KEYCORP /NEW/ — Director's Dealing 2007

Jan 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KEYCORP /NEW/ (KEY)
CIK: 0000091576
Period of Report: 2006-12-31

Reporting Person: BARES WILLIAM G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-02	Common Shares	M	6656	—	Acquired	34433	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-31	Phantom Shares	$0	A	506	Acquired	2006-12-31	Common Shares (506)	Direct
2007-01-02	Phantom Shares	$0	M	6656	Disposed	2007-01-02	Common Shares (6656)	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.

F2: Under deferral plan, fees were deferred into phantom stock account which stock is convertible into common shares on a one to one basis.