Officers’ Certificate and Company Order – Notes – KeyCorp

KEYCORP

Senior Medium-Term Notes, Series K

Officers153 Certificate and Company Order

Pursuant to the Indenture dated as of June 10, 1994 and supplemented as of
November 14, 2001, relating to unsecured and unsubordinated notes (the
“Indenture”) between KeyCorp, an Ohio corporation (the “Company153), and Deutsche
Bank Trust Company Americas, as Trustee (the “Trustee”), and resolutions adopted
by the Company153s Board of Directors on May 15, 2008, this Officers153 Certificate
and Company Order is being delivered to the Trustee to establish the terms of a
series of Securities in accordance with Section 301 of the Indenture, to
establish the forms of the Securities of such series in accordance with Section
201 of the Indenture, and to establish the procedures for the authentication and
delivery of specific Securities from time to time pursuant to Section 303 of the
Indenture. As authorized by the Indenture, this Officers153 Certificate and
Company Order has the same effect as, and is being used in lieu of, a
supplemental indenture thereto.

All conditions precedent provided for in the Indenture relating to the
establishment of (i) a series of Securities, (ii) the forms of such series of
Securities, and (iii) the procedures for the authentication and delivery of such
series of Securities have been complied with.

Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to them in the Indenture.

A. Establishment of Series pursuant to Section 301 of the Indenture.

There is hereby established pursuant to Section 301 of the Indenture a series
of Securities which shall have the following terms (the numbered clauses set
forth below correspond to the numbered subsections of Section 301 of the
Indenture):

(1) The Securities of such series shall bear the title “Senior Medium-Term
Notes, Series K” (referred to herein as the “Notes”).

(2) The aggregate principal amount of the Notes of such series to be issued
pursuant to this Officers153 Certificate is unlimited.

(3) (a) Each Note within such series shall mature on a date 9 months or more
from its date of issue as specified in such Note and in the applicable Pricing
Supplement; provided, however, that no Commercial Paper Rate Note (as defined
below) shall mature less than 9 months and 1 day from its date of issue. If the
Maturity Date or Redemption Date specified in the applicable Pricing Supplement
for any Note is a day that is not a Business Day, principal will be paid on the
next day that is a Business Day with the same force and effect as if made on
such specified Maturity Date or Redemption Date, as applicable. With respect to
the Notes of this series, unless otherwise defined in the Pricing Supplement,
(i) “Business Day” means any day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which commercial banks are authorized or
required by law, regulation or executive order to close in The City of New York;

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provided, however, that, with respect to foreign currency notes, such day is
also not a day on which commercial banks are authorized or required by law,
regulation or executive order to close in the principal financial center (as
defined) of the country issuing the specified currency (or, if the specified
currency is the euro and for EURIBOR Notes (as defined below), such day is also
a day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System is open, which we refer to as a TARGET business day);
provided, further, that, with respect to notes as to which LIBOR is an
applicable interest rate basis, such day is also a London Business Day; (ii)
“London Business Day” means a day on which commercial banks are open for
business (including dealings in the designated LIBOR currency) in London; and
(iii) “principal financial center” means (1) the capital city of the country
issuing the specified currency or (2) the capital city of the country to which
the designated LIBOR currency relates, as applicable, except, in the case of (1)
or (2) above, that with respect to United States dollars, Australian dollars,
Canadian dollars, euro, New Zealand dollars, South African rand and Swiss
francs, the “principal financial center” shall be The City of New York and
(solely in the case of the specified currency) Sydney, Toronto, London (solely
in the case of the designated LIBOR currency), Wellington, Johannesburg and
Zurich, respectively.

(b) If specified in the applicable Pricing Supplement Notes that the Notes
are “Renewable Notes”, the Renewable Notes will mature on an interest payment
date as specified in the applicable Pricing Supplement (the “initial maturity
date”), unless the maturity of all or any portion of the principal amount is
extended as described below. On the interest payment dates in June and December
each year (unless different interest payment dates are specified in the Pricing
Supplement), which are “election dates”, the maturity of the Renewable Notes
will be extended to the interest payment date occurring 12 months after the
election date, unless the holder elects to terminate the automatic extension of
the maturity of the Renewable Notes or any portion having a principal amount of
$1,000 or any multiple of $1,000 in excess thereof. To terminate, notice has to
be delivered to the paying agent not less than nor more than the number of days
specified in the applicable Pricing Supplement prior to the related election
date. The option may be exercised with respect to less than the entire principal
amount of the Renewable Notes so long as the principal amount for which the
option is not exercised is at least $1,000 or any larger amount that is an
integral multiple of $1,000. The maturity of the Renewable Notes may not be
extended beyond the final maturity date that is set forth in the applicable
Pricing Supplement. If the holder elects to terminate the automatic extension of
the maturity and the election is not revoked, then the portion of the Renewable
Note for which election was made will become due and payable on the interest
payment date, unless another date is set forth in the Pricing Supplement,
falling six months after the election date prior to which the holder made such
election. An election to terminate the automatic extension of maturity may be
revoked as to any portion of the Renewable Notes having a principal amount of
$1,000 or any multiple of $1,000 in excess thereof by delivering a notice to the
paying agent on any day following the effective date of the election to
terminate the automatic extension and prior to the date 15 days before the date
on which the portion would have matured.

(c) If specified in the applicable Pricing Supplement Notes that the Notes
are “Extendible Notes”, the Company has the option to extend the stated maturity
of such

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Extendible Notes for an extension period. Such an extension period is one or
more periods of one to five whole years, up to but not beyond the final maturity
date described in the related Pricing Supplement. The Company may exercise its
option to extend the Extendible Note by notifying the applicable trustee (or any
duly appointed paying agent) at least 50 but not more than 60 days prior to the
then effective maturity date. If the Company elects to extend the Extendible
Note, the Trustee (or paying agent) will mail (at least 40 days prior to the
maturity date) to the registered holder of the Extendible Note a notice
(“Extension Notice”) informing the holder of its election, the new maturity date
and any updated terms. Upon the mailing of the Extension Notice, the maturity of
such Extendible Note will be extended automatically as set forth in the
Extension Notice. However, the Company may, not later than 20 days prior to the
maturity date of an Extendible Note (or, if such date is not a Business Day, on
the immediately succeeding Business Day), at its option, establish a higher
interest rate, in the case of a Fixed Rate Note, or a higher spread and/or
spread multiplier, in the case of a Floating Rate Note, for the extension period
by mailing or causing the Trustee (or paying agent) to mail notice of such
higher interest rate or higher spread and/or spread multiplier to the holder of
the Extendible Note. The notice will be irrevocable. If the Company elects to
extend the maturity of an Extendible Note, the holder of the note will have the
option to instead elect repayment of the note by the Company on the then
effective maturity date. In order for an Extendible Note to be so repaid on the
maturity date, the Company must receive, at least 25 days but not more than 35
days prior to the maturity date: (i) the Extendible Note with the form “Option
to Elect Repayment” on the reverse of the Extendible Note duly completed; or
(ii) a facsimile transmission, telex or a letter from a member of a national
securities exchange or the Financial Industry Regulatory Authority, Inc.
(“FINRA”) or a commercial bank or trust company in the United States setting
forth the name of the holder of the Extendible Note, the principal amount of the
Extendible Note, the principal amount of the Extendible Note to be repaid, the
certificate number or a description of the tenor and terms of the Extendible
Note, a statement that the option to elect repayment is being exercised thereby
and a guarantee that the Extendible Note to be repaid, together with the duly
completed form entitled “Option to Elect Repayment” on the reverse of the
Extendible Note, will be received by the Trustee (or paying agent) not later
than the fifth Business Day after the date of the facsimile transmission, telex
or letter; provided, however, that the facsimile transmission, telex or letter
will only be effective if the Trustee or paying agent receives the Extendible
Note and form duly completed by that fifth business day. A holder of an
Extendible Note may exercise this option for less than the aggregate principal
amount of the Extendible Note then outstanding if the principal amount of the
Extendible Note remaining outstanding after repayment is an authorized
denomination.

(4) Each Note within such series that bears interest will bear interest at
either (a) a fixed rate (the “Fixed Rate Notes”), (b) a floating rate determined
by reference to one or more base rates, which may be adjusted by a Spread and/or
Spread Multiplier (each as defined below) (the “Floating Rate Notes”), or (c) an
indexed rate (the “Indexed Notes”). Notes within such series may also be issued
as “Zero Coupon Notes” which do not provide for any periodic payments of
interest. Notes may be issued as Original Issue Discount Notes at a discount
from the principal amount thereof due at the stated maturity as specified in the
applicable Pricing Supplement. Any Floating Rate Note may also have either or
both of the following as set forth in

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the applicable Pricing Supplement: (i) a maximum interest rate limitation, or
ceiling, on the rate at which interest will accrue during any Interest Reset
Period (as defined below); and (ii) a minimum interest rate limitation, or
floor, on the rate at which interest will accrue during any Interest Reset
Period. The interest rate on a Note will in no event be higher than the maximum
rate permitted by New York law as the same may be modified by United States law
of general application. Under present New York law, the maximum rate of interest
is 25% per annum on a simple interest basis. This limit may not apply to Notes
in which $2,500,000 or more has been invested. The applicable Pricing Supplement
may designate any of the following interest rate bases or formulas (“Base
Rates”) as applicable to each Floating Rate Note: (a) the CD Rate, in which case
such Note will be a “CD Rate Note”; (b) the CMS Rate, in which case such Note
will be a “CMS Rate Note”; (c) the CMT Rate, in which case such Note will be a
“CMT Rate Note”; (d) the Commercial Paper Rate, in which case such Note will be
a “Commercial Paper Rate Note”; (e) the Eleventh District Cost of Funds Rate, in
which case such Note will be an “Eleventh District Cost of Funds Rate Note”; (f)
EURIBOR, in which case such note will be a “EURIBOR Note”; (g) the Federal Funds
Rate, in which case such Note will be a “Federal Funds Rate Note”; (h) LIBOR, in
which case such Note will be a “LIBOR Note”; (i) the Prime Rate, in which case
such Note will be a “Prime Rate Note”; (j) the Treasury Rate, in which case such
Note will be a “Treasury Rate Note”; or (k) one or more other Base Rates.

The interest rate on each Floating Rate Note for each Interest Period will be
determined by reference to the applicable Base Rates specified in the applicable
Pricing Supplement for such Interest Period, plus or minus the applicable
Spread, if any, or multiplied by the applicable Spread Multiplier, if any. The
“Spread” is the number of basis points, each one-hundredth of a percentage
point, specified in the applicable Pricing Supplement to be added or subtracted
from the Base Rate for a Floating Rate Note. The “Spread Multiplier” is the
percentage specified in the applicable Pricing Supplement to be applied to the
Base Rate for a Floating Rate Note.

Each Note that bears interest will bear interest from and including its date
of issue or from and including the most recent Interest Payment Date to which
interest on such Note (or one or more predecessor Notes) has been paid or duly
provided for (i) at the fixed rate per annum applicable to the related Interest
Period, (ii) at the rate determined pursuant to the applicable index, or (iii)
at a rate per annum determined pursuant to the Base Rates applicable to the
related Interest Period or Interest Periods, in each case as specified therein
and in the applicable Pricing Supplement, until the principal thereof is paid or
made available for payment. Interest will be payable on each Interest Payment
Date and at maturity or upon redemption. The first payment of interest on any
Note originally issued after a Regular Record Date and on or before an Interest
Payment Date will be made on the Interest Payment Date following the next
succeeding Regular Record Date to the registered holder on such next succeeding
Regular Record Date. Interest rates and Base Rates are subject to change by the
Company from time to time but no such change will affect any Note theretofore
issued or which the Company has agreed to issue. Unless otherwise specified in
the applicable Pricing Supplement, the “Interest Payment Dates” and the “Regular
Record Dates” for Fixed Rate Notes shall be as described below under “Fixed Rate
Notes” and the “Interest Payment Dates” and the “Regular Record Dates” for
Floating Rate Notes shall be as described below under “Floating Rate Notes”.

The applicable Pricing Supplement will specify: (i) the issue price, Interest
Payment Dates and Regular Record Dates; (ii) with respect to any Fixed Rate
Note, the interest rate; (iii)

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with respect to any Index Note, the index; (iv) with respect to any Floating
Rate Note, the Initial Interest Rate (as defined below), the method (which may
vary from Interest Period to Interest Period) of calculating the interest rate
applicable to each Interest Period (including, if applicable, the fixed rate per
annum applicable to one or more Interest Periods, the period to maturity of any
instrument on which the Base Rate for any Interest Period is predicated (the
“Index Maturity”), the Spread and/or Spread Multiplier, the Interest
Determination Dates (as defined below), the Interest Reset Dates and any minimum
or maximum interest rate limitations); (v) whether such Note is an Original
Issue Discount Note; and (vi) any other terms related to interest on the Notes.

Fixed Rate Notes.

Each Fixed Rate Note (except a Zero Coupon Note), whether or not issued as an
Original Issue Discount Note, will bear interest at the annual rate specified
therein and in the applicable Pricing Supplement. Unless otherwise specified in
the applicable Pricing Supplement, the Interest Payment Dates for the Fixed Rate
Notes will be on June 15 and December 15 of each year and at maturity or upon
redemption and the Regular Record Dates for the Fixed Rate Notes will be June 1
and December 1, respectively. Unless otherwise specified in the applicable
Pricing Supplement, interest payments for Fixed Rate Notes shall be the amount
of interest accrued to, but excluding, the relevant Interest Payment Date.
Interest on Fixed Rate Notes will be computed and paid on the basis of a 360-day
year of twelve 30-day months. In the event that any Interest Payment Date or any
applicable Redemption Date on a Fixed Rate Note is not a Business Day, such
Interest Payment Date or Redemption Date shall be postponed to the next day that
is a Business Day, and no interest will accrue for the period from and after the
scheduled Interest Payment Date or Redemption Date, as the case may be.

A Fixed Rate Note may pay amounts in respect of both interest and principal
amortized over the life of the Note (an “Amortizing Note”). Payments of
principal and interest on Amortizing Notes will be made on the Interest Payment
Dates specified in the applicable Pricing Supplement, and at the Maturity Date
or any earlier Redemption Date. Payments on Amortizing Notes will be applied
first to interest due and payable and then to the reduction of unpaid principal
amount.

Floating Rate Notes.

Unless otherwise specified in the applicable Pricing Supplement and except as
provided below, interest on Floating Rate Notes will be payable on the following
Interest Payment Dates: in the case of Floating Rate Notes (other than Eleventh
District Cost of Funds Rate Notes) with interest payable monthly, on the third
Wednesday of each month of each year; in the case of Eleventh District Cost of
Funds Rate Notes, on the first calendar day of each month as specified in the
applicable Pricing Supplement; in the case of Floating Rate Notes with interest
payable quarterly, on the third Wednesday of March, June, September and December
of each year; in the case of Floating Rate Notes with interest payable
semiannually, on the third Wednesday of the two months of each year specified in
the applicable Pricing Supplement; and in the case of Floating Rate Notes with
interest payable annually, on the third Wednesday of the month of each year
specified in the applicable Pricing Supplement. Interest will also be paid at
maturity or upon redemption. Unless otherwise specified in the applicable
Pricing Supplement, the Regular Record Dates for the Floating Rate Notes will be
the day (whether or not a Business Day) fifteen

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calendar days preceding each Interest Payment Date. In the event that any
Interest Payment Date for any Floating Rate Note is not a Business Day, such
Interest Payment Date shall be postponed to the next day that is a Business Day,
provided that, for LIBOR and EURIBOR notes, if such Business Day is in the next
succeeding calendar month, such Interest Payment Date shall be the immediately
preceding Business Day.

The rate of interest on each Floating Rate Note will be reset daily, weekly,
monthly, quarterly, semi-annually, annually or on some other basis (such
specified period, an “Interest Reset Period”, and the date on which each such
reset occurs, an “Interest Reset Date”), as specified in the applicable Pricing
Supplement. Unless otherwise specified in the applicable Pricing Supplement, the
Interest Reset Date will be as follows: in the case of Floating Rate Notes which
are reset daily, each Business Day; in the case of Floating Rate Notes (other
than Treasury Rate Notes) which are reset weekly, the Wednesday of each week; in
the case of Floating Rate Notes that are Treasury Rate Notes which are reset
weekly, the Tuesday of each week (except if the auction date falls on a Tuesday,
then the next Business Day, as provided below); in the case of Floating Rate
Notes which are reset monthly, the third Wednesday of each month; in the case of
Floating Rate Notes which are reset quarterly, the third Wednesday of March,
June, September and December of each year; in the case of Floating Rate Notes
which are reset semi-annually, the third Wednesday of the two months of each
year specified in the applicable Pricing Supplement; and in the case of Floating
Rate Notes which are reset annually, the third Wednesday of the month of each
year specified in the applicable Pricing Supplement.

The interest rate in effect from the date of issue to the first Interest
Reset Date with respect to a Floating Rate Note (the “Initial Interest Rate”)
will be as specified in the applicable Pricing Supplement. If any Interest Reset
Date for any Floating Rate Note would otherwise be a day that is not a Business
Day, such Interest Reset Date shall be postponed to the next day that is a
Business Day, provided that, for LIBOR and EURIBOR notes, if such Business Day
is in the next succeeding calendar month, such Interest Reset Date shall be the
immediately preceding Business Day.

Unless otherwise specified in the applicable Pricing Supplement, the interest
rate determined with respect to any Interest Determination Date will become
effective on and as of the next succeeding Interest Reset Date. As used herein,
“Interest Determination Date” means the date as of which the new interest rate
is determined for a particular Interest Reset Date, based on the applicable
interest rate basis or formula as of that Interest Determination Date and
calculated on the related Calculation Date. The “Calculation Date” is the date
by which the calculation agent will determine the new interest rate that became
effective on a particular Interest Reset Date based on the applicable interest
rate basis or formula on the Interest Determination Date. The Interest
Determination Date for all Floating Rate Notes (except LIBOR Notes, EURIBOR
Notes, Treasury Rate Notes and Eleventh District Cost of Funds Rate Notes) will
be the second Business Day before the Interest Reset Date. The Interest
Determination Date in the case of LIBOR Notes will be the second London Business
Day immediately preceding the applicable Interest Reset Date, unless the
designated LIBOR currency is British pounds sterling, in which case the Interest
Determination Date will be the applicable Interest Reset Date. For EURIBOR
Notes, the Interest Determination Date will be the second TARGET business day
before the applicable Interest Reset Date.

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The Interest Determination Date for Treasury Rate Notes will be the day of
the week in which the Interest Reset Date falls on which Treasury bills of the
same index maturity are normally auctioned. Treasury bills are usually sold at
auction on Monday of each week, unless that day is a legal holiday, in which
case the auction is usually held on Tuesday. Sometimes, the auction is held on
the preceding Friday. If an auction is held on the preceding Friday, that day
will be the Interest Determination Date relating to the Interest Reset Date
occurring in the next week. If an auction date falls on any interest reset date,
then the Interest Reset Date will instead be the first Business Day immediately
following the auction date. The Interest Determination Date for an Eleventh
District Cost of Funds Rate Note is the last Business Day of the month
immediately preceding the applicable Interest Reset Date on which the Federal
Home Loan Bank of San Francisco published the index.

Each interest payment on a floating rate note will include interest accrued
from, and including, the issue date or the last interest payment date, as the
case may be, to, but excluding, the following interest payment date or the
maturity date, as the case may be. Accrued interest on a Floating Rate Note will
be calculated by multiplying the principal amount of a note by an accrued
interest factor (the “Accrued Interest Factor”). The Accrued Interest Factor is
the sum of the interest factors calculated for each day in the period for which
accrued interest is being calculated. The interest factor for each day is
computed by dividing the interest rate in effect on that day by (1) the actual
number of days in the year, in the case of Treasury Rate Notes or CMT Rate
Notes, or (2) 360, in the case of other Floating Rate Notes. All percentages
resulting from any calculation are rounded to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point rounded
upward. For example, 9.876545% (or .09876545) will be rounded to 9.87655% (or
.0987655). All currency amounts used in or resulting from such calculation will
be rounded to the nearest one-hundredth of a unit (with five one-thousandths of
a unit being rounded upward).

Unless otherwise specified in the applicable Pricing Supplement, KeyBank
National Association will be the “calculation agent”. Unless otherwise specified
in the applicable Pricing Supplement, the “calculation date”, if applicable,
pertaining to any Interest Determination Date on a Floating Rate Note will be
the earlier of (i) the tenth calendar day after such Interest Determination
Date, or, if any such day is not a Business Day, the next succeeding Business
Day, and (ii) the Business Day immediately preceding the relevant Interest
Payment Date, or the maturity date, as the case may be.

CD Rate Notes. CD Rate Notes will bear interest for each interest
reset period at an interest rate equal to the CD Rate, plus or minus any Spread,
and/or multiplied by any Spread Multiplier as specified in such CD Rate Note and
in the applicable Pricing Supplement. CD Rate Notes will be subject to the
minimum interest rate or the maximum interest rate, if any, as specified in the
applicable Pricing Supplement.

The “CD Rate” for any Interest Determination Date is the rate on that date
for negotiable U.S. dollar certificates of deposit having the index maturity
described in the related pricing supplement, as published in H.15(519) prior to
3:00 p.m., New York City time, on the calculation date, for that interest
determination date under the heading “CDs (secondary market).” The index
maturity is the period to maturity of the instrument or obligation with respect
to which the related interest rate basis or formulae will be calculated.

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The calculation agent will observe the following procedures if the CD Rate
cannot be determined as described above:

(I) If the above described rate is not published in H.15(519) by 3:00 p.m.,
New York City time, on the calculation date, the CD Rate will be the rate on
that Interest Determination Date for negotiable certificates of deposit of the
index maturity described in the pricing supplement as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of
displaying such rate, under the caption “CDs (secondary market).”

(II) If that rate is not published in H.15(519), H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time, on the
calculation date, then the calculation agent will determine the CD Rate to be
the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New
York City time, on that Interest Determination Date, quoted by three leading
non-bank dealers of negotiable U.S. dollar certificates of deposit in New York
City for negotiable U.S. dollar certificates of deposit of major United States
money-center banks (in the market for negotiable certificates of deposit) with a
remaining maturity closest to the index maturity described in the pricing
supplement. The calculation agent will select the three dealers referred to
above.

(III) If fewer than three dealers are quoting as mentioned above, the CD Rate
will remain the CD Rate then in effect on that Interest Determination Date.

As referenced above, “H.15(519)” means the weekly statistical release
designated as such, or any successor publication, published by the Board of
Governors of the Federal Reserve System. “H.15 Daily Update” means the daily
update of H.15(519), available through the Internet site of the Board of
Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update, or any successor site or
publication.

CMS Rate Notes. CMS Rate Notes will bear interest for each Interest
Reset Period at an interest rate based on the CMS Rate, plus or minus any
Spread, and/or multiplied by any Spread Multiplier, and will be subject to the
minimum interest rate or the maximum interest rate, if any, as specified in the
applicable Pricing Supplement.

Unless otherwise set forth in the applicable Pricing Supplement, the CMS Rate
for each Interest Reset Period will be the rate on the applicable Interest
Determination Date for the designated maturity specified in the Pricing
Supplement that appears on Reuters Screen ISDAFIX1 as of 11:00 a.m., New York
city time.

The following procedures will be followed if the CMS Rate cannot be
determined as described above:

(I) If the above rate is not displayed by 11:00 a.m. New York City time, the
rate for such date shall be determined as if the parties had specified
“USD-CMS-Reference Banks” as the applicable rate. “USD-CMS-Reference Banks”
means, on any Interest Determination Date, the rate determined on the basis of
the mid-market semi-annual swap rate quotations provided by the Reference Banks
at approximately 11:00 a.m., New York city time on such Interest Determination
Date; and for this purpose, the semi-annual swap rate means the mean of the bid
and offered rates for the semi-annual fixed leg, calculated on a 30/360 day
count basis, of a

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fixed-for-floating U.S. Dollar interest rate swap transaction with a term
equal to the designated maturity commencing on that date and in a representative
amount with an acknowledged dealer of good credit in the swap market, where the
floating leg, calculated on an actual/360 day count basis, is equivalent to
USD-LIBOR-BBA with the designated maturity specified in the applicable Pricing
Supplement. The rate for that date will be the arithmetic mean of the
quotations, eliminating the highest quotation (or, in the event of equality, one
of the highest) and the lowest quotation (or, in the event of equality, one of
the lowest).

(II) If no rate is available as described above, the CMS Rate for the new
Interest Reset Period will be the same as for the immediately preceding Interest
Reset Period. If there was no such interest reset period, the CMS Rate will be
the initial interest rate.

Constant Maturity Treasury (CMT) Rate Notes. CMT Rate Notes will bear
interest at the interest rates calculated with reference to the CMT Rate, plus
or minus any Spread, and/or multiplied by any Spread Multiplier, if any, as
specified in the CMT Rate Notes and in the applicable Pricing Supplement. CMT
Rate Notes will be subject to the minimum and the maximum interest rate, if any,
as specified in the applicable Pricing Supplement.

Unless otherwise specified in the applicable Pricing Supplement, “CMT Rate”
means, with respect to any Interest Determination Date relating to a Floating
Rate Note for which the interest rate is determined with reference to the CMT
Rate (a “CMT Rate Interest Determination Date”):

(I) If “Reuters Page FRBCMT” is the specified CMT Reuters Page in the
applicable Pricing Supplement, the CMT Rate on the CMT Rate Interest
Determination Date shall be a percentage equal to the yield for United States
Treasury securities at “constant maturity” having the Index Maturity specified
in the applicable Pricing Supplement as set forth in H.15(519) under the caption
“Treasury constant maturities,” as such yield is displayed on Reuters (or any
successor service) on page FRBCMT (or any other page as may replace such page on
such service) (“Reuters Page FRBCMT”) for such CMT Rate Interest Determination
Date. The calculation agent will follow the following procedures if the Reuters
Page FRBCMT CMT Rate cannot be determined as described in the preceding
sentence:

a. If such rate does not appear on Reuters Page FRBCMT, the CMT Rate on such
CMT Rate Interest Determination Date shall be a percentage equal to the yield
for United States Treasury securities at “constant maturity” having the index
maturity specified in the applicable Pricing Supplement and for such CMT Rate
Interest Determination Date as set forth in H.15(519) under the caption
“Treasury constant maturities.”

b. If such rate does not appear in H.15(519), the CMT Rate on such CMT Rate
Interest Determination Date shall be the rate for the period of the index
maturity specified in the applicable Pricing Supplement as may then be published
by either the Federal Reserve Board or the United States Department of the
Treasury that the calculation agent determines to be comparable to the rate that
would otherwise have been published in H.15(519).

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c. If the Federal Reserve Board or the United States Department of the
Treasury does not publish a yield on United States Treasury securities at
“constant maturity” having the index maturity specified in the applicable
Pricing Supplement for such CMT Rate Interest Determination Date, the CMT Rate
on such CMT Rate Interest Determination Date shall be calculated by the
calculation agent and shall be a yield-to-maturity based on the arithmetic mean
of the secondary market bid prices at approximately 3:30 p.m., New York City
time, on such CMT Rate Interest Determination Date of three leading primary
United States government securities dealers in New York City (which may include
the agents or their affiliates) (each, a “reference dealer”) selected by the
calculation agent from five such reference dealers selected by the calculation
agent and eliminating the highest quotation (or, in the event of equality, one
of the highest) and the lowest quotation (or, in the event of equality, one of
the lowest) for United States Treasury securities with an original maturity
equal to the index maturity specified in the applicable pricing supplement, a
remaining term to maturity no more than one year shorter than such index
maturity and in a principal amount that is representative for a single
transaction in such securities in such market at such time.

d. If fewer than three prices are provided as requested, the CMT Rate on such
CMT Rate Interest Determination Date shall be calculated by the calculation
agent and shall be a yield-to-maturity based on the arithmetic mean of the
secondary market bid prices as of approximately 3:30 p.m., New York City time,
on such CMT Rate Interest Determination Date of three reference dealers selected
by the calculation agent from five such reference dealers selected by the
calculation agent and eliminating the highest quotation (or, in the event of
equality, one of the highest) and the lowest quotation (or, in the event of
equality, one of the lowest) for United States Treasury securities with an
original maturity greater than the index maturity specified in the applicable
pricing supplement, a remaining term to maturity closest to such index maturity
and in a principal amount that is representative for a single transaction in
such securities in such market at such time. If two such United States Treasury
securities with an original maturity greater than the index maturity specified
in the applicable pricing supplement have remaining terms to maturity equally
close to such index maturity, the quotes for the treasury security with the
shorter original term to maturity will be used. If fewer than five but more than
two such prices are provided as requested, the CMT Rate on such CMT Rate
Interest Determination Date shall be calculated by the calculation agent and
shall be based on the arithmetic mean of the bid prices obtained and neither the
highest nor the lowest of such quotations shall be eliminated; provided,
however, that if fewer than three such prices are provided as requested, the CMT
Rate determined as of such CMT Rate Interest Determination Date shall be the CMT
Rate in effect on such CMT Rate Interest Determination Date.

(II) If “Reuters Page FEDCMT” is the specified CMT Reuters Page in the
applicable Pricing Supplement, the CMT Rate on the CMT Rate Interest
Determination Date shall be a percentage equal to the one-week or one-month, as
specified in the applicable Pricing Supplement, average yield for United States
Treasury securities at “constant maturity” having the index maturity specified
in the applicable Pricing Supplement as set forth in H.15(519) opposite the
caption “Treasury Constant Maturities,” as such yield is displayed on Reuters on
page FEDCMT (or any other page as may replace such page on such service)
(“Reuters Page

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FEDCMT”) for the week or month, as applicable, ended immediately preceding
the week or month, as applicable, in which such CMT Rate Interest Determination
Date falls. The calculation agent will follow the following procedures if the
Reuters Page FEDCMT CMT Rate cannot be determined as described in the preceding
sentence:

a. If such rate does not appear on Reuters Page FEDCMT, the CMT Rate on such
CMT Rate Interest Determination Date shall be a percentage equal to the one-week
or one-month, as specified in the applicable Pricing Supplement, average yield
for United States Treasury securities at “constant maturity” having the index
maturity specified in the applicable pricing supplement for the week or month,
as applicable, preceding such CMT Rate Interest Determination Date as set forth
in H.15(519) opposite the caption “Treasury Constant Maturities.”

b. If such rate does not appear in H.15(519), the CMT Rate on such CMT Rate
Interest Determination Date shall be the one-week or one-month, as specified in
the applicable pricing supplement, average yield for United States Treasury
securities at “constant maturity” having the index maturity specified in the
applicable Pricing Supplement as otherwise announced by the Federal Reserve Bank
of New York for the week or month, as applicable, ended immediately preceding
the week or month, as applicable, in which such CMT Rate Interest Determination
Date falls.

c. If the Federal Reserve Bank of New York does not publish a one-week or
one-month, as specified in the applicable pricing supplement, average yield on
United States Treasury securities at “constant maturity” having the index
maturity specified in the applicable Pricing Supplement for the applicable week
or month, the CMT Rate on such CMT Rate Interest Determination Date shall be
calculated by the calculation agent and shall be a yield-to-maturity based on
the arithmetic mean of the secondary market bid prices at approximately 3:30
p.m., New York City time, on such CMT Rate Interest Determination Date of three
reference dealers selected by the calculation agent from five such reference
dealers selected by the calculation agent and eliminating the highest quotation
(or, in the event of equality, one of the highest) and the lowest quotation (or,
in the event of equality, one of the lowest) for United States Treasury
securities with an original maturity equal to the index maturity specified in
the applicable Pricing Supplement, a remaining term to maturity of no more than
one year shorter than such index maturity and in a principal amount that is
representative for a single transaction in such securities in such market at
such time.

d. If fewer than five but more than two such prices are provided as
requested, the CMT Rate on such CMT Rate Interest Determination Date shall be
the rate on the CMT Rate Interest Determination Date calculated by the
calculation agent based on the arithmetic mean of the bid prices obtained and
neither the highest nor the lowest of such quotation shall be eliminated.

e. If fewer than three prices are provided as requested, the CMT Rate on such
CMT Rate Interest Determination Date shall be calculated by the calculation
agent and shall be a yield-to-maturity based on the arithmetic mean of the
secondary market bid prices as of approximately 3:30 p.m., New York City time,
on such CMT Rate interest

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determination date of three reference dealers selected by the calculation
agent from five such reference dealers selected by the calculation agent and
eliminating the highest quotation (or, in the event of equality, one of the
highest) and the lowest quotation (or, in the event of equality, one of the
lowest) for United States Treasury securities with an original maturity longer
than the index maturity specified in the applicable pricing supplement, a
remaining term to maturity closest to such index maturity and in a principal
amount that is representative for a single transaction in such securities in
such market at such time. If two United States Treasury securities with an
original maturity greater than the index maturity specified in the applicable
pricing supplement have remaining terms to maturity equally close to such index
maturity, the quotes for the Treasury security with the shorter original term to
maturity will be used. If fewer than five but more than two such prices are
provided as requested, the CMT Rate on such CMT Rate Interest Determination Date
shall be the rate on the CMT Rate Interest Determination Date calculated by the
calculation agent based on the arithmetic mean of the bid prices obtained and
neither the highest nor lowest of such quotations shall be eliminated; provided,
however, that if fewer than three such prices are provided as requested, the CMT
Rate determined as of such CMT Rate determination date shall be the CMT Rate in
effect on such CMT Rate Interest Determination Date.

Commercial Paper Rate Notes. Commercial Paper Rate Notes will bear
interest for each interest reset period at an interest rate equal to the
Commercial Paper Rate, plus or minus any Spread, and/or multiplied by any Spread
Multiplier, as specified in such Commercial Paper Rate Note and the applicable
Pricing Supplement, and will be subject to the minimum interest rate or the
maximum interest rate, if any, as specified in the applicable Pricing
Supplement.

The “Commercial Paper Rate” for any Interest Determination Date is the money
market yield (as defined below) of the rate on that date for commercial paper
having the index maturity described in the related pricing supplement, as
published in H.15(519) under the heading “Commercial Paper : Nonfinancial” prior
to 3:00 p.m., New York City time, on the calculation date for that Interest
Determination Date.

The calculation agent will observe the following procedures if the Commercial
Paper Rate cannot be determined as described above:

(I) If the above rate is not published in H.15(519) by 3:00 p.m., New York
City time, on the calculation date, the Commercial Paper Rate will be the money
market yield of the rate on that Interest Determination Date for commercial
paper having the index maturity described in the Pricing Supplement, as
published in H.15 Daily Update, or such other recognized electronic source used
for the purpose of displaying such rate, under the caption “Commercial Paper :
Nonfinancial.”

(II) If that rate is not published in H.15(519), H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time, on the
calculation date, then the calculation agent will determine the Commercial Paper
Rate to be the money market yield of the arithmetic mean of the offered rates of
three leading dealers of U.S. dollar commercial paper in New York City as of
11:00 a.m., New York City time, on that Interest Determination Date for
commercial paper having the index maturity described in the pricing supplement
placed for an

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industrial issuer whose bond rating is “AA”, or the equivalent, from a
nationally recognized securities rating organization. The calculation agent will
select the three dealers referred to above.

(III) If fewer than three dealers selected by the calculation agent are
quoting as mentioned above, the Commercial Paper Rate will remain the Commercial
Paper Rate then in effect on that Interest Determination Date.

“Money Market Yield” shall be a yield (expressed as a percentage) calculated
in accordance with the following formula:

		Money Market Yield =		D x 360 360 : (D x M)		x 100

where “D” refers to the applicable annual rate for the commercial paper,
quoted on a bank discount basis and expressed as a decimal, and “M” refers to
the actual number of days in the interest period for which the interest is being
calculated.

Eleventh District Cost of Funds Rate Notes. Eleventh District Cost of
Funds Rate Notes will bear interest for each interest reset period based on the
Eleventh District Cost of Funds Rate and any Spread and/or Spread Multiplier and
will be subject to the minimum interest rate or the maximum interest rate, if
any, specified in the applicable Pricing Supplement.

Unless otherwise set forth in the applicable Pricing Supplement, the Eleventh
District Cost of Funds Rate for each Interest Reset Period will be the rate on
the applicable Interest Determination Date equal to the monthly weighted average
cost of funds for the calendar month preceding the interest determination date
as displayed under the caption “11TH DIST COFI” on Reuters Page COFI/ARMS.
“Reuters Page COFI/ARMS” means the display page designated as page COFI/ARMS on
Reuters, or any successor service or page, for the purpose of displaying the
monthly weighted average cost of funds paid by member institutions of the
Eleventh Federal Home Loan Bank District, as of 11:00 a.m., San Francisco time,
on such Interest Determination Date.

The following procedures will be followed if the Eleventh District Cost of
Funds Rate cannot be determined as described above:

(I) If the above rate is not displayed on the applicable Interest
Determination Date, the Eleventh District Cost of Funds Rate will be the
Eleventh District Cost of Funds Rate index on the applicable Interest
Determination Date.

(II) If the Federal Home Loan Bank (“FHLB”) of San Francisco fails to
announce the rate for the calendar month next preceding the applicable Interest
Determination Date, then the Eleventh District Cost of Funds Rate for the new
interest reset period will be the same as for the immediately preceding Interest
Reset Period. If there was no such Interest Reset Period, the Eleventh District
Cost of Funds Rate index will be the initial interest rate.

(III) The “Eleventh District Cost of Funds Rate index” will be the monthly
weighted average cost of funds paid by member institutions of the Eleventh
Federal Home Loan Bank

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District that the FHLB of San Francisco most recently announced as the cost
of funds for the calendar month preceding the applicable Interest Determination
Date.

EURIBOR Rate Notes. EURIBOR Notes will bear interest for each interest
reset period at an interest rate equal to EURIBOR, plus or minus any Spread,
and/or multiplied by any Spread Multiplier as specified in such EURIBOR Note and
the applicable Pricing Supplement. The EURIBOR Rate Notes will be subject to the
minimum interest rate or the maximum interest rate, if any, as specified in the
applicable Pricing Supplement.

The calculation agent will determine EURIBOR on each EURIBOR determination
date, which is the second TARGET Business Day prior to the Interest Reset Date
for each Interest Reset Period.

Unless otherwise specified in the applicable Pricing Supplement, EURIBOR
means, with respect to any Interest Determination Date relating to a Floating
Rate Note for which the interest rate is determined with reference to EURIBOR (a
“EURIBOR interest determination date”), a base rate equal to the interest rate
for deposits in euro designated as “EURIBOR” and sponsored jointly by the
European Banking Federation and ACI : the Financial Market Association, or any
company established by the joint sponsors for purposes of compiling and
publishing that rate. EURIBOR will be determined in the following manner:

(I) EURIBOR will be the offered rate for deposits in euro having the Index
Maturity specified in the applicable Pricing Supplement, beginning on the second
TARGET Business Day after such EURIBOR Interest Determination Date, as that rate
appears on Reuters Page EURIBOR 01 as of 11:00 a.m., Brussels time, on such
EURIBOR Interest Determination Date.

(II) If the rate described above does not appear on Reuters Page EURIBOR 01,
EURIBOR will be determined on the basis of the rates, at approximately 11:00
a.m., Brussels time, on such EURIBOR Interest Determination Date, at which
deposits of the following kind are offered to prime banks in the euro-zone
interbank market by the principal euro-zone office of each of four major banks
in that market selected by the calculation agent: euro deposits having such
EURIBOR Index Maturity, beginning on such EURIBOR Interest Reset Date, and in a
representative amount. The calculation agent will request that the principal
euro-zone office of each of these banks provide a quotation of its rate. If at
least two quotations are provided, EURIBOR for such EURIBOR Interest
Determination Date will be the arithmetic mean of the quotations.

(III) If fewer than two quotations are provided as described above, EURIBOR
for such EURIBOR Interest Determination Date will be the arithmetic mean of the
rates for loans of the following kind to leading euro-zone banks quoted, at
approximately 11:00 a.m., Brussels time on that EURIBOR Interest Determination
Date, by three major banks in the euro-zone selected by the calculation agent:
loans of euro having such EURIBOR Index Maturity, beginning on such EURIBOR
Interest Reset Date, and in an amount that is representative of a single
transaction in euro in that market at the time.

If fewer than three banks selected by the calculation agent are quoting as
described above, EURIBOR for the new interest period will be EURIBOR in effect
for the prior interest

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period. If the initial Base Rate has been in effect for the prior interest
period, however, it will remain in effect for the new interest period.

“Euro-zone” means the region comprised of member states of the European Union
that adopt the single currency in accordance with the Treaty establishing the
European Community, as amended by the Treaty on European Union.

Federal Funds Rate Notes. Federal Funds Rate Notes will bear interest
for each Interest Reset Period at an interest rate equal to the Federal Funds
Rate, plus or minus any Spread, and/or multiplied by any Spread Multiplier as
specified in such Federal Funds Rate Note and the applicable Pricing Supplement.
The Federal Funds Rate will be calculated by reference to either the Federal
Funds (Effective) Rate, the Federal Funds Open Rate or the Federal Funds Target
Rate, as specified in the applicable Pricing Supplement. The Federal Funds Rate
will be subject to the minimum interest rate or the maximum interest rate, if
any, specified in the applicable Pricing Supplement.

Unless otherwise specified in the applicable Pricing Supplement, “Federal
Funds Rate” means the rate determined by the calculation agent, with respect to
any Interest Determination Date relating to a Floating Rate Note for which the
interest rate is determined with reference to the Federal Funds Rate (a “Federal
Funds Rate Interest Determination Date”), in accordance with the following
provisions:

(I) If “Federal Funds (Effective) Rate” is the specified Federal Funds Rate
in the applicable Pricing Supplement, the Federal Funds Rate as of the
applicable Federal Funds Rate Interest Determination Date shall be the rate with
respect to such date for United States dollar federal funds as published in
H.15(519) opposite the caption “Federal Funds (effective),” as such rate is
displayed on Reuters on page FEDFUNDS1 (or any other page as may replace such
page on such service) (“Reuters Page FEDFUNDS1”) under the heading “EFFECT,” or,
if such rate is not so published by 3:00 p.m., New York City time, on the
Calculation Date, the rate with respect to such Federal Funds Rate Interest
Determination Date for United States dollar federal funds as published in H.15
Daily Update, or such other recognized electronic source used for the purpose of
displaying such rate, under the caption “Federal funds (effective).” If such
rate does not appear on Reuters Page FEDFUNDS1 or is not yet published in
H.15(519), H.15 Daily Update or another recognized electronic source by 3:00
p.m., New York City time, on the related Calculation Date, then the Federal
Funds Rate with respect to such Federal Funds Rate Interest Determination Date
shall be calculated by the calculation agent and will be the arithmetic mean of
the rates for the last transaction in overnight United States dollar federal
funds arranged by three leading brokers of U.S. dollar federal funds
transactions in New York City (which may include the Agents or their affiliates)
selected by the calculation agent, prior to 9:00 a.m., New York City time, on
the Business Day following such Federal Funds Rate Interest Determination Date;
provided, however, that if the brokers so selected by the calculation agent are
not quoting as mentioned in this sentence, the Federal Funds Rate determined as
of such Federal Funds Rate Interest Determination Date will be the Federal Funds
Rate in effect on such Federal Funds Rate Interest Determination Date without
giving effect to any resetting of the Federal Funds Rate on such Federal Funds
Rate Interest Determination Date.

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(II) If “Federal Funds Open Rate” is the specified Federal Funds Rate in the
applicable Pricing Supplement, the Federal Funds Rate as of the applicable
Federal Funds Rate Interest Determination Date shall be the rate on such date
under the heading “Federal Funds” for the relevant Index Maturity and opposite
the caption “Open” as such rate is displayed on Reuters on page 5 (or any other
page as may replace such page on such service) (“Reuters Page 5”), or, if such
rate does not appear on Reuters Page 5 by 3:00 p.m., New York City time, on the
Calculation Date, the Federal Funds Rate for the Federal Funds Rate Interest
Determination Date will be the rate for that day displayed on FFPREBON Index
page on Bloomberg L.P. (“Bloomberg”), which is the Fed Funds Opening Rate as
reported by Prebon Yamane (or a successor) on Bloomberg. If such rate does not
appear on Reuters Page 5 or is not displayed on FFPREBON Index page on Bloomberg
or another recognized electronic source by 3:00 p.m., New York City time, on the
related Calculation Date, then the Federal Funds Rate on such Federal Funds Rate
Interest Determination Date shall be calculated by the calculation agent and
will be the arithmetic mean of the rates for the last transaction in overnight
United States dollar federal funds arranged by three leading brokers of United
States dollar federal funds transactions in New York City (which may include the
Agents or their affiliates) selected by the calculation agent prior to 9:00
a.m., New York City time, on such Federal Funds Rate Interest Determination
Date; provided, however, that if the brokers so selected by the calculation
agent are not quoting as mentioned in this sentence, the Federal Funds Rate
determined as of such Federal Funds Rate Interest Determination Date will be the
Federal Funds Rate in effect on such Federal Funds Rate Interest Determination
Date without giving effect to any resetting of the Federal Funds Rate on such
Federal Funds Rate Interest Determination Date.

(III) If “Federal Funds Target Rate” is the specified Federal Funds Rate in
the applicable Pricing Supplement, the Federal Funds Rate as of the applicable
Federal Funds Rate Interest Determination Date shall be the rate on such date as
displayed on the FDTR Index page on Bloomberg. If such rate does not appear on
the FDTR Index page on Bloomberg by 3:00 p.m., New York City time, on the
Calculation Date, the Federal Funds Rate for such Federal Funds Rate Interest
Determination Date will be the rate for that day appearing on Reuters Page
USFFTARGET= (or any other page as may replace such page on such service)
(“Reuters Page USFFTARGET=”). If such rate does not appear on the FDTR Index
page on Bloomberg or is not displayed on Reuters Page USFFTARGET= by 3:00 p.m.,
New York City time, on the related Calculation Date, then the Federal Funds Rate
on such Federal Funds Rate Interest Determination Date shall be calculated by
the calculation agent and will be the arithmetic mean of the rates for the last
transaction in overnight United States dollar federal funds arranged by three
leading brokers of United States dollar federal funds transactions in New York
City (which may include the Agents or their affiliates) selected by the
calculation agent prior to 9:00 a.m., New York City time, on such federal funds
rate interest determination date; provided, however, that if the brokers so
selected by the calculation agent are not quoting as mentioned in this sentence,
the Federal Funds Rate determined as of such Federal Funds Rate Interest
Determination Date will be the Federal Funds Rate in effect on such Federal
Funds Rate Interest Determination Date without giving effect to any resetting of
the Federal Funds Rate on such Federal Funds Rate Interest Determination Date.

LIBOR Notes. LIBOR Notes will bear interest for each Interest Reset
Period at an interest rate equal to the London interbank offered rate, referred
to as LIBOR, plus or minus any Spread, and/or multiplied by any Spread
Multiplier, as specified in such LIBOR Note and the

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applicable Pricing Supplement. The LIBOR Notes will be subject to the minimum
interest rate or the maximum interest rate, if any, specified in the applicable
Pricing Supplement.

On each Interest Determination Date, LIBOR will be the rate for deposits in
the designated LIBOR currency having the index maturity specified in such
Pricing Supplement as such rate is displayed on Reuters on page LIBOR01 (or any
other page as may replace such page on such service for the purpose of
displaying the London interbank rates of major banks for the designated LIBOR
currency) (“Reuters Page LIBOR01”) as of 11:00 a.m., London time, on such LIBOR
Interest Determination Date.

On any Interest Determination Date on which no rate is displayed on Reuters
Page LIBOR01, the calculation agent will determine LIBOR as follows:

(I) LIBOR will be determined on the basis of the offered rates, at
approximately 11:00 a.m., London time, on the relevant LIBOR interest
determination date, at which deposits in the LIBOR currency having the index
maturity described in the related Pricing Supplement, beginning on the relevant
interest reset date and in a representative amount, are offered by four major
banks in the London interbank market to prime banks in that market. The
calculation agent will select the four banks and request the principal London
office of each of those banks to provide a quotation of its rate for deposits in
the LIBOR currency. If at least two quotations are provided, LIBOR for that
Interest Determination Date will be the arithmetic mean of those quotations.

(II) If fewer than two quotations are provided as mentioned above, LIBOR will
be the arithmetic mean of the rates quoted by three major banks in the principal
financial center selected by the calculation agent at approximately 11:00 a.m.
in the applicable principal financial center, on the Interest Determination Date
for loans to leading European banks in the LIBOR currency having the index
maturity designated in the pricing supplement and in a principal amount that is
representative for a single transaction in the LIBOR currency in that market at
that time. The calculation agent will select the three banks referred to above.

(III) If fewer than three banks selected by the calculation agent are quoting
as described above, LIBOR will remain LIBOR then in effect on that Interest
Determination Date.

As referenced above, “LIBOR currency” means the currency specified in the
applicable Pricing Supplement as to which LIBOR shall be calculated or, if no
such currency is specified in the applicable Pricing Supplement, United States
dollars.

Prime Rate Notes. Prime Rate Notes will bear interest at a rate equal
to the Prime Rate, plus or minus any Spread, and/or multiplied by any Spread
Multiplier as specified in the Prime Rate Notes and the applicable Pricing
Supplement. Prime Rate Notes will be subject to the minimum interest rate or the
maximum interest rate, if any, specified in the applicable Pricing Supplement.

The “Prime Rate” for any Interest Determination Date is the prime rate or
base lending rate on that date, as published in H.15(519) by 3:00 p.m., New York
City time, on the calculation date for that Interest Determination Date under
the heading “Bank Prime Loan” or, if not published by 3:00 p.m., New York City
time, on the related calculation date, the rate on such

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Interest Determination Date as published in H.15 Daily Update, or such other
recognized electronic source used for the purpose of displaying such rate, under
the caption “Bank Prime Loan.”

The calculation agent will follow the following procedures if the Prime Rate
cannot be determined as described above:

(I) If the rate is not published in H.15(519), H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time, on the
calculation date, then the calculation agent will determine the Prime Rate to be
the arithmetic mean of the rates of interest publicly announced by each bank
that appears on USPRIME1 as that bank153s prime rate or base lending rate as of
11:00 a.m., New York City time, on that Interest Determination Date.

(II) If at least one rate but fewer than four rates appear on USPRIME1 on the
Interest Determination Date, then the Prime Rate will be the arithmetic mean of
the prime rates or base lending rates quoted (on the basis of the actual number
of days in the year divided by a 360-day year) as of the close of business on
the Interest Determination Date by three major money center banks in the City of
New York selected by the calculation agent.

(III) If the banks selected by the calculation agent are not quoting as
mentioned above, the Prime Rate will remain the Prime Rate then in effect on the
Interest Determination Date.

“USPRIME1” means the display on the Reuters 3000 Xtra Service (or any
successor service) on the “USPRIME1 Page” (or such other page as may replace the
USPRIME1 Page on such service) for the purpose of displaying Prime Rates or base
lending rates of major U.S. banks.

Treasury Rate Notes. Treasury Rate Notes will bear interest at a rate
equal to the Treasury Rate, plus or minus any Spread, and/or multiplied by any
Spread Multiplier as specified in the Treasury Rate Notes and the applicable
Pricing Supplement. Treasury Rate Notes will be subject to the minimum interest
rate or the maximum interest rate, if any, specified in the applicable Pricing
Supplement.

The “Treasury Rate” for any Interest Determination Date is the rate from the
auction held on such Treasury Rate Interest Determination Date (the “auction”)
of direct obligations of the United States (“treasury bills”) having the index
maturity specified in such Pricing Supplement under the caption “INVEST RATE” on
the display on Reuters page USAUCTION10 (or any other page as may replace such
page on such service) or page USAUCTION11 (or any other page as may replace such
page on such service) by 3:00 p.m., New York City time, on the calculation date
for that Interest Determination Date.

The calculation agent will follow the following procedures if the Treasury
Rate cannot be determined as described above:

(I) If the rate is not so published by 3:00 p.m., New York City time, on the
calculation date, the Treasury Rate will be the bond equivalent yield (as
defined below) of the auction rate of such Treasury Bills as published in H.15
Daily Update, or such recognized

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electronic source used for the purpose of displaying such rate, under the
caption “U.S. Government Securities/ Treasury Bills/ Auction High.”

(II) If the rate is not so published by 3:00 p.m., New York City time, on the
calculation date and cannot be determined as described in the immediately
preceding paragraph, the Treasury Rate will be the bond equivalent yield of the
auction rate of such Treasury Bills as otherwise announced by the United States
Department of Treasury.

(III) If the results of the most recent auction of Treasury Bills having the
index maturity described in the pricing supplement are not published or
announced as described above by 3:00 p.m., New York City time, on the
calculation date, or if no auction is held on the interest determination date,
then the Treasury Rate will be the bond equivalent yield on such interest
determination date of Treasury Bills having the index maturity specified in the
applicable pricing supplement as published in H.15(519) under the caption “U.S.
Government Securities/ Treasury Bills/ Secondary Market” or, if not published by
3:00 p.m., New York City time, on the related calculation date, the rate on such
interest determination date of such Treasury Bills as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of
displaying such rate, under the caption “U.S. Government Securities/ Treasury
Bills (Secondary Market).”

(IV) If such rate is not published in H.15(519), H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time, on the related
calculation date, then the calculation agent will determine the Treasury Rate to
be the bond equivalent yield of the arithmetic mean of the secondary market bid
rates, as of approximately 3:30 p.m., New York City time, on the interest
determination date of three leading primary U.S. government securities dealers
(which may include the Agents or their affiliates) for the issue of Treasury
Bills with a remaining maturity closest to the index maturity described in the
related Pricing Supplement. The calculation agent will select the three dealers
referred to above.

(V) If fewer than three dealers selected by the calculation agent are quoting
as mentioned above, the Treasury Rate will remain the Treasury Rate then in
effect on that Interest Determination Date.

“Bond equivalent yield” means a yield (expressed as a percentage) calculated
in accordance with the following formula:

				D x N
		Bond Equivalent Yield =		360 : (D x M)		100

where “D” refers to the applicable per annum rate for Treasury Bills quoted
on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366,
as the case may be, and “M” refers to the actual number of days in the
applicable Interest Reset Period.

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Zero Coupon Notes.

The specific terms of any Zero Coupon Notes will be set forth in the
applicable Pricing Supplement.

Indexed Notes.

The Company may issue notes for which the amount of interest or principal
that will be paid will not be known on its date of issue. The Company will
specify the formulae for computing interest or principal payments for these
types of notes, which is called “Indexed Notes”, by reference to securities,
financial or non-financial indices, currencies, commodities, interest rates, or
composites or baskets of any or all of the above. Examples of indexed items that
the Company may use include a published stock index, the common stock price of a
publicly traded company, the value of the U.S. dollar versus the Japanese Yen,
or the price in a particular market of a barrel of West Texas intermediate crude
oil. The amount of interest and principal that will be paid will depend on the
structure of the Indexed Note and the level of the specified indexed item
throughout the term of the Indexed Note and at maturity. Specific information
pertaining to the method of determining the interest payments and the principal
amount will be described in the applicable Pricing Supplement, as well as
additional risk factors unique to the Indexed Note, certain historical
information for the specified indexed item and certain additional United States
federal tax considerations.

(5) Unless otherwise specified in the applicable Pricing Supplement,
principal of (and premium, if any) and interest (if any) on the Notes will be
payable, and, except as provided in Section 305 of the Indenture with respect to
any Global Security (as defined below) representing Book-Entry Notes (as defined
below), the transfer of the Notes will be registrable and Notes will be
exchangeable for Notes bearing identical terms and provisions at the corporate
trust office of Deutsche Bank Trust Company Americas (the “Paying Agent”), in
New York City, New York, provided that payments of interest with respect to any
Certificated Note (as defined below), other than interest at maturity or upon
redemption, may be made at the option of the Company by check mailed to the
address of the person or entity entitled thereto as it appears on the security
register of the Company at the close of business on the Regular Record Date
corresponding to the relevant Interest Payment Date. Unless otherwise specified
in the applicable Pricing Supplement, holders of $1,000,000 or more in aggregate
principal amount of Certificated Notes shall be entitled to receive payments of
interest, other than interest at maturity or upon redemption, by wire transfer
of immediately available funds, if appropriate wire transfer instructions have
been given to the Paying Agent in writing not later than 15 calendar days prior
to the applicable Interest Payment Date.

(6) If so specified in the applicable Pricing Supplement, the Notes will be
redeemable at the option of the Company on the date or dates prior to maturity
specified in the applicable Pricing Supplement at the price or prices specified
in the applicable Pricing Supplement: (i) Unless otherwise specified in such
Pricing Supplement, in the case of Notes other than Zero Coupon Notes or certain
interest bearing notes issued as Original Issue Discount Notes, expressed as a
specified percentage of the principal amount of such Note, together with accrued
interest, if any, to the date of redemption stated in the applicable Pricing
Supplement; (ii) Unless otherwise specified in the applicable Pricing
Supplement, in the case of Zero Coupon Notes or certain interest bearing Notes
issued as Original Issue Discount Notes (as specified in the applicable Pricing
Supplement), as a specified percentage of the Amortized Face Amount (as

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defined below) of such Note (as described in paragraph (10) below), together
with accrued interest, if any, to the date of redemption (or, in the case of any
interest bearing Note issued as an Original Issue Discount Note, any accrued but
unpaid “qualified stated interest” payments (as specified in Paragraph (10)
below). Unless otherwise specified in the applicable Pricing Supplement, the
Company may redeem any of the Notes which are redeemable and remain outstanding
either in whole or from time to time in part upon the terms and conditions set
forth in Article Eleven of the Indenture.

(7) Unless otherwise specified in the applicable Pricing Supplement, the
Company shall not be obligated to redeem or purchase any Notes of such series
pursuant to any sinking fund or analogous provisions or at the option of any
Holder.

(8) Unless otherwise specified in the applicable Pricing Supplement, Notes of
such series may be issued only in fully registered form. Unless otherwise
specified in the applicable Pricing Supplement, the authorized denomination of
the Notes of such series other than Foreign Currency Notes (as defined below),
shall be $1,000 or any amount in excess of $1,000 which is an integral multiple
of $1,000. Foreign Currency Notes will be issued in the denominations specified
in the applicable Pricing Supplement.

(10) The portion of the principal amount of the Notes, other than Original
Issue Discount Notes (including any Zero Coupon Notes), which shall be payable
upon declaration of acceleration of maturity thereof shall not be other than the
principal amount thereof. Unless otherwise specified in the applicable Pricing
Supplement, the portion of the principal amount of Zero Coupon Notes and certain
interest bearing Notes issued as Original Issue Discount Notes (as specified in
the applicable Pricing Supplement) upon any acceleration of the maturity thereof
will be the Amortized Face Amount and in the case of an interest-bearing note
issued as an Original Issue Discount Note, any accrued but unpaid qualified
stated interest payments. Unless otherwise specified in the applicable Pricing
Supplement, the amount payable to the holder of such Original Issue Discount
Note upon any redemption thereof will be the applicable specified percentage of
the Amortized Face Amount thereof specified in the applicable Pricing
Supplement, and in the case of any interest bearing Note issued as an Original
Issue Discount Note, any accrued but unpaid “qualified stated interest” payments
(as defined in the Treasury Regulations regarding original issue discount issued
by the Treasury Department (the “Regulations”)). The “Amortized Face Amount” of
an Original Issue Discount Note shall be the amount equal to the sum of (a) the
Issue Price (as set forth on the face of such Original Issue Discount Note) plus
(b) the aggregate of the portions of the original issue discount (the excess of
the amounts considered as part of the “stated redemption price at maturity” of
such Original Issue Discount Note within the meaning of Section 1273(a)(2) of
the Internal Revenue Code of 1986, as amended (the “Code”), whether denominated
as principal or interest, over the Issue Price of Original Issue Discount Note)
which shall theretofore have accrued pursuant to Section 1272 of the Code
(without regard to Section 1272(a)(7) of the Code) from the date of issue of
Original Issue Discount Note to the date of determination, minus (c) any amount
considered as part of the “stated redemption price at maturity” of such Original
Issue Discount Note which has been paid on such Original Issue Discount Note
from the date of issue to the date of determination. In no event can the
Amortized Face Amount exceed the principal amount of such Note due at the stated
maturity thereof.

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(11) The Notes may be denominated, and payments of principal of and interest
on the Notes will be made, in United States dollars or in such foreign
currencies or foreign currency units (a “Specified Currency”) as may be
specified in the applicable Pricing Supplement (“Foreign Currency Notes”).

(12) Except as otherwise described in Paragraphs (4) and (10) above, the
amount of payments of principal of and any premium or interest on the Notes will
not be determined with reference to an index.

(13) Foreign Currency Notes will be paid in U.S. dollars converted from the
Specified Currency unless a Holder of Foreign Currency Notes elects to be paid
in the Specified Currency or unless the applicable Pricing Supplement provides
otherwise. In the case of a Note having a Specified Currency other than U.S.
dollars, the principal of that Note in U.S. dollars will be based on the highest
bid quotation in The City of New York received by an agent specified in the
applicable pricing supplement (the “exchange rate agent”) at approximately 11:00
a.m., New York City time, on the second business day preceding the applicable
payment date from three recognized foreign exchange dealers (one of whom may be
the exchange rate agent) selected by the exchange rate agent and approved by the
Company for the purchase by the quoting dealer of the specified currency for
U.S. dollars for settlement on such payment date in the aggregate amount of the
Specified Currency payable to all holders of Foreign Currency Notes scheduled to
receive U.S. dollar payments and at which the applicable dealer commits to
execute a contract. If three such bid quotations are not available, the Company
will make payments in the Specified Currency. All currency exchange costs will
be borne by the holders of the Foreign Currency Note by deductions from such
payments. Unless indicated otherwise in the applicable Pricing Supplement, a
holder of Foreign Currency Notes may elect to receive payment of the principal
of and interest on the Foreign Currency Notes in the Specified Currency by
transmitting a written request for such payment to the corporate trust office of
the Trustee in The City of New York on or prior to the Regular Record Date or at
least 15 calendar days prior to maturity, as the case may be. A Holder may make
this request in writing (mailed or hand delivered) or sent by facsimile
transmission. A Holder of a Foreign Currency note may elect to receive payment
in the Specified Currency for all principal and interest payments and need not
file a separate election for each payment. Such Holder153s election will remain in
effect until revoked by written notice to the Trustee, but written notice of any
such revocation must be received by the Trustee on or prior to the Regular
Record Date or at least 15 calendar days prior to the maturity date, as the case
may be. If a Specified Currency is not available for the payment of principal,
premium or interest with respect to a Foreign Currency Note due to the
imposition of exchange controls or other circumstances beyond the Company153s
control, the Company will be entitled to satisfy its obligations to Holders of
Foreign Currency Notes by making such payment in U.S. dollars on the basis of
the noon buying rate in The City of New York for cable transfers of the
specified currency as certified for customs purposes (or, if not so certified as
otherwise determined) by the Federal Reserve Bank of New York (the “market
exchange rate”) as computed by the exchange rate agent on the second business
day prior to such payment or, if not then available, on the basis of the most
recently available market exchange rate or as otherwise indicated in an
applicable Pricing Supplement. All determinations referred to above made by the
exchange rate agent will be at its sole discretion and will, in the absence of
clear error, be conclusive for all purposes and binding on the Holders of the
Foreign Currency Notes.

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(15) Unless otherwise specified in the applicable Pricing Supplement, the
Notes shall be subject to the events of default specified in Section 501,
paragraphs (1) through (8) of the Indenture.

(16) Each Note will be represented by either a master global note or a global
note in fully registered form (each a “Global Note”) registered in the name of a
nominee of the Depository (each such Note represented by a Global Note being
herein referred to as a “Book-Entry Note”) or a certificate issued in definitive
registered form, without coupons (a “Certificated Note”), as set forth in the
applicable Pricing Supplement. Unless otherwise specified in the applicable
Pricing Supplement, The Depository Trust Company will act as Depositary. Except
as provided in Section 305 of the Indenture, Book-Entry Notes will not be
issuable in certificated form and will not be exchangeable or transferable. So
long as the Depositary or its nominee is the registered holder of any Global
Note, the Depositary or its nominee, as the case may be, will be considered the
sole Holder of the Book-Entry Note or Notes represented by such Global Note for
all purposes under the Indenture and the Notes.

(18) Interest will be payable to the person in whose name a Note (or one or
more predecessor Notes) is registered at the close of business on the Regular
Record Date (as defined below) next preceding each Interest Payment Date (as
defined below); provided, however, that interest payable at maturity or upon
redemption will be payable to the person to whom principal shall be payable.

(19) Unless otherwise specified in the applicable Pricing Supplement, the
Notes shall be defeasible pursuant to Sections 1302 and 1303 of the Indenture.

(22) The Company will pay any administrative costs imposed by banks in making
payments in immediately available funds, but, except as otherwise provided under
Additional Amounts in the applicable Pricing Supplement, any tax, assessment or
governmental charge imposed upon payments will be borne by the Holders of the
Notes in respect of which such payments are made.

(25) Subject to the terms of the Indenture and the resolutions and
authorization referred to in the first paragraph hereof, the Notes shall have
such other terms (which may be in addition to or different from the terms set
forth herein) as are specified in the applicable Pricing Supplement.

B. Establishment of Note Forms pursuant to Section 201 of Indenture.

It is hereby established pursuant to Section 201 of the Indenture that the
Global Securities representing Book-Entry Notes shall be substantially in the
forms attached as Exhibits A, B and C hereto, unless a different form is
provided in the applicable Pricing Supplement (which Pricing Supplement shall be
deemed a copy of a Board Resolution certified by the secretary or an assistant
secretary of the Company satisfying the requirements of Section 201 of the
Indenture).

C. Establishment or Procedures for Authentication of Notes Pursuant to
Section 303 of Indenture.

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It is hereby ordered pursuant to Section 303 of the Indenture that Notes may
be authenticated by the Trustee and issued in accordance with the Administrative
Procedures attached hereto as Exhibit D and upon receipt by the Trustee
(including by facsimile) of a Pricing Supplement to this Officers153 Certificate
and Company Order, in substantially the form attached as Exhibit E
hereto (a “Pricing Supplement”), setting forth the information specified or
contemplated therein for the particular Notes to be authenticated and issued. At
least one officer signing each Pricing Supplement shall be an Authorized Officer
as defined in the resolutions referred to in the first paragraph hereof.

D. Other Matters.

The applicable Pricing Supplement shall specify any agent of the Company
designated for the purpose of delivering, for cancellation by the Trustee
pursuant to Section 309 of the Indenture, Notes which have not been issued and
sold by the Company.

Attached as Exhibit F hereto is a true and correct copy of resolutions
duly adopted by the Board of Directors of the Company on May 15, 2008; such
resolutions have not been further amended, modified or rescinded and remain in
full force and effect; and such resolutions are the only resolutions adopted by
the Company153s Board of Directors or by any Authorized Officers relating to the
offering and sale of the Notes.

[Remainder of page is intentionally left blank; signature
page follows.]

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The undersigned have read the pertinent sections of the Indenture including
the related definitions contained therein. The undersigned have examined the
resolutions adopted by the Company153s Board of Directors. In the opinion of the
undersigned, the undersigned have made such examination or investigation as is
necessary to enable the undersigned to express an informed opinion as to whether
or not the conditions precedent to the establishment of (i) a series of
Securities, (ii) the forms of such Securities and (iii) the procedures for
authentication of such series of Securities, contained in the Indenture have
been complied with. In the opinion of the undersigned, such conditions have been
complied with.

Dated: June 13, 2011

	KEYCORP
	By:	/s/ Joseph M. Vayda
		Joseph M. Vayda
		Treasurer
	By:	/s/ Steven N. Bulloch
		Steven N. Bulloch
		Assistant Secretary

Signature Page to Officers153 Certificate & Company Order,
Series K

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EXHIBIT A : FORM OF SENIOR MEDIUM-TERM NOTE, SERIES K

(FIXED RATE)

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EXHIBIT B : FORM OF SENIOR MEDIUM-TERM NOTE, SERIES K

(FLOATING RATE)

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EXHIBIT C : FORM OF SENIOR MEDIUM-TERM NOTE, SERIES K

(MASTER GLOBAL NOTE)

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EXHIBIT D : ADMINISTRATIVE PROCEDURES

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EXHIBIT E : FORM OF PRICING SUPPLEMENT

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EXHIBIT F : RESOLUTIONS OF THE COMPANY153S BOARD OF
DIRECTORS
DATED MAY 15, 2008