KeyCorp (KEY) 8-K Other Events

Exhibit 12

KEYCORP

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in millions)

(unaudited)

	Six months ended June 30,				Year ended December 31,
	2016		2015		2015		2014			2013		2012		2011
Computation of Earnings
Net income (loss) attributable to Key	$	390	$	471	$	916	$	900		$	910	$	858	$	920
Add: Provision for income taxes		125		158		303		326			271		231		364
Less: Income (loss) from discontinued operations, net of taxes		4		8		1		(39	)		40		23		(35	)
Income (loss) before income taxes and cumulative effect of accounting change		511		621		1,218		1,265			1,141		1,066		1,319
Fixed charges, excluding interest on deposits		109		89		185		160			154		200		248
Total earnings for computation, excluding interest on deposits		620		710		1,403		1,425			1,295		1,266		1,567
Interest on deposits		65		52		105		117			158		257		390
Total earnings for computation, including interest on deposits	$	685	$	762	$	1,508	$	1,542		$	1,453	$	1,523	$	1,957
Computation of Fixed Charges
Net rental expense	$	53	$	51	$	104	$	104		$	111	$	109	$	106
Portion of net rental expense deemed representative of interest	$	8	$	8	$	16	$	16		$	17	$	16	$	16
Interest on short-term borrowed funds		5		4		9		11			10		11		16
Interest on long-term debt		96		77		160		133			127		173		216
Total fixed charges, excluding interest on deposits		109		89		185		160			154		200		248
Interest on deposits		65		52		105		117			158		257		390
Total fixed charges, including interest on deposits	$	174	$	141	$	290	$	277		$	312	$	457	$	638
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis	$	11	$	11	$	23	$	22		$	23	$	22	$	107
Total fixed charges, excluding interest on deposits		109		89		185		160			154		200		248
Combined fixed charges and preferred stock dividends, excluding interest on deposits		120		100		208		182			177		222		355
Interest on deposits		65		52		105		117			158		257		390
Combined fixed charges and preferred stock dividends, including interest on deposits	$	185	$	152	$	313	$	299		$	335	$	479	$	745
Ratio of Earnings to Fixed Charges
Excluding deposit interest		5.69		7.98		7.58		8.91			8.41		6.33		6.32
Including deposit interest		3.94		5.40		5.20		5.57			4.66		3.33		3.07
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Excluding deposit interest		5.17		7.10		6.75		7.83			7.32		5.70		4.41
Including deposit interest		3.70		5.01		4.82		5.16			4.34		3.18		2.63