KEYCORP /NEW/ — Director's Dealing 2004

Jul 1, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2004-06-30

Reporting Person: CUTLER ALEXANDER M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-30	phantom shares	$29.89	A	238	Acquired	2004-06-30	common shares (238)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
common shares	2000	Direct

Footnotes

F1: Under Deferral Plan, fees or a portion thereof are deferred quarterly and are paid on dates set forth in election in treasury shares.

F2: Converssion to common shares is on a one-to-one basis.