KEYCORP /NEW/ — Director's Dealing 2004

May 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2004-04-30

Reporting Person: JONES ROBERT G (EVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-30	common shares	M	15509	$18.5313	Acquired	27332	Direct
2004-04-30	common shares	F	11820	$29.76	Disposed	15512	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-30	option to buy	$18.5313	M	15509	Disposed	2010-07-19	common shares (15509)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
common shares	38032	Indirect

Footnotes

F1: As of December 31, 2003.