EXHIBIT 12

KEYCORP

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

(unaudited)

	Year ended December 31,
	2012		2011			2010			2009			2008
Computation of Earnings
Net income (loss) attributable to Key	$	858	$	920		$	554		$	(1,335	)	$	(1,468	)
Add: Provision for income taxes		239		369			186			(1,035	)		437
Less: Income (loss) from discontinued operations, net of taxes		9		(44	)		(23	)		(48	)		(173	)
Income (loss) before income taxes and cumulative effect of accounting change		1,088		1,333			763			(2,322	)		(858	)
Fixed charges, excluding interest on deposits		200		248			244			314			597
Total earnings for computation, excluding interest on deposits		1,288		1,581			1,007			(2,008	)		(261	)
Interest on deposits		257		390			671			1,119			1,468
Total earnings for computation, including interest on deposits	$	1,545	$	1,971		$	1,678		$	(889	)	$	1,207
Computation of Fixed Charges
Net rental expense	$	109	$	106		$	120		$	122		$	111
Portion of net rental expense deemed representative of interest	$	16	$	16		$	18		$	18		$	28
Interest on short-term borrowed funds		11		16			20			21			187
Interest on long-term debt		173		216			206			275			382
Total fixed charges, excluding interest on deposits		200		248			244			314			597
Interest on deposits		257		390			671			1,119			1,468
Total fixed charges, including interest on deposits	$	457	$	638		$	915		$	1,433		$	2,065
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	22	$	107		$	164		$	294		$	42
Total fixed charges, excluding interest on deposits		200		248			244			314			597
Combined fixed charges and preferred stock dividends, excluding interest on deposits		222		355			408			608			639
Interest on deposits		257		390			671			1,119			1,468
Combined fixed charges and preferred stock dividends, including interest on deposits	$	479	$	745		$	1,079		$	1,727		$	2,107
Ratio of Earnings to Fixed Charges
Excluding deposit interest		6.44		6.37			4.13			(6.39	)		(.44	)
Including deposit interest		3.38		3.09			1.83			(.62	)		.58
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		5.80		4.45			2.47			(3.30	)		(.41	)
Including deposit interest		3.23		2.65			1.56			(.51	)		.57