content_image/85995.jpg content_image/85994.jpg
with dividends paid on common shares held in Key’s 401(k) savings plan, income from investments in tax-advantaged assets (such as tax-exempt securities and corporate-owned life insurance) and credits associated with investments in low-income housing projects. 

## FIGURE 14. COMPOSITION OF LOANS 

## FINANCIAL CONDITION 

## Loans 

Figure 14 shows the composition of Key’s loan portfolio at December 31 for each of the past five years. 

<img src='content_image/85995.jpg'>

<img src='content_image/85994.jpg'>

See Figure 15 for a more detailed breakdown of KeyGLYPH<213>s commercial real estate loan portfolio at December 31, 2003. 

