KEYCORP /NEW/ — Director's Dealing 2003

Aug 1, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2003-07-31

Reporting Person: HEISLER ROBERT B JR (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-31	Common Shares	M	24000	$14.9375	Acquired	92845	Direct
2003-07-31	Common Shares	F	18142	$27.04	Disposed	74703	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-07-31	Option to Buy	$14.9375	M	24000	Disposed	2004-01-02	Common Stock (24000)	Direct

Footnotes

F1: Includes 360 held by spouse and 800 by children. Reporting person also owns 40,405 shares in the Corporation's 401(k) Savings Plan as of December 31, 2002, 20,119 phantom shares in the Corporation's Excess 401(k) Savings Plan as of December 31, 2002, and 1,660 phantom shares in the Corporation's Deferred Compensation Plan as of December 31, 2002.