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,
	2013		2012		2011			2010 (a)			2009 (a)
Computation of Earnings
Net income (loss) attributable to Key	$	910	$	858	$	920		$	554		$	(1,335	)
Add: Provision for income taxes		271		231		364			186			(1,035	)
Less: Income (loss) from discontinued operations, net of taxes		40		23		(35	)		(23	)		(48	)
Income (loss) before income taxes and cumulative effect of accounting change		1,141		1,066		1,319			763			(2,322	)
Fixed charges, excluding interest on deposits		154		200		248			244			314
Total earnings for computation, excluding interest on deposits		1,295		1,266		1,567			1,007			(2,008	)
Interest on deposits		158		257		390			671			1,119
Total earnings for computation, including interest on deposits	$	1,453	$	1,523	$	1,957		$	1,678		$	(889	)
Computation of Fixed Charges
Net rental expense	$	111	$	109	$	106		$	120		$	122
Portion of net rental expense deemed representative of interest	$	17	$	16	$	16		$	18		$	18
Interest on short-term borrowed funds		10		11		16			20			21
Interest on long-term debt		127		173		216			206			275
Total fixed charges, excluding interest on deposits		154		200		248			244			314
Interest on deposits		158		257		390			671			1,119
Total fixed charges, including interest on deposits	$	312	$	457	$	638		$	915		$	1,433
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	23	$	22	$	107		$	164		$	294
Total fixed charges, excluding interest on deposits		154		200		248			244			314
Combined fixed charges and preferred stock dividends, excluding interest on deposits		177		222		355			408			608
Interest on deposits		158		257		390			671			1,119
Combined fixed charges and preferred stock dividends, including interest on deposits	$	335	$	479	$	745		$	1,079		$	1,727
Ratio of Earnings to Fixed Charges
Excluding deposit interest		8.41		6.33		6.32			4.13			(6.39	)
Including deposit interest		4.66		3.33		3.07			1.83			(.62	)
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		7.32		5.70		4.41			2.47			(3.30	)
Including deposit interest		4.34		3.18		2.63			1.56			(.51	)

(a) Financial data was not adjusted to reflect the treatment of Victory as a discontinued operation.