KEYCORP /NEW/ — Director's Dealing 2004

Sep 17, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2004-09-16

Reporting Person: YATES STEPHEN E (EVP)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2719	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Shares	$31.79	2006-09-16	Common Shares (8383)		Direct
Option-to-Buy	$31.76	2014-09-16	Common Shares (100000)		Direct

Footnotes

F1: Phantom Shares payable over two year period under signing bonus plan.

F2: Vest over two year period.