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The components of Key’s long-term debt, presented net of unamortized discount where applicable, were as follows: 

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KeyCorp owns the outstanding common stock of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities (“capital securities”); the trusts used the proceeds from the issuance of their capital securities and common stock to buy debentures 

## 13. CAPITAL SECURITIES ISSUED BY UNCONSOLIDATED SUBSIDIARIES 

## 12. LONG-TERM DEBT 

Key uses interest rate swaps and caps, which modify the repricing and maturity characteristics of certain long-term debt, to manage interest rate risk. For more information about such GLYPH<222>nancial instruments, see Note 19 (GLYPH<210>Derivatives and Hedging ActivitiesGLYPH<211>), which begins on page 80. 

a At December 31, 2003, the senior medium-term notes had a weighted-average interest rate of 2.42 %. At December 31, 2002, the senior medium-term notes had a weighted-average interest rate of 2.54%, and the subordinated medium-term notes had a weighted-average interest rate of 7.30%. These notes had a combination of GLYPH<222>xed and GLYPH<223>oating interest rates. 

b Senior euro medium-term notes had a weighted-average interest rate of 1.62% at December 31, 2002. These notes had a GLYPH<223>oating interest rate based on the three-month LIBOR. 

c These notes may not be redeemed or prepaid prior to maturity. 

d These notes had a weighted-average interest rate of 6.44% at December 31, 2003. The interest rates on these notes are GLYPH<222>xed with the exception of the 1.90 % note, which has a GLYPH<223>oating interest rate equal to three-month LIBOR plus 74 basis points; it reprices quarterly. See Note 13 (GLYPH<210>Capital Securities Issued By Unconsolidated SubsidiariesGLYPH<211>) below for a description of these notes. 

e Senior medium-term bank notes of subsidiaries had weighted-average interest rates of 2.66% at December 31, 2003, and 2.59% at December 31, 2002. These notes had a combination of GLYPH<222>xed and GLYPH<223>oating interest rates. 

f Senior euro medium-term bank notes had weighted-average interest rates of 1.25% at December 31, 2003, and 1.79% at December 31, 2002. These notes, which are obligations of KBNA, had a combination of GLYPH<222>xed interest rates and GLYPH<223>oating interest rates based on LIBOR. 

g These notes are all obligations of KBNA, with the exception of the 7.55% notes, which are obligations of Key Bank USA. None of the subordinated notes may be redeemed prior to their maturity dates. 

h Lease GLYPH<222>nancing debt had weighted-average interest rates of 6.35% at December 31, 2003, and 7.14% at December 31, 2002. This category of debt consists of primarily nonrecourse debt collateralized by leased equipment under operating, direct GLYPH<222>nancing and sales type leases. 

i Long-term advances from the Federal Home Loan Bank had weighted-average interest rates of 1.52% at December 31, 2003, and 1.71% at December 31, 2002. These advances, which had a combination of GLYPH<222>xed and GLYPH<223>oating interest rates, were secured by real estate loans and securities totaling $1.2 billion at December 31, 2003, and $1.4 billion at December 31, 2002. 

j Other long-term debt, consisting of industrial revenue bonds, capital lease obligations, and various secured and unsecured obligations of corporate subsidiaries, had weighted- average interest rates of 4.59% at December 31, 2003, and 6.29% at December 31, 2002. 

k At December 31, 2003, the entire amount registered under KeyCorpGLYPH<213>s universal shelf registration statement GLYPH<222>led with the Securities and Exchange Commission had been allocated for the issuance of medium-term notes and the unused capacity totaled $1.4 billion. 

l The structured repurchase agreements had a weighted-average interest rate of 2.02% at December 31, 2003. These borrowings had a GLYPH<223>oating interest rate based on a formula that incorporates the three-month LIBOR and the GLYPH<222>ve-year constant maturity swap rate. The maximum weighted-average interest rate that can be charged on these borrowings is 3.83%. 

Scheduled principal payments on long-term debt over the next five years are as follows: 

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issued by KeyCorp. These debentures are the trusts’ only assets; the interest payments from the debentures finance the distributions paid on the capital securities. 

