KEYCORP /NEW/ - FORM 8-K - EX-99.2

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KeyCorp

First Quarter 2012 Earnings Review

April 19, 2012

Beth E. Mooney

Chairman and

Chief Executive Officer

Jeffrey B. Weeden

Chief Financial Officer

Exhibit 99.2

FORWARD-LOOKING STATEMENTS AND ADDITIONAL

INFORMATION DISCLOSURE

This presentation contains and we may, from time to time, make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995, including statements about Key’s financial condition, results of operations, earnings outlook, asset quality trends, capital levels and profitability. Forward-

looking statements are not historical facts but instead represent only management’s current expectations and forecasts regarding future events, many of which, by

their nature, are inherently uncertain and outside of Key’s control. Forward-looking statements usually can be identified by the use of words such as “goal,”

“objective,” plan,” “expect,” “anticipate,” “intend,” “project,” “believe,” “estimate” or other words of similar meaning.

Our forward-looking statements are subject to the following principal risks and uncertainties: the economic recovery may face challenges causing its momentum to

falter or a further recession; the Dodd-Frank Wall Street Reform and Consumer Protection Act and other reforms will subject us to a variety of new and more

stringent legal and regulatory requirements, including increased scrutiny from our regulators; changes in local, regional and international business, economic or

political conditions in the regions where we operate or have significant assets; changes in trade, monetary and fiscal policies of various governmental bodies and

central banks could affect the economic environment in which we operate; our ability to effectively deal with an economic slowdown or other economic or market

difficulty; adverse changes in credit quality trends; our ability to determine accurate values of certain assets and liabilities; adverse behaviors in foreign exchange

rates, securities, public debt, and capital markets, including changes in market liquidity and volatility; our ability to anticipate interest rate changes correctly and

manage interest rate risk presented through unanticipated changes in our interest rate risk position and/or short- and long-term interest rates; unanticipated

changes in our liquidity position, including but not limited to our ability to enter the financial markets to manage and respond to any changes to our liquidity

position; adequacy of our risk management program; reduction of the credit ratings assigned to KeyCorp and KeyBank; increased competitive pressure due to

industry consolidation; unanticipated adverse affects of acquisitions and dispositions of assets, business units or affiliates; and operational or risk management

failures due to technological, cybersecurity threats or other factors.

We provide greater detail regarding some of these factors in our 2011 Form 10-K, including in Item 1A. Risk Factors and in Item 7. Management’s Discussion and

Analysis of Financial Condition and Results of Operation under the heading “Risk Management,” as well as in our subsequent SEC filings, all of which are

accessible on our website at www.key.com/ir and on the SEC’s website at www.sec.gov.

Key does not undertake any obligation to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of

the forward-looking statements. Actual results or future events could differ, possibly materially, from those anticipated in forward-looking statements, as well as

from historical performance.

This presentation also includes certain Non-GAAP financial measures related to “tangible common equity, “Tier 1 common equity,” and “pre-provision net

revenue.” Management believes these ratios may assist investors, analysts and regulators in analyzing Key’s financials. Although Key has procedures in place to

ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be

considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the

most comparable GAAP measures, please refer to the Appendix to this presentation or our most recent earnings press release, which is accessible at

www.key.com/ir.

Web addresses referenced in this slide are inactive textual references only. Information on these websites is not part of this document.

Delivering sustainable profitability

Continued improvement in credit quality

Disciplined expense management

Growth in average loans driven by CF&A

Growth in engaged clients

Continued investment to drive future growth

Growing the

Franchise

No objection from Federal Reserve on capital plan

Board authorized common stock repurchase program

Maintaining peer leading capital levels

Positioned to meet Basel III requirements

Execution of

Business Plan

Investor Highlights –

First Quarter 2012

Strategic statement: Key grows by building enduring relationships

through client-focused solutions and extraordinary service

Disciplined

Capital

Management

(a)

Continuing operations, unless otherwise noted

(b)

Represents period-end consolidated total loans and loans held for sale (excluding education loans in the securitization trusts)

divided by period-end consolidated total deposits (excluding deposits in foreign office)

Executing Business Plan: Progress on Targets for Success

KEY Business

Model

KEY Metrics

(a)

KEY

1Q12

KEY

4Q11

Targets

Action Plans

Core funded

Loan to deposit ratio

(b)

87%

90-100%

Leverage integrated model to grow

relationships and loans

Improve deposit mix

Returning to a

moderate risk

profile

NCOs to average loans

.82%

.86%

40-50 bps

Focus on relationship clients

Exit noncore portfolios

Limit concentrations

Focus on risk-adjusted returns

Growing high

quality, diverse

revenue streams

Net interest margin

3.16%

3.13%

>3.50%

Improve funding mix

Focus on risk-adjusted returns

Grow client relationships

Leverage Key’s total client solutions and

cross-selling capabilities

Noninterest income

to total revenue

46%

42%

>40%

Creating positive

operating

leverage

Efficiency ratio

68%

73%

60-65%

Improve efficiency and effectiveness

Leverage technology

Change cost base to more variable from

fixed

Executing our

strategies

Return on average

assets

1.02%

1.01%

1.00-1.25%

Execute our client insight-driven

relationship model

Focus on operating leverage

Improved funding mix with lower cost core

deposits

Financial Review

Financial Summary –

First Quarter 2012

Capital

(b)

Asset Quality

(a)

Financial

Performance

(a)

TE = Taxable equivalent, EOP = End of Period

(a)

From continuing operations

(b)

From consolidated operations

(c)

3-31-12 ratios are estimated

(d)

Non-GAAP measure: see slide 20 of Appendix for reconciliation.

Income from continuing operations attributable to Key

$.21

common shareholders

Net interest margin (TE)

3.16%

3.13%

3.25%

Return on average total assets

1.02

1.01

1.32

Tier 1 common equity

(c), (d)

11.5%

11.3%

10.7%

Tier 1 risk-based capital

(c)

13.3

13.0

13.5

Tangible common equity to tangible assets

(d)

10.3

9.9

9.2

Book value per common share

$10.26

$10.09

$9.58

Net loan charge-offs to average loans

.82%

.86%

1.59%

NPLs to EOP portfolio loans

1.35

1.47

1.82

NPAs to EOP portfolio loans + OREO + Other NPAs

1.55

1.73

2.23

Allowance for loan losses to period-end loans

1.92

2.03

2.83

Allowance for loan losses to NPLs

141.7

138.1

155.0

Metrics

1Q12 4Q11 1Q11

Average balances grew for the second

consecutive quarter, driven by strong growth in

CF&A loans

Loan commitments increased 20% to $8.3 billion in

1Q12 from $6.9 billion in 1Q11

Positioned to continue to grow loans by

leveraging integrated business model and

focusing on targeted segments

$10

$20

$30

$40

$50

$60

1Q11

2Q11

3Q11

4Q11

1Q12

Loan Growth

$ in billions

Highlights

Average Commercial, Financial & Agricultural Loans

CF&A loans

Utilization rate

Quarterly % Change in Average CF&A Loans

Average Loans

Exit Portfolios

Home Equity & Other

CF&A & Leasing

Commercial Real Estate

$ in billions

$49.3

$48.5

$19.6

$18.3

$17.4

$16.9

$16.3

46.9%

46.3%

44.4%

43.4%

43.2%

$10

$15

$20

$25

1Q11

2Q11

3Q11

4Q11

1Q12

30%

40%

50%

60%

(5.2)%

(5.7)%

(4.4)%

(2.3)%

(1.5)%

2.7%

5.4%

7.2%

3.7%

(12.0)%

(8.0)%

(4.0)%

.0%

4.0%

8.0%

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

$48.0

$48.7

$49.4

$10.1

$10.8

$11.7

$12.4

$13.6

2.60%

2.59%

2.66%

2.53%

2.48%

$10

$15

$20

1Q11

2Q11

3Q11

4Q11

1Q12

.00%

1.00%

2.00%

3.00%

4.00%

5.00%

$45.4

$45.3

$46.5

$48.2

$48.8

.12%

.13%

.18%

.15%

.17%

$20

$30

$40

$50

1Q11

2Q11

3Q11

4Q11

1Q12

.00%

.10%

.20%

.30%

Improving Deposit Mix

Highlights

Average Non-time Deposits

(a)

Higher cost CDs continue to decline, while lower

cost deposits have remained strong

Improved funding mix has reduced the cost of

total deposits, which is down 4 bps from 4Q11

Total CD maturities and average cost

–

2012 Q2: $2.5 billion at 1.54%

–

2012 Q3: $1.9 billion at 2.92%

–

2012 Q4: $1.1 billion at 2.64%

–

2013 & beyond: $4.4 billion at 2.70%

Average

CD Balances

$ in billions

(a) Excludes time deposits and deposits in foreign office

(b) Represents period-end consolidated total loans and loans held for sale (excluding education loans in the securitization

trusts) divided by period-end consolidated total deposits (excluding deposits in foreign office)

Loan to Deposit Ratio

(b)

Continuing operations

Discontinued operations

91%

Cost of non-time deposits

Non-time deposits

Average rate on CDs

Total average CDs

86%

87%

$767

$859

$914

$950

$1,089

1.35%

1.47%

1.64%

1.76%

1.82%

$400

$800

$1,200

$1,600

1Q11

2Q11

3Q11

4Q11

1Q12

0.00%

1.00%

2.00%

3.00%

$944

$1,004

$1,131

$1,230

$1,372

2.57%

2.35%

2.83%

2.03%

1.92%

$400

$800

$1,200

$1,600

1Q11

2Q11

3Q11

4Q11

1Q12

0.00%

1.00%

2.00%

3.00%

4.00%

141.7%

138.1%

143.5%

146.1%

155.0%

50%

100%

150%

200%

1Q11

2Q11

3Q11

4Q11

1Q12

$193

$134

$109

$105

$101

$42

$(22)

$10

$(8)

$(40)

1.59%

1.11%

.86%

82%

.90%

-$100

$100

$200

$300

1Q11

2Q11

3Q11

4Q11

1Q12

-1.00%

.00%

1.00%

2.00%

3.00%

Nonperforming Assets

Net Charge-offs & Provision for Loan and Lease Losses

NPLs

NPLs to period-end loans

NCOs

Provision for loan and

lease losses

NCOs to average loans

Allowance for Loan and Lease Losses

Allowance to Nonperforming Loans

Allowance for loan

and lease losses

ALLL to period-end loans

$ in millions

NPLs held for sale,

OREO & other NPAs

Continued Improvement in Asset Quality

Total Revenue

TE = Taxable equivalent

$ in millions

Continuing Operations

Net interest margin

Net interest income

Highlights

Net Interest Margin (TE) Trend

Net interest margin increased 3 bps from 4Q11, a

result of improved funding costs and a decrease

in lower-yielding short-term investments

Higher noninterest income primarily driven by

principal investing income and a gain from the

termination of a leveraged lease

New client acquisition and execution of

relationship-based model provide opportunities

to grow noninterest income

Noninterest Income and % of Total Revenue

Noninterest income

Noninterest income to

total revenue

$ in millions

$559

$563

$555

$570

$604

3.19%

3.09%

3.25%

3.13%

3.16%

$150

$300

$450

$600

$750

1Q11

2Q11

3Q11

4Q11

1Q12

0.00%

2.00%

4.00%

6.00%

$457

$454

$483

$414

$472

45.8%

42.4%

43.1%

46.5%

44.3%

$200

$400

$600

1Q11

2Q11

3Q11

4Q11

1Q12

30.0%

40.0%

50.0%

60.0%

$371

$380

$382

$387

$385

$330

$300

$310

$330

$318

$200

$400

$600

$800

1Q11

2Q11

3Q11

4Q11

1Q12

Focused Expense Management

Noninterest Expense

Personnel expense

$ in millions

Highlights

Noninterest expense declined $14 million from

4Q11, with improvement in both personnel and

non-personnel expense

Key remains focused on operating leverage

–

Shifting FTE mix towards client-facing

positions

–

Leveraging continuous improvement

practices

–

Strengthening processes, alignment and

accountability across the organization

Average FTEs

Non-personnel expense

$680

$701

15,665

15,381

15,584

15,772

15,424

15,301

15,349

15,490

15,404

14,000

15,000

16,000

17,000

18,000

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

$692

$717

$703

$1,031

$703

$328

Total revenue

Noninterest

expense

PPNR

1Q12 Pre-Provision Net Revenue

Pre-Provision Net Revenue Trend

Pre-Provision Net Revenue

(a), (b)

and ROAA

(c)

(a)

Net interest income plus taxable-equivalent adjustment and noninterest income less noninterest expense

(b)

Non-GAAP measure: see slide 20 of Appendix for reconciliation.

(c)

From continuing operations

Return on Average Assets

$ in millions

Noninterest

income

46%

Personnel

expense

55%

$360

$344

$346

$260

$328

$100

$200

$300

$400

$500

1Q11

2Q11

3Q11

4Q11

1Q12

1.02%

1.01%

1.14%

1.23%

1.32%

.00%

.50%

1.00%

1.50%

2.00%

1Q11

2Q11

3Q11

4Q11

1Q12

Net interest

income

54%

Non-personnel

expense

45%

No objection from Federal Reserve on capital plan

–

Board authorized stock repurchase program

–

Dividend increase will be evaluated at May

Board meeting

Peer leading capital position supports growth

Disciplined approach to capital management

Positioned for successful transition to Basel III

Tier 1 Common Equity

(a), (b)

Tangible Common Equity to Tangible Assets

(b)

Strong Capital Ratios

Highlights

Book Value per Share

10.3%

9.9%

9.2%

9.7%

9.8%

0.00%

3.00%

6.00%

9.00%

12.00%

1Q11

2Q11

3Q11

4Q11

1Q12

$10.26

$10.09

$9.58

$9.88

$10.09

$8.00

$8.50

$9.00

$9.50

$10.00

$10.50

1Q11

2Q11

3Q11

4Q11

1Q12

11.5%

11.3%

10.7%

11.1%

11.3%

0.00%

3.00%

6.00%

9.00%

12.00%

1Q11

2Q11

3Q11

4Q11

1Q12

(a)

3-31-12 ratio is estimated

(b)

Non-GAAP measure: see slide 20 of Appendix for reconciliation.

Appendix

Average Total Investment Securities

Highlights

Average AFS securities

$ in billions

High Quality Investment Portfolio

Portfolio composed of Agency or GSE backed:

GNMA, Fannie & Freddie

–

No private label MBS or financial paper

Average portfolio life at 3/31/12: 2.4 years

Unrealized net gain of $505 million on available-

for-sale securities portfolio at 3/31/12

Mortgage paydowns in 4Q11 and 1Q12 were

$1.5 billion

Yield decline in 1Q12 from paydowns of higher

yielding mortgage investments and purchases of

lower yielding investments

Securities to Total Assets

(a)

(a) Includes end of period held-to-maturity and available-for-sale securities

20.2%

20.4%

21.6%

21.1%

21.0%

10%

15%

20%

25%

1Q11

2Q11

3Q11

4Q11

1Q12

Average yield

Average HTM securities

$17.5

$18.4

$18.5

$19.0

$21.2

3.01%

3.07%

3.15%

3.20%

3.19%

$10

$15

$20

$25

1Q11

2Q11

3Q11

4Q11

1Q12

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

N/M = Not Meaningful

(a)

Net loan charge-off amounts are annualized in calculation. NCO ratios for discontinued operations and consolidated Key exclude education

loans in the securitization trusts since valued at fair-market value

(b)

3-31-12 allowance by portfolio is estimated. Allowance/period loans ratios for discontinued operations and consolidated Key exclude

education loans in the securitization trusts since valued at fair-market value

Credit Quality

Credit Quality by Portfolio

$ in millions

Allowance /

period-end

loans

(b)

Allowance /

NPLs

Net loan

charge-offs

Net loan

charge-offs

(a)

average loans

Nonperforming

loans

Ending

allowance

(b)

Period-end

loans

Average

loans

3/31/12

1Q12

4Q11

1Q12

4Q11

3/31/12

12/31/11

3/31/12

Allowance /

period-end

loans

(b)

Allowance /

NPLs

Net loan

charge-offs

Net loan

charge-offs

(a)

average loans

Nonperforming

loans

Ending

allowance

(b)

Commercial, financial and agricultural

$19,787

$19,638

$15

$28

.31

.61

$168

$188

$316

1.60

188.10

Commercial real estate:

Commercial mortgage

7,807

7,993

1.06

1.13

175

218

263

3.37

150.29

Construction

1,273

1,284

(6)

3.13

(1.72)

4.40

84.85

Commercial lease financing

5,755

5,846

1.18

309.09

Real estate - residential mortgage

1,967

1,950

1.03

1.45

1.83

43.90

Home equity:

Key Community Bank

9,153

9,173

1.01

.86

109

108

1.03

86.24

Other

507

521

5.40

6.46

5.52

233.33

Consumer other— Key Community Bank

1,212

1,193

3.03

3.00

3.05

N/M

Consumer other:

Marine

1,654

1,714

2.35

3.05

2.72

150.00

Other

111

118

3.41

3.12

.90

100.00

Continuing total

$49,226

$49,430

$101

$105

.82

.86

$666

$727

$944

1.92

141.74

Discontinued operations - education

lending business

5,715

5,745

2.51

3.19

3.00

473.68

Consolidated total

$54,941

$55,175

$120

$130

.92

1.00

$685

$750

$1,034

1.98

150.95

Community Bank –

Home Equity

Exit Portfolio –

Home Equity

$ in millions, except average loan size

(a)

Home Equity Loans –

3/31/12

Vintage (% of Loans)

Loan Balances

Average Loan

Size ($)

Average

FICO

Average

LTV

% of Loans

LTV>90%

2011 and

later

2010

2009

2008

2007 and

prior

Home equity loans and lines

First lien

22,785

746

Second lien

486

24,570

730

32.5

Total home equity loans and lines

509

24,485

731

31.1

Nonaccrual loans

First lien

20,525

735

100

Second lien

27,989

705

33.9

Total home equity nonaccrual loans

27,423

706

32.0

Exit Portfolio - Home Equity

First quarter net charge-offs

Net loan charge-offs to average loans

5.40

(a) Average LTVs are at origination. Current average LTVs for Community Bank total home equity loans and lines is approximately 81%,

which compares to 78% at the end of the fourth quarter 2011.

Exit Loan Portfolio Trend (Excluding Discontinued Operations)

Exit Loan Portfolio

$ in millions

Exit Loan Portfolio

Change

3-31-12 vs.

3-31-12

12-31-11

1Q12

(c)

4Q11

(c)

3-31-12

12-31-11

Residential properties –

homebuilder

$34

$41

$(7)

$(2)

$17

$23

Marine and RV floor plan

(22)

Commercial lease financing

(a)

1,534

1,669

(135)

(1)

(2)

Total commercial loans

1,627

1,791

(164)

(2)

Home equity –

Other

507

535

(28)

Marine

1,654

1,766

(112)

RV and other consumer

111

125

(14)

Total consumer loans

2,272

2,426

(154)

Total exit loans in loan portfolio

$3,899

$4,217

$(318)

$26

$22

$103

$119

Discontinued operations -

education

lending business (not included in exit loans above)

(b)

$5,715

$5,812

$(97)

$19

$25

$19

$23

Balance on

Nonperforming

Status

Balance

Outstanding

Charge-offs

Net Loan

$ in millions

(a) Includes the business aviation, commercial vehicle, office products, construction and industrial leases, and Canadian lease financing portfolios;

and all remaining balances related to lease in, lease out; sale in, sale out; service contract leases; and qualified technological equipment leases

(b) Includes loans in Key’s consolidated education loan securitization trusts

Credit Quality Trends

Quarterly Change in Criticized Outstandings

(a)

Delinquencies to Period-end Total Loans

(a)

Loan and Lease Outstandings

.85%

.89%

.99%

.97%

.98%

.95%

1.29%

1.14%

1.59%

1.72%

1.61%

1.87%

.34%

.33%

.24%

.25%

.32%

.48%

.30%

.45%

.78%

.56%

.60%

.82%

.62%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

30 –

89 days delinquent

90+ days delinquent

(6.8)%

(13.6)%

(10.2)%

(12.3)%

(11.2)%

(16.7)%

(14.3)%

(12.8)%

(1.0)%

(8.1)%

(2.0)%

2.8%

35.1%

-20%

-10%

10%

20%

30%

40%

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

GAAP to Non-GAAP Reconciliation

(a)

Includes net unrealized gains or losses on securities available for sale (except for net unrealized losses on marketable equity securities), net gains or losses on cash

flow hedges, and amounts resulting from the December 31, 2006, adoption and subsequent application of the applicable accounting guidance for defined benefit and

KEYCORP /NEW/ - FORM 8-K - EX-99.2 - April 19, 2012

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