Exhibit 99.1

News

KeyCorp
127 Public Square
Cleveland, OH 44114

CONTACTS: ANALYSTS		MEDIA
Vernon L. Patterson		William C. Murschel
216.689.0520		216.471.2885
Vernon_Patterson@KeyBank.com		William_C_Murschel@KeyBank.com
Christopher F. Sikora
216.689.3133
Chris_F_Sikora@KeyBank.com

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

KEYCORP REPORTS FIRST QUARTER 2011
NET INCOME OF $184 MILLION

•

Net income from continuing operations of $184 million, or $.21 per common share, for the first quarter of 2011

•

Net interest margin at 3.25% for the first quarter of 2011

•

Nonperforming loans declined $183 million to 1.82% of period-end loans

•

Nonperforming assets declined $249 million

•

Loan loss reserve at 2.83% of total period-end loans

•

Net charge-offs declined to $193 million, or 1.59% of average loan balances, for the first quarter of 2011

•

Repurchased $2.5 billion of preferred stock related to participation in TARP

•

Tier 1 common equity and Tier 1 risk-based capital ratios estimated at 10.70% and 13.44%, respectively, at March 31, 2011

     CLEVELAND, April 18, 2011 — KeyCorp (NYSE: KEY) today announced first quarter net income from continuing operations attributable to Key common shareholders of $184 million, or $.21 per common share. These results were after the accelerated amortization of the discount on the repurchased preferred shares from the U.S. Treasury (“deemed dividend”) of $49 million, or $.06 per diluted common share, during the first quarter. Key’s first quarter 2011 results compare to a net loss from continuing operations attributable to Key common shareholders of $98 million, or $.11 per common share, for the first quarter of 2010. The first quarter 2011 results reflect an improvement in noninterest expense and lower credit costs from the same period one-year ago. First quarter 2011 net income attributable to Key common shareholders was $173 million compared to a net loss attributable to Key common shareholders of $96 million for the same quarter one year ago.

     During the first quarter of 2011, the Company continued to benefit from improved asset quality in both Key Community Bank and Key Corporate Bank. Nonperforming assets declined $1.3 billion, and nonperforming loans decreased by $1.2 billion from the year-ago

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
Page 2

quarter to $1.1 billion and $885 million, respectively. Net charge-offs declined $329 million from the first quarter of 2010 to $193 million, or 1.59%, of average loan balances for the first quarter of 2011.

     “Our first quarter results demonstrate continued improvement in asset quality and disciplined expense control, and underscore our successful emergence from the recession,” said Chairman and Chief Executive Officer Henry L. Meyer III. “Coupled with our successful capital actions during the quarter and TARP repayment, Key emerges in an excellent position to compete and grow under the leadership of CEO-elect Beth Mooney and her team.”

     Meyer added: “Our aggressive actions to exit riskier lending categories, which began over four years ago, have led to significant credit quality improvement again this quarter, placing our credit statistics at or near the top of our peer group. In addition, our concerted efforts to improve Key’s efficiency and effectiveness under Keyvolution have resulted in approximately $317 million in annualized cost savings through the first quarter of 2011.”

     “Key is well positioned for a range of opportunities based on our strong capital, balance sheet and liquidity,” said Mooney, who will become KeyCorp Chairman and CEO effective May 1. “We expect to continue to see decreasing levels of net charge-offs and nonperforming assets during 2011. Strong capital provides us the flexibility to make investments in our relationship businesses, look for opportunities to build market share in target markets, and meet our clients’ needs for credit and financial services as demand increases with an improving economy.”

     The Company expects to build 40 new branches in 2011, having opened eight new branches in the first quarter of 2011 and 77 others in the prior two calendar years. The Company continues its multi-year branch building and renovation project which has resulted in approximately one-third of Key’s 1,040 branches in its 14 state-branch network either being newly constructed or remodeled over the past four years. In addition, Key originated approximately $6.9 billion in new or renewed lending commitments to consumers and businesses during the first quarter, which is up from $5.3 billion from the same period one year ago.

     At March 31, 2011, Key’s estimated Tier 1 common equity and Tier 1 risk-based capital ratios were 10.70% and 13.44%, compared to 9.34% and 15.16%, respectively, at December 31, 2010. During the first quarter of 2011, Key completed the repurchase of the $2.5 billion of Fixed-Rate Perpetual Preferred Stock, Series B issued to the U.S. Treasury Department as a result of Key’s participation in the U.S. Treasury’s Capital Purchase Program of the Troubled Asset Relief Program (“TARP”). The transaction followed Key’s successful completion of a $625 million common equity offering and a $1 billion debt offering. The Board of Directors is expected to consider a dividend increase in the second quarter.

     As a result of the repurchase of the U.S. Treasury’s preferred stock investment in Key, the Company recorded a $49 million one-time deemed dividend related to the remaining difference between the repurchase price and the carrying value of the preferred shares at the time of repurchase. Beginning with the second quarter of 2011, the repurchase will result in the elimination of $31 million in dividends and $4 million of discount amortization, or $140 million on an annual basis, related to these preferred shares. The only remaining item related to TARP is the potential repurchase of the warrant granted to the U.S. Treasury for the purchase of 35,244,361 shares of Key common stock at a purchase price of $10.64 per share (the “Warrant”). Key has notified the U.S. Treasury of its intent to repurchase the Warrant.

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
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     The following table shows Key’s continuing and discontinued operating results for the three-month periods ended March 31, 2011, December 31, 2010 and March 31, 2010.

Results of Operations

		Three months ended
in millions, except per share amounts		3-31-11				12-31-10				3-31-10
Summary of operations
Income (loss) from continuing operations attributable to Key		$	274			$	333			$	(57	)
Income (loss) from discontinued operations, net of taxes (a)			(11	)			(13	)			2
Net income (loss) attributable to Key		$	263			$	320			$	(55	)
Income (loss) from continuing operations attributable to Key		$	274			$	333			$	(57	)
Less: Dividends on Series A Preferred Stock			6				6				6
Cash dividends on Series B Preferred Stock			31				31				31
Amortization of discount on Series B Preferred Stock (b)			53				4				4
Income (loss) from continuing operations attributable to Key common shareholders			184				292				(98	)
Income (loss) from discontinued operations, net of taxes (a)			(11	)			(13	)			2
Net income (loss) attributable to Key common shareholders		$	173			$	279			$	(96	)
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders		$	.21			$	.33			$	(.11	)
Income (loss) from discontinued operations, net of taxes (a)			(.01	)			(.02	)			—
Net income (loss) attributable to Key common shareholders (c)		$	.19			$	.32			$	(.11	)

SUMMARY OF CONTINUING OPERATIONS

     Taxable-equivalent net interest income was $604 million for the first quarter of 2011, and the net interest margin was 3.25%. These results compare to taxable-equivalent net interest income of $632 million and a net interest margin of 3.19% for the first quarter of 2010. The increase in the net interest margin primarily reflects the Company’s efforts to lower funding costs by reducing the level of higher costing certificates of deposit and growing lower costing transaction accounts. This benefit to the net interest margin was offset by a lower level of average earning assets and a change in asset mix as loans paid down.

     Compared to the fourth quarter of 2010, taxable-equivalent net interest income decreased by $31 million, and the net interest margin declined six basis points. The decline in the net interest margin and net interest income reflects the combined effect of hedge maturities and the change in the mix and lower levels of earning assets as average loan balances declined.

     Key’s noninterest income was $457 million for the first quarter of 2011, compared to $450 million for the year-ago quarter. Investment banking and capital markets income increased $34 million compared to the same period one-year ago. A $10 million increase in investment banking income and a reduction in the customer derivative reserve in the first quarter of 2011 compared to an increase in this reserve one year ago contributed to this improvement. In addition, letter of credit and loan fees and net gains (losses) from loan sales both increased $15 million from the first quarter of 2010. These increases were partially offset by declines in other income of $22 million and operating lease income of $12 million. Also, service charges on deposit accounts decreased $8 million compared to the same period one-year

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
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ago as a result of the changes associated with implementing Regulation E in the third quarter of 2010.

     The major components of Key’s noninterest income for the past five quarters are shown in the following table.

Noninterest Income — Major Components

in millions		1Q11				4Q10				3Q10				2Q10				1Q10
Trust and investment services income		$	110			$	108			$	110			$	112			$	114
Service charges on deposit accounts			68				70				75				80				76
Operating lease income			35				42				41				43				47
Letter of credit and loan fees			55				51				61				42				40
Corporate-owned life insurance income			27				42				39				28				28
Electronic banking fees			30				31				30				29				27
Insurance income			15				12				15				19				18
Net gains (losses) from loan sales			19				29				18				25				4
Net gains (losses) from principal investing			35				(6	)			18				17				37
Investment banking and capital markets income (loss)			43				63				42				31				9

     Compared to the fourth quarter of 2010, noninterest income decreased by $69 million. The decline was a result of lower investment banking and capital markets income of $20 million, corporate-owned life insurance income of $15 million, net securities gains (losses) of $13 million, and net gains (losses) from loan sales of $10 million. In addition, the Company realized a gain of $28 million from the sale of Tuition Management Systems in the fourth quarter of 2010. These decreases were partially offset by an increase of $41 million in net gains (losses) from principal investing (including results attributable to noncontrolling interests).

     Key’s noninterest expense was $701 million for the first quarter of 2011, compared to $785 million for the same period last year. Contributing to the decrease in noninterest expense were declines of $22 million in other real estate owned (“OREO”) expense, $11 million in operating lease expense, and $8 million in FDIC deposit insurance premiums. Key also experienced a decline of $43 million in various miscellaneous expenses.

     Compared to the fourth quarter of 2010, noninterest expense decreased by $43 million. Decreases in noninterest expense included $18 million in business services and professional fees, $12 million in marketing costs, and $35 million in various miscellaneous expenses. These decreases were partially offset by Key’s provision (credit) for losses on lending-related commitments which declined from a credit of $26 million in the fourth quarter of 2010 to a credit of $4 million in the current quarter.

ASSET QUALITY

     Key’s provision for loan and lease losses was a credit of $40 million for the first quarter of 2011, compared to a charge of $413 million for the year-ago quarter and a credit of $97 million for the fourth quarter of 2010. Key’s allowance for loan and lease losses was $1.4 billion, or 2.83% of total period-end loans, at March 31, 2011, compared to 3.20% at December 31, 2010, and 4.34% at March 31, 2010.

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
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     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		1Q11				4Q10				3Q10				2Q10				1Q10
Net loan charge-offs		$	193			$	256			$	357			$	435			$	522
Net loan charge-offs to average loans			1.59	%			2.00	%			2.69	%			3.18	%			3.67	%
Allowance for loan and lease losses		$	1,372			$	1,604			$	1,957			$	2,219			$	2,425
Allowance for credit losses (a)			1,441				1,677				2,056				2,328				2,544
Allowance for loan and lease losses to period-end loans			2.83	%			3.20	%			3.81	%			4.16	%			4.34	%
Allowance for credit losses to period-end loans			2.97				3.35				4.00				4.36				4.55
Allowance for loan and lease losses to nonperforming loans			155.03				150.19				142.64				130.30				117.43
Allowance for credit losses to nonperforming loans			162.82				157.02				149.85				136.70				123.20
Nonperforming loans at period end		$	885			$	1,068			$	1,372			$	1,703			$	2,065
Nonperforming assets at period end			1,089				1,338				1,801				2,086				2,428
Nonperforming loans to period-end portfolio loans			1.82	%			2.13	%			2.67	%			3.19	%			3.69	%
Nonperforming assets to period-end portfolio loans plus
OREO and other nonperforming assets			2.23				2.66				3.48				3.88				4.31

     Net loan charge-offs for the quarter totaled $193 million, or 1.59%, of average loans. These results compare to $522 million, or 3.67%, for the same period last year and $256 million, or 2.00%, for the previous quarter. Net loan charge-offs have declined for the last five consecutive quarters.

     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		1Q11				4Q10				3Q10				2Q10				1Q10
Commercial, financial and agricultural		$	32			$	80			$	136			$	136			$	126
Real estate — commercial mortgage			43				52				46				126				106
Real estate — construction			30				28				76				75				157
Commercial lease financing			11				12				16				14				21
Total commercial loans			116				172				274				351				410
Home equity — Key Community Bank			24				26				35				25				30
Home equity — Other			14				13				13				16				17
Marine			19				17				12				19				38
Other			20				28				23				24				27
Total consumer loans			77				84				83				84				112
Total net loan charge-offs		$	193			$	256			$	357			$	435			$	522
Net loan charge-offs to average loans from continuing operations			1.59	%			2.00	%			2.69	%			3.18	%			3.67	%
Net loan charge-offs from discontinued operations — education lending business		$	35			$	32			$	22			$	31			$	36

     Compared to the fourth quarter of 2010, net loan charge-offs in the commercial loan portfolio decreased by $56 million. The decrease was primarily attributable to a decline in the commercial, financial and agricultural and the real estate — commercial mortgage loan portfolios. As shown in the table on page 6, Key’s exit loan portfolio accounted for $41 million, or 21.24%, of Key’s total net loan charge-offs for the first quarter of 2011. Net charge-offs in the exit loan portfolio decreased by $40 million from the fourth quarter of 2010, primarily driven by an improvement in the commercial loan portfolio.

     At March 31, 2011, Key’s nonperforming loans totaled $885 million and represented 1.82% of period-end portfolio loans, compared to 2.13% at December 31, 2010, and 3.69% at March 31, 2010. Nonperforming assets at March 31, 2011, totaled $1.1 billion and represented 2.23% of portfolio loans and OREO and other nonperforming assets, compared to 2.66% at

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
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December 31, 2010, and 4.31% at March 31, 2010. 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		1Q11				4Q10				3Q10				2Q10				1Q10
Commercial, financial and agricultural		$	221			$	242			$	335			$	489			$	558
Real estate — commercial mortgage			245				255				362				404				579
Real estate — construction			146				241				333				473				607
Commercial lease financing			42				64				84				83				99
Total consumer loans			231				266				258				254				222
Total nonperforming loans			885				1,068				1,372				1,703				2,065
Nonperforming loans held for sale			86				106				230				221				195
OREO and other nonperforming assets			118				164				199				162				168
Total nonperforming assets		$	1,089			$	1,338			$	1,801			$	2,086			$	2,428
Restructured loans — accruing and nonaccruing (a)		$	242			$	297			$	360			$	343			$	323
Restructured loans included in nonperforming loans (a)			136				202				228				213				226
Nonperforming assets from discontinued operations — education lending business			22				40				38				40				43
Nonperforming loans to period-end portfolio loans			1.82	%			2.13	%			2.67	%			3.19	%			3.69	%
Nonperforming assets to period-end portfolio loans, plus OREO and other nonperforming assets			2.23				2.66				3.48				3.88				4.31

     Nonperforming assets continued to decrease during the first quarter of 2011, representing the sixth consecutive quarterly decline. Each of the categories within nonperforming assets experienced reductions in the first quarter. As shown in the following table, Key’s exit loan portfolio accounted for $145 million, or 13.31%, of Key’s total nonperforming assets at March 31, 2011, compared to $210 million, or 15.70%, at December 31, 2010.

     The following table shows the composition of Key’s exit loan portfolio at March 31, 2011, and December 31, 2010, the net charge-offs recorded on this portfolio for the first quarter of 2011 and fourth quarter of 2010, and the nonperforming status of these loans at March 31, 2011, and December 31, 2010.

Exit Loan Portfolio from Continuing Operations

		Balance								Change				Net Loan								Balance on
		Outstanding								3-31-11 vs.				Charge-offs								Nonperforming Status
in millions		3-31-11				12-31-10				12-31-10				1Q11				4Q10				3-31-11				12-31-10
Residential properties — homebuilder		$	87			$	113			$	(26	)		$	2			$	16			$	44			$	66
Marine and RV floor plan			150				166				(16	)			3				12				35				37
Commercial lease financing (a)			1,922				2,047				(125	)			2				20				21				46
Total commercial loans			2,159				2,326				(167	)			7				48				100				149
Home equity — Other			627				666				(39	)			14				13				13				18
Marine			2,112				2,234				(122	)			19				17				31				42
RV and other consumer			150				162				(12	)			1				3				1				1
Total consumer loans			2,889				3,062				(173	)			34				33				45				61
Total exit loans in loan portfolio		$	5,048			$	5,388			$	(340	)		$	41			$	81			$	145			$	210
Discontinued operations — education lending business (not included in exit loans above) (b)		$	6,318			$	6,466			$	(148	)		$	35			$	32			$	22			$	39

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
Page 7

CAPITAL

     Key’s estimated risk-based capital ratios included in the following table continued to exceed all “well-capitalized” regulatory benchmarks at March 31, 2011.

Capital Ratios

		3-31-11				12-31-10				9-30-10				6-30-10				3-31-10
Tier 1 common equity (a), (b)			10.70	%			9.34	%			8.61	%			8.07	%			7.51	%
Tier 1 risk-based capital (a)			13.44				15.16				14.30				13.62				12.92
Total risk-based capital (a)			17.35				19.12				18.22				17.80				17.07
Tangible common equity to tangible assets (b)			9.16				8.19				8.00				7.65				7.37

     As shown in the preceding table, at March 31, 2011, Key’s estimated Tier 1 common equity ratio stood at 10.70%, placing it in the top quartile of its peer group for this ratio. In addition, Key’s estimated Tier 1 risk-based capital ratio stood at 13.44%, and its tangible common equity ratio was 9.16% at March 31, 2011. Since March 31, 2010, Key’s Tier 1 common equity ratio has increased 319 basis points as a result of four consecutive quarters of profitability, a lower level of risk-weighted assets, and the March 2011 $625 million common equity raise.

     The changes 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		1Q11				4Q10				3Q10				2Q10				1Q10
Shares outstanding at beginning of period			880,608				880,328				880,515				879,052				878,535
Common shares issued			70,621				—				—				—				—
Shares reissued (returned) under employee benefit plans			2,697				280				(187	)			1,463				517
Shares outstanding at end of period			953,926				880,608				880,328				880,515				879,052

     During the first quarter of 2011, Key completed the repurchase of the $2.5 billion of Fixed-Rate Perpetual Preferred Stock, Series B issued to the U.S. Treasury Department as a result of Key’s participation in the U.S. Treasury’s Capital Purchase Program. The transaction followed Key’s successful completion of a $625 million common equity offering and a $1 billion debt offering. The proceeds from the equity and debt offerings, along with other available funds, were used to repurchase the preferred shares.

LINE OF BUSINESS RESULTS

     The following table shows the contribution made by each major business segment 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 segments are described under the heading “Line of Business Descriptions.” For more detailed financial information pertaining to each business segment and its respective lines of business, see the tables at the end of this release.

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
Page 8

Major Business Segments

														Percent change 1Q11 vs.
dollars in millions		1Q11				4Q10				1Q10				4Q10				1Q10
Revenue from continuing operations (TE)
Key Community Bank		$	565			$	597			$	594				(5.4	)%			(4.9	)%
Key Corporate Bank			403				434				372				(7.1	)			8.3
Other Segments			96				112				104				(14.3	)			(7.7	)
Total Segments			1,064				1,143				1,070				(6.9	)			(.6	)
Reconciling Items			(3	)			18				12				(116.7	)			(125.0	)
Total		$	1,061			$	1,161			$	1,082				(8.6	)%			(1.9	)%
Income (loss) from continuing operations attributable to Key
Key Community Bank		$	81			$	58			$	13				39.7	%			523.1	%
Key Corporate Bank			125				289				(36	)			(56.7	)			N/M
Other Segments			58				3				(49	)			N/M				N/M
Total Segments			264				350				(72	)			(24.6	)			N/M
Reconciling Items			10				(17	)			15				N/M				(33.3	)%
Total		$	274			$	333			$	(57	)			(17.7	)%			N/M

Key Community Bank

														Percent change 1Q11 vs.
dollars in millions		1Q11				4Q10				1Q10				4Q10				1Q10
Summary of operations
Net interest income (TE)		$	378			$	394			$	412				(4.1)	%			(8.3	)%
Noninterest income			187				203				182				(7.9	)			2.7
Total revenue (TE)			565				597				594				(5.4	)			(4.9	)
Provision (credit) for loan and lease losses			11				74				142				(85.1	)			(92.3	)
Noninterest expense			445				456				451				(2.4	)			(1.3	)
Income (loss) before income taxes (TE)			109				67				1				62.7				N/M
Allocated income taxes and TE adjustments			28				9				(12	)			211.1				N/M
Net income (loss) attributable to Key		$	81			$	58			$	13				39.7	%			523.1	%
Average balances
Loans and leases		$	26,312			$	26,436			$	27,769				(.5)	%			(5.2	)%
Total assets			29,739				29,830				30,886				(.3	)			(3.7	)
Deposits			48,108				48,124				51,444				—				(6.5	)
Assets under management at period end		$	20,057			$	18,788			$	18,248				6.8	%			9.9	%

Additional Key Community Bank Data														Percent change 1Q11 vs.
dollars in millions		1Q11				4Q10				1Q10				4Q10				1Q10
Average deposits outstanding
NOW and money market deposit accounts		$	21,482			$	20,513			$	18,651				4.7	%			15.2	%
Savings deposits			1,901				1,863				1,814				2.0				4.8
Certificates of deposit ($100,000 or more)			4,513				4,885				7,362				(7.6	)			(38.7	)
Other time deposits			7,959				8,638				12,558				(7.9	)			(36.6	)
Deposits in foreign office			398				421				502				(5.5	)			(20.7	)
Noninterest-bearing deposits			11,855				11,804				10,557				.4	%			12.3
Total deposits		$	48,108			$	48,124			$	51,444				—				(6.5	)%
Home equity loans
Average balance		$	9,454			$	9,582			$	9,967
Weighted-average loan-to-value ratio (at date of origination)			70	%			70	%			70	%
Percent first lien positions			53				53				53
Other data
Branches			1,040				1,033				1,014
Automated teller machines			1,547				1,531				1,501

Key Community Bank Summary of Operations

     Key Community Bank recorded net income attributable to Key of $81 million for the first quarter of 2011, compared to net income attributable to Key of $13 million for the year-ago quarter. A substantial decrease in the provision for loan and lease losses drove the improvement in the first quarter of 2011.

KeyCorp Reports First Quarter 2011 Profit
April 18, 2011
Page 9

     Taxable-equivalent net interest income declined by $34 million, or 8%, from the first quarter of 2010, due to declines in average earning assets and average deposits. Average earning assets decreased by $1 billion, or 5%, from the year-ago quarter, reflecting reductions in the commercial loan and home equity loan portfolios. Average deposits declined by $3 billion, or 6%, as higher-costing certificates of deposit mature, partially offset by growth in noninterest-bearing deposits and NOW and money market deposit accounts.

     Noninterest income increased by $5 million, or 3%, from the year-ago quarter, due to higher income from net gains from loan sales, electronic banking fees, trust and investment services, and a reduction in the provision for credit losses from client derivatives. These factors were partially offset by lower service charges on deposits from the implementation of Regulation E.

     The provision for loan and lease losses declined by $131 million, or 92%, compared to the first quarter of 2010 due to improving economic conditions resulting in lower net charge-offs and nonperforming loans from the same period one year ago.

     Noninterest expense declined by $6 million, or 1%, from the year-ago quarter. The decrease was driven by reductions in FDIC deposit insurance premiums and corporate allocated costs. These improvements were partially offset by increases in personnel expense and business services and professional fees, reflecting the cost of our third-party mortgage operations.

Key Corporate Bank

														Percent change 1Q11 vs.
dollars in millions		1Q11				4Q10				1Q10				4Q10				1Q10
Summary of operations
Net interest income (TE)		$	185			$	204			$	195				(9.3)	%			(5.1	)%
Noninterest income			218				230				177				(5.2	)			23.2
Total revenue (TE)			403				434				372				(7.1	)			8.3
Provision (credit) for loan and lease losses			(21	)			(263	)			161				N/M				(113.0	)
Noninterest expense			228				240				272				(5.0	)			(16.2	)%
Income (loss) before income taxes (TE)			196				457				(61	)			(57.1	)			N/M
Allocated income taxes and TE adjustments			72				168				(24	)			(57.1	)			N/M
Net income (loss)			124				289				(37	)			(57.1	)			N/M
Less: Net income (loss) attributable to noncontrolling interests			(1	)			—				(1	)			N/M				—
Net income (loss) attributable to Key		$	125			$	289			$	(36	)			(56.7)	%			N/M
Average balances
Loans and leases		$	17,677			$	18,602			$	22,440				(5.0)	%			(21.2	)%
Loans held for sale			275				253				240				8.7				14.6
Total assets			21,747				22,607				26,270				(3.8	)			(17.2	)
Deposits			11,282				12,766				12,220				(11.6	)			(7.7	)
Assets under management at period end		$	41,461			$	41,027			$	47,938				1.1	%			(13.5	)%

Key Corporate Bank Summary of Operations

     Key Corporate Bank recorded net income attributable to Key of $125 million for the first quarter of 2011, compared to a net loss attributable to Key of $36 million for the same period one year ago. This improvement in the first quarter of 2011 was a result of a substantial decrease in the provision for loan and lease losses.

     Taxable-equivalent net interest income decreased by $10 million, or 5%, compared to the first quarter of 2010, primarily due to lower earning assets and deposits. Average earning assets decreased by $5 billion, or 21% from the year-ago quarter. Average deposits declined by $938 million, or 8%, from one year ago. During the first quarter of 2011, approximately $1.5 billion of escrow deposits associated with Key’s mortgage servicing operations were moved to

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April 18, 2011
Page 10

another financial institution as a result of the previously reported ratings downgrade of KeyBank National Association by Moody’s in November 2010.

     Noninterest income increased by $41 million, or 23%, from the first quarter of 2010. Investment banking and capital markets income increased $39 million. The first quarter of 2010 included a $21 million provision for losses on customer derivatives compared to a credit of $9 million in the first quarter of 2011. This improvement was partially offset by lower levels of fixed income and equity trading income. Investment banking income increased primarily due to increased levels of debt and equity financings. Also contributing to the improvement in noninterest income was a $16 million increase in letter of credit and loan fees related to an increase in syndication fees. These gains were partially offset by decreases in trust and investment services income of $7 million and operating lease revenue of $5 million.

     The provision for loan and lease losses in the first quarter of 2011 was a credit of $21 million compared to a charge of $161 million for the same period one year ago. Key Corporate Bank continued to experience improved asset quality for the sixth quarter in a row.

     Noninterest expense decreased by $44 million, or 16%, from the first quarter of 2010 due in part to a $24 million decline in OREO expense. Also contributing to the improvement was a $34 million decrease in various miscellaneous expenses and a $5 million decline in corporate overhead. These improvements were partially offset by an increase in personnel expense.

Other Segments

     Other Segments consist of Corporate Treasury, Key’s Principal Investing unit and various exit portfolios. Other Segments generated net income attributable to Key of $58 million for the first quarter of 2011, compared to a net loss attributable to Key of $49 million for the same period last year. These results are primarily attributable to a decrease in the provision for loan and lease losses and noninterest expense.

Line of Business Descriptions

Key Community Bank

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.

Key Corporate Bank

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

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April 18, 2011
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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 Key Community Bank and Key Corporate Bank 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 community banks. A variety of cash management services are provided through the Global Treasury Management unit.

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.

Institutional and Capital Markets, through its Victory Capital Management unit, 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.

     Cleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $90 billion at March 31, 2011. Key companies provide investment management, retail and commercial banking, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. In 2010, KeyBank scored significantly higher than its four largest competitor banks in a customer satisfaction survey conducted by the American Customer Satisfaction Index, scoring significantly better than bank industry scores across multiple dimensions, most notably Customer Loyalty. Key also has been recognized for excellence in numerous areas of the multi-channel customer banking experience, including Corporate Insight’s 2010 edition of Bank Monitor for online service. For more information about Key, visit https://www.key.com/.

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April 18, 2011
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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 Monday, April 18, 2011. An audio replay of the call will be available through April 25, 2011.

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 KeyCorp’s Annual Report on Form 10-K for the year ended December 31, 2010, which has been filed with the Securities and Exchange Commission and is available on Key’s website (www.key.com/ir) 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.

*****

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April 18, 2011
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Financial Highlights
(dollars in millions, except per share amounts)

		Three months ended
		3-31-11				12-31-10				3-31-10
Summary of operations
Net interest income (TE)		$	604			$	635			$	632
Noninterest income			457				526				450
Total revenue (TE)			1,061				1,161				1,082
Provision (credit) for loan and lease losses			(40	)			(97	)			413
Noninterest expense			701				744				785
Income (loss) from continuing operations attributable to Key			274				333				(57	)
Income (loss) from discontinued operations, net of taxes (b)			(11	)			(13	)			2
Net income (loss) attributable to Key			263				320				(55	)
Income (loss) from continuing operations attributable to Key common shareholders		$	184			$	292			$	(98	)
Income (loss) from discontinued operations, net of taxes (b)			(11	)			(13	)			2
Net income (loss) attributable to Key common shareholders			173				279				(96	)
Per common share
Income (loss) from continuing operations attributable to Key common shareholders		$	.21			$	.33			$	(.11	)
Income (loss) from discontinued operations, net of taxes (b)			(.01	)			(.02	)			—
Net income (loss) attributable to Key common shareholders			.20				.32				(.11	)
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution			.21				.33				(.11	)
Income (loss) from discontinued operations, net of taxes — assuming dilution (b)			(.01	)			(.02	)			—
Net income (loss) attributable to Key common shareholders — assuming dilution			.19				.32				(.11	)
Cash dividends paid			.01				.01				.01
Book value at period end			9.58				9.52				9.01
Tangible book value at period end			8.59				8.45				7.91
Market price at period end			8.88				8.85				7.75
Performance ratios
From continuing operations:
Return on average total assets			1.32	%			1.53	%			(.26)	%
Return on average common equity			8.75				13.71				(4.95	)
Net interest margin (TE)			3.25				3.31				3.19
From consolidated operations:
Return on average total assets			1.18	%			1.36	%			(.23)	%
Return on average common equity			8.23				13.10				(4.85	)
Net interest margin (TE)			3.16				3.22				3.13
Loan to deposit (d)			90.76				90.30				93.23
Capital ratios at period end
Key shareholders’ equity to assets			10.42	%			12.10	%			11.17	%
Tangible Key shareholders’ equity to tangible assets			9.48				11.20				10.26
Tangible common equity to tangible assets (a)			9.16				8.19				7.37
Tier 1 common equity (a), (c)			10.70				9.34				7.51
Tier 1 risk-based capital (c)			13.44				15.16				12.92
Total risk-based capital (c)			17.35				19.12				17.07
Leverage (c)			11.47				13.02				11.60
Asset quality — from continuing operations
Net loan charge-offs		$	193			$	256			$	522
Net loan charge-offs to average loans			1.59	%			2.00	%			3.67	%
Allowance for loan and lease losses		$	1,372			$	1,604			$	2,425
Allowance for credit losses			1,441				1,677				2,544
Allowance for loan and lease losses to period-end loans			2.83	%			3.20	%			4.34	%
Allowance for credit losses to period-end loans			2.97				3.35				4.55
Allowance for loan and lease losses to nonperforming loans			155.03				150.19				117.43
Allowance for credit losses to nonperforming loans			162.82				157.02				123.20
Nonperforming loans at period end		$	885			$	1,068			$	2,065
Nonperforming assets at period end			1,089				1,338				2,428
Nonperforming loans to period-end portfolio loans			1.82	%			2.13	%			3.69	%
Nonperforming assets to period-end portfolio loans plus
OREO and other nonperforming assets			2.23				2.66				4.31
Trust and brokerage assets
Assets under management		$	61,518			$	59,815			$	66,186
Nonmanaged and brokerage assets			29,024				28,069				27,809
Other data
Average full-time equivalent employees			15,301				15,424				15,772
Branches			1,040				1,033				1,014
Taxable-equivalent adjustment		$	7			$	6			$	7

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

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

The table below presents the computations of certain financial measures related to “tangible common equity,” “Tier 1 common equity” and “pre-provision net revenue.” 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 noncontrolling 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 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.

The table also shows the computation for pre-provision net revenue, which is not formally defined by GAAP. Management believes that eliminating the effects of provision for loan and lease losses facilitates the analysis of results by presenting them on a more comparable basis.

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
		3-31-11				12-31-10				3-31-10
Tangible common equity to tangible assets at period end
Key shareholders’ equity (GAAP)		$	9,425			$	11,117			$	10,641
Less: Intangible assets			937				938				963
Preferred Stock, Series B			—				2,446				2,434
Preferred Stock, Series A			291				291				291
Tangible common equity (non-GAAP)		$	8,197			$	7,442			$	6,953
Total assets (GAAP)		$	90,438			$	91,843			$	95,303
Less: Intangible assets			937				938				963
Tangible assets (non-GAAP)		$	89,501			$	90,905			$	94,340
Tangible common equity to tangible assets ratio (non-GAAP)			9.16	%			8.19	%			7.37	%
Tier 1 common equity at period end
Key shareholders’ equity (GAAP)		$	9,425			$	11,117			$	10,641
Qualifying capital securities			1,791				1,791				1,791
Less: Goodwill			917				917				917
Accumulated other comprehensive income (loss) (a)			(92	)			(66	)			(25	)
Other assets (b)			191				248				765
Total Tier 1 capital (regulatory)			10,200				11,809				10,775
Less: Qualifying capital securities			1,791				1,791				1,791
Preferred Stock, Series B			—				2,446				2,434
Preferred Stock, Series A			291				291				291
Total Tier 1 common equity (non-GAAP)		$	8,118			$	7,281			$	6,259
Net risk-weighted assets (regulatory) (b), (c)		$	75,878			$	77,921			$	83,362
Tier 1 common equity ratio (non-GAAP) (c)			10.70	%			9.34	%			7.51	%
Pre-provision net revenue
Net interest income (GAAP)		$	597			$	629			$	625
Plus: Taxable-equivalent adjustment			7				6				7
Noninterest income			457				526				450
Less: Noninterest expense			701				744				785
Pre-provision net revenue from continuing operations (non-GAAP)		$	360			$	417			$	297

GAAP = U.S. generally accepted accounting principles

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April 18, 2011
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Consolidated Balance Sheets
(dollars in millions)

		3-31-11				12-31-10				3-31-10
Assets
Loans		$	48,552			$	50,107			$	55,913
Loans held for sale			426				467				556
Securities available for sale			19,448				21,933				16,553
Held-to-maturity securities			19				17				22
Trading account assets			1,041				985				1,034
Short-term investments			3,705				1,344				4,345
Other investments			1,402				1,358				1,525
Total earning assets			74,593				76,211				79,948
Allowance for loan and lease losses			(1,372	)			(1,604	)			(2,425	)
Cash and due from banks			540				278				619
Premises and equipment			906				908				872
Operating lease assets			491				509				652
Goodwill			917				917				917
Other intangible assets			20				21				46
Corporate-owned life insurance			3,187				3,167				3,087
Derivative assets			1,005				1,006				1,063
Accrued income and other assets			3,758				3,876				4,150
Discontinued assets			6,393				6,554				6,374
Total assets		$	90,438			$	91,843			$	95,303
Liabilities
Deposits in domestic offices:
NOW and money market deposit accounts		$	26,177			$	27,066			$	25,068
Savings deposits			1,964				1,879				1,873
Certificates of deposit ($100,000 or more)			5,314				5,862				10,188
Other time deposits			7,597				8,245				12,010
Total interest-bearing deposits			41,052				43,052				49,139
Noninterest-bearing deposits			16,495				16,653				15,364
Deposits in foreign office — interest-bearing			3,263				905				646
Total deposits			60,810				60,610				65,149
Federal funds purchased and securities sold under repurchase agreements			2,232				2,045				1,927
Bank notes and other short-term borrowings			685				1,151				446
Derivative liabilities			1,106				1,142				1,103
Accrued expense and other liabilities			1,931				1,931				2,089
Long-term debt			11,048				10,592				11,177
Discontinued liabilities			2,929				2,998				2,490
Total liabilities			80,741				80,469				84,381
Equity
Preferred stock, Series A			291				291				291
Preferred stock, Series B			—				2,446				2,434
Common shares			1,017				946				946
Common stock warrant			87				87				87
Capital surplus			4,167				3,711				3,724
Retained earnings			5,721				5,557				5,098
Treasury stock, at cost			(1,823	)			(1,904	)			(1,958	)
Accumulated other comprehensive income (loss)			(35	)			(17	)			19
Key shareholders’ equity			9,425				11,117				10,641
Noncontrolling interests			272				257				281
Total equity			9,697				11,374				10,922
Total liabilities and equity		$	90,438			$	91,843			$	95,303
Common shares outstanding (000)			953,926				880,608				879,052