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,
	2014			2013		2012		2011			2010 (a)
Computation of Earnings
Net income (loss) attributable to Key	$	900		$	910	$	858	$	920		$	554
Add: Provision for income taxes		326			271		231		364			186
Less: Income (loss) from discontinued operations, net of taxes		(39	)		40		23		(35	)		(23	)
Income (loss) before income taxes and cumulative effect of accounting change		1,265			1,141		1,066		1,319			763
Fixed charges, excluding interest on deposits		160			154		200		248			244
Total earnings for computation, excluding interest on deposits		1,425			1,295		1,266		1,567			1,007
Interest on deposits		117			158		257		390			671
Total earnings for computation, including interest on deposits	$	1,542		$	1,453	$	1,523	$	1,957		$	1,678
Computation of Fixed Charges
Net rental expense	$	104		$	111	$	109	$	106		$	120
Portion of net rental expense deemed representative of interest	$	16		$	17	$	16	$	16		$	18
Interest on short-term borrowed funds		11			10		11		16			20
Interest on long-term debt		133			127		173		216			206
Total fixed charges, excluding interest on deposits		160			154		200		248			244
Interest on deposits		117			158		257		390			671
Total fixed charges, including interest on deposits	$	277		$	312	$	457	$	638		$	915
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	22		$	23	$	22	$	107		$	164
Total fixed charges, excluding interest on deposits		160			154		200		248			244
Combined fixed charges and preferred stock dividends, excluding interest on deposits		182			177		222		355			408
Interest on deposits		117			158		257		390			671
Combined fixed charges and preferred stock dividends, including interest on deposits	$	299		$	335	$	479	$	745		$	1,079
Ratio of Earnings to Fixed Charges
Excluding deposit interest		8.91			8.41		6.33		6.32			4.13
Including deposit interest		5.57			4.66		3.33		3.07			1.83
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		7.83			7.32		5.70		4.41			2.47
Including deposit interest		5.16			4.34		3.18		2.63			1.56

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