2003 KeyCorp Annual Report KeyCorp, whose roots date to 1825, is one of America’s largest banks. The company’s strong relationship orientation is expressed best by its mission, “to be our clients’ trusted advisor.”  The total return on Key’s shares exceeded  22 percent in 2003. In January 2004, Key’s Board of Directors increased the company’s dividend for the 39th consecutive year, a record few other companies can match. CECIL D. ANDRUS Chairman, Andrus Center for Public Policy WILLIAM G. BARES  Chairman and Chief Executive OfGLYPH<222>cer, The Lubrizol Corporation EDWARD P. CAMPBELL  President and Chief Executive OfGLYPH<222>cer, Nordson Corporation DR. CAROL A. CARTWRIGHT President, Kent State University ALEXANDER M. CUTLER  Chairman and Chief Executive OfGLYPH<222>cer, Eaton Corporation HENRY S. HEMINGWAY  President, Hemingway Enterprises, Inc. CHARLES R. HOGAN  President, Citation Management Group, Inc. LAURALEE E. MARTIN  Executive Vice President and Chief Financial OfGLYPH<222>cer, Jones Lang LaSalle Inc. DOUGLAS J. MCGREGOR  Retired Chairman and Chief Executive OfGLYPH<222>cer, M.A. Hanna Company; President, C.A.M. Investments EDUARDO R. MENASCÉ  President, Verizon Enterprise Solutions Group HENRY L. MEYER III  Chairman and Chief Executive OfGLYPH<222>cer, KeyCorp STEVEN A. MINTER  Retired President and Executive Director, The Cleveland Foundation;  Executive-in-Residence, Cleveland State University BILL R. SANFORD  Chairman, SYMARK LLC THOMAS C. STEVENS  Vice Chairman, Chief Administrative OfGLYPH<222>cer, KeyCorp DENNIS W. SULLIVAN  Retired Executive Vice President, Parker HanniGLYPH<222>n Corporation PETER G. TEN EYCK, II  President, Indian Ladder Farms KeyCorp, Corporate Headquarters: 127 Public Square, Cleveland, OH 44114-1306;  (216) 689-6300 . KeyCorp Investor Relations: 127 Public Square, Cleveland, OH 44114-1306;  (216) 689-4221 . Online: www.key.com for product, corporate and GLYPH<222>nancial information and news releases. Transfer Agent/Registrar and Shareholder Services: Computershare Investor Services, Attn: Shareholder Communications, P.O. Box A3504, Chicago, IL 60690-3504;  (800) 539-7216 . NEXT PAGE SEARCH PREVIOUS PAGE '2004 KeyCorp KeyBank is Member FDIC dollars in millions, except per share amounts  2003 2002 2001 YEAR ENDED DECEMBER 31, Total revenue $ 4,485 $ 4,518 $ 4,550 Noninterest expense 2,742 2,653 2,941 Provision for loan losses 501 553 1,350 Net income 903 976 132 PER COMMON SHARE Net income $ 2.13 $ 2.29 $ .31 Net income — assuming dilution 2.12 2.27 .31 Cash dividends paid 1.22 1.20 1.18 Book value at year end 16.73 16.12 14.52 Market price at year end 29.32 25.14 24.34 Weighted-average common shares (000) 422,776 425,451 424,275 Weighted-average common shares  and potential common shares (000) 426,157 430,703 429,573 AT DECEMBER 31, Loans $62,711 $62,457 $63,309 Earning assets 73,143 73,635 71,672 Total assets 84,487 85,202 80,938 Deposits 50,858 49,346 44,795 ShareholdersGLYPH<213> equity 6,969 6,835 6,155 Common shares outstanding (000) 416,494 423,944 424,005 PERFORMANCE RATIOS Return on average total assets 1.07% 1.19% .16% Return on average equity 13.08 14.96 2.01 Net interest margin (taxable equivalent) 3.80 3.97 3.81 FINANCIAL HIGHLIGHTS Key KEYCORP BOARD OF DIRECTORS Discover  TheKeyDifference HIGHER INTEREST IN YOU