KEYCORP /NEW/ — Director's Dealing 2005

Jan 14, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2005-01-14

Reporting Person: BARES WILLIAM G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-14	common shares	M	647	—	Acquired	11536	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-14	phantom shares	$0	M	647	Disposed	2005-01-14	common shares (647)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
common shares	4000	Indirect

Footnotes

F1: Phantom shares were converted to treasury shares on a one-to-one basis and distributed under Deferral Plan.