MANAGEMENTGLYPH<213>S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION & RESULTS OF OPERATIONS KEYCORP AND SUBSIDIARIES with dividends paid on common shares held in Key’s 401(k) savings plan, income from investments in tax-advantaged assets (such as tax-exempt securities and corporate-owned life insurance) and credits associated with investments in low-income housing projects. Figure 14 shows the composition of Key’s loan portfolio at December 31 for each of the past five years. FINANCIAL CONDITION Loans 25 NEXT PAGE PREVIOUS PAGE SEARCH BACK TO CONTENTS 2000 1999 Amount % of Total Amount % of Total COMMERCIAL Commercial, GLYPH<222>nancial and agricultural $20,100 30.0% $18,497 28.8% Commercial real estate$^{a}$: Commercial mortgage 6,876 10.3 6,836 10.6 Construction 5,154 7.7 4,528 7.1 Total commercial real estate loans 12,030 18.0 11,364 17.7 Commercial lease GLYPH<222>nancing 7,164 10.7 6,665 10.4 Total commercial loans 39,294 58.7 36,526 56.9 CONSUMER Real estate GLYPH<209> residential mortgage 4,212 6.3 3,962 6.1 Home equity 9,908 14.8 7,973 12.4 Consumer GLYPH<209> direct 2,539 3.8 2,565 4.0 Consumer GLYPH<209> indirect: Automobile lease GLYPH<222>nancing 3,005 4.5 3,195 5.0 Automobile loans 2,809 4.2 3,082 4.8 Marine 1,657 2.5 1,716 2.7 Other 1,252 1.9 1,600 2.5 Total consumer GLYPH<209> indirect loans 8,723 13.1 9,593 15.0 Total consumer loans 25,382 38.0 24,093 37.5 LOANS HELD FOR SALE 2,229 3.3 3,603 5.6 Total $66,905 100.0% $64,222 100.0% December 31,  2003 2002 2001 dollars in millions Amount % of Total Amount % of Total Amount % of Total COMMERCIAL Commercial, GLYPH<222>nancial and agricultural $17,012 27.1% $17,425 27.9% $18,159 28.7% Commercial real estate$^{a}$: Commercial mortgage 5,677 9.1 6,015 9.6 6,669 10.5 Construction 4,978 7.9 5,659 9.1 5,878 9.3 Total commercial real estate loans 10,655 17.0 11,674 18.7 12,547 19.8 Commercial lease GLYPH<222>nancing 8,522 13.6 7,513 12.0 7,357 11.6 Total commercial loans 36,189 57.7 36,612 58.6 38,063 60.1 CONSUMER Real estate GLYPH<209> residential mortgage 1,613 2.5 1,968 3.1 2,315 3.7 Home equity 15,038 24.0 13,804 22.1 11,184 17.7 Consumer GLYPH<209> direct 2,119 3.4 2,161 3.5 2,342 3.7 Consumer GLYPH<209> indirect: Automobile lease GLYPH<222>nancing 305 .5 873 1.4 2,036 3.2 Automobile loans 2,025 3.2 2,181 3.5 2,497 4.0 Marine 2,506 4.0 2,088 3.3 1,780 2.8 Other 542 .9 667 1.1 1,036 1.6 Total consumer GLYPH<209> indirect loans 5,378 8.6 5,809 9.3 7,349 11.6 Total consumer loans 24,148 38.5 23,742 38.0 23,190 36.7 LOANS HELD FOR SALE 2,374 3.8 2,103 3.4 2,056 3.2 Total $62,711 100.0% $62,457 100.0% $63,309 100.0% FIGURE 14. COMPOSITION OF LOANS a See Figure 15 for a more detailed breakdown of KeyGLYPH<213>s commercial real estate loan portfolio at December 31, 2003.