KEYCORP /NEW/ — Director's Dealing 2007

Jul 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2007-07-20

Reporting Person: CUTLER ALEXANDER M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-20	Phantom Shares	$36.82	A	1901	Acquired	2010-07-20	Common Shares (1901)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2000	Direct

Footnotes

F1: Phantom Shares are awarded under Deferred Share Plan and payable one half in cash and one half in Common Shares.