EXHIBIT 12
KEYCORP
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN MILLIONS)
(UNAUDITED)
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
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2002 2001 2000 1999 1998
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COMPUTATION OF EARNINGS
Net income.................................................. $ 976 $ 132 $1,002 $1,107 $ 996
Add: Provision for income taxes............................. 336 102 515 577 483
Less: Cumulative effect of accounting changes, net of tax... -- (25) -- -- --
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Income before income taxes and cumulative effect of
accounting changes................................... 1,312 259 1,517 1,684 1,479
Fixed charges, excluding interest on deposits............... 747 1,367 1,820 1,649 1,517
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Total earnings for computation, excluding interest on
deposits............................................. 2,059 1,626 3,337 3,333 2,996
Interest on deposits........................................ 897 1,478 1,768 1,305 1,359
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Total earnings for computation, including interest on
deposits............................................. $2,956 $3,104 $5,105 $4,638 $4,355
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COMPUTATION OF FIXED CHARGES
Net rental expense.......................................... $ 142 $ 145 $ 146 $ 173 $ 139
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Portion of net rental expense deemed representative of
interest.................................................. $ 27 $ 43 $ 41 $ 46 $ 35
Interest on short-term borrowed funds....................... 169 500 715 646 801
Interest on long-term debt, including capital securities.... 551 824 1,064 957 681
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Total fixed charges, excluding interest on deposits..... 747 1,367 1,820 1,649 1,517
Interest on deposits........................................ 897 1,478 1,768 1,305 1,359
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Total fixed charges, including interest on deposits..... $1,644 $2,845 $3,588 $2,954 $2,876
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COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Preferred stock dividend requirement on a pre-tax basis..... -- -- -- -- --
Total fixed charges, excluding interest on deposits......... $ 747 $1,367 $1,820 $1,649 $1,517
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Combined fixed charges and preferred stock dividends,
excluding interest on deposits....................... 747 1,367 1,820 1,649 1,517
Interest on deposits........................................ 897 1,478 1,768 1,305 1,359
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Combined fixed charges and preferred stock dividends,
including interest on deposits....................... $1,644 $2,845 $3,588 $2,954 $2,876
====== ====== ====== ====== ======
RATIO OF EARNINGS TO FIXED CHARGES
Excluding deposit interest.................................. 2.76X 1.19x 1.83x 2.02x 1.97x
Including deposit interest.................................. 1.80X 1.09x 1.42x 1.57x 1.51x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Excluding deposit interest.................................. 2.76X 1.19x 1.83x 2.02x 1.97x
Including deposit interest.................................. 1.80X 1.09x 1.42x 1.57x 1.51x
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