KEYCORP /NEW/ — Director's Dealing 2005

Jul 25, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2005-07-22

Reporting Person: STEVENS THOMAS G (Director, Vice Chair and CAO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-07-22	Option to Buy	$34.395	A	100000	Acquired	2015-07-22	Common Shares (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	67133	Direct
Common Shares	23609	Indirect

Footnotes

F1: As of December 31, 2004.

F2: Option vest in three equal annual installments.