily by higher costs associated with OREO.

Other Segments

     Other Segments consist of Corporate Treasury, Key’s Principal Investing unit and various exit portfolios which were previously included within the National Banking segment. These exit portfolios were moved to Other Segments during the first quarter of 2010. Prior periods have been adjusted to conform with the current reporting of the financial information for each segment. Other Segments generated a net loss attributable to Key of $46 million for the first quarter of 2010, compared to a net loss attributable to Key of $162 million for the same period last year. These results reflect net gains from principal investing attributable to Key of $21 million during the current quarter, compared to net losses of $63 million in the year-ago quarter as well as a reduction in the loan loss provision for the exit portfolios.

Line of Business Descriptions

Community Banking

Regional Banking provides individuals with branch-based deposit and investment products, personal finance services and loans, including residential mortgages, home equity and various types of installment loans. This line of business also provides small businesses with deposit, investment and credit products, and business advisory services.

Regional Banking also offers financial, estate and retirement planning, and asset management services to assist high-net-worth clients with their banking, trust, portfolio management, insurance, charitable giving and related needs.

Commercial Banking provides midsize businesses with products and services that include commercial lending, cash management, equipment leasing, investment and employee benefit programs, succession planning, access to capital markets, derivatives and foreign exchange.

National Banking

Real Estate Capital and Corporate Banking Services consists of two business units, Real Estate Capital and Corporate Banking Services.

Real Estate Capital is a national business that provides construction and interim lending, permanent debt placements and servicing, equity and investment banking, and other commercial banking products and services to developers, brokers and owner-investors. This unit deals primarily with nonowner-occupied properties (i.e., generally properties in which at least 50% of the debt service is provided by rental income from nonaffiliated third parties). Real Estate Capital emphasizes providing clients with finance solutions through access to the capital markets.

Corporate Banking Services provides cash management, interest rate derivatives, and foreign exchange products and services to clients served by both the Community Banking and National Banking groups. Through its Public Sector and Financial Institutions businesses, Corporate Banking Services also provides a full array of commercial banking products and services to government and not-for-profit entities, and to community banks. A variety of cash management services, including the processing of tuition payments for private schools, are provided through the Global Treasury Management unit.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 12

Equipment Finance meets the equipment leasing needs of companies worldwide and provides equipment manufacturers, distributors and resellers with financing options for their clients. Lease financing receivables and related revenues are assigned to other lines of business (primarily Institutional and Capital Markets, and Commercial Banking) if those businesses are principally responsible for maintaining the relationship with the client.

Institutional and Capital Markets, through its KeyBanc Capital Markets unit, provides commercial lending, treasury management, investment banking, derivatives, foreign exchange, equity and debt underwriting and trading, and syndicated finance products and services to large corporations and middle-market companies.

Through its Victory Capital Management unit, Institutional and Capital Markets also manages or offers advice regarding investment portfolios for a national client base, including corporations, labor unions, not-for-profit organizations, governments and individuals. These portfolios may be managed in separate accounts, common funds or the Victory family of mutual funds.

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $95 billion at March 31, 2010. Key companies provide investment management, retail and commercial banking, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. In 2009, KeyBank was awarded its seventh consecutive “Outstanding” rating for economic development achievements under the Community Reinvestment Act, the only national bank among the 50 largest in the United States to achieve this distinction from the Office of the Comptroller of the Currency. Key has also been recognized for excellence in numerous areas of the multi-channel customer banking experience, including Corporate Insight’s 2009 Bank Monitor for online service. For more information about Key, visit https://www.key.com/.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 13

Notes to Editors:

A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts’ questions can be accessed through the Investor Relations section at https://www.key.com/ir at 9:00 a.m. ET, on Wednesday, April 21, 2010. An audio replay of the call will be available through April 28, 2010.

For up-to-date company information, media contacts and facts and figures about Key’s lines of business visit our Media Newsroom at https://www.key.com/newsroom.

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Key’s financial condition, results of operations, earnings outlook, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Key’s control. Key’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Key’s actual results to differ materially from those described in the forward-looking statements can be found in Key’s Annual Report on Form 10-K for the year ended December 31, 2009, which has been filed with the Securities and Exchange Commission and is available on Key’s website (www.key.com) and on the Securities and Exchange Commission’s website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management’s views as of any subsequent date. Key does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

###

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 14

Financial Highlights
(dollars in millions, except per share amounts)

	Three months ended
	3-31-10			12-31-09			3-31-09
Summary of operations
Net interest income (TE)	$	632		$	637		$	595	(a)
Noninterest income		450			469			478
Total revenue (TE)		1,082			1,106			1,073
Provision for loan losses		413			756			847
Noninterest expense		785			871			927
Loss from continuing operations attributable to Key		(57	)		(217	)		(459	)
Income (loss) from discontinued operations, net of taxes (b)		2			(7	)		(29	)
Net loss attributable to Key		(55	)		(224	)		(488	)  (a)
Loss from continuing operations attributable to Key common shareholders	$	(98	)	$	(258	)	$	(507	)
Income (loss) from discontinued operations, net of taxes (b)		2			(7	)		(29	)
Net loss attributable to Key common shareholders		(96	)		(265	)		(536	)  (a)
Per common share
Loss from continuing operations attributable to Key common shareholders	$	(.11	)	$	(.30	)	$	(1.03	)
Income (loss) from discontinued operations, net of taxes (b)		—			(.01	)		(.06	)
Net loss attributable to Key common shareholders		(.11	)		(.30	)		(1.09	)
Loss from continuing operations attributable to Key common shareholders — assuming dilution		(.11	)		(.30	)		(1.03	)
Income (loss) from discontinued operations, net of taxes — assuming dilution (b)		—			(.01	)		(.06	)
Net loss attributable to Key common shareholders — assuming dilution		(.11	)		(.30	)		(1.09	)  (a)
Cash dividends paid		.01			.01			.0625
Book value at period end		9.01			9.04			13.82
Tangible book value at period end		7.91			7.94			11.76
Market price at period end		7.75			5.55			7.87
Performance ratios — From continuing operations:
Return on average total assets		(.26	)%		(.94	)%		(1.87	)%
Return on average common equity		(4.95	)		(12.60	)		(28.26	)
Net interest margin (TE)		3.19			3.04			2.79	(a)
Performance ratios — From consolidated operations:
Return on average total assets		(.23	)%		(.93	)%		(1.91	)% (a)
Return on average common equity		(4.85	)		(12.94	)		(29.87	)  (a)
Net interest margin (TE)		3.13			3.00			2.77
Capital ratios at period end
Key shareholders’ equity to assets		11.17	%		11.43	%		10.19	%
Tangible Key shareholders’ equity to tangible assets		10.26			10.50			9.23
Tangible common equity to tangible assets		7.37			7.56			6.06
Tier 1 common equity (c)		7.53			7.50			5.62
Tier 1 risk-based capital (c)		12.96			12.75			11.22
Total risk-based capital (c)		17.11			16.95			15.18
Leverage (c)		11.56			11.72			11.19
Asset quality — from continuing operations
Net loan charge-offs	$	522		$	708		$	460
Net loan charge-offs to average loans		3.67	%		4.64	%		2.60	%
Allowance for loan losses	$	2,425		$	2,534		$	2,016
Allowance for credit losses		2,544			2,655			2,070
Allowance for loan losses to period-end loans		4.34	%		4.31	%		2.88	%
Allowance for credit losses to period-end loans		4.55			4.52			2.96
Allowance for loan losses to nonperforming loans		117.43			115.87			116.20
Allowance for credit losses to nonperforming loans		123.20			121.40			119.31
Nonperforming loans at period end	$	2,065		$	2,187		$	1,735
Nonperforming assets at period end		2,428			2,510			1,994
Nonperforming loans to period-end portfolio loans		3.69	%		3.72	%		2.48	%
Nonperforming assets to period-end portfolio loans plus
OREO and other nonperforming assets		4.31			4.25			2.84
Trust and brokerage assets
Assets under management	$	66,186		$	66,939		$	60,164
Nonmanaged and brokerage assets		19,201			27,190			21,786
Other data
Average full-time equivalent employees		15,772			15,973			17,468
Branches		1,014			1,007			989
Taxable-equivalent adjustment	$	7		$	7		$	6

(a)	The following table entitled “GAAP to Non-GAAP Reconciliations” presents certain earnings data and performance ratios, excluding charges related to intangible assets impairment, and the tax treatment of certain leveraged lease financing transactions disallowed by the IRS. The table also shows the computations of certain financial measures related to “tangible common equity” and “Tier 1 common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(b)	In September 2009, management made the decision to discontinue the education lending business conducted through Key Education Resources, the education payment and financing unit of KeyBank National Association. In April 2009, management made the decision to curtail the operations of Austin Capital Management, Ltd., an investment subsidiary that specializes in managing hedge fund investments for its institutional customer base. As a result of these decisions, Key has accounted for these businesses as discontinued operations.
(c)	3-31-10 ratio is estimated.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 15

GAAP to Non-GAAP Reconciliations
(dollars in millions, except per share amounts)

The table below presents certain earnings data and performance ratios, excluding (credits) charges related to intangible assets impairment and the tax treatment of certain leveraged lease financing transactions disallowed by the IRS. Management believes that eliminating the effects of significant items that are generally nonrecurring facilitates the analysis of results by presenting them on a more comparable basis.

The table also shows the computations of certain financial measures related to “tangible common equity” and “Tier 1 common equity.” The tangible common equity ratio has become a focus of some investors and management believes that this ratio may assist investors in analyzing Key’s capital position absent the effects of intangible assets and preferred stock. Traditionally, the banking regulators have assessed bank and bank holding company capital adequacy based on both the amount and composition of capital, the calculation of which is prescribed in federal banking regulations. As a result of the Supervisory Capital Assessment Program, the Federal Reserve has focused its assessment of capital adequacy on a component of Tier 1 capital, known as Tier 1 common equity. Because the Federal Reserve has long indicated that voting common shareholders’ equity (essentially Tier 1 capital less preferred stock, qualifying capital securities and noncontrolling interests in subsidiaries) generally should be the dominant element in Tier 1 capital, such a focus is consistent with existing capital adequacy guidelines and does not imply a new or ongoing capital standard.

Because the Tier 1 common equity is neither formally defined by GAAP nor prescribed in amount by federal banking regulations, this measure is considered to be a non-GAAP financial measure. Since analysts and banking regulators may assess Key’s capital adequacy using tangible common equity and Tier 1 common equity, management believes it is useful to provide investors the ability to assess Key’s capital adequacy on these same bases. The table also reconciles the GAAP performance measures to the corresponding non-GAAP measures.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. To mitigate these limitations, Key has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components and to ensure that Key’s performance is properly reflected to facilitate period-to-period comparisons. Although these non-GAAP financial measures are frequently used by investors in the evaluation of a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.

	Three months ended
	3-31-10			12-31-09			3-31-09
Net income (loss)
Net income (loss) attributable to Key (GAAP)	$	(55	)	$	(224	)	$	(488	)
Charges (credits) related to intangible assets impairment, after tax		—			—			164
Charges (credits) related to leveraged lease tax litigation, after tax		—			(80	)		—
Net income (loss) attributable to Key, excluding charges (credits) related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)	$	(55	)	$	(304	)	$	(324	)
Preferred dividends and amortization of discount on preferred stock	$	41		$	41		$	48
Net income (loss) attributable to Key common shareholders (GAAP)	$	(96	)	$	(265	)	$	(536	)
Net income (loss) attributable to Key common shareholders, excluding charges (credits) related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)		(96	)		(345	)		(372	)
Per common share
Net income (loss) attributable to Key common shareholders — assuming dilution (GAAP)	$	(.11	)	$	(.30	)	$	(1.09	)
Net income (loss) attributable to Key common shareholders, excluding charges (credits) related to intangible assets impairment and leveraged lease tax litigation — assuming dilution (non-GAAP)		(.11	)		(.39	)		(.76	)
Performance ratios from consolidated operations
Return on average total assets: (a)
Average total assets	$	95,578		$	95,975		$	103,815
Return on average total assets (GAAP)		(.23	)%		(.93	)%		(1.91	)%
Return on average total assets, excluding charges (credits) related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)		(.23	)		(1.26	)		(1.27	)
Return on average common equity: (a)
Average common equity	$	8,024		$	8,125		$	7,277
Return on average common equity (GAAP)		(4.85	)%		(12.94	)%		(29.87	)%
Return on average common equity, excluding charges (credits) related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)		(4.85	)		(16.85	)		(20.73	)

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 16

GAAP to Non-GAAP Reconciliations (continued)
(dollars in millions, except per share amounts)

	Three months ended
	3-31-10			12-31-09			3-31-09
Tangible common equity to tangible assets at period end
Key shareholders’ equity (GAAP)	$	10,641		$	10,663		$	9,968
Less: Intangible assets		963			967			1,029	(d)
Preferred Stock, Series B		2,434			2,430			2,418
Preferred Stock, Series A		291			291			658
Tangible common equity (non-GAAP)	$	6,953		$	6,975		$	5,863
Total assets (GAAP)	$	95,303		$	93,287		$	97,834
Less: Intangible assets		963			967			1,029	(d)
Tangible assets (non-GAAP)	$	94,340		$	92,320		$	96,805
Tangible common equity to tangible assets ratio (non-GAAP)		7.37	%		7.56	%		6.06	%
Tier 1 common equity at period end
Key shareholders’ equity (GAAP)	$	10,641		$	10,663		$	9,968
Qualifying capital securities		1,791			1,791			2,582
Less: Goodwill		917			917			917
Accumulated other comprehensive income (loss) (b)		(25	)		(48	)		111
Other assets (c)		765			632			184
Total Tier 1 capital (regulatory)		10,775			10,953			11,338
Less: Qualifying capital securities		1,791			1,791			2,582
Preferred Stock, Series B		2,434			2,430			2,418
Preferred Stock, Series A		291			291			658
Total Tier 1 common equity (non-GAAP)	$	6,259		$	6,441		$	5,680
Net risk-weighted assets (regulatory) (c),(e)	$	83,171		$	85,881		$	101,077
Tier 1 common equity ratio (non-GAAP) (e)		7.53	%		7.50	%		5.62	%

(a)	Income statement amount has been annualized in calculation of percentage.
(b)	Includes net unrealized gains or losses on securities available for sale (except for net unrealized losses on marketable equity securities), net gains or losses on cash flow hedges, and amounts resulting from the December 31, 2006, adoption and subsequent application of the applicable accounting guidance for defined benefit and other postretirement plans.
(c)	Other assets deducted from Tier 1 capital and net risk-weighted assets consist of disallowed deferred tax assets of $651 million at March 31, 2010, and $514 million at December 31, 2009, disallowed intangible assets (excluding goodwill), and deductible portions of nonfinancial equity investments.
(d)	Includes $2 million of other intangible assets classified as “discontinued assets” on the balance sheet.
(e)	3-31-10 amount or ratio is estimated.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 17

Consolidated Balance Sheets
(dollars in millions)

	3-31-10			12-31-09			3-31-09
ASSETS
Loans	$	55,913		$	58,770		$	70,003
Loans held for sale		556			443			671
Securities available for sale		16,553			16,641			8,363
Held-to-maturity securities		22			24			25
Trading account assets		1,034			1,209			1,279
Short-term investments		4,345			1,743			2,917
Other investments		1,525			1,488			1,464
Total earning assets		79,948			80,318			84,722
Allowance for loan losses		(2,425	)		(2,534	)		(2,016	)
Cash and due from banks		619			471			624
Premises and equipment		872			880			847
Operating lease assets		652			716			889
Goodwill		917			917			917
Other intangible assets		46			50			110
Corporate-owned life insurance		3,087			3,071			2,994
Derivative assets		1,063			1,094			1,707
Accrued income and other assets		4,150			4,096			2,615
Discontinued assets		6,374			4,208			4,425
Total assets	$	95,303		$	93,287		$	97,834
LIABILITIES
Deposits in domestic offices:
NOW and money market deposit accounts	$	25,068		$	24,341		$	23,599
Savings deposits		1,873			1,807			1,795
Certificates of deposit ($100,000 or more)		10,188			10,954			13,250
Other time deposits		12,010			13,286			14,791
Total interest-bearing deposits		49,139			50,388			53,435
Noninterest-bearing deposits		15,364			14,415			11,641
Deposits in foreign office — interest-bearing		646			768			801
Total deposits		65,149			65,571			65,877
Federal funds purchased and securities sold under repurchase agreements		1,927			1,742			1,565
Bank notes and other short-term borrowings		446			340			2,285
Derivative liabilities		1,103			1,012			927
Accrued expense and other liabilities		2,089			2,007			1,891
Long-term debt		11,177			11,558			14,978
Discontinued liabilities		2,490			124			137
Total liabilities		84,381			82,354			87,660
EQUITY
Preferred stock, Series A		291			291			658
Preferred stock, Series B		2,434			2,430			2,418
Common shares		946			946			584
Common stock warrant		87			87			87
Capital surplus		3,724			3,734			2,464
Retained earnings		5,098			5,158			6,160
Treasury stock, at cost		(1,958	)		(1,980	)		(2,500	)
Accumulated other comprehensive income (loss)		19			(3	)		97
Key shareholders’ equity		10,641			10,663			9,968
Noncontrolling interests		281			270			206
Total equity		10,922			10,933			10,174
Total liabilities and equity	$	95,303		$	93,287		$	97,834
Common shares outstanding (000)		879,052			878,535			498,573

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 18

Consolidated Statements of Income
(dollars in millions, except per share amounts)

	Three months ended
	3-31-10			12-31-09			3-31-09
Interest income
Loans	$	710		$	749		$	840
Loans held for sale		4			6			8
Securities available for sale		150			150			100
Held-to-maturity securities		1			—			1
Trading account assets		11			12			13
Short-term investments		2			3			3
Other investments		14			13			12
Total interest income		892			933			977
Interest expense
Deposits		212			246			300
Federal funds purchased and securities sold under repurchase agreements		1			1			1
Bank notes and other short-term borrowings		3			3			6
Long-term debt		51			53			81
Total interest expense		267			303			388
Net interest income		625			630			589
Provision for loan losses		413			756			847
Net interest income (expense) after provision for loan losses		212			(126	)		(258	)
Noninterest income
Trust and investment services income		114			117			110
Service charges on deposit accounts		76			82			82
Operating lease income		47			52			61
Letter of credit and loan fees		40			52			38
Corporate-owned life insurance income		28			36			27
Net securities gains (losses)		3	(a)		1	(a)		(14	)
Electronic banking fees		27			27			24
Gains on leased equipment		8			15			26
Insurance income		18			16			18
Net gains (losses) from loan sales		4			(5	)		7
Net gains (losses) from principal investing		37			80			(72	)
Investment banking and capital markets income (loss)		9			(47	)		17
Gain from sale/redemption of Visa Inc. shares		—			—			105
Gain (loss) related to exchange of common shares for capital securities		—			—			—
Other income		39			43			49
Total noninterest income		450			469			478
Noninterest expense
Personnel		362			400			359
Net occupancy		66			67			66
Operating lease expense		39			50			50
Computer processing		47			49			47
Professional fees		38			63			34
FDIC assessment		37			37			30
OREO expense, net		32			25			6
Equipment		24			25			22
Marketing		13			22			14
Provision (credit) for losses on lending-related commitments		(2	)		27			—
Intangible assets impairment		—			—			196
Other expense		129			106			103
Total noninterest expense		785			871			927
Income (loss) from continuing operations before income taxes		(123	)		(528	)		(707	)
Income taxes		(82	)		(347	)		(238	)
Income (loss) from continuing operations		(41	)		(181	)		(469	)
Income (loss) from discontinued operations, net of taxes		2			(7	)		(29	)
Net income (loss)		(39	)		(188	)		(498	)
Less: Net income (loss) attributable to noncontrolling interests		16			36			(10	)
Net income (loss) attributable to Key	$	(55	)	$	(224	)	$	(488	)
Income (loss) from continuing operations attributable to Key common shareholders	$	(98	)	$	(258	)	$	(507	)
Net income (loss) attributable to Key common shareholders		(96	)		(265	)		(536	)
Per common share
Income (loss) from continuing operations attributable to Key common shareholders	$	(.11	)	$	(.30	)	$	(1.03	)
Income (loss) from discontinued operations, net of taxes		—			(.01	)		(.06	)
Net income (loss) attributable to Key common shareholders		(.11	)		(.30	)		(1.09	)
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders	$	(.11	)	$	(.30	)	$	(1.03	)
Income (loss) from discontinued operations, net of taxes		—			(.01	)		(.06	)
Net income (loss) attributable to Key common shareholders		(.11	)		(.30	)		(1.09	)
Cash dividends declared per common share	$	.01		$	.01		$	.0625
Weighted-average common shares outstanding (000)		874,386			873,268			492,813
Weighted-average common shares and potential common shares outstanding (000)		874,386			873,268			492,813

(a) For the three months ended March 31, 2010, and December 31, 2009, Key did not have impairment losses related to securities.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 19

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates
From Continuing Operations
(dollars in millions)

	First Quarter 2010								Fourth Quarter 2009								First Quarter 2009
	Average								Average								Average
	Balance			Interest (a)		Yield/Rate (a)			Balance			Interest (a)		Yield/Rate (a)			Balance			Interest (a)		Yield/Rate (a)
Assets
Loans: (b),(c)
Commercial, financial and agricultural	$	18,796		$	222		4.78	%	$	19,817		$	232		4.63	%	$	26,427		$	278		4.26	%
Real estate — commercial mortgage		10,430			128		4.98			10,853			132		4.84			10,965	g		140		5.20
Real estate — construction		4,537			45		4.07			5,246			62		4.70			7,511	g		84		4.54
Commercial lease financing		7,195			93		5.19			7,598			97		5.10			8,790			94		4.28
Total commercial loans		40,958			488		4.82			43,514			523		4.77			53,693			596		4.50
Real estate — residential mortgage		1,803			26		5.65			1,781			26		5.80			1,776			27		6.00
Home equity:
Community Banking		9,967			105		4.26			10,101			109		4.28			10,277			114		4.49
Other		816			15		7.57			862			16		7.54			1,036			19		7.55
Total home equity loans		10,783			120		4.51			10,963			125		4.53			11,313			133		4.77
Consumer other — Community Banking		1,162			36		12.63			1,185			32		11.06			1,225			32		10.56
Consumer other:
Marine		2,713			42		6.15			2,866			44		6.16			3,331			52		6.24
Other		209			4		7.76			224			5		7.81			274			5		7.97
Total consumer other		2,922			46		6.27			3,090			49		6.28			3,605			57		6.37
Total consumer loans		16,670			228		5.51			17,019			232		5.44			17,919			249		5.61
Total loans		57,628			716		5.02			60,533			755		4.96			71,612			845		4.77
Loans held for sale		390			4		4.43			618			6		3.35			686			8		4.89
Securities available for sale (b),(e)		16,312			151		3.73			15,937			151		3.82			8,127			101		5.05
Held-to-maturity securities (b)		23			1		8.20			24			—		3.34			25			1		9.84
Trading account assets		1,186			11		3.86			1,315			12		3.72			1,348			13		3.97
Short-term investments		2,806			2		.28			3,682			3		.23			2,450			3		.47
Other investments (e)		1,498			14		3.32			1,465			13		3.21			1,523			12		2.80
Total earning assets		79,843			899		4.54			83,574			940		4.47			85,771			983		4.63
Allowance for loan losses		(2,603	)							(2,525	)							(1,895	)
Accrued income and other assets		11,454								10,785								15,448
Discontinued assets — education lending business		6,884								4,141								4,491
Total assets	$	95,578							$	95,975							$	103,815
Liabilities
NOW and money market deposit accounts	$	24,722		$	23		.37		$	24,910			25		.39		$	23,957			38		.65
Savings deposits		1,828			—		.06			1,801			1		.06			1,744			—		.09
Certificates of deposit ($100,000 or more) (f)		10,538			88		3.39			11,675			103		3.49			12,455			121		3.93
Other time deposits		12,611			100		3.23			13,753			117		3.39			14,737			140		3.85
Deposits in foreign office		693			1		.30			711			—		.31			1,259			1		.21
Total interest-bearing deposits		50,392			212		1.71			52,850			246		1.84			54,152			300		2.24
Federal funds purchased and securities sold under repurchase agreements		1,790			1		.32			1,657			1		.31			1,545			1		.31
Bank notes and other short-term borrowings		490			3		2.41			418			3		3.03			4,405			6		.58
Long-term debt (f)		7,001			51		3.16			8,092			53		2.91			10,431			81		3.39
Total interest-bearing liabilities		59,673			267		1.83			63,017			303		1.94			70,533			388		2.25
Noninterest-bearing deposits		14,941								14,655								11,094
Accrued expense and other liabilities		3,064								3,097								7,139
Discontinued liabilities — education lending business (d)		6,884								4,141								4,491
Total liabilities		84,562								84,910								93,257
Equity
Key shareholders’ equity		10,747								10,843								10,352
Noncontrolling interests		269								222								206
Total equity		11,016								11,065								10,558
Total liabilities and equity	$	95,578							$	95,975							$	103,815
Interest rate spread (TE)							2.71	%							2.53	%							2.38	%
Net interest income (TE) and net interest margin (TE)					632		3.19	%					637		3.04	%					595		2.79	%
TE adjustment (b)					7								7								6
Net interest income, GAAP basis				$	625							$	630							$	589

Average balances have not been adjusted prior to the third quarter of 2009 to reflect Key’s January 1, 2008, adoption of the applicable accounting guidance related to the offsetting of certain derivative contracts on the consolidated balance sheet.

(a)	Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (e) below, calculated using a matched funds transfer pricing methodology.
(b)	Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 35%.
(c)	For purposes of these computations, nonaccrual loans are included in average loan balances.
(d)	Discontinued liabilities include the liabilities of the education lending business and the dollar amount of any additional liabilities assumed necessary to support the assets associated with this business.
(e)	Yield is calculated on the basis of amortized cost.
(f)	Rate calculation excludes basis adjustments related to fair value hedges.
(g)	In late March 2009, Key transferred $1.5 billion of loans from the construction portfolio to the commercial mortgage portfolio in accordance with regulatory guidelines pertaining to the classification of loans that have reached a completed status.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 20

Noninterest Income
(in millions)

	Three months ended
	3-31-10		12-31-09			3-31-09
Trust and investment services income (a)	$	114	$	117		$	110
Service charges on deposit accounts		76		82			82
Operating lease income		47		52			61
Letter of credit and loan fees		40		52			38
Corporate-owned life insurance income		28		36			27
Net securities gains (losses)		3		1			(14	)
Electronic banking fees		27		27			24
Gains on leased equipment		8		15			26
Insurance income		18		16			18
Net gains (losses) from loan sales		4		(5	)		7
Net gains (losses) from principal investing		37		80			(72	)
Investment banking and capital markets income (loss) (a)		9		(47	)		17
Gain from sale/redemption of Visa Inc. shares		—		—			105
Other income:
Credit card fees		3		2			3
Miscellaneous income		36		41			46
Total other income		39		43			49
Total noninterest income	$	450	$	469		$	478

(a) Additional detail provided in tables below.

Trust and Investment Services Income
(in millions)

	Three months ended
	3-31-10		12-31-09		3-31-09
Brokerage commissions and fee income	$	33	$	31	$	38
Personal asset management and custody fees		37		37		33
Institutional asset management and custody fees		44		49		39
Total trust and investment services income	$	114	$	117	$	110

Investment Banking and Capital Markets Income (Loss)
(in millions)

	Three months ended
	3-31-10			12-31-09			3-31-09
Investment banking income	$	16		$	29		$	11
Income (loss) from other investments		1			(66	)		(8	)
Dealer trading and derivatives income (loss)		(16	)		(21	)		1
Foreign exchange income		8			11			13
Total investment banking and capital markets income (loss)	$	9		$	(47	)	$	17

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 21

Noninterest Expense
(dollars in millions)

	Three months ended
	3-31-10			12-31-09		3-31-09
Personnel (a)	$	362		$	400	$	359
Net occupancy		66			67		66
Operating lease expense		39			50		50
Computer processing		47			49		47
Professional fees		38			63		34
FDIC assessment		37			37		30
OREO expense, net		32			25		6
Equipment		24			25		22
Marketing		13			22		14
Provision (credit) for losses on lending-related commitments		(2	)		27		—
Intangible assets impairment		—			—		196
Other expense:
Postage and delivery		7			8		8
Franchise and business taxes		7			5		9
Telecommunications		6			6		7
Miscellaneous expense		109			87		79
Total other expense		129			106		103
Total noninterest expense	$	785		$	871	$	927
Average full-time equivalent employees (b)		15,772			15,973		17,468

(a)	Additional detail provided in table below.
(b)	The number of average full-time equivalent employees has not been adjusted for discontinued operations.

Personnel Expense
(in millions)

	Three months ended
	3-31-10		12-31-09		3-31-09
Salaries	$	222	$	229	$	223
Incentive compensation		47		76		36
Employee benefits		74		75		83
Stock-based compensation		14		15		9
Severance		5		5		8
Total personnel expense	$	362	$	400	$	359

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 22

Loan Composition
(dollars in millions)

								Percent change 3-31-10 vs.
	3-31-10		12-31-09		3-31-09			12-31-09			3-31-09
Commercial, financial and agricultural	$	18,015	$	19,248	$	25,405			(6.4	)%		(29.1	)%
Commercial real estate:
Commercial mortgage		10,467		10,457		12,057	a		.1			(13.2	)
Construction		3,990		4,739		6,208	a		(15.8	)		(35.7	)
Total commercial real estate loans		14,457		15,196		18,265			(4.9	)		(20.8	)
Commercial lease financing		6,964		7,460		8,553			(6.6	)		(18.6	)
Total commercial loans		39,436		41,904		52,223			(5.9	)		(24.5	)
Real estate — residential mortgage		1,812		1,796		1,759			.9			3.0
Home equity:
Community Banking		9,892		10,048		10,281			(1.6	)		(3.8	)
Other		795		838		1,007			(5.1	)		(21.1	)
Total home equity loans		10,687		10,886		11,288			(1.8	)		(5.3	)
Consumer other — Community Banking		1,141		1,181		1,215			(3.4	)		(6.1	)
Consumer other:
Marine		2,636		2,787		3,256			(5.4	)		(19.0	)
Other		201		216		262			(6.9	)		(23.3	)
Total consumer other		2,837		3,003		3,518			(5.5	)		(19.4	)
Total consumer loans		16,477		16,866		17,780			(2.3	)		(7.3	)
Total loans b	$	55,913	$	58,770	$	70,003			(4.9	)%		(20.1	)%

Loans Held for Sale Composition
(dollars in millions)

									Percent change 3-31-10 vs.
	3-31-10			12-31-09			3-31-09		12-31-09			3-31-09
Commercial, financial and agricultural	$	25		$	14		$	24		78.6	%		4.2	%
Real estate — commercial mortgage		265			171			301		55.0			(12.0	)
Real estate — construction		147			92			151		59.8			(2.6	)
Commercial lease financing		27			27			10		—			170.0
Real estate — residential mortgage		92			139			183		(33.8	)		(49.7	)
Automobile		—			—			2		—			(100.0	)
Total loans held for sale (c)	$	556	(d)	$	443	(d)	$	671		25.5	%		(17.1	)%

(a)	In late March 2009, Key transferred $1.5 billion of loans from the construction portfolio to the commercial mortgage portfolio in accordance with regulatory guidelines pertaining to the classification of loans that have reached a completed status.
(b)	Excluded at March 31, 2010, December 31, 2009, and March 31, 2009, are loans in the amount of $6.0 billion, $3.5 billion and $3.7 billion, respectively, related to the discontinued operations of the education lending business.
(c)	Excluded at March 31, 2010, December 31, 2009, and March 31, 2009, are loans held for sale in the amount of $246 million, $434 million, and $453 million, respectively, related to the discontinued operations of the education lending business.
(d)	The beginning balance at December 31, 2009 of $443 million increased by new originations in the amount of $509 million, net transfers from held to maturity in the amount of $109 million and decreased by loan sales of $488 million, transfers to OREO/valuation adjustments of $11 million, and loan payments of $6 million for an ending balance of $556 million at March 31, 2010.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 23

Summary of Loan Loss Experience from Continuing Operations
(dollars in millions)

	Three months ended
	3-31-10			12-31-09			3-31-09
Average loans outstanding	$	57,628		$	60,533		$	71,612
Allowance for loan losses at beginning of period	$	2,534		$	2,485		$	1,629
Loans charged off:
Commercial, financial and agricultural		139			232			244
Real estate — commercial mortgage		109			166			22
Real estate — construction		157			187			104
Total commercial real estate loans		266			353			126
Commercial lease financing		25			45			22
Total commercial loans		430			630			392
Real estate — residential mortgage		7			9			3
Home equity:
Community Banking		31			28			18
Other		18			20			15
Total home equity loans		49			48			33
Consumer other — Community Banking		18			17			14
Consumer other:
Marine		48			41			39
Other		5			5			6
Total consumer other		53			46			45
Total consumer loans		127			120			95
Total loans charged off		557			750			487
Recoveries:
Commercial, financial and agricultural		13			14			12
Real estate — commercial mortgage		3			1			1
Real estate — construction		—			6			—
Total commercial real estate loans		3			7			1
Commercial lease financing		4			6			4
Total commercial loans		20			27			17
Real estate — residential mortgage		—			1			—
Home equity:
Community Banking		1			1			1
Other		1			1			—
Total home equity loans		2			2			1
Consumer other — Community Banking		2			2			1
Consumer other:
Marine		10			8			7
Other		1			2			1
Total consumer other		11			10			8
Total consumer loans		15			15			10
Total recoveries		35			42			27
Net loan charge-offs		(522	)		(708	)		(460	)
Provision for loan losses		413			756			847
Foreign currency translation adjustment		—			1			—
Allowance for loan losses at end of period	$	2,425		$	2,534		$	2,016
Liability for credit losses on lending-related commitments at beginning of period	$	121		$	94		$	54
Provision (credit) for losses on lending-related commitments		(2	)		27			—
Liability for credit losses on lending-related commitments at end of period (a)	$	119		$	121		$	54
Total allowance for credit losses at end of period	$	2,544		$	2,655		$	2,070
Net loan charge-offs to average loans		3.67	%		4.64	%		2.60	%
Allowance for loan losses to period-end loans		4.34			4.31			2.88
Allowance for credit losses to period-end loans		4.55			4.52			2.96
Allowance for loan losses to nonperforming loans		117.43			115.87			116.20
Allowance for credit losses to nonperforming loans		123.20			121.40			119.31
Discontinued operations — education lending business:
Loans charged off	$	37		$	37		$	33
Recoveries		1			1			1
Net loan charge-offs	$	(36	)	$	(36	)	$	(32	)

(a) Included in “accrued expense and other liabilities” on the balance sheet.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 24

Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
(dollars in millions)

	3-31-10			12-31-09			9-30-09			6-30-09			3-31-09
Commercial, financial and agricultural	$	558		$	586		$	679		$	700		$	595
Real estate — commercial mortgage		579			614			566			454			310
Real estate — construction		607			641			702			716			546
Total commercial real estate loans		1,186			1,255			1,268			1,170			856
Commercial lease financing		99			113			131			122			109
Total commercial loans		1,843			1,954			2,078			1,992			1,560
Real estate — residential mortgage		72			73			68			46			39
Home equity:
Community Banking		111			107			103			101			91
Other		18			21			21			20			19
Total home equity loans		129			128			124			121			110
Consumer other — Community Banking		4			4			4			5			3
Consumer other:
Marine		16			26			15			19			21
Other		1			2			1			2			2
Total consumer other		17			28			16			21			23
Total consumer loans		222			233			212			193			175
Total nonperforming loans		2,065			2,187			2,290			2,185			1,735
Nonperforming loans held for sale		195			116			304			145			72
OREO		175			191			187			182			147
Allowance for OREO losses		(45	)		(23	)		(40	)		(11	)		(4	)
OREO, net of allowance		130			168			147			171			143
Other nonperforming assets		38			39			58			47			44
Total nonperforming assets	$	2,428		$	2,510		$	2,799		$	2,548		$	1,994
Accruing loans past due 90 days or more	$	434		$	331		$	375		$	552		$	435
Accruing loans past due 30 through 89 days		639			933			1,071			1,081			1,313
Restructured loans included in nonperforming loans (a)		226			364			65			7			—
Nonperforming assets from discontinued operations — education lending business		43			14			12			3			3
Nonperforming loans to period-end portfolio loans		3.69	%		3.72	%		3.68	%		3.25	%		2.48	%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		4.31			4.25			4.46			3.77			2.84

(a) Restructured loans (i.e. troubled debt restructurings) are those for which Key, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. These concessions are made to improve the collectability of the loan and generally take the form of a reduction of the interest rate, extension of the maturity date or reduction in the principal balance.

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 25

Summary of Changes in Nonperforming Loans From Continuing Operations
(in millions)

	1Q10			4Q09			3Q09			2Q09			1Q09
Balance at beginning of period	$	2,187		$	2,290		$	2,185		$	1,735		$	1,221
Loans placed on nonaccrual status		746			1,141			1,160			1,227			1,166
Charge-offs		(557	)		(750	)		(619	)		(540	)		(487	)
Loans sold		(15	)		(70	)		(4	)		(12	)		(15	)
Payments		(102	)		(237	)		(294	)		(142	)		(105	)
Transfers to OREO		(20	)		(98	)		(91	)		(45	)		(32	)
Transfers to nonperforming loans held for sale		(59	)		(23	)		(5	)		(30	)		—
Transfers to other nonperforming assets		(3	)		(4	)		(29	)		—			—
Loans returned to accrual status		(112	)		(62	)		(13	)		(8	)		(13	)
Balance at end of period	$	2,065		$	2,187		$	2,290		$	2,185		$	1,735

Summary of Changes in Nonperforming Loans Held For Sale From Continuing Operations
(in millions)

	1Q10			4Q09			3Q09			2Q09			1Q09
Balance at beginning of period	$	116		$	304		$	145		$	72		$	88
Transfers in		129			71			216			79			2
Loans sold		(38	)		(228	)		(45	)		(1	)		—
Transfers to OREO		(6	)		—			—			(1	)		(12	)
Valuation adjustments		(6	)		(15	)		(10	)		(4	)		(6	)
Loans returned to accrual status / other		—			(16	)		(2	)		—			—
Balance at end of period	$	195		$	116		$	304		$	145		$	72

Summary of Changes in Other Real Estate Owned, Net of Allowance, From Continuing Operations
(in millions)

	1Q10			4Q09			3Q09			2Q09			1Q09
Balance at beginning of period	$	168		$	147		$	171		$	143		$	107
Properties acquired — nonperforming loans		26			98			91			46			44
Valuation adjustments		(28	)		(12	)		(36	)		(9	)		(3	)
Properties sold		(36	)		(65	)		(79	)		(9	)		(5	)
Balance at end of period	$	130		$	168		$	147		$	171		$	143

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 26

Line of Business Results
(dollars in millions)

Community Banking

																Percent change 1Q10 vs.
	1Q10			4Q09			3Q09			2Q09			1Q09			4Q09			1Q09
Summary of operations
Total revenue (TE)	$	599		$	629		$	632		$	632		$	612			(4.8	)%		(2.1)	%
Provision for loan losses		142			230			160			199			141			(38.3	)		.7
Noninterest expense		468			492			491			496			468			(4.9	)		—
Net income (loss) attributable to Key		5			(41	)		(1	)		(29	)		12			N/M			(58.3	)
Average loans and leases		27,769			28,321			29,126			30,305			31,275			(1.9	)		(11.2	)
Average deposits		51,459			52,640			53,068			52,786			51,655			(2.2	)		(.4	)
Net loan charge-offs		116			148			103			114			89			(21.6	)		30.3
Net loan charge-offs to average loans		1.69	%		2.07	%		1.40	%		1.51	%		1.15	%		N/A			N/A
Nonperforming assets at period end	$	597		$	544		$	559		$	512		$	499			9.7			19.6
Return on average allocated equity		.54	%		(4.52	)%		(.11	)%		(3.18	)%		1.37	%		N/A			N/A
Average full-time equivalent employees		8,187			8,227			8,472			8,709			8,939			(.5	)		(8.4	)
Supplementary information (lines of business)
Regional Banking
Total revenue (TE)	$	490		$	512		$	528		$	529		$	509			(4.3	)%		(3.7)	%
Provision for loan losses		115			139			93			166			68			(17.3	)		69.1
Noninterest expense		422			429			430			439			411			(1.6	)		2.7
Net income (loss) attributable to Key		(18	)		(18	)		14			(37	)		29			—			N/M
Average loans and leases		18,753			19,076			19,347			19,745			20,004			(1.7	)		(6.3	)
Average deposits		46,197			47,569			48,551			48,717			47,784			(2.9	)		(3.3	)
Net loan charge-offs		96			82			78			72			52			17.1			84.6
Net loan charge-offs to average loans		2.08	%		1.71	%		1.60	%		1.46	%		1.05	%		N/A			N/A
Nonperforming assets at period end	$	327		$	319		$	289		$	245		$	205			2.5			59.5
Return on average allocated equity		(2.99	)%		(3.07	)%		2.40	%		(6.41	)%		5.22	%		N/A			N/A
Average full-time equivalent employees		7,836			7,877			8,120			8,339			8,565			(.5	)		(8.5	)
Commercial Banking
Total revenue (TE)	$	109		$	117		$	104		$	103		$	103			(6.8	)%		5.8	%
Provision for loan losses		27			91			67			33			73			(70.3	)		(63.0	)
Noninterest expense		46			63			61			57			57			(27.0	)		(19.3	)
Net income (loss) attributable to Key		23			(23	)		(15	)		8			(17	)		N/M			N/M
Average loans and leases		9,016			9,245			9,779			10,560			11,271			(2.5	)		(20.0	)
Average deposits		5,262			5,071			4,517			4,069			3,871			3.8			35.9
Net loan charge-offs		20			66			25			42			37			(69.7	)		(45.9	)
Net loan charge-offs to average loans		.90	%		2.83	%		1.01	%		1.60	%		1.33	%		N/A			N/A
Nonperforming assets at period end	$	270		$	225		$	270		$	267		$	294			20.0			(8.2	)
Return on average allocated equity		7.29	%		(7.19	)%		(4.54	)%		2.39	%		(5.28	)%		N/A			N/A
Average full-time equivalent employees		351			350			352			370			374			.3			(6.1	)

KeyCorp Reports First Quarter 2010 Results
April 21, 2010
Page 27

Line of Business Results (continued)
(dollars in millions)

National Banking

																Percent change 1Q10 vs.
	1Q10			4Q09			3Q09			2Q09			1Q09			4Q09			1Q09
Summary of operations
Total revenue (TE)	$	376		$	342		$	383		$	447		$	423			9.9	%		(11.1)	%
Provision for loan losses		161			382			439			494			511			(57.9	)		(68.5	)
Noninterest expense		270			299			323			292			428			(9.7	)		(36.9	)
Net income (loss) attributable to Key		(33	)		(211	)		(234	)		(210	)		(394	)		84.4			91.6
Average loans and leases		22,440			24,011			26,715			28,586			29,697			(6.5	)		(24.4	)
Average loans held for sale		240			431			368			393			482			(44.3	)		(50.2	)
Average deposits		12,398			13,241			13,289			13,004			11,945			(6.4	)		3.8
Net loan charge-offs		251			411			357			252			239			(38.9	)		5.0
Net loan charge-offs to average loans		4.54	%		6.79	%		5.30	%		3.54	%		3.26	%		N/A			N/A
Nonperforming assets at period end	$	1,285		$	1,326		$	1,510		$	1,217		$	770			(3.1	)		66.9
Return on average allocated equity		(3.89	)%		(22.66	)%		(23.90	)%		(21.41	)%		(40.22	)%		N/A			N/A
Average full-time equivalent employees		2,409			2,434			2,508			2,581			2,661			(1.0	)		(9.5	)
Supplementary information (lines of business)
Real Estate Capital and Corporate Banking Services
Total revenue (TE)	$	144		$	93		$	136		$	192		$	185			54.8	%		(22.2)	%
Provision for loan losses		145			304			336			414			438			(52.3	)		(66.9	)
Noninterest expense		114			112			96			111			190			1.8			(40.0	)
Net income (loss) attributable to Key		(72	)		(202	)		(183	)		(207	)		(320	)		64.4			77.5
Average loans and leases		12,340			13,256			14,321			15,144			15,717			(6.9	)		(21.5	)
Average loans held for sale		115			228			201			182			206			(49.6	)		(44.2	)
Average deposits		9,817			10,587			10,833			10,663			10,163			(7.3	)		(3.4	)
Net loan charge-offs		207			381			276			212			173			(45.7	)		19.7
Net loan charge-offs to average loans		6.80	%		11.40	%		7.65	%		5.61	%		4.46	%		N/A			N/A
Nonperforming assets at period end	$	1,067		$	1,094		$	1,184		$	1,023		$	622			(2.5	)		71.5
Return on average allocated equity		(14.08	)%		(35.45	)%		(30.49	)%		(34.17	)%		(56.11	)%		N/A			N/A
Average full-time equivalent employees		1,074			1,088			1,103			1,118			1,160			(1.3	)		(7.4	)
Equipment Finance
Total revenue (TE)	$	61		$	66		$	59		$	65		$	66			(7.6	)%		(7.6	)%
Provision for loan losses		4			65			75			42			41			(93.8	)		(90.2	)
Noninterest expense		48			59			88			61			56			(18.6	)		(14.3	)
Net income (loss) attributable to Key		6			(36	)		(65	)		(24	)		(19	)		N/M			N/M
Average loans and leases		4,574			4,610			5,010			5,051			5,031			(.8	)		(9.1	)
Average loans held for sale		1			—			20			18			8			100.0			(87.5	)
Average deposits		6			7			6			9			9			(14.3	)		(33.3	)
Net loan charge-offs		18			21			30			29			22			(14.3	)		(18.2	)
Net loan charge-offs to average loans		1.60	%		1.81	%		2.38	%		2.30	%		1.77	%		N/A			N/A
Nonperforming assets at period end	$	111		$	122		$	118		$	105		$	89			(9.0	)		24.7
Return on average allocated equity		6.59	%		(39.02	)%		(66.98	)%		(26.09	)%		(16.94	)%		N/A			N/A
Average full-time equivalent employees		605			626			661			679			688			(3.4	)		(12.1	)
Institutional and Capital Markets
Total revenue (TE)	$	171		$	183		$	188		$	190		$	172			(6.6	)%		(.6	)%
Provision for loan losses		12			13			28			38			32			(7.7	)		(62.5	)
Noninterest expense		108			128			139			120			182			(15.6	)		(40.7	)
Net income (loss) attributable to Key		33			27			14			21			(55	)		22.2			N/M
Average loans and leases		5,526			6,145			7,384			8,391			8,949			(10.1	)		(38.3	)
Average loans held for sale		124			203			147			193			268			(38.9	)		(53.7	)
Average deposits		2,575			2,647			2,450			2,332			1,773			(2.7	)		45.2
Net loan charge-offs		26			9			51			11			44			188.9			(40.9	)
Net loan charge-offs to average loans		1.91	%		.58	%		2.74	%		.53	%		1.99	%		N/A			N/A
Nonperforming assets at period end	$	107		$	110		$	208		$	89		$	59			(2.7	)		81.4
Return on average allocated equity		13.38	%		10.03	%		4.97	%		7.41	%		(18.51	)%		N/A			N/A
Average full-time equivalent employees		730			720			744			784			813			1.4			(10.2	)

TE = Taxable Equivalent, N/A = Not Applicable, N/M = Not Meaningful

EX-99.2

Exhibit 99.2

First Quarter 2010 Review April 21, 2010 Speakers: Henry Meyer Jeff Weeden Exhibit 99.2

2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Key's financial condition, results of operations, earnings outlook, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management's current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Key's control. Key's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Factors that could cause Key's actual results to differ materially from those described in the forward-looking statements can be found in Key's Annual Report on Form 10-K for the year ended December 31, 2009, which has been filed with the Securities and Exchange Commission and is available on Key's website (www.key.com) and on the Securities and Exchange Commission's website (www.sec.gov). Forward-looking statements are not guarantees of future performance and should not be relied upon as representing management's views as of any subsequent date. Key does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 FORWARD-LOOKING STATEMENT DISCLOSURE

3 Strategic Update First quarter 2010 loss narrows Continued improvement in credit quality Capital and liquidity positions remain strong Management transition completed Continued investment in relationship businesses

4 2010 Strategic Priorities Return to sustainable profitability Sustain strong reserves, capital and liquidity Continue building a robust risk management culture Expand and acquire client relationships Attract and retain a capable, diverse and engaged workforce

5 Financial Summary ^ First Quarter 2010 TE = Taxable Equivalent, EOP = End of Period (a) Ratios are estimated. Loss from continuing operations attributable to Key common shareholders $ (.11) Performance - from continuing operations Net interest margin (TE) 3.19% Return on average total assets (.26) Capital Tier 1 common equity (a) 7.53% Tier 1 risk-based capital (a) 12.96 Total risk-based capital (a) 17.11 Tangible common equity to tangible assets 7.37 Asset quality - from continuing operations Allowance for credit losses to period-end loans 4.55% Net loan charge-offs to average loans 3.67 NPLs to EOP portfolio loans 3.69 NPAs to EOP portfolio loans + OREO + Other NPAs 4.31

6 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Net Interest Income 689 692 716 722 726 726 744 700 706 712 750 738 738 684 664 595 591 613 637 632 NII Adjustments 34 838 18 0 15 738.4 738 684 642 595 591 613 637 Net Interest Spread 0.0319 0.0309 0.0306 0.0305 0.0296 0.0285 0.0285 0.027 0.0262 0.0252 0.0275 0.0281 0.0288 0.027 0.0245 0.0238 0.023 0.0237 0.0253 0.0271 Net Interest Margin 0.0367 0.0363 0.0368 0.0372 0.0368 0.0361 0.0366 0.035 0.0346 0.034 0.0348 0.0329 0.0332 0.0317 0.0287 0.0279 0.0277 0.0287 0.0304 0.0319 $ in millions Continuing Operations (a) Net Interest Margin (TE) Net Interest Margin Net Interest Income (a) TE = Taxable Equivalent The information shown in this table has been adjusted to exclude the impact of certain leveraged lease terminations, which reduced taxable equivalent net interest income by $16 million and $14 million in 2Q09 and 3Q09, respectively. Net Interest Spread

7 $4.2 ..9 ..9 1.0 3.6 10.6 ..1 $10.7 $4.2 CF&A CRE - Comml Mtg CRE - Construction Leasing Home Equity Other Consumer Exit Portfolios Total Loans Loans Held for Sale Total Loans and Loans Held for Sale Leasing CRE - Homebuilder Marine/RV Floor Plan Home Equity - Other Marine/RV & Other Consumer Total Exit Portfolios Held for Sale Homebuilder and Leasing Loans Total Exit Portfolios and Loans Held for Sale Discontinued Operations - Education Lending Business (a) Exit Portfolios - Average Balances $25.5 11.0 6.7 4.6 10.3 2.9 10.6 71.6 ..7 $72.3 $3.5 ..6 ..6 ..9 3.3 8.9 - - $8.9 $3.8 $3.8 ..7 ..8 1.0 3.5 9.8 - - $9.8 $4.1 $23.7 11.9 5.5 4.6 10.3 2.9 9.8 68.7 ..6 $69.3 Average Loans $21.5 11.5 5.3 4.6 10.2 2.8 8.9 64.8 ..7 $65.5 (a) Includes discontinued operations loans held for sale and loans in Key's education loan securitization trusts consolidated upon the adoption of new consolidation accounting guidance on January 1, 2010. $ in billions Continuing Operations $19.3 10.9 4.8 4.5 10.0 3.0 8.0 60.5 ..6 $61.1 $3.1 ..5 ..5 ..9 3.0 8.0 - - $8.0 $3.9 $18.4 10.1 4.5 4.4 10.0 3.0 7.2 57.6 ..4 $58.0 $2.8 ..3 ..4 ..8 2.9 7.2 ..1 $7.3 $6.7

8 (a) Excludes foreign office deposits. Average Deposits (a) CDs > $100K CDs < $100K Savings NOW/MMDA DDA Deposits 0.1627 0.1953 0.0279 0.3829 0.231 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Foreign Deposits 5.721 5.9 4.121 2.761 1.3 DDA 12.9 10.7 10.6 10.6 10.7 11.1 12.4 13.6 14.6 15 NOW/Money Market 25.7 27 27.7 26.7 24.9 24 24.1 24.4 24.9 24.7 Savings 1.5 1.9 1.8 1.8 1.7 1.7 1.8 1.8 1.8 1.8 CD's < $100K 11.454 12.7 12.7 13.1 14.6 14.7 14.9 14.8 13.8 12.6 CD's > $100K 6.888 8.072 8.67 9.506 11.3 12.5 13.5 12.8 11.7 10.5 Total 58.5 60.4 61 61.7 63.2 64 66.8 67.4 66.8 64.6 $ in billions DDA NOW/MMDA Savings CDs < $100K CDs > $100K 12.5 13.6 12.8 11.7 14.7 14.9 14.8 13.8 1.7 1.8 1.8 1.8 24.0 24.1 24.4 24.9 11.1 12.4 13.6 14.6 CDs > $100K 16% CDs < $100K 20% DDA 23% NOW/MMDA 38% Savings 3% 10.5 12.6 1.8 24.7 15.0

9 Strong Liquidity Position Loans to Deposits (a) Continuing operations Discontinued operations Average Earning Assets 1Q09 1Q10 Average Deposit & Funding Sources 1Q09 1Q10 Total Loans Loans HFS Investment Securities Other Investments ST Investments Core Deposits Dep. In Foreign Offices LT Debt ST Borrowings Education lending business (a) Ending balances; Loans & loans HFS (excluding securitized loans) to deposits (excluding foreign branch) 115% 107% 101% 98% 93% Education lending business Loans Loans HFS Investment Securities ST Invest Other Investment Discontinued 71612 686 8127 2450 2896 4417 Deposits Deposits in FO ST Borrowings LT Debt Discontinued Pie 1 63987 1259 5950 10431 571 Loans Loans HFS Investment Securities ST Invest Other Investment Ed Lnd Ed Sec 57628 790 16312 2806 2707 4105 2625 Deposits Deposits in FO ST Borrowings LT Debt Ed Lnd Ed Sec Pie 1 64640 693 2280 7001 434 2481 Education loan securitization trusts Education loan securitization trusts

10 1Q10 Net Loan Charge-offs = $522 million Net Loan Charge-offs Net Loan Charge-Offs to Average Loans 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Exit Portfolios 0.0026 0.0176 0.0049 0.007 0.0082 0.0086 0.0084 0.0092 0.0108 Consumer 0.001 0.001 0.0012 0.0017 0.0018 0.0026 0.0028 0.0033 0.0037 RE Construction 0.0004 0.0043 0.0012 0.0001 0.0034 0.0042 0.0113 0.0084 0.008 RE Comml Mortgage 0.0002 0.0007 0.0011 0.0023 0.0012 0.0051 0.0049 0.0108 0.0075 CF&A & Leasing 0.0025 0.0038 0.0044 0.0056 0.0115 0.0089 0.0086 0.0147 0.0068 Peer 0.0071 0.0101 0.0127 0.0175 0.0168 0.0235 0.031 0.0284 Net Charge-Offs, $ in millions CF&A & Leasing CRE - Comml Mtg CRE - Construction Consumer Exit Portfolios Total Peer Median CF&A Comml. Mortg. Construction Com. Lease Fin. Residential mortgages Home equity Consumer other NPAs 126 106 157 21 7 47 58 Residential mortgages - 1% Commercial lease financing - 4% CRE - commercial mortgage - 21% Commercial, financial and agricultural - 24% Consumer other - 11% Home equity - 9% CRE - construction - 30% $ in millions Continuing Operations 4.64% 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Key 0.0144 0.0143 0.0144 0.0142 0.0138 0.0169 0.017 0.0187 0.019 0.0224 0.0288 0.0348 0.04 0.0431 0.0434 Peer Median 0.0106 0.0106 0.0108 0.0107 0.0109 0.0121 0.0143 0.0162 0.0169 0.0204 0.0217 0.0258 0.0291 0.0328 Allowance to Period-End Loans $203 21 60 32 144 $460 $153 87 71 43 148 $502 $140 80 184 46 137 $587 $224 165 128 50 141 $708 $98 106 113 52 153 $522 3.67%

11 1Q10 Nonperforming Loans = $2,065 billion Nonperforming Assets Nonperforming Asset Trends 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 NPAs to Loans + OREO 0.0146 0.0159 0.0169 0.02 0.0284 0.0377 0.0446 0.0425 0.0431 Peer Median S&P Regional & Diversified Bank Indices 0.0135 0.0165 0.0196 0.0201 0.0276 0.0356 0.0442 0.05 OREO & Other 52 54 103 149 188 218 205 207 168 Held For Sale 9 342 169 90 72 145 304 116 195 Consumer 146 135 147 161 175 193 211 233 222 Comml Construction 610 256 334 436 546 716 702 641 607 Comml Mtg 113 107 119 129 310 454 566 614 579 CF&A & Leasing 185 316 364 496 704 822 811 699 657 Total 1115 1210 1236 1460 1994 2548 2799 2510 2428 Total 54 CF&A & Leasing CRE - Comml Mtg CRE - Construction Consumer Held for Sale OREO + Other Total 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Allowance to NPLs - Key 4.23 4.39 3.72 3.42 1.92 1.7467 1.2315 1.7457 1.4419 1.3342 1.162 1.0705 1.0852 1.1587 1.1743 Allowance to NPLs - Peer Median 3.24 2.9 2.41 2.1 1.83 1.71 1.25 1.02 1.05 1.02 0.93 0.87 0.84 0.71 Allowance to NPLs Peer Median NPA to Loans + OREO CF&A Comml. Mtg. Construction Commercial lease financing Residential mortgages Home equity Consumer other NPAs 558 579 607 99 72 129 21 Residential mortgages - 4% Commercial lease financing - 5% CRE - commercial mortgage - 28% Commercial, financial and agricultural - 27% Consumer other - 1% Home equity - 6% CRE - construction - 29% $ in millions Continuing Operations $704 310 546 175 72 187 $1,994 $822 454 716 193 145 218 $2,548 $810 566 702 212 304 205 $2,799 $699 614 641 233 116 207 $2,510 $657 579 607 222 195 168 $2,428

12 Fed-defined minimum for a "well capitalized" bank 6.00% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Common 0.0583 0.056 0.0558 0.0562 0.0562 0.0736 0.0764 0.075 0.0753 Capital Raise Convertible 0.0059 0.006 0.0062 0.0065 0.003 0.0032 0.0034 0.0035 TARP 0.0226 0.0239 0.0252 0.0268 0.0282 0.0292 Qualifying Securities 0.025 0.0234 0.0237 0.0242 0.0256 0.0239 0.0197 0.0209 0.0216 Tier 1 0.0833 0.0853 0.0855 0.1092 0.1122 0.1257 0.1261 0.1275 0.1296 Tarp Tier 1 - Peer Median 0.0764 0.0822 0.0835 0.106 0.1092 0.1109 0.116 0.1155 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Tangible Common Equity 0.0658 0.0685 0.0632 0.0629 0.0595 0.0606 0.0735 0.0758 0.0756 0.0737 Capital Raise Total Tangible Common Equity - Peer Median 0.0559 0.0568 0.0575 0.0574 0.0487 0.0518 0.0632 0.0619 0.0608 10.00% Peer Median (a) 03-31-10 ratio is estimated. 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Common 0.0583 0.056 0.0558 0.0562 0.0562 0.0736 0.0764 0.075 0.0753 Convertible 0.0059 0.006 0.0062 0.0065 0.003 0.0032 0.0034 0.0035 TARP 0.0226 0.0239 0.0252 0.0268 0.0282 0.0292 Qualifying capital securities 0.025 0.0235 0.0237 0.0242 0.0256 0.0239 0.0197 0.0209 0.0216 Allowance for Loan losses 0.0122 0.0126 0.0126 0.0126 0.0127 0.0129 0.0129 0.013 0.0128 Qualifying LTD 0.0279 0.0261 0.0259 0.0264 0.0269 0.0281 0.0275 0.029 0.0287 Total RBC 0.1234 0.1241 0.124 0.1482 0.1518 0.1667 0.1665 0.1695 0.1711 Total RBC - Peer Median 0.1136 0.1197 0.1215 0.1448 0.143 0.1508 0.1575 0.154 Tier 1 Risk-Based Capital (a) Total Risk-Based Capital (a) Tier 1 Common Equity (a) Tangible Common Equity To Tangible Assets Qualifying Common Convertible Preferred Capital Purchase Program Capital Securities Qualifying ALL/Unfunded Comm. Qualifying LTD 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Common 0.0525 0.056 0.0558 0.0562 0.0562 0.0736 0.0764 0.075 0.0753 Capital Raise 0 0 Convertible 0.0066 0.0066 0.0063 0.0068 0.0057 TARP 0.0234 0.0249 0.025 Tangible Equity to Tangible Assets - Key 0.0685 0.056 0.0558 0.0562 0.0562 0.0736 Tarp Tangible Equity to Tangible Assets - Peer Median 0.0568 0.059 0.059 0.0774 0.0795 Tier 1 - Peer Median 0.0287 0.03 0.0327 0.0465 0.0578 0.0714 0.0725 0.071 Capital Ratios

13 Key's Targets for Success (a) Continuing operations, unless otherwise noted (b) Consolidated operations (c) Loans & loans HFS (excluding securitized loans) to deposits (excluding foreign branch) (c) Loans & loans HFS (excluding securitized loans) to deposits (excluding foreign branch) (c) Loans & loans HFS (excluding securitized loans) to deposits (excluding foreign branch) (c) Loans & loans HFS (excluding securitized loans) to deposits (excluding foreign branch)

14 Appendix

15 Credit Quality by Portfolio (a) Net charge-off amounts are annualized in calculation. N/M = Not Meaningful $ in millions

16 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Regional Banking 59 77 94 117 144 145 Commercial Banking 76 284 262 264 221 265 Real Estate Capital and Corporate Banking Services 542 527 821 934 868 795 Equipment Finance 158 89 105 114 118 108 Institutional & Capital Markets 53 57 84 75 102 106 Other Segments 172 527 626 576 505 425 Total Balances 1060 1561 1991 2080 1958 1844 Tarp Commercial Portfolio - Line of Business Net Charge-Offs Real Estate Capital & Corporate Banking Services Regional Banking Institutional & Capital Markets $ in millions Nonperforming Loans 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Regional Banking 6.6 6.9 6.7 6.4 6.2 6 Commercial Banking 8 11.2 10.5 9.7 9.2 9 Real Estate Capital and Corporate Banking Services 16.1 15.7 15.1 14.3 13.2 12.3 Equipment Finance 12.1 5 5.1 5 4.6 4.6 Institutional & Capital Markets 8.8 9 8.4 7.4 6.1 5.5 Other Segments 3.7 5.8 5.2 4.6 4.1 3.5 Total Loans 55.2 53.7 51.1 47.5 43.5 41 Tarp 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Regional Banking 21 21 29 33 32 45 Commercial Banking 13 37 42 25 66 19 Real Estate Capital and Corporate Banking Services 80 173 212 276 381 207 Equipment Finance 52 22 29 30 21 18 Institutional & Capital Markets 37 44 12 50 9 26 Other Segments 29 78 86 78 94 94 Total NCO 232 375 410 492 603 410 Tarp Other Segments Equipment Finance Commercial Banking $ in millions Quarterly Average Balances $ in billions $1,843 $41.0

17 Commercial Portfolio - Continuing Ops. Average Loans, NCOs and NPLs $ in millions First Quarter 2010 $ in millions Fourth Quarter 2009

18 Commercial Real Estate $ in millions (a) Nonresidential land and development loans. (a)

19 Commercial Real Estate Loans March 31, 2010 $ in millions (a) Nonresidential land and development loans. N/M = Not Meaningful (a)

20 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Owner-occupied 81 152 174 185 166 176 Other CRE 8 9 37 84 70 93 Land & development 26 85 112 79 87 78 Residential Properties 360 414 523 472 345 322 Health facilties 1 33 52 52 64 Office buildings 26 16 37 41 48 64 Multi-family 4 15 68 80 196 162 Retail Properties 58 165 186 275 290 227 Total CRE 564 856 1170 1268 1255 1186 Commercial Real Estate Period-end Balances Health facilities Owner occupied Multifamily properties Net Charge-Offs Nonperforming Loans Retail properties Office buildings Other CRE Land and development Residential properties 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Owner-occupied 0 0 7 9 19 21 Other CRE 12 9 2 31 63 21 Land & development 2 4 28 24 12 45 Residential Properties 72 110 128 93 123 81 Health facilties 0 0 9 0 0 15 Office buildings 2 0 0 15 17 0 Multi-family 4 0 18 52 22 48 Retail Properties 0 2 28 73 90 32 Total CRE 92 125 220 297 346 263 $ in billions $ in millions $ in millions

21 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Nonperforming 189 65 108 96 57 77 32 23 2 Performing 516 363 259 184 179 100 102 84 44 Total 705 428 367 280 236 177 134 107 46 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Nonperforming 653 282 346 360 414 523 472 345 322 Performing 2985 2433 2010 1794 1425 1118 1020 786 616 Total Reducing Risk - CRE Residential Properties Total Period-end Loans (a) Reduced the Residential Properties (Homebuilder) portfolio by 74% since 1Q08 Initiated process in 2Q08 to aggressively sell at-risk homebuilder loans Reduced exposure to the California market by 93% and the Florida market by 81% since 1Q08 $ in millions California (a) Florida (a) (a) Non-owner occupied Performing loans Nonperforming loans $1,641 $2,154 $2,356 $2,715 $3,638 $1,839 $177 $280 $367 $428 $236 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 Nonperforming 162 164 74 69 45 69 65 75 50 Performing 452 360 307 266 226 155 118 70 66 Total 614 524 381 335 271 224 183 145 116 $224 $335 $381 $524 $614 $271 $1,492 $134 $183 $1,131 $107 $145 705 $938 $116 $46

22 Home Equity Loans March 31, 2010 $ in millions, except average loan size (a) Average LTVs are at origination. Current average LTVs for Regional Banking total home equity loans and lines is approximately 81%. (a)

23 Exit Loan Portfolio $ in millions (a) Includes the business aviation, commercial vehicle, office products, construction and industrial leases, and Canadian lease financing portfolios; and all remaining balances related to lease in, lease out; sale in, sale out; service contract leases and qualified technological equipment leases. (b) Includes loans in Key's education loan securitization trusts consolidated upon the adoption of new consolidation accounting guidance on January 1, 2010. (b)

24 Net Charge-offs to Average Loans Continuing Operations

EX-99.3

Exhibit 99.3 (1 of 2)

Consolidated Balance Sheets
(dollars in millions)

	3-31-10			12-31-09			3-31-09
Assets
Loans	$	55,913		$	58,770		$	70,003
Loans held for sale		556			443			671
Securities available for sale		16,553			16,641			8,363
Held-to-maturity securities		22			24			25
Trading account assets		1,034			1,209			1,279
Short-term investments		4,345			1,743			2,917
Other investments		1,525			1,488			1,464
Total earning assets		79,948			80,318			84,722
Allowance for loan losses		(2,425	)		(2,534	)		(2,016	)
Cash and due from banks		619			471			624
Premises and equipment		872			880			847
Operating lease assets		652			716			889
Goodwill		917			917			917
Other intangible assets		46			50			110
Corporate-owned life insurance		3,087			3,071			2,994
Derivative assets		1,063			1,094			1,707
Accrued income and other assets		4,150			4,096			2,615
Discontinued assets		6,374			4,208			4,425
Total assets	$	95,303		$	93,287		$	97,834
Liabilities
Deposits in domestic offices:
NOW and money market deposit accounts	$	25,068		$	24,341		$	23,599
Savings deposits		1,873			1,807			1,795
Certificates of deposit ($100,000 or more)		10,188			10,954			13,250
Other time deposits		12,010			13,286			14,791
Total interest-bearing deposits		49,139			50,388			53,435
Noninterest-bearing deposits		15,364			14,415			11,641
Deposits in foreign office — interest-bearing		646			768			801
Total deposits		65,149			65,571			65,877
Federal funds purchased and securities sold under repurchase agreements		1,927			1,742			1,565
Bank notes and other short-term borrowings		446			340			2,285
Derivative liabilities		1,103			1,012			927
Accrued expense and other liabilities		2,089			2,007			1,891
Long-term debt		11,177			11,558			14,978
Discontinued liabilities		2,490			124			137
Total liabilities		84,381			82,354			87,660
Equity
Preferred stock, Series A		291			291			658
Preferred stock, Series B		2,434			2,430			2,418
Common shares		946			946			584
Common stock warrant		87			87			87
Capital surplus		3,724			3,734			2,464
Retained earnings		5,098			5,158			6,160
Treasury stock, at cost		(1,958	)		(1,980	)		(2,500	)
Accumulated other comprehensive income (loss)		19			(3	)		97
Key shareholders’ equity		10,641			10,663			9,968
Noncontrolling interests		281			270			206
Total equity		10,922			10,933			10,174
Total liabilities and equity	$	95,303		$	93,287		$	97,834
Common shares outstanding (000)		879,052			878,535			498,573

Exhibit 99.3 (2 of 2)

Consolidated Statements of Income
(dollars in millions, except per share amounts)

	Three months ended
	3-31-10			12-31-09			3-31-09
Interest income
Loans	$	710		$	749		$	840
Loans held for sale		4			6			8
Securities available for sale		150			150			100
Held-to-maturity securities		1			—			1
Trading account assets		11			12			13
Short-term investments		2			3			3
Other investments		14			13			12
Total interest income		892			933			977
Interest expense
Deposits		212			246			300
Federal funds purchased and securities sold under repurchase agreements		1			1			1
Bank notes and other short-term borrowings		3			3			6
Long-term debt		51			53			81
Total interest expense		267			303			388
Net interest income		625			630			589
Provision for loan losses		413			756			847
Net interest income (expense) after provision for loan losses		212			(126	)		(258	)
Noninterest income
Trust and investment services income		114			117			110
Service charges on deposit accounts		76			82			82
Operating lease income		47			52			61
Letter of credit and loan fees		40			52			38
Corporate-owned life insurance income		28			36			27
Net securities gains (losses)		3	(a)		1	(a)		(14	)
Electronic banking fees		27			27			24
Gains on leased equipment		8			15			26
Insurance income		18			16			18
Net gains (losses) from loan sales		4			(5	)		7
Net gains (losses) from principal investing		37			80			(72	)
Investment banking and capital markets income (loss)		9			(47	)		17
Gain from sale/redemption of Visa Inc. shares		—			—			105
Gain (loss) related to exchange of common shares for capital securities		—			—			—
Other income		39			43			49
Total noninterest income		450			469			478
Noninterest expense
Personnel		362			400			359
Net occupancy		66			67			66
Operating lease expense		39			50			50
Computer processing		47			49			47
Professional fees		38			63			34
FDIC assessment		37			37			30
OREO expense, net		32			25			6
Equipment		24			25			22
Marketing		13			22			14
Provision (credit) for losses on lending-related commitments		(2	)		27			—
Intangible assets impairment		—			—			196
Other expense		129			106			103
Total noninterest expense		785			871			927
Income (loss) from continuing operations before income taxes		(123	)		(528	)		(707	)
Income taxes		(82	)		(347	)		(238	)
Income (loss) from continuing operations		(41	)		(181	)		(469	)
Income (loss) from discontinued operations, net of taxes		2			(7	)		(29	)
Net income (loss)		(39	)		(188	)		(498	)
Less: Net income (loss) attributable to noncontrolling interests		16			36			(10	)
Net income (loss) attributable to Key	$	(55	)	$	(224	)	$	(488	)
Income (loss) from continuing operations attributable to Key common shareholders	$	(98	)	$	(258	)	$	(507	)
Net income (loss) attributable to Key common shareholders		(96	)		(265	)		(536	)
Per common share
Income (loss) from continuing operations attributable to Key common shareholders	$	(.11	)	$	(.30	)	$	(1.03	)
Income (loss) from discontinued operations, net of taxes		—			(.01	)		(.06	)
Net income (loss) attributable to Key common shareholders		(.11	)		(.30	)		(1.09	)
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders	$	(.11	)	$	(.30	)	$	(1.03	)
Income (loss) from discontinued operations, net of taxes		—			(.01	)		(.06	)
Net income (loss) attributable to Key common shareholders		(.11	)		(.30	)		(1.09	)
Cash dividends declared per common share	$	.01		$	.01		$	.0625
Weighted-average common shares outstanding (000)		874,386			873,268			492,813
Weighted-average common shares and potential common shares outstanding (000)		874,386			873,268			492,813

(a) For the three months ended March 31, 2010, and December 31, 2009, Key did not have impairment losses related to securities.