KEYCORP /NEW/ — Director's Dealing 2005

Feb 1, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2005-01-31

Reporting Person: KOPNISKY JACK L (SEVP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-31	common shares	M	29000	$21.25	Acquired	88677	Direct
2005-01-31	common shares	F	21446	$33.225	Disposed	67231	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-31	option to buy	$21.25	M	29000	Disposed	2010-01-18	common shares (29000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
common shares	21858	Indirect

Footnotes

F1: As of December 31, 2004.