Exhibit 99.1

News

KeyCorp
127 Public Square
Cleveland, OH 44114

CONTACTS: ANALYSTS
Vernon L. Patterson
216.689.0520
Vernon_Patterson@KeyBank.com

Christopher F. Sikora
216.689.3133
Chris_F_Sikora@KeyBank.com MEDIA
William C. Murschel
216.828.7416
William_C_Murschel@KeyBank.com

INVESTOR	KEY MEDIA
RELATIONS: www.key.com/ir	NEWSROOM: www.key.com/newsroom

FOR IMMEDIATE RELEASE

KEYCORP REPORTS FOURTH QUARTER AND 2009 RESULTS

• Net loss from continuing operations of $.30 per common share for the fourth quarter

• Net interest margin improves to 3.04%, up 24 basis points from the prior quarter

• Nonperforming assets decline by $289 million from the prior quarter

• Loan loss reserve increased to $2.5 billion, or 4.31% of total loans

• Capital and liquidity positions remain strong

• Tier 1 risk-based capital ratio of 12.68%; Tier 1 common equity ratio of 7.46%

• $7.5 billion in new or renewed lending commitments originated

          CLEVELAND, January 21, 2010 — KeyCorp (NYSE: KEY) today announced a fourth quarter net loss from continuing operations attributable to Key common shareholders of $258 million, or $.30 per common share. These results compare to a net loss from continuing operations attributable to Key common shareholders of $524 million, or $1.07 per common share, for the fourth quarter of 2008.

          During the fourth quarter, Key continued to increase its loan loss reserves by recording a $756 million provision for loan losses, which exceeded net charge-offs by $48 million. At the end of the quarter, Key’s allowance for loan losses was $2.5 billion, or 4.31% of total loans, up from $1.6 billion, or 2.24%, one year ago. The loss for the current quarter is largely the result of an increase in the provision for loan losses, write-downs of certain commercial real estate related investments, the provision for losses on lending-related commitments and costs associated with other real estate owned (“OREO”). These charges were offset in part by a $106 million credit to income taxes, due primarily to the settlement of IRS audits for the tax years 1997-2006. Included in the credit is a final adjustment of $80 million related to the resolution of certain lease financing tax issues.

          For the full year, Key had a net loss from continuing operations attributable to Key common shareholders of $1.581 billion, or $2.27 per common share. Per share results for the current year are after preferred stock dividends of $294 million, or $.42 per common share. These dividends include a noncash deemed dividend of $114 million related to the exchange of Key common shares for Key’s Series A Preferred Stock as part of the company’s efforts to raise

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 2

additional Tier 1 common equity, and cash dividend payments of $125 million made to the U.S. Treasury Department under the Capital Purchase Program. Results for the current year compare to a net loss from continuing operations attributable to Key common shareholders of $1.337 billion, or $2.97 per common share, for 2008.

          Full-year results for both 2009 and 2008 were adversely affected by elevated provisions for loan losses and write-offs of certain intangible assets. In addition, 2008 results include a $1.011 billion after-tax charge recorded in the second quarter as a result of an adverse federal tax court ruling that impacted Key’s accounting for certain lease financing transactions.

          “Although this remains a challenging environment, we are encouraged by the continued stabilization of the economy and some positive trends in our fourth quarter results,” said Chief Executive Officer Henry L. Meyer III. “Our net interest margin benefited from improved funding costs and better earning asset yields.”

          Meyer continued: “Asset quality remains an area of focus for the company, however, during the fourth quarter we saw meaningful improvement in most of our credit metrics, including decreases in delinquencies, criticized and classified assets, nonperforming loans and nonperforming assets. In addition, our allowance for loan losses stood at 4.31% of total loans and 116% of nonperforming loans at December 31.”

          Key’s estimated Tier 1 risk-based capital and Tier 1 common equity ratios were 12.68% and 7.46%, respectively, at December 31, 2009. These strong capital ratios reflect the successful capital raises and exchanges completed over the course of the year, whereby Key raised approximately $2.4 billion of new Tier 1 common equity.

          The company originated approximately $7.5 billion in new or renewed lending commitments to consumers and businesses during the quarter, and $32 billion during the year. Key’s average deposits grew by $3 billion, or 5%, from the year-ago quarter.

          Key has continued to invest in its relationship businesses, including its 14-state branch network. Key opened 38 new branches in 8 markets in 2009 and the company expects to open 40 additional new branches in 2010. The company has completed renovations on approximately 160 branches over the past two years and expects to renovate another 100 branches in 2010.

          “We clearly have work remaining, but as we turn our sights to 2010, we believe our aggressive actions over the past two years to address asset quality, to strengthen capital, reserves and liquidity; and to invest in and reshape our businesses have Key on the right track, and will set the stage for us to emerge from this extraordinary period as a strong, competitive company,” concluded Meyer.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 3

          The following table shows Key’s continuing and discontinued operating results for comparative quarters and for the years ended December 31, 2009 and 2008.

Results of Operations

	Three months ended									Twelve months ended
in millions, except per share amounts	12-31-09			9-30-09			12-31-08			12-31-09			12-31-08
Summary of operations
Loss from continuing operations attributable to Key	$	(217	)	$	(381	)	$	(494	)	$	(1,287	)	$	(1,295	)
Loss from discontinued operations, net of taxes (a)		(7	)		(16	)		(30	)		(48	)		(173	)
Net loss attributable to Key	$	(224	)	$	(397	)	$	(524	)	$	(1,335	)	$	(1,468	)
Loss from continuing operations attributable to Key	$	(217	)	$	(381	)	$	(494	)	$	(1,287	)	$	(1,295	)
Less: Dividends on Series A Preferred Stock		5			7			13			39			25
Noncash deemed dividend — common shares exchanged for Series A Preferred Stock		—			—			—			114			—
Cash dividends on Series B Preferred Stock		31			31			15			125			15
Amortization of discount on Series B Preferred Stock		5			3			2			16			2
Loss from continuing operations attributable to Key common shareholders		(258	)		(422	)		(524	)		(1,581	)		(1,337	)
Loss from discontinued operations, net of taxes (a)		(7	)		(16	)		(30	)		(48	)		(173	)
Net loss attributable to Key common shareholders	$	(265	)	$	(438	)	$	(554	)	$	(1,629	)	$	(1,510	)
Per common share — assuming dilution
Loss from continuing operations attributable to Key common shareholders	$	(.30	)	$	(.50	)	$	(1.07	)	$	(2.27	)	$	(2.97	)
Loss from discontinued operations, net of taxes (a)		(.01	)		(.02	)		(.06	)		(.07	)		(.38	)
Net loss attributable to Key common shareholders (b)	$	(.30	)	$	(.52	)	$	(1.13	)	$	(2.34	)	$	(3.36	)

(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 year ended December 31, 2009, is a $23 million after tax, or $.05 per common share, charge for intangible assets impairment related to Austin Capital Management recorded during the first quarter.

(b)

Earnings per share may not foot due to rounding.

          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

	Fourth Quarter 2009									Third Quarter 2009									Fourth Quarter 2008
	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
Credits (charges) related to IRS audits and leveraged lease tax litigation		—		$	106		$	.12			—			—			—		$	(18	)	$	120	(b)	$	.24
Net gains (losses) from principal investing (a)	$	44			28			.03		$	(3	)	$	(2	)		—			(33	)		(21	)		(.04	)
Realized and unrealized losses on loan and securities portfolios held for sale or trading		(92	)		(58	)		(.07	)		(59	)		(37	)	$	(.04	)		(18	)		(11	)		(.02	)
Provision for loan losses in excess of net charge-offs		(48	)		(31	)		(.04	)		(146	)		(91	)		(.11	)		(242	)		(151	)		(.31	)
(Provision) credit for losses on lending-related commitments		(27	)		(17	)		(.02	)		(29	)		(18	)		(.02	)		5			3			.01
Severance and other exit costs		(5	)		(4	)		—			(6	)		(4	)		—			(30	)		(19	)		(.04	)
Noncash charge for intangible assets impairment		—			—			—			(45	)		(28	)		(.03	)		(465	)		(420	)		(.85	)
Gain (loss) related to exchange of common shares for capital securities		—			—			—			(17	)		(11	)		(.01	)		—			—			—
U.S. taxes on accumulated earnings of Canadian leasing operation		—			—			—			—			—			—			—			(68	)		(.14	)

(a)	Excludes principal investing results attributable to noncontrolling interests.
(b)	Represents $120 million of previously accrued interest recovered in connection with Key’s opt-in to the IRS global tax settlement.
EPS = Earnings per common share

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 4

SUMMARY OF CONTINUING OPERATIONS

          Taxable-equivalent net interest income was $637 million for the fourth quarter of 2009, and the net interest margin was 3.04%. These results compare to taxable-equivalent net interest income of $624 million and a net interest margin of 2.79% for the fourth quarter of 2008. The net interest margin for the year-ago quarter was reduced by 8 basis points as a result of an agreement reached with the IRS on all material aspects related to the IRS global tax settlement pertaining to certain leveraged lease financing transactions. During the first half of 2009, the net interest margin remained under pressure as customers continued to paydown existing loans and new loan demand remained soft given the uncertain economic environment. During the second half of 2009, Key began to benefit from lower funding costs as higher costing certificates of deposit originated in the prior year began to mature and repriced to current market rates. In 2010, Key expects to realize additional benefits from the repricing of maturing certificates of deposit.

          Compared to the third quarter of 2009, taxable-equivalent net interest income increased by $38 million, and the net interest margin rose by 24 basis points. Much of the improvement reflects reduced funding costs attributable to the repricing of certain deposits, and the shift to a lower cost mix of deposits. In addition, Key’s yield on earning assets increased as securities replaced federal funds sold as part of the company’s liquidity management strategy, and improved spreads were achieved on new loan volume.

          Key’s noninterest income was $469 million for the fourth quarter of 2009, compared to $383 million for the year-ago quarter. The increase reflects net gains of $80 million from principal investing (including results attributable to noncontrolling interests) in the fourth quarter of 2009, compared to net losses of $37 million for the same period last year, and a $22 million increase in investment banking income. Additionally, during the fourth quarter of 2008, Key recorded net losses (included in miscellaneous income) of $39 million related to the volatility associated with the hedge accounting applied to debt instruments. These factors were offset in part by losses related to certain commercial real estate related investments, primarily due to changes in their fair values. Net losses from investments made by the Real Estate Capital and Corporate Banking Services line of business rose by $34 million from the fourth quarter of 2008. At December 31, 2009, the investments remaining in this portfolio had a carrying amount of approximately $63 million, representing 51% of Key’s original investment. Key also experienced a $31 million reduction in income from dealer trading and derivatives activities, including a $16 million loss recorded during the current quarter as a result of changes in the fair values of certain commercial mortgage-backed securities. At December 31, 2009, these securities had a carrying amount of approximately $29 million, representing 33% of their face value. The improvement in noninterest income was also moderated by lower income from trust and investment services, service charges on deposit accounts and operating leases.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 5

          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	4Q09			3Q09			2Q09			1Q09			4Q08
Trust and investment services income	$	117		$	113		$	119		$	110		$	131
Service charges on deposit accounts		82			83			83			82			90
Operating lease income		52			55			59			61			64
Letter of credit and loan fees		52			46			44			38			42
Corporate-owned life insurance income		36			26			25			27			33
Electronic banking fees		27			27			27			24			25
Insurance income		16			18			16			18			15
Investment banking and capital markets income (loss)		(47	)		(26	)		14			17			5
Net gains (losses) from principal investing		80			(6	)		(6	)		(72	)		(37	)

          Compared to the third quarter of 2009, noninterest income increased by $87 million. The increase was driven by an $86 million improvement in principal investing results (including results attributable to noncontrolling interests) and a $10 million increase in income from corporate owned life insurance. Additionally, during the third quarter, the company incurred a $17 million loss associated with the exchange of common shares for capital securities. The positive effect of these factors was partially offset by a $21 million reduction in results from investment banking and capital markets activities, due primarily to changes in the fair values of certain commercial real estate related investments, and increases in a variety of other miscellaneous income components.

          Key’s noninterest expense was $871 million for the fourth quarter of 2009, compared to $1.264 billion for the same period last year. Noninterest expense for the fourth quarter of 2008 was adversely affected by a goodwill impairment charge of $465 million. Excluding this charge, noninterest expense for the current quarter was up $72 million, or 9%, from the year-ago quarter. Personnel expense decreased by $5 million. Nonpersonnel expense rose by $77 million, reflecting increases of $34 million in the FDIC deposit insurance assessment, $32 million in the provision for losses on lending-related commitments and $19 million in costs associated with OREO, including write-downs and losses on sales.

          Compared to the third quarter of 2009, noninterest expense decreased by $30 million. Personnel expense grew by $20 million, due to an adjustment to the year-to-date incentive compensation accruals. For the current year, incentive compensation, which includes commissions, decreased by $57 million, or 20%, compared to the prior year. Nonpersonnel expense decreased by $50 million, reflecting a $45 million write-off of intangible assets associated with Key’s equipment leasing business during the third quarter of 2009 and a $26 million reduction in costs associated with OREO. These items were partially offset by a $22 million increase in professional fees, due primarily to increased collection efforts on loans and higher legal expenses.

ASSET QUALITY

          Key’s provision for loan losses was $756 million for the fourth quarter of 2009, compared to $551 million for the year-ago quarter and $733 million for the third quarter of 2009. Key’s provision for loan losses for the fourth quarter of 2009 exceeded net loan charge-offs by $48 million. As a result, Key’s allowance for loan losses was $2.5 billion, or 4.31% of total loans, at December 31, 2009, compared to 4.00% at September 30, 2009, and 2.24% at December 31, 2008.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 6

          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	4Q09			3Q09			2Q09			1Q09			4Q08
Net loan charge-offs	$	708		$	587		$	502		$	460		$	309
Net loan charge-offs to average loans		4.64	%		3.59	%		2.93	%		2.60	%		1.67	%
Allowance for loan losses	$	2,534		$	2,485		$	2,339		$	2,016		$	1,629
Allowance for credit losses (a)		2,655			2,579			2,404			2,070			1,683
Allowance for loan losses to period-end loans		4.31	%		4.00	%		3.48	%		2.88	%		2.24	%
Allowance for credit losses to period-end loans		4.52			4.15			3.58			2.96			2.31
Allowance for loan losses to nonperforming loans		115.87			108.52			107.05			116.20			133.42
Allowance for credit losses to nonperforming loans		121.40			112.62			110.02			119.31			137.84
Nonperforming loans at period end	$	2,187		$	2,290		$	2,185		$	1,735		$	1,221
Nonperforming assets at period end		2,510			2,799			2,548			1,994			1,460
Nonperforming loans to period-end portfolio loans		3.72	%		3.68	%		3.25	%		2.48	%		1.68	%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		4.25			4.46			3.77			2.84			2.00

(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 $708 million, or 4.64% of average loans. These results compare to $309 million, or 1.67%, for the same period last year and $587 million, or 3.59%, 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	4Q09			3Q09			2Q09			1Q09			4Q08
Commercial, financial and agricultural	$	218		$	168		$	168		$	232		$	119
Real estate — commercial mortgage		165			81			87			21			43
Real estate — construction		181			216			133			104			49
Commercial lease financing		39			27			22			18			21
Total commercial loans		603			492			410			375			232
Home equity — Community Banking		27			25			24			17			14
Home equity — National Banking		19			20			18			15			17
Marine		33			25			29			32			25
Other		26			25			21			21			21
Total consumer loans		105			95			92			85			77
Total net loan charge-offs	$	708		$	587		$	502		$	460		$	309
Net loan charge-offs to average loans from continuing operations		4.64	%		3.59	%		2.93	%		2.60	%		1.67	%
Net loan charge-offs from discontinued operations — education lending business	$	36		$	38		$	37		$	32		$	33

          Compared to the third quarter of 2009, net loan charge-offs in the commercial loan portfolio increased by $111 million. The increase was attributable to an aggregate $131 million in net charge-offs recorded on two specific commercial real estate related relationships in the commercial and financial, and commercial real estate portfolios, as well as the continuation of elevated net charge-offs on other commercial real estate loans. The Real Estate Capital and Corporate Banking Services line of business within the National Banking group accounted for most of the growth in net charge-offs in the commercial real estate portfolio. The level of net charge-offs in the consumer portfolio rose by $10 million. As shown in the table on page 8, Key’s exit loan portfolio accounted for $141 million, or 20%, of Key’s total net loan charge-offs for the fourth quarter of 2009. Net charge-offs in the exit portfolio increased by $4 million

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 7

from the third quarter of 2009. Management expects Key’s net charge-offs to remain elevated in 2010, but anticipates that the level of net charge-offs will be lower than that experienced in 2009.

          At December 31, 2009, Key’s nonperforming loans totaled $2.2 billion and represented 3.72% of period-end portfolio loans, compared to 3.68% at September 30, 2009, and 1.68% at December 31, 2008. Nonperforming assets at December 31, 2009, totaled $2.5 billion and represented 4.25% of portfolio loans, OREO and other nonperforming assets, compared to 4.46% at September 30, 2009, and 2.00% at December 31, 2008. 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	4Q09			3Q09			2Q09			1Q09			4Q08
Commercial, financial and agricultural	$	580		$	679		$	700		$	595		$	415
Real estate — commercial mortgage		473			566			454			310			128
Real estate — construction		566			702			716			546			436
Commercial lease financing		113			131			122			109			81
Total consumer loans		230			212			193			175			161
Total nonaccrual loans		1,962			2,290			2,185			1,735			1,221
Restructured loans accruing interest (a)		225			—			—			—			—
Total nonperforming loans		2,187			2,290			2,185			1,735			1,221
Nonperforming loans held for sale		116			304			145			72			90
OREO and other nonperforming assets		207			205			218			187			149
Total nonperforming assets	$	2,510		$	2,799		$	2,548		$	1,994		$	1,460
Nonperforming loans to period-end portfolio loans		3.72	%		3.68	%		3.25	%		2.48	%		1.68	%
Nonperforming assets to period-end portfolio loans, plus OREO and other nonperforming assets		4.25			4.46			3.77			2.84			2.00

(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. Restructured loans in compliance with their modified terms continue to accrue interest. Amounts in prior periods are nominal, thus not disclosed.

          Nonperforming assets decreased during the fourth quarter of 2009, for the first time since the fourth quarter of 2006. Most of the reduction came from nonperforming loans held for sale and a decrease in nonaccrual loans in the commercial portfolio, resulting from the charge-off of two large commercial real estate related relationships in the Real Estate Capital and Corporate Banking Services line of business within the National Banking group. These reductions were offset in part by an increase in restructured loans accruing interest. Key is working closely with its customers to understand their financial difficulties, identify viable solutions and minimize the potential for loss. In that regard, Key has modified the terms of select loans, primarily those in the commercial real estate portfolio. Since these loans have demonstrated sustained payment capability, they continue to accrue interest. As shown in the following table, Key’s exit loan portfolio accounted for $599 million, or 24%, of Key’s total nonperforming assets at December 31, 2009, compared to $665 million, or 24%, at September 30, 2009.

          The composition of Key’s exit loan portfolio at December 31, 2009, and September 30, 2009, the net charge-offs recorded on this portfolio for the fourth and third quarters of 2009, and the nonperforming status of these loans at December 31, 2009, and September 30, 2009, are shown in the following table.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 8

Exit Loan Portfolio from Continuing Operations

												Balance on
	Balance				Change			Net Loan				Nonperforming
	Outstanding				12-31-09 vs.			Charge-offs				Status
in millions	12-31-09		9-30-09		9-30-09			4Q09		3Q09		12-31-09			9-30-09
Residential properties — homebuilder	$	379	$	518	$	(139	)	$	53	$	33	$	211	(b)	$	260
Residential properties — held for sale		52		62		(10	)		—		—		52			62
Total residential properties		431		580		(149	)		53		33		263			322
Marine and RV floor plan		427		511		(84	)		16		25		93			142
Commercial lease financing (a)		2,875		3,130		(255	)		17		30		195			164
Total commercial loans		3,733		4,221		(488	)		86		88		551			628
Home equity — National Banking		834		880		(46	)		19		20		20			21
Marine		2,787		2,943		(156	)		33		25		26	(b)		15
RV and other consumer		216		231		(15	)		3		4		2			1
Total consumer loans		3,837		4,054		(217	)		55		49		48			37
Total exit loans in loan portfolio	$	7,570	$	8,275	$	(705	)	$	141	$	137	$	599		$	665
Discontinued operations — education lending business	$	3,957	$	3,912	$	45		$	36	$	38	$	13		$	11

(a)	Includes the business aviation, commercial vehicle, office products, construction and industrial, 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 restructured loans accruing interest in the amount of $11 million for residential properties-homebuilder and $3 million for marine loans.

CAPITAL

          Key’s risk-based capital ratios included in the following table continued to exceed all “well-capitalized” regulatory benchmarks at December 31, 2009.

Capital Ratios

	12-31-09			9-30-09			6-30-09			3-31-09			12-31-08
Tier 1 common equity (a)		7.46	%		7.64	%		7.36	%		5.62	%		5.62	%
Tier 1 risk-based capital (a)		12.68			12.61			12.57			11.22			10.92
Total risk-based capital (a)		16.85			16.65			16.67			15.18			14.82
Tangible common equity to tangible assets		7.56			7.58			7.35			6.06			5.95

(a) 12-31-09 ratio is estimated.

          Key completed a series of successful capital raises and exchanges during 2009 that generated approximately $2.4 billion of new Tier 1 common equity to bolster the company’s overall capital and to respond to the Supervisory Capital Assessment Program initiated by the U.S. Treasury Department and the federal banking regulators. As shown in the preceding table, at December 31, 2009, Key had a Tier 1 risk-based capital ratio of 12.68%, a Tier 1 common equity ratio of 7.46% and a tangible common equity ratio of 7.56%.

          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	4Q09			3Q09		2Q09		1Q09		4Q08
Shares outstanding at beginning of period		878,559			797,246		498,573		495,002		494,765
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		(24	)		35		294		3,571		237
Shares outstanding at end of period		878,535			878,559		797,246		498,573		495,002

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 9

          During the fourth quarter of 2009, 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.

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.” 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 4Q09 vs.
dollars in millions	4Q09			3Q09			4Q08			3Q09				4Q08
Revenue from continuing operations (TE)
Community Banking	$	651		$	629		$	641			3.5		%		1.6		%
National Banking (a)		421			450			506			(6.4	)			(16.8	)
Other Segments (b)		73			(55	)		(82	)		N/M				N/M
Total Segments		1,145			1,024			1,065			11.8				7.5
Reconciling Items		(39	)		(43	)		(58	)		9.3				32.8
Total	$	1,106		$	981		$	1,007			12.7		%		9.8		%
Income (loss) from continuing operations attributable to Key
Community Banking	$	(50	)		—		$	41			N/M				N/M
National Banking (a)		(291	)	$	(359	)		(631	)		18.9		%		53.9		%
Other Segments (b)		21			(28	)		(40	)		N/M				N/M
Total Segments		(320	)		(387	)		(630	)		17.3				49.2
Reconciling Items (c)		103			6			136			N/M				(24.3	)
Total	$	(217	)	$	(381	)	$	(494	)		43.0		%		56.1		%

(a)	National Banking’s results for the third quarter of 2009 include a $45 million ($28 million after tax) write-off of intangible assets, other than goodwill, resulting from Key’s decision to cease lending in certain equipment leasing markets. For the fourth quarter of 2008, National Banking’s results include a noncash charge of $465 million ($420 million after tax) for intangible assets impairment. National Banking’s taxable-equivalent revenue was reduced by $18 million during the fourth quarter of 2008 as a result of its involvement with certain leveraged lease financing transactions which were challenged by the IRS.
(b)	Other Segments’ results for the third quarter of 2009 include a $17 million ($11 million after tax) loss related to the exchange of Key common shares for capital securities.
(c)	For the fourth quarter of 2008, Reconciling Items include $120 million of previously accrued interest recovered in connection with Key’s opt-in to the IRSs global tax settlement.
TE = Taxable Equivalent, N/M = Not Meaningful

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 10

Community Banking

								Percent change 4Q09 vs.
dollars in millions	4Q09			3Q09		4Q08		3Q09				4Q08
Summary of operations
Net interest income (TE)	$	454		$	430	$	448		5.6		%		1.3		%
Noninterest income		197			199		193		(1.0	)			2.1
Total revenue (TE)		651			629		641		3.5				1.6
Provision for loan losses		228			143		102		59.4				123.5
Noninterest expense		503			486		473		3.5				6.3
Income (loss) before income taxes (TE)		(80	)		—		66		N/M				N/M
Allocated income taxes and TE adjustments		(30	)		—		25		N/M				N/M
Net income (loss) attributable to Key	$	(50	)		—	$	41		N/M				N/M
Average balances
Loans and leases	$	26,667		$	27,408	$	29,164		(2.7	)	%		(8.6	)	%
Total assets		29,577			30,302		32,204		(2.4	)			(8.2	)
Deposits		52,529			52,954		51,051		(.8	)			2.9
Assets under management at period end	$	17,709		$	17,090	$	15,486		3.6		%		14.4		%

TE = Taxable Equivalent, N/M = Not Meaningful

Additional Community Banking Data										Percent change 4Q09 vs.
dollars in millions	4Q09			3Q09			4Q08			3Q09				4Q08
Average deposits outstanding
NOW and money market deposit accounts	$	17,921		$	17,375		$	17,700			3.1		%		1.2		%
Savings deposits		1,785			1,776			1,695			.5				5.3
Certificates of deposit ($100,000 or more)		8,164			8,884			8,013			(8.1	)			1.9
Other time deposits		13,708			14,705			14,558			(6.8	)			(5.8	)
Deposits in foreign office		529			477			980			10.9				(46.0	)
Noninterest-bearing deposits		10,422			9,737			8,105			7.0				28.6
Total deposits	$	52,529		$	52,954		$	51,051			(.8	)	%		2.9		%
Home equity loans
Average balance	$	10,098		$	10,188		$	10,036
Weighted-average loan-to-value ratio (at date of origination)		70	%		70	%		70	%
Percent first lien positions		53			53			54
Other data
Branches		1,007			1,003			986
Automated teller machines		1,495			1,492			1,478

Community Banking Summary of Operations

          Community Banking recorded a net loss attributable to Key of $50 million for the fourth quarter of 2009, compared to net income of $41 million for the year-ago quarter. Increases in the provision for loan losses and noninterest expense caused the decline, and more than offset increases in net interest income and noninterest income.

          Taxable-equivalent net interest income rose by $6 million, or 1%, from the fourth quarter of 2008, as higher-costing certificates of deposit originated in the prior year began to mature and repriced to current market rates. In addition, average deposits grew by $1.5 billion, or 3%, while the mix of these deposits changed. The increase in average deposits reflects strong growth in noninterest-bearing deposits and negotiable order of withdrawal (“NOW”) accounts, which more than offset declines in money market deposit accounts and certificates of deposit.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 11

          Noninterest income rose by $4 million, or 2%, from the year-ago quarter, due to higher letter of credit fees and mortgage loan sale gains, and lower reserves on customer derivatives. These factors were partially offset by a reduction in service charges on deposit accounts, resulting from the continuation of changes in client behavior, and a decline in asset management and trust fees.

          The provision for loan losses rose by $126 million, compared to the fourth quarter of 2008, reflecting a $69 million increase in net loan charge-offs, primarily from the commercial and home equity loan portfolios. Community Banking’s provision for loan losses for the fourth quarter of 2009 exceeded its net loan charge-offs by $93 million, as the company continued to increase reserves in light of the challenging credit conditions brought on by a weak economy.

          Noninterest expense grew by $30 million, or 6%, from the year-ago quarter, due largely to a $26 million increase in the FDIC deposit insurance assessment, and a higher provision for losses on lending-related commitments. The adverse effect of these factors was offset in part by lower computer processing and personnel expense. The lower personnel expense reflects a reduction in salaries expense, caused by a decrease of 620 average full-time equivalent employees from the year-ago quarter, and a decline in severance expense, partially offset by an increase in the cost of employee benefits.

National Banking

										Percent change 4Q09 vs.
dollars in millions	4Q09			3Q09			4Q08			3Q09				4Q08
Summary of operations
Net interest income (TE)	$	269		$	256		$	278			5.1		%		(3.2	)	%
Noninterest income		152			194			228			(21.6	)			(33.3	)
Total revenue (TE)		421			450			506			(6.4	)			(16.8	)
Provision for loan losses		530			593			444			(10.6	)			19.4
Noninterest expense(a)		356			435			791			(18.2	)			(55.0	)
Loss from continuing operations before income taxes (TE)		(465	)		(578	)		(729	)		19.6				36.2
Allocated income taxes and TE adjustments		(175	)		(217	)		(98	)		19.4				(78.6	)
Loss from continuing operations		(290	)		(361	)		(631	)		19.7				54.0
Loss from discontinued operations, net of taxes		(7	)		(16	)		(30	)		56.3				76.7
Net loss		(297	)		(377	)		(661	)		21.2				55.1
Less: Net income (loss) attributable to noncontrolling interests		1			(2	)		—			N/M				N/M
Net loss attributable to Key	$	(298	)	$	(375	)	$	(661	)		20.5		%		54.9		%
Loss from continuing operations attributable to Key	$	(291	)	$	(359	)	$	(631	)		18.9		%		53.9		%
Average balances
Loans and leases	$	33,692		$	37,231		$	43,793			(9.5	)	%		(23.1	)	%
Loans held for sale		511			469			1,088			9.0				(53.0	)
Total assets		37,759			42,485			52,660			(11.1	)			(28.3	)
Deposits		13,373			13,435			12,176			(.5	)			9.8
Assets under management at period end	$	49,230		$	49,055		$	49,231			.4		%		—

(a)		National Banking’s results for the third quarter of 2009 include a $45 million ($28 million after tax) write-off of intangible assets, other than goodwill, resulting from Key’s decision to cease lending in certain equipment leasing markets. For the fourth quarter of 2008, National Banking’s results include a noncash charge of $465 million ($420 million after tax) for intangible assets impairment. National Banking’s taxable-equivalent revenue was reduced by $18 million during the fourth quarter of 2008 as a result of its involvement with certain leveraged lease financing transactions which were challenged by the IRS.
TE	=	Taxable Equivalent, N/M = Not Meaningful

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 12

National Banking Summary of Continuing Operations

          National Banking recorded a loss from continuing operations attributable to Key of $291 million for the fourth quarter of 2009, compared to a $631 million loss from continuing operations attributable to Key for the same period one year ago. A substantial decrease in noninterest expense was partially offset by a higher provision for loan losses, lower net interest income and a decrease in noninterest income. During the fourth quarter of 2008, results were adversely affected by a goodwill impairment charge of $465 million ($420 million, after tax), which resulted from a reduction in the fair value of net assets caused by weakness in the financial markets.

          Taxable-equivalent net interest income decreased by $9 million, or 3%, from the fourth quarter of 2008, due primarily to a $10.9 billion, or 23%, reduction in average earning assets. The impact of this reduction was offset in part by more favorable earning asset spreads and an $18 million charge recorded during the fourth quarter of 2008 as a result of an agreement reached with the IRS on all material aspects related to the IRS global tax settlement pertaining to certain leveraged lease financing transactions.

          Noninterest income declined by $76 million, or 33%, from the fourth quarter of 2008, due in part to losses related to certain commercial real estate related investments, primarily caused by changes in their fair value. Net losses from investments made by the Real Estate Capital and Corporate Banking Services line of business rose by $34 million from the fourth quarter of 2008. The decline in noninterest income also reflected lower income from dealer trading and derivatives activities, trust and investment services, and operating leases. These adverse factors were partially offset by an increase in investment banking income.

          The provision for loan losses rose by $86 million from the year-ago quarter, due primarily to higher levels of net loan charge-offs from the commercial loan portfolios.

          Excluding the goodwill impairment charge, noninterest expense increased by $30 million, or 9%, from the fourth quarter of 2008, caused primarily by higher costs associated with OREO, and a provision for losses on lending-related commitments of $14 million during the current quarter, compared to a credit of $7 million in the year-ago quarter. These adverse factors were partially offset by lower personnel expense, reflecting a decrease of 619 average full-time equivalent employees.

          In October 2009, management announced its decision to discontinue the education lending business, and to focus on the growing demand from schools for integrated, simplified billing, payment and cash management solutions. The Consumer Finance line of business will continue to service existing loans in this portfolio. In April 2009, Key made the strategic 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 applied discontinued operations accounting to these businesses.

Other Segments

          Other Segments consist of Corporate Treasury and Key’s Principal Investing unit. These segments generated net income attributable to Key of $21 million for the fourth quarter of 2009, compared to a net loss attributable to Key of $40 million for the same period last year. These results reflect net gains from principal investing attributable to Key of $44 million ($28 million after tax) during the current quarter, compared to net losses of $33 million ($21 million after tax) in the year-ago quarter. During the fourth quarter of 2008, Key recorded net losses of $39 million related to the volatility associated with the hedge accounting applied to debt instruments. The majority of these losses were attributable to the restructuring of certain cash collateral arrangements for hedges that reduced exposure to counterparty risk and lowered the cost of borrowings.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 13

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.

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.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 14

Consumer Finance processes tuition payments for private schools. Through its Commercial Floor Plan Lending unit, this line of business also finances inventory for automobile dealers. In October 2008, Key exited retail and floor-plan lending for marine and recreational vehicle products, and began to limit new education loans to those backed by government guarantee. In September 2009, management made the decision to discontinue the education lending business and to focus on the growing demand from schools for integrated, simplified billing, payment and cash management solutions. The Consumer Finance line of business continues to service existing loans in these portfolios. These actions are consistent with Key’s strategy of de-emphasizing nonrelationship or out-of-footprint businesses.

          Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of $93.3 billion at December 31, 2009. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company’s businesses deliver their products and services through 1,007 branches and additional offices; a network of 1,495 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, https://www.key.com/,^® that provides account access and financial products 24 hours a day.

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 Thursday, January 21, 2010. An audio replay of the call will be available through January 28.

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 Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009, and September 30, 2009, and in its Annual Report on Form 10-K for the year ended December 31, 2008, each of 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 Fourth Quarter and 2009 Results
January 21, 2010
Page 15

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

	Three months ended
	12-31-09				9-30-09				12-31-08
Summary of operations
Net interest income (TE)	$	637			$	599			$	624		(a)
Noninterest income		469				382				383
Total revenue (TE)		1,106				981				1,007
Provision for loan losses		756				733				551
Noninterest expense		871				901				1,264
Loss from continuing operations attributable to Key		(217	)			(381	)			(494	)
Loss from discontinued operations, net of taxes (b)		(7	)			(16	)			(30	)
Net loss attributable to Key		(224	)			(397	)	(a)		(524	)	(a)
Loss from continuing operations attributable to Key common shareholders	$	(258	)		$	(422	)		$	(524	)
Loss from discontinued operations, net of taxes (b)		(7	)			(16	)			(30	)
Net loss attributable to Key common shareholders		(265	)			(438	)	(a)		(554	)	(a)
Per common share
Loss from continuing operations attributable to Key common shareholders	$	(.30	)		$	(.50	)		$	(1.07	)
Loss from discontinued operations, net of taxes (b)		(.01	)			(.02	)			(.06	)
Net loss attributable to Key common shareholders		(.30	)			(.52	)			(1.13	)
Loss from continuing operations attributable to Key common shareholders — assuming dilution		(.30	)			(.50	)			(1.07	)
Loss from discontinued operations, net of taxes — assuming dilution (b)		(.01	)			(.02	)			(.06	)
Net loss attributable to Key common shareholders — assuming dilution		(.30	)			(.52	)	(a)		(1.13	)	(a)
Cash dividends paid		.01				.01				.0625
Book value at period end		9.04				9.39				14.97
Tangible book value at period end		7.94				8.29				12.41
Market price at period end		5.55				6.50				8.52
Performance ratios
From continuing operations:
Return on average total assets		(.94	)	%		(1.62	)	%		(1.90	)	%
Return on average common equity		(12.60	)			(20.30	)			(26.15	)
Net interest margin (TE)		3.04				2.80				2.79		(a)
From consolidated operations:
Return on average total assets		(.93	)	%		(1.62	)	% (a)		(1.93	)	%(a)
Return on average common equity		(12.94	)			(21.07	)	(a)		(27.65	)	(a)
Net interest margin (TE)		3.00				2.79				2.76
Capital ratios at period end
Key shareholders’ equity to assets		11.43		%		11.31		%		10.03		%
Tangible Key shareholders’ equity to tangible assets		10.50				10.41				8.92
Tangible common equity to tangible assets		7.56				7.58				5.95
Tier 1 common equity (c)		7.46				7.64				5.62
Tier 1 risk-based capital (c)		12.68				12.61				10.92
Total risk-based capital (c)		16.85				16.65				14.82
Leverage (c)		11.74				12.07				11.05
Asset quality — from continuing operations
Net loan charge-offs	$	708			$	587			$	309
Net loan charge-offs to average loans		4.64		%		3.59		%		1.67		%
Allowance for loan losses	$	2,534			$	2,485			$	1,629
Allowance for credit losses		2,655				2,579				1,683
Allowance for loan losses to period-end loans		4.31		%		4.00		%		2.24		%
Allowance for credit losses to period-end loans		4.52				4.15				2.31
Allowance for loan losses to nonperforming loans		115.87				108.52				133.42
Allowance for credit losses to nonperforming loans		121.40				112.62				137.84
Nonperforming loans at period end	$	2,187			$	2,290			$	1,221
Nonperforming assets at period end		2,510				2,799				1,460
Nonperforming loans to period-end portfolio loans		3.72		%		3.68		%		1.68		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		4.25				4.46				2.00
Trust and brokerage assets
Assets under management	$	66,939			$	66,145			$	64,717
Nonmanaged and brokerage assets		27,190				25,883				22,728
Other data
Average full-time equivalent employees		15,973				16,436				17,697
Branches		1,007				1,003				986
Taxable-equivalent adjustment	$	7			$	7			$	7

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 16

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

	Twelve months ended
	12-31-09				12-31-08
Summary of operations
Net interest income (TE)	$	2,406			$	1,862		(a)
Noninterest income		2,035				1,847
Total revenue (TE)		4,441				3,709
Provision for loan losses		3,159				1,537
Noninterest expense		3,554				3,476
Loss from continuing operations attributable to Key		(1,287	)			(1,295	)
Loss from discontinued operations, net of taxes (b)		(48	)			(173	)
Net loss attributable to Key		(1,335	)	(a)		(1,468	)	(a)
Loss from continuing operations attributable to Key common shareholders	$	(1,581	)		$	(1,337	)
Loss from discontinued operations, net of taxes (b)		(48	)			(173	)
Net loss attributable to Key common shareholders		(1,629	)	(a)		(1,510	)	(a)
Per common share
Loss from continuing operations attributable to Key common shareholders	$	(2.27	)		$	(2.97	)
Loss from discontinued operations, net of taxes (b)		(.07	)			(.38	)
Net loss attributable to Key common shareholders		(2.34	)			(3.36	)
Loss from continuing operations attributable to Key common shareholders — assuming dilution		(2.27	)			(2.97	)
Loss from discontinued operations, net of taxes — assuming dilution (b)		(.07	)			(.38	)
Net loss attributable to Key common shareholders — assuming dilution		(2.34	)	(a)		(3.36	)	(a)
Cash dividends paid		.0925				1.00
Performance ratios
From continuing operations:
Return on average total assets		(1.35	)	%		(1.29	)	%
Return on average common equity		(19.00	)			(16.22	)
Net interest margin (TE)		2.83				2.15		(a)
From consolidated operations:
Return on average total assets		(1.34	)	% (a)		(1.41	)	% (a)
Return on average common equity		(19.62	)	(a)		(18.32	)	(a)
Net interest margin (TE)		2.81				2.16
Asset quality — from continuing operations
Net loan charge-offs	$	2,257			$	1,131
Net loan charge-offs to average loans		3.40		%		1.55		%
Other data
Average full-time equivalent employees		16,698				18,095
Taxable-equivalent adjustment	$	26			$	(454	)

(a)	The following table entitled “GAAP to Non-GAAP Reconciliations” presents certain earnings data and performance ratios, excluding charges related to goodwill and other 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)	12-31-09 ratio is estimated.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 17

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 minority 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												Twelve months ended
	12-31-09				9-30-09				12-31-08				12-31-09				12-31-08
Net loss
Net loss attributable to Key (GAAP)	$	(224	)		$	(397	)		$	(524	)		$	(1,335	)		$	(1,468	)
Charges related to intangible assets impairment, after tax		—				28				420				192				424
(Credits) charges related to leveraged lease tax litigation, after tax		(80	)			—				(120	)			(80	)			959
Net loss attributable to Key, excluding (credits) charges related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)	$	(304	)		$	(369	)		$	(224	)		$	(1,223	)		$	(85	)
Noncash deemed dividend — common shares exchanged for Series A Preferred Stock		—				—				—			$	114				—
Other preferred dividends and amortization of discount on preferred stock	$	41			$	41			$	30				180			$	42
Net loss attributable to Key common shareholders (GAAP)	$	(265	)		$	(438	)		$	(554	)		$	(1,629	)		$	(1,510	)
Net loss attributable to Key common shareholders, excluding (credits) charges related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)		(345	)			(410	)			(254	)			(1,517	)			(127	)
Per common share
Net loss attributable to Key common shareholders — assuming dilution (GAAP)	$	(.30	)		$	(.52	)		$	(1.13	)		$	(2.34	)		$	(3.36	)
Net loss attributable to Key common shareholders, excluding (credits) charges related to intangible assets impairment and leveraged lease tax litigation — assuming dilution (non-GAAP)		(.39	)			(.49	)			(.52	)			(2.18	)			(.28	)
Performance ratios from consolidated operations
Return on average total assets: (a)
Average total assets	$	95,975			$	97,221			$	107,735			$	99,440			$	104,390
Return on average total assets (GAAP)		(.93	)	%		(1.62	)	%		(1.93	)	%		(1.34	)	%		(1.41	)	%
Return on average total assets, excluding (credits) charges related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)		(1.26	)			(1.51	)			(.83	)			(1.23	)			(.08	)
Return on average common equity: (a)
Average common equity	$	8,125			$	8,249			$	7,971			$	7,723			$	8,244
Return on average common equity (GAAP)		(12.94	)	%		(21.07	)	%		(27.65	)	%	$	(19.62)		%		(18.32	)	%
Return on average common equity, excluding (credits) charges related to intangible assets impairment and leveraged lease tax litigation (non-GAAP)		(16.85	)			(19.72	)			(12.68	)		$	(18.17	)			(1.54	)
Net interest income and margin from continuing operations
Net interest income:
Net interest income (GAAP)	$	630			$	592			$	617			$	2,380			$	2,316
Charges related to leveraged lease tax litigation, pre-tax		—				—				18				—				380
Net interest income, excluding (credits) charges related to leveraged lease tax litigation (non-GAAP)	$	630			$	592			$	635			$	2,380			$	2,696
Net interest income/margin (TE):
Net interest income (TE) (as reported)	$	637			$	599			$	624			$	2,406			$	1,862
Charges related to leveraged lease tax litigation, pre-tax (TE)		—				—				18				—				890
Net interest income, excluding charges related to leveraged lease tax litigation (TE) (adjusted basis)	$	637			$	599			$	642			$	2,406			$	2,752
Net interest margin (TE) (as reported) (a)		3.04		%		2.80		%		2.79		%		2.83		%		2.15		%
Impact of charges related to leveraged lease tax litigation, pre-tax (TE) (a)		—				—				.08				—				.98
Net interest margin, excluding charges related to leveraged lease tax litigation (TE) (adjusted basis) (a)		3.04		%		2.80		%		2.87		%		2.83		%		3.13		%

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 18

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

	Three months ended
	12-31-09				9-30-09			12-31-08
Tangible common equity to tangible assets at period end
Key shareholders’ equity (GAAP)	$	10,663			$	10,970		$	10,480
Less: Intangible assets		967				972	(d)		1,266	(e)
Preferred Stock, Series B		2,430				2,426			2,414
Preferred Stock, Series A		291				291			658
Tangible common equity (non-GAAP)	$	6,975			$	7,281		$	6,142
Total assets (GAAP)	$	93,287			$	96,989		$	104,531
Less: Intangible assets		967				972	(d)		1,266	(e)
Tangible assets (non-GAAP)	$	92,320			$	96,017		$	103,265
Tangible common equity to tangible assets ratio (non-GAAP)		7.56		%		7.58	%		5.95	%
Tier 1 common equity at period end
Key shareholders’ equity (GAAP)	$	10,663			$	10,970		$	10,480
Qualifying capital securities		1,791				1,790			2,582
Less: Goodwill		917				917			1,138	(f)
Accumulated other comprehensive income (loss) (b)		(49	)			11			76
Other assets (c)		631				406			203
Total Tier 1 capital (regulatory)		10,955				11,426			11,645
Less: Qualifying capital securities		1,791				1,790			2,582
Preferred Stock, Series B		2,430				2,426			2,414
Preferred Stock, Series A		291				291			658
Total Tier 1 common equity (non-GAAP)	$	6,443			$	6,919		$	5,991
Net risk-weighted assets (regulatory) (c), (g)	$	86,419			$	90,587		$	106,685
Tier 1 common equity ratio (non-GAAP) (g)		7.46		%		7.64	%		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 $514 million at December 31, 2009, and $285 million at September 30, 2009, disallowed intangible assets (excluding goodwill), and deductible portions of nonfinancial equity investments.
(d)	Includes $1 million of other intangible assets classified as “discontinued assets” on the balance sheet.
(e)	Includes $25 million of goodwill and $12 million of other intangible assets classified as “discontinued assets” on the balance sheet.
(f)	Includes $25 million of goodwill classified as “discontinued assets” on the balance sheet.
(g)	12-31-09 amount or ratio is estimated.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 19

Consolidated Balance Sheets
(dollars in millions)

	12-31-09			9-30-09			12-31-08
Assets
Loans	$	58,770		$	62,193		$	72,835
Loans held for sale		443			703			626
Securities available for sale		16,641			15,413			8,246
Held-to-maturity securities		24			24			25
Trading account assets		1,209			1,406			1,280
Short-term investments		1,743			2,986			5,221
Other investments		1,488			1,448			1,526
Total earning assets		80,318			84,173			89,759
Allowance for loan losses		(2,534	)		(2,485	)		(1,629	)
Cash and due from banks		471			725			1,245
Premises and equipment		880			863			840
Operating lease assets		716			775			990
Goodwill		917			917			1,113
Other intangible assets		50			54			116
Corporate-owned life insurance		3,071			3,041			2,970
Derivative assets		1,094			1,285			1,896
Accrued income and other assets		4,096			3,463			2,818
Discontinued assets		4,208			4,178			4,413
Total assets	$	93,287		$	96,989		$	104,531
Liabilities
Deposits in domestic offices:
NOW and money market deposit accounts	$	24,341		$	24,635		$	24,191
Savings deposits		1,807			1,783			1,712
Certificates of deposit ($100,000 or more)		10,954			12,216			11,991
Other time deposits		13,286			14,211			14,763
Total interest-bearing deposits		50,388			52,845			52,657
Noninterest-bearing deposits		14,415			13,631			11,352
Deposits in foreign office — interest-bearing		768			783			1,118
Total deposits		65,571			67,259			65,127
Federal funds purchased and securities sold under repurchase agreements		1,742			1,664			1,557
Bank notes and other short-term borrowings		340			471			8,477
Derivative liabilities		1,012			1,185			1,032
Accrued expense and other liabilities		2,007			2,236			2,481
Long-term debt		11,558			12,865			14,995
Discontinued liabilities		124			121			181
Total liabilities		82,354			85,801			93,850
Equity
Preferred stock, Series A		291			291			658
Preferred stock, Series B		2,430			2,426			2,414
Common shares		946			946			584
Common stock warrant		87			87			87
Capital surplus		3,734			3,726			2,553
Retained earnings		5,158			5,431			6,727
Treasury stock, at cost		(1,980	)		(1,983	)		(2,608	)
Accumulated other comprehensive income (loss)		(3	)		46			65
Key shareholders’ equity		10,663			10,970			10,480
Noncontrolling interests		270			218			201
Total equity		10,933			11,188			10,681
Total liabilities and equity	$	93,287		$	96,989		$	104,531
Common shares outstanding (000)		878,535			878,559			495,002

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 20

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

	Three months ended									Twelve months ended
	12-31-09			9-30-09			12-31-08			12-31-09			12-31-08
Interest income
Loans	$	749		$	786		$	940		$	3,194		$	3,732
Loans held for sale		6			7			14			29			76
Securities available for sale		150			121			101			460			404
Held-to-maturity securities		—			1			1			2			3
Trading account assets		12			9			17			47			56
Short-term investments		3			3			8			12			31
Other investments		13			13			13			51			51
Total interest income		933			940			1,094			3,795			4,353
Interest expense
Deposits		246			277			346			1,119			1,468
Federal funds purchased and securities sold under repurchase agreements		1			2			4			5			57
Bank notes and other short-term borrowings		3			3			30			16			130
Long-term debt		53			66			97			275			382
Total interest expense		303			348			477			1,415			2,037
Net interest income		630			592			617			2,380			2,316
Provision for loan losses		756			733			551			3,159			1,537
Net interest income (expense) after provision for loan losses		(126	)		(141	)		66			(779	)		779
Noninterest income
Trust and investment services income		117			113			131			459			509
Service charges on deposit accounts		82			83			90			330			365
Operating lease income		52			55			64			227			270
Letter of credit and loan fees		52			46			42			180			183
Corporate-owned life insurance income		36			26			33			114			117
Net securities gains (losses) (a)		1			1			(5	)		113			(2	)
Electronic banking fees		27			27			25			105			103
Gains on leased equipment		15			22			19			99			40
Insurance income		16			18			15			68			65
Investment banking and capital markets income (loss)		(47	)		(26	)		5			(42	)		68
Net gains (losses) from principal investing		80			(6	)		(37	)		(4	)		(54	)
Net gains (losses) from loan securitizations and sales		(5	)		—			4			(1	)		(82	)
Gain from sale/redemption of Visa Inc. shares		—			—			—			105			165
Gain (loss) related to exchange of common shares for capital securities		—			(17	)		—			78			—
Other income		43			40			(3	)		204			100
Total noninterest income		469			382			383			2,035			1,847
Noninterest expense
Personnel		400			380			405			1,514			1,581
Net occupancy		67			63			66			259			259
Operating lease expense		50			46			55			195			224
Computer processing		49			48			51			192			187
Professional fees		63			41			50			184			138
FDIC assessment		37			40			3			177			10
OREO expense, net		25			51			6			97			16
Equipment		25			24			22			96			92
Marketing		22			19			25			72			87
Provision (credit) for losses on lending-related commitments		27			29			(5	)		67			(26	)
Intangible assets impairment		—			45			465			241			469
Other expense		106			115			121			460			439
Total noninterest expense		871			901			1,264			3,554			3,476
Loss from continuing operations before income taxes		(528	)		(660	)		(815	)		(2,298	)		(850	)
Income taxes		(347	)		(274	)		(318	)		(1,035	)		437
Loss from continuing operations		(181	)		(386	)		(497	)		(1,263	)		(1,287	)
Loss from discontinued operations, net of taxes		(7	)		(16	)		(30	)		(48	)		(173	)
Net loss		(188	)		(402	)		(527	)		(1,311	)		(1,460	)
Less: Net income (loss) attributable to noncontrolling interests		36			(5	)		(3	)		24			8
Net loss attributable to Key	$	(224	)	$	(397	)	$	(524	)	$	(1,335	)	$	(1,468	)
Loss from continuing operations attributable to Key common shareholders	$	(258	)	$	(422	)	$	(524	)	$	(1,581	)	$	(1,337	)
Net loss attributable to Key common shareholders		(265	)		(438	)		(554	)		(1,629	)		(1,510	)
Per common share
Loss from continuing operations attributable to Key common shareholders	$	(.30	)	$	(.50	)	$	(1.07	)	$	(2.27	)	$	(2.97	)
Loss from discontinued operations, net of taxes		(.01	)		(.02	)		(.06	)		(.07	)		(.38	)
Net loss attributable to Key common shareholders		(.30	)		(.52	)		(1.13	)		(2.34	)		(3.36	)
Per common share — assuming dilution
Loss from continuing operations attributable to Key common shareholders	$	(.30	)	$	(.50	)	$	(1.07	)	$	(2.27	)	$	(2.97	)
Loss from discontinued operations, net of taxes		(.01	)		(.02	)		(.06	)		(.07	)		(.38	)
Net loss attributable to Key common shareholders		(.30	)		(.52	)		(1.13	)		(2.34	)		(3.36	)
Cash dividends declared per common share	$	.01		$	.01		$	.0625		$	.0925		$	.625
Weighted-average common shares outstanding (000)		873,268			839,906			492,311			697,155			450,039
Weighted-average common shares and potential common shares outstanding (000)		873,268			839,906			492,311			697,155			450,039

(a) For the three months ended December 31, 2009, Key did not have impairment losses related to securities. Impairment losses and the portion of those losses recorded in equity as a component of accumulated other comprehensive income (loss) on the balance sheet totaled $4 million and $2 million, respectively, for the three months ended September 30, 2009, and $7 million and $1 million, respectively, for the three months ended June 30, 2009.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 21

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

	Fourth Quarter 2009									Third Quarter 2009										Fourth Quarter 2008
	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	$	19,817		$	232			4.63	%	$	22,098			$	255			4.59	%	$	27,662		$	346				4.98	%
Real estate — commercial mortgage		10,853			132			4.84			11,529		(h)		141			4.84			10,707			151				5.63
Real estate — construction		5,246			62			4.70			5,834		(h)		72			4.86			7,686			100				5.16
Commercial lease financing		7,598			97			5.10			8,073				88			4.35			9,186			78				3.38	(d)
Total commercial loans		43,514			523			4.77			47,534				556			4.64			55,241			675				4.87
Real estate — residential mortgage		1,781			26			5.80			1,748				25			5.88			1,903			29				6.00
Home equity:
Community Banking		10,105			109			4.28			10,186				110			4.32			10,037			129				5.13
National Banking		858			16			7.44			918				18			7.51			1,088			21				7.62
Total home equity loans		10,963			125			4.53			11,104				128			4.58			11,125			150				5.37
Consumer other — Community Banking		1,185			32			11.06			1,189				32			10.48			1,260			30				9.57
Consumer other — National Banking:
Marine		2,866			44			6.16			3,017				48			6.26			3,467			55				6.32
Other		224			5			7.81			238				4			7.95			288			6				8.22
Total consumer other — National Banking		3,090			49			6.28			3,255				52			6.38			3,755			61				6.47
Total consumer loans		17,019			232			5.44			17,296				237			5.46			18,043			270				5.96
Total loans		60,533			755			4.96			64,830				793			4.86			73,284			945				5.14
Loans held for sale		618			6			3.35			665				7			4.26			1,180			14				5.13
Securities available for sale (b), (f)		15,937			151			3.82			12,154				121			4.00			8,075			102				5.07
Held-to-maturity securities (b)		24			—			3.34			25				1			9.64			27			2				10.74
Trading account assets		1,315			12			3.72			1,074				9			3.49			1,416			17				4.81
Short-term investments		3,682			3			.23			5,243				3			.25			3,715			8				.88
Other investments (f)		1,465			13			3.21			1,459				13			3.26			1,557			13				3.06
Total earning assets		83,574			940			4.47			85,450				947			4.40			89,254			1,101				4.91
Allowance for loan losses		(2,525	)								(2,462	)									(1,512	)
Accrued income and other assets		10,785									10,142										15,706
Discontinued assets — education lending business		4,141									4,091										4,287
Total assets	$	95,975								$	97,221									$	107,735
Liabilities
NOW and money market deposit accounts	$	24,910		$	25			.39		$	24,444				29			.49		$	24,919			78				1.24
Savings deposits		1,801			1			.06			1,799				—			.07			1,722			1				.16
Certificates of deposit ($100,000 or more) (g)		11,675			103			3.49			12,771				114			3.55			11,270			118				4.20
Other time deposits		13,753			117			3.39			14,749				133			3.57			14,560			146				3.98
Deposits in foreign office		711			—			.31			665				1			.31			1,300			3				.90
Total interest-bearing deposits		52,850			246			1.84			54,428				277			2.03			53,771			346				2.56
Federal funds purchased and securities
sold under repurchase agreements		1,657			1			.31			1,642				2			.30			1,727			4				.86
Bank notes and other short-term borrowings		418			3			3.03			1,034				3			1.14			9,154			30				1.36
Long-term debt (g)		8,092			53			2.91			9,183				66			3.07			10,485			97				3.86
Total interest-bearing liabilities		63,017			303			1.94			66,287				348			2.10			75,137			477				2.54
Noninterest-bearing deposits		14,655									13,604										10,726
Accrued expense and other liabilities		3,097									2,055										7,494
Discontinued liabilities — education lending business (e)		4,141									4,091										4,287
Total liabilities		84,910									86,037										97,644
Equity
Key shareholders’ equity		10,843									10,961										9,888
Noncontrolling interests		222									223										203
Total equity		11,065									11,184										10,091
Total liabilities and equity	$	95,975								$	97,221									$	107,735
Interest rate spread (TE)								2.53	%									2.30	%									2.37	%
Net interest income (TE) and net interest margin (TE)					637			3.04	%						599			2.80	%					624	(d)			2.79	%(d)
TE adjustment (b)					7										7									7
Net interest income, GAAP basis				$	630									$	592								$	617

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)	During the fourth quarter of 2008, taxable-equivalent net interest income was reduced by $18 million as a result of an agreement reached with the IRS on all material aspects related to the IRS global tax settlement pertaining to certain leveraged lease financing transactions. Excluding this reduction, the taxable-equivalent yield on Key’s commercial lease financing portfolio would have been 4.17% for the fourth quarter of 2008, and Key’s taxable-equivalent net interest margin would have been 2.87%.
(e)	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.
(f)	Yield is calculated on the basis of amortized cost.
(g)	Rate calculation excludes basis adjustments related to fair value hedges.
(h)	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 Fourth Quarter and 2009 Results
January 21, 2010
Page 22

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

	Twelve months ended December 31, 2009										Twelve months ended December 31, 2008
	Average										Average
	Balance				Interest		(a)	Yield/Rate		(a)	Balance			Interest			(a)	Yield/Rate			(a)
Assets
Loans: (b),(c)
Commercial, financial and agricultural	$	23,181			$	1,038			4.48	%	$	26,372		$	1,446				5.48		%
Real estate — commercial mortgage		11,310		(d)		557			4.93			10,576			640				6.05
Real estate — construction		6,206		(d)		294			4.74			8,109			461				5.68
Commercial lease financing		8,220				369			4.48			9,642			(425	)			(4.41	)	(e)
Total commercial loans		48,917				2,258			4.61			54,699			2,122				3.88
Real estate — residential mortgage		1,764				104			5.91			1,909			117				6.11
Home equity:
Community Banking		10,220				445			4.36			9,846			564				5.73
National Banking		939				71			7.55			1,171			90				7.67
Total home equity loans		11,159				516			4.63			11,017			654				5.93
Consumer other — Community Banking		1,202				127			10.62			1,275			130				10.22
Consumer other — National Banking:
Marine		3,097				193			6.22			3,586			226				6.30
Other		247				20			7.93			315			26				8.25
Total consumer other — National Banking		3,344				213			6.35			3,901			252				6.46
Total consumer loans		17,469				960			5.50			18,102			1,153				6.37
Total loans		66,386				3,218			4.85			72,801			3,275				4.50
Loans held for sale		650				29			4.37			1,404			76				5.43
Securities available for sale (b), (g)		11,169				462			4.19			8,126			406				5.04
Held-to-maturity securities (b)		25				2			8.17			27			4				11.73
Trading account assets		1,238				47			3.83			1,279			56				4.38
Short-term investments		4,149				12			.28			1,615			31				1.96
Other investments (g)		1,478				51			3.11			1,563			51				3.02
Total earning assets		85,095				3,821			4.49			86,815			3,899				4.49
Allowance for loan losses		(2,273	)									(1,341	)
Accrued income and other assets		12,349										14,736
Discontinued assets — education lending business		4,269										4,180
Total assets	$	99,440									$	104,390
Liabilities
NOW and money market deposit accounts	$	24,345				124			.51		$	26,429			427				1.62
Savings deposits		1,787				2			.07			1,796			6				.32
Certificates of deposit ($100,000 or more) (h)		12,612				462			3.66			9,385			398				4.25
Other time deposits		14,535				529			3.64			13,300			556				4.18
Deposits in foreign office		802				2			.27			3,501			81				2.31
Total interest-bearing deposits		54,081				1,119			2.07			54,411			1,468				2.70
Federal funds purchased and securities sold under repurchase agreements		1,618				5			.31			2,847			57				2.00
Bank notes and other short-term borrowings		1,907				16			.84			5,931			130				2.20
Long-term debt (h)		9,455				275			3.16			10,392			382				3.94
Total interest-bearing liabilities		67,061				1,415			2.13			73,581			2,037				2.80
Noninterest-bearing deposits		12,964										10,596
Accrued expense and other liabilities		4,340										6,920
Discontinued liabilities — education lending business (f)		4,269										4,180
Total liabilities		88,634										95,277
Equity
Key shareholders’ equity		10,592										8,923
Noncontrolling interests		214										190
Total equity		10,806										9,113
Total liabilities and equity	$	99,440									$	104,390
Interest rate spread (TE)									2.36	%									1.69		%
Net interest income (TE) and net interest margin (TE)						2,406			2.83	%					1,862		(e)		2.15		% (e)
TE adjustment (b)						26			.						(454	)
Net interest income, GAAP basis					$	2,380								$	2,316

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 (f) 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)	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.
(e)	During the fourth quarter of 2008, taxable-equivalent net interest income was reduced by $18 million as a result of an agreement reached with the IRS on all material aspects related to the IRS global tax settlement pertaining to certain leveraged lease financing transactions. During the second quarter of 2008, Key’s taxable-equivalent net interest income was reduced by $838 million following an adverse federal court decision on Key’s tax treatment of a leveraged sale-leaseback transaction. During the first quarter of 2008, Key increased its tax reserves for certain LILO transactions and recalculated its lease income in accordance with prescribed accounting standards. These actions reduced Key’s first quarter 2008 taxable-equivalent net interest income by $34 million. Excluding all of these reductions, the taxable-equivalent yield on Key’s commercial lease financing portfolio would have been 4.82% for 2008, and Key’s taxable-equivalent net interest margin would have been 3.13%.
(f)	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.
(g)	Yield is calculated on the basis of amortized cost.
(h)	Rate calculation excludes basis adjustments related to fair value hedges.

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

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 23

Noninterest Income
(in millions)

	Three months ended									Twelve months ended
	12-31-09			9-30-09			12-31-08			12-31-09			12-31-08
Trust and investment services income (a)	$	117		$	113		$	131		$	459		$	509
Service charges on deposit accounts		82			83			90			330			365
Operating lease income		52			55			64			227			270
Letter of credit and loan fees		52			46			42			180			183
Corporate-owned life insurance income		36			26			33			114			117
Net securities gains (losses)		1			1			(5	)		113			(2	)
Electronic banking fees		27			27			25			105			103
Gains on leased equipment		15			22			19			99			40
Insurance income		16			18			15			68			65
Investment banking and capital markets income (loss) (a)		(47	)		(26	)		5			(42	)		68
Net gains (losses) from principal investing		80			(6	)		(37	)		(4	)		(54	)
Net gains (losses) from loan securitizations and sales		(5	)		—			4			(1	)		(82	)
Gain from sale/redemption of Visa Inc. shares		—			—			—			105			165
Gain (loss) related to exchange of common shares for capital securities		—			(17	)		—			78			—
Other income:
Gain from sale of Key’s claim associated with the Lehman Brothers’ bankruptcy		—			—			—			32			—
Credit card fees		2			6			3			14			16
Miscellaneous income		41			34			(6	)		158			84
Total other income		43			40			(3	)		204			100
Total noninterest income	$	469		$	382		$	383		$	2,035		$	1,847

(a) Additional detail provided in tables below.

Trust and Investment Services Income
(in millions)

	Three months ended						Twelve months ended
	12-31-09		9-30-09		12-31-08		12-31-09		12-31-08
Brokerage commissions and fee income	$	31	$	37	$	48	$	151	$	159
Personal asset management and custody fees		37		35		39		141		158
Institutional asset management and custody fees		49		41		44		167		192
Total trust and investment services income	$	117	$	113	$	131	$	459	$	509

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

	Three months ended									Twelve months ended
	12-31-09			9-30-09			12-31-08			12-31-09			12-31-08
Investment banking income	$	29		$	22		$	7		$	83		$	85
Loss from other investments		(66	)		(23	)		(32	)		(103	)		(44	)
Dealer trading and derivatives income (loss)		(21	)		(36	)		10			(70	)		(34	)
Foreign exchange income		11			11			20			48			61
Total investment banking and capital markets income (loss)	$	(47	)	$	(26	)	$	5		$	(42	)	$	68

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 24

Noninterest Expense
(dollars in millions)

	Three months ended							Twelve months ended
	12-31-09		9-30-09		12-31-08			12-31-09		12-31-08
Personnel (a)	$	400	$	380	$	405		$	1,514	$	1,581
Net occupancy		67		63		66			259		259
Operating lease expense		50		46		55			195		224
Computer processing		49		48		51			192		187
Professional fees		63		41		50			184		138
FDIC assessment		37		40		3			177		10
OREO expense, net		25		51		6			97		16
Equipment		25		24		22			96		92
Marketing		22		19		25			72		87
Provision (credit) for losses on lending-related commitments		27		29		(5	)		67		(26	)
Intangible assets impairment		—		45		465			241		469
Other expense:
Postage and delivery		8		9		12			33		46
Franchise and business taxes		5		8		7			31		30
Telecommunications		6		7		8			26		30
Provision for losses on LIHTC guaranteed funds		—		1		7			17		17
Miscellaneous expense		87		90		87			353		316
Total other expense		106		115		121			460		439
Total noninterest expense	$	871	$	901	$	1,264		$	3,554	$	3,476
Average full-time equivalent employees (b)		15,973		16,436		17,697			16,698		18,095
(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						Twelve months ended
	12-31-09		9-30-09		12-31-08		12-31-09		12-31-08
Salaries	$	229	$	228	$	238	$	905	$	949
Incentive compensation		76		58		76		222		279
Employee benefits		75		76		58		303		255
Stock-based compensation		15		12		11		51		50
Severance		5		6		22		33		48
Total personnel expense	$	400	$	380	$	405	$	1,514	$	1,581

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 25

Loan Composition
(dollars in millions)

								Percent change 12-31-09 vs.
	12-31-09		9-30-09			12-31-08		9-30-09				12-31-08
Commercial, financial and agricultural	$	19,248	$	20,600		$	27,260		(6.6	)	%		(29.4	)	%
Commercial real estate:
Commercial mortgage		10,457		11,169	(a)		10,819		(6.4	)			(3.3	)
Construction		4,739		5,473	(a)		7,717		(13.4	)			(38.6	)
Total commercial real estate loans		15,196		16,642			18,536		(8.7	)			(18.0	)
Commercial lease financing		7,460		7,787			9,039		(4.2	)			(17.5	)
Total commercial loans		41,904		45,029			54,835		(6.9	)			(23.6	)
Real estate — residential mortgage		1,796		1,763			1,908		1.9				(5.9	)
Home equity:
Community Banking		10,052		10,158			10,124		(1.0	)			(.7	)
National Banking		834		880			1,051		(5.2	)			(20.6	)
Total home equity loans		10,886		11,038			11,175		(1.4	)			(2.6	)
Consumer other — Community Banking		1,181		1,189			1,233		(.7	)			(4.2	)
Consumer other — National Banking:
Marine		2,787		2,943			3,401		(5.3	)			(18.1	)
Other		216		231			283		(6.5	)			(23.7	)
Total consumer other — National Banking		3,003		3,174			3,684		(5.4	)			(18.5	)
Total consumer loans		16,866		17,164			18,000		(1.7	)			(6.3	)
Total loans (b)	$	58,770	$	62,193		$	72,835		(5.5	)	%		(19.3	)	%

Loans Held for Sale Composition
(dollars in millions)

							Percent change 12-31-09 vs.
	12-31-09		9-30-09		12-31-08		9-30-09				12-31-08
Commercial, financial and agricultural	$	14	$	128	$	102		(89.1	)	%		(86.3	)	%
Real estate — commercial mortgage		171		302		273		(43.4	)			(37.4	)
Real estate — construction		92		133		164		(30.8	)			(43.9	)
Commercial lease financing		27		29		7		(6.9	)			285.7
Real estate — residential mortgage		139		110		77		26.4				80.5
Automobile		—		1		3		(100.0	)			(100.0	)
Total loans held for sale (c)	$	443	$	703	$	626		(37.0	)	%		(29.2	)	%

(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 December 31, 2009, September 30, 2009, and December 31, 2008, are loans in the amount of $3.5 billion, $3.6 billion and $3.7 billion, respectively, related to the discontinued operations of the education lending business.
(c)	Excluded at December 31, 2009, September 30, 2009, and December 31, 2008, are loans held for sale in the amount of $434 million, $341 million, and $401 million, respectively, related to the discontinued operations of the education lending business.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 26

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

	Three months ended												Twelve months ended
	12-31-09				9-30-09				12-31-08				12-31-09				12-31-08
Average loans outstanding	$	60,533			$	64,830			$	73,284			$	66,386			$	72,801
Allowance for loan losses at beginning of period	$	2,485			$	2,339			$	1,390			$	1,629			$	1,195
Loans charged off:
Commercial, financial and agricultural		232				180				132				838				332
Real estate — commercial mortgage		166				81				43				356				83
Real estate — construction		187				217				49				643				494
Total commercial real estate loans		353				298				92				999				577
Commercial lease financing		45				32				26				128				83
Total commercial loans		630				510				250				1,965				992
Real estate — residential mortgage		9				4				7				20				15
Home equity:
Community Banking		28				26				15				97				43
National Banking		20				20				17				74				47
Total home equity loans		48				46				32				171				90
Consumer other — Community Banking		17				19				13				67				44
Consumer other — National Banking:
Marine		41				35				30				154				85
Other		5				5				4				19				14
Total consumer other — National Banking		46				40				34				173				99
Total consumer loans		120				109				86				431				248
Total loans charged off		750				619				336				2,396				1,240
Recoveries:
Commercial, financial and agricultural		14				12				13				52				54
Real estate — commercial mortgage		1				—				—				2				1
Real estate — construction		6				1				—				9				2
Total commercial real estate loans		7				1				—				11				3
Commercial lease financing		6				5				5				22				20
Total commercial loans		27				18				18				85				77
Real estate — residential mortgage		1				—				—				1				1
Home equity:
Community Banking		1				1				1				4				3
National Banking		1				—				—				2				1
Total home equity loans		2				1				1				6				4
Consumer other — Community Banking		2				2				2				7				6
Consumer other — National Banking:
Marine		8				10				5				35				18
Other		2				1				1				5				3
Total consumer other — National Banking		10				11				6				40				21
Total consumer loans		15				14				9				54				32
Total recoveries		42				32				27				139				109
Net loan charge-offs		(708	)			(587	)			(309	)			(2,257	)			(1,131	)
Provision for loan losses		756				733				551				3,159				1,537
Allowance related to loans acquired, net		—				—				—				—				32
Foreign currency translation adjustment		1				—				(3	)			3				(4	)
Allowance for loan losses at end of period	$	2,534			$	2,485			$	1,629			$	2,534			$	1,629
Liability for credit losses on lending-related commitments at beginning of period	$	94			$	65			$	59			$	54			$	80
Provision (credit) for losses on lending-related commitments		27				29				(5	)			67				(26	)
Liability for credit losses on lending-related commitments at end of period (a)	$	121			$	94			$	54			$	121			$	54
Total allowance for credit losses at end of period	$	2,655			$	2,579			$	1,683			$	2,655			$	1,683
Net loan charge-offs to average loans		4.64		%		3.59		%		1.67		%		3.40		%		1.55		%
Allowance for loan losses to period-end loans		4.31				4.00				2.24				4.31				2.24
Allowance for credit losses to period-end loans		4.52				4.15				2.31				4.52				2.31
Allowance for loan losses to nonperforming loans		115.87				108.52				133.42				115.87				133.42
Allowance for credit losses to nonperforming loans		121.40				112.62				137.84				121.40				137.84
Discontinued operations — education lending business:
Loans charged off	$	37			$	39			$	33			$	147			$	131
Recoveries		1				1				—				4				2
Net loan charge-offs	$	(36	)		$	(38	)		$	(33	)		$	(143	)		$	(129	)

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

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 27

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

	12-31-09				9-30-09				6-30-09				3-31-09				12-31-08
Commercial, financial and agricultural	$	580			$	679			$	700			$	595			$	415
Real estate — commercial mortgage		473				566				454				310				128
Real estate — construction		566				702				716				546				436
Total commercial real estate loans		1,039				1,268				1,170				856				564
Commercial lease financing		113				131				122				109				81
Total commercial loans		1,732				2,078				1,992				1,560				1,060
Real estate — residential mortgage		73				68				46				39				39
Home equity:
Community Banking		107				103				101				91				76
National Banking		21				21				20				19				15
Total home equity loans		128				124				121				110				91
Consumer other — Community Banking		4				4				5				3				3
Consumer other — National Banking:
Marine		23				15				19				21				26
Other		2				1				2				2				2
Total consumer other — National Banking		25				16				21				23				28
Total consumer loans		230				212				193				175				161
Total nonaccrual loans		1,962				2,290				2,185				1,735				1,221
Restructured loans accruing interest (a), (b)		225				—				—				—				—
Total nonperforming loans		2,187				2,290				2,185				1,735				1,221
Nonperforming loans held for sale		116				304				145				72				90
OREO		191				187				182				147				110
Allowance for OREO losses		(23	)			(40	)			(11	)			(4	)			(3	)
OREO, net of allowance		168				147				171				143				107
Other nonperforming assets		39				58				47				44				42
Total nonperforming assets	$	2,510			$	2,799			$	2,548			$	1,994			$	1,460
Accruing loans past due 90 days or more	$	331			$	375			$	552			$	435			$	413
Accruing loans past due 30 through 89 days		933				1,071				1,081				1,313				1,230
Restructured loans included in nonaccrual loans (a)		139				65				7				—				—
Nonperforming loans to period-end portfolio loans		3.72		%		3.68		%		3.25		%		2.48		%		1.68		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		4.25				4.46				3.77				2.84				2.00

(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. Restructured loans in compliance with their modified terms continue to accrue interest.

(b)

Amounts in prior periods are nominal, thus not disclosed.

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

	4Q09			3Q09			2Q09			1Q09			4Q08
Balance at beginning of period	$	2,290		$	2,185		$	1,735		$	1,221		$	964
Loans placed on nonaccrual status		1,082			1,140			1,218			1,175			734
Charge-offs		(750	)		(619	)		(540	)		(487	)		(336	)
Loans sold		(70	)		(4	)		(12	)		(15	)		(5	)
Payments		(242	)		(300	)		(148	)		(112	)		(111	)
Transfers to OREO or other nonperforming assets		(38	)		(94	)		(30	)		(34	)		(22	)
Transfer to nonperforming loans held for sale		(23	)		(5	)		(30	)		—			—
Loans returned to accrual status		(62	)		(13	)		(8	)		(13	)		(3	)
Balance at end of period	$	2,187		$	2,290		$	2,185		$	1,735		$	1,221

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

	4Q09			3Q09			2Q09			1Q09			4Q08
Balance at beginning of period	$	147		$	171		$	143		$	107		$	60
Properties acquired (a)		98			91			46			44			64
Valuation adjustments		(12	)		(36	)		(9	)		(3	)		(1	)
Properties sold		(65	)		(79	)		(9	)		(5	)		(16	)
Balance at end of period	$	168		$	147		$	171		$	143		$	107

(a) Properties acquired consist of those related to performing and nonperforming loans.

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 28

Line of Business Results

(dollars in millions)

Community Banking

																			Percent change 4Q09 vs.
	4Q09				3Q09				2Q09				1Q09			4Q08			3Q09				4Q08
Summary of operations
Total revenue (TE)	$	651			$	629			$	601			$	601		$	641			3.5		%		1.6		%
Provision for loan losses		228				143				187				81			102			59.4				123.5
Noninterest expense		503				486				492				461			473			3.5				6.3
Net income (loss) attributable to Key		(50	)			—				(49	)			37			41			N/M				N/M
Average loans and leases		26,667				27,408				28,237				28,940			29,164			(2.7	)			(8.6	)
Average deposits		52,529				52,954				52,689				51,560			51,051			(.8	)			2.9
Net loan charge-offs		135				94				87				54			66			43.6				104.5
Net loan charge-offs to average loans		2.01		%		1.36		%		1.24		%		.76	%		.90	%		N/A				N/A
Nonperforming assets at period end	$	469			$	459			$	369			$	315		$	245			2.2				91.4
Return on average allocated equity		(5.87	)	%		—				(5.87	)	%		4.61	%		5.08	%		N/A				N/A
Average full-time equivalent employees		8,177				8,419				8,656				8,887			8,797			(2.9	)			(7.0	)
Supplementary information (lines of business)
Regional Banking
Total revenue (TE)	$	544			$	531			$	509			$	508		$	551			2.4		%		(1.3	)	%
Provision for loan losses		144				93				165				69			80			54.8				80.0
Noninterest expense		438				436				441				409			426			.5				2.8
Net income (loss) attributable to Key		(24	)			1				(61	)			19			28			N/M				N/M
Average loans and leases		19,076				19,347				19,746				20,004			20,022			(1.4	)			(4.7	)
Average deposits		47,570				48,551				48,717				47,784			47,426			(2.0	)			.3
Net loan charge-offs		83				78				73				53			52			6.4				59.6
Net loan charge-offs to average loans		1.73		%		1.60		%		1.48		%		1.07	%		1.03	%		N/A				N/A
Nonperforming assets at period end	$	312			$	280			$	236			$	200		$	169			11.4				84.6
Return on average allocated equity		(4.06	)	%		.17		%		(10.53	)	%		3.40	%		5.02	%		N/A				N/A
Average full-time equivalent employees		7,877				8,120				8,339				8,565			8,474			(3.0	)			(7.0	)
Commercial Banking
Total revenue (TE)	$	107			$	98			$	92			$	93		$	90			9.2		%		18.9		%
Provision for loan losses		84				50				22				12			22			68.0				281.8
Noninterest expense		65				50				51				52			47			30.0				38.3
Net income (loss) attributable to Key		(26	)			(1	)			12				18			13			N/M				N/M
Average loans and leases		7,591				8,061				8,491				8,936			9,142			(5.8	)			(17.0	)
Average deposits		4,959				4,403				3,972				3,776			3,625			12.6				36.8
Net loan charge-offs		52				16				14				1			14			225.0				271.4
Net loan charge-offs to average loans		2.72		%		.79		%		.66		%		.05	%		.61	%		N/A				N/A
Nonperforming assets at period end	$	157			$	179			$	133			$	115		$	76			(12.3	)			106.6
Return on average allocated equity		(10.00	)	%		(.38	)	%		4.71		%		7.40	%		5.23	%		N/A				N/A
Average full-time equivalent employees		300				299				317				322			323			.3				(7.1	)

KeyCorp Reports Fourth Quarter and 2009 Results
January 21, 2010
Page 29

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

National Banking

																					Percent change 4Q09 vs.
	4Q09				3Q09				2Q09				1Q09				4Q08				3Q09				4Q08
Summary of operations
Total revenue (TE)	$	421			$	450			$	507			$	500			$	506				(6.4)		%		(16.8	)	%
Provision for loan losses		530				593				635				762				444				(10.6	)			19.4
Noninterest expense		356				435				345				494				791				(18.2	)			(55.0	)
Loss from continuing operations attributable to Key		(291	)			(359	)			(295	)			(544	)			(631	)			18.9				53.9
Net loss attributable to Key		(298	)			(375	)			(291	)			(573	)			(661	)			20.5				54.9
Average loans and leases (a)		33,692				37,231				40,271				42,476				43,793				(9.5	)			(23.1	)
Average loans held for sale (a)		511				469				466				567				1,088				9.0				(53.0	)
Average deposits		13,373				13,435				13,141				12,081				12,176				(.5	)			9.8
Net loan charge-offs (a)		573				493				415				406				243				16.2				135.8
Net loan charge-offs to average loans (a)		6.75		%		5.25		%		4.13		%		3.88		%		2.21		%		N/A				N/A
Nonperforming assets at period end (a)	$	1,700			$	1,811			$	1,796			$	1,401			$	963				(6.1	)			76.5
Return on average allocated equity (a)		(22.54	)	%		(26.59	)	%		(21.46	)	%		(40.09	)	%		(47.23	)	%		N/A				N/A
Return on average allocated equity		(23.09	)			(27.79	)			(21.22	)			(42.34	)			(49.48	)			N/A				N/A
Average full-time equivalent employees (b)		2,668				2,780				2,895				3,013				3,287				(4.0	)			(18.8	)
Supplementary information (lines of business)
Real Estate Capital and Corporate Banking Services
Total revenue (TE)	$	85			$	125			$	172			$	172			$	165				(32.0	)	%		(48.5	)	%
Provision for loan losses		344				372				462				470				153				(7.5	)			124.8
Noninterest expense		119				135				106				137				96				(11.9	)			24.0
Net loss attributable to Key		(237	)			(237	)			(246	)			(292	)			(53	)			—				(347.2	)
Average loans and leases		13,751				14,904				15,873				16,567				16,604				(7.7	)			(17.2	)
Average loans held for sale		273				248				231				269				511				10.1				(46.6	)
Average deposits		10,389				10,624				10,582				9,987				10,390				(2.2	)			—
Net loan charge-offs		434				309				274				218				81				40.5				435.8
Net loan charge-offs to average loans		12.52		%		8.23		%		6.92		%		5.34		%		1.94		%		N/A				N/A
Nonperforming assets at period end	$	1,076			$	1,194			$	1,119			$	832			$	543				(9.9	)			98.2
Return on average allocated equity		(38.32	)	%		(36.35	)	%		(36.68	)	%		(47.37	)	%		(9.85	)	%		N/A				N/A
Average full-time equivalent employees		952				967				982				1,024				1,107				(1.6	)			(14.0	)
Equipment Finance
Total revenue (TE)	$	98			$	87			$	102			$	101			$	86				12.6		%		14.0		%
Provision for loan losses		112				99				72				77				33				13.1				239.4
Noninterest expense		90				126				88				88				346				(28.6	)			(74.0	)
Net loss attributable to Key		(65	)			(86	)			(36	)			(40	)			(278	)			24.4				76.6
Average loans and leases		7,724				8,462				8,769				9,091				9,548				(8.7	)			(19.1	)
Average loans held for sale		34				73				40				28				29				(53.4	)			17.2
Average deposits		15				15				17				17				15				—				—
Net loan charge-offs		46				51				46				44				51				(9.8	)			(9.8	)
Net loan charge-offs to average loans		2.36		%		2.39		%		2.10		%		1.96		%		2.12		%		N/A				N/A
Nonperforming assets at period end	$	313			$	278			$	270			$	215			$	158				12.6				98.1
Return on average allocated equity		(40.17	)	%		(53.90	)	%		(23.18	)	%		(22.85	)	%		(125.25	)	%		N/A				N/A
Average full-time equivalent employees		672				731				766				781				858				(8.1	)			(21.7	)
Institutional and Capital Markets
Total revenue (TE)	$	184			$	187			$	187			$	172			$	196				(1.6	)	%		(6.1	)	%
Provision for loan losses		15				29				38				32				53				(48.3	)			(71.7	)
Noninterest expense		127				138				122				182				324				(8.0	)			(60.8	)
Income (loss) from continuing operations attributable to Key		26				12				17				(56	)			(192	)			116.7				N/M
Net income (loss) attributable to Key		30				14				27				(78	)			(191	)			114.3				N/M
Average loans and leases		6,146				7,383				8,391				8,949				9,341				(16.8	)			(34.2	)
Average loans held for sale		203				147				194				268				545				38.1				(62.8	)
Average deposits		2,647				2,450				2,331				1,773				1,442				8.0				83.6
Net loan charge-offs		10				49				11				45				38				(79.6	)			(73.7	)
Net loan charge-offs to average loans		.65		%		2.63		%		.53		%		2.04		%		1.62				N/A				N/A
Nonperforming assets at period end	$	102			$	75			$	84			$	58			$	53				36.0				92.5
Return on average allocated equity (a)		9.71		%		4.32		%		6.02		%		(18.63	)	%		(57.95	)	%		N/A				N/A
Return on average allocated equity		11.23				5.06				9.67				(26.25	)			(57.65	)			N/A				N/A
Average full-time equivalent employees (b)		789				813				869				913				939				(3.0	)			(16.0	)
Consumer Finance
Total revenue (TE)	$	54			$	51			$	46			$	55			$	59				5.9		%		(8.5	)	%
Provision for loan losses		59				93				63				183				205				(36.6	)			(71.2	)
Noninterest expense		20				36				29				87				25				(44.4	)			(20.0	)
Loss from continuing operations attributable to Key		(15	)			(48	)			(30	)			(156	)			(108	)			68.8				86.1
Net loss attributable to Key		(26	)			(66	)			(36	)			(163	)			(139	)			60.6				81.3
Average loans and leases (a)		6,071				6,482				7,238				7,869				8,300				(6.3	)			(26.9	)
Average loans held for sale (a)		1				1				1				2				3				—				(66.7	)
Average deposits		322				346				211				304				329				(6.9	)			(2.1	)
Net loan charge-offs (a)		83				84				84				99				73				(1.2	)			13.7
Net loan charge-offs to average loans (a)		5.42		%		5.14		%		4.65		%		5.10		%		3.50		%		N/A				N/A
Nonperforming assets at period end (a)	$	209			$	264			$	323			$	296			$	209				(20.8	)			—
Return on average allocated equity (a)		(6.17	)	%		(18.40	)	%		(11.27	)	%		(58.91	)	%		(44.11	)	%		N/A				N/A
Return on average allocated equity		(10.69	)			(25.30	)			(13.52	)			(61.55	)			(56.77	)			N/A				N/A
Average full-time equivalent employees (b)		255				269				278				295				383				(5.2	)			(33.4	)

(a)	From continuing operations.
(b)	The number of average full-time equivalent employees has not been adjusted for discontinued operations.
TE = Taxable Equivalent, N/A = Not Applicable, N/M = Not Meaningful