Table of Contents

| MARSHALL & ILSLEY CORPORATION                                                                                              |
|--------------------------------------------------------------------------------------------------------------------------------|
| Computation of Ratio of Earnings to Fixed Charges                                                                              |
| ($000's)                                                                                                                       |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   | Six Months Ended |   |   | Year Ended December 31, |   |
|                                                                                                                           |   | June 30, 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| Excluding Interest on Deposits:                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations before income taxes attributable to Marshall & Ilsley Corporation                 |   | $ | (619,255 | ) |   | $ | (2,502,117 | ) |   | $ | 713,475 |   |   | $ | 960,416 |   |   | $ | 869,990 |   |   | $ | 791,156 |   |
| Less:  Net income attributable to noncontrolling interests                                                           |   |   | (791 | ) |   |   | (870 | ) |   |   | (2,895 | ) |   |   | (5,267 | ) |   |   | (5,207 | ) |   |   | (5,162 | ) |
| Income (loss) from continuing operations before income taxes                                                                   |   |   | (620,046 | ) |   |   | (2,502,987 | ) |   |   | 710,580 |   |   |   | 955,149 |   |   |   | 864,783 |   |   |   | 785,994 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense - short-term borrowings                                                                                       |   |   | 6,873 |   |   |   | 139,627 |   |   |   | 236,671 |   |   |   | 186,746 |   |   |   | 106,220 |   |   |   | 61,144 |   |
| Interest expense - long-term borrowings                                                                                        |   |   | 195,486 |   |   |   | 454,413 |   |   |   | 585,025 |   |   |   | 476,540 |   |   |   | 329,876 |   |   |   | 196,160 |   |
| 1/3 of rent expense (1)                                                                                                        |   |   | 6,212 |   |   |   | 12,423 |   |   |   | 9,724 |   |   |   | 7,917 |   |   |   | 6,138 |   |   |   | 5,576 |   |
| Fixed charges                                                                                                                  |   |   | 208,571 |   |   |   | 606,463 |   |   |   | 831,420 |   |   |   | 671,203 |   |   |   | 442,234 |   |   |   | 262,880 |   |
| Preferred stock dividends (2)                                                                                                  |   |   | 76,880 |   |   |   | 19,595 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Fixed charges and preferred stock dividends                                                                                    |   |   | 285,451 |   |   |   | 626,058 |   |   |   | 831,420 |   |   |   | 671,203 |   |   |   | 442,234 |   |   |   | 262,880 |   |
| Earnings                                                                                                                       |   | $ | (411,475 | ) |   | $ | (1,896,524 | ) |   | $ | 1,542,000 |   |   | $ | 1,626,352 |   |   | $ | 1,307,017 |   |   | $ | 1,048,874 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                                                                                             |   | n.m. |   |   | n.m. |   |   |   | 1.85 | x |   |   | 2.42 | x |   |   | 2.96 | x |   |   | 3.99 | x |
| Ratio of earnings to fixed charges and preferred dividends                                                                     |   | n.m. |   |   | n.m. |   |   |   | 1.85 | x |   |   | 2.42 | x |   |   | 2.96 | x |   |   | 3.99 | x |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Including Interest on Deposits:                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations before income taxes                                                                   |   | $ | (620,046 | ) |   | $ | (2,502,987 | ) |   | $ | 710,580 |   |   | $ | 955,149 |   |   | $ | 864,783 |   |   | $ | 785,994 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed charges                                                                                                                  |   |   | 208,571 |   |   |   | 606,463 |   |   |   | 831,420 |   |   |   | 671,203 |   |   |   | 442,234 |   |   |   | 262,880 |   |
| Interest expense - deposits                                                                                                    |   |   | 276,362 |   |   |   | 902,944 |   |   |   | 1,231,252 |   |   |   | 1,083,392 |   |   |   | 562,552 |   |   |   | 281,271 |   |
| Fixed charges                                                                                                                  |   |   | 484,933 |   |   |   | 1,509,407 |   |   |   | 2,062,672 |   |   |   | 1,754,595 |   |   |   | 1,004,786 |   |   |   | 544,151 |   |
| Preferred stock dividends (2)                                                                                                  |   |   | 76,880 |   |   |   | 19,595 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Fixed charges and preferred stock dividends                                                                                    |   |   | 561,813 |   |   |   | 1,529,002 |   |   |   | 2,062,672 |   |   |   | 1,754,595 |   |   |   | 1,004,786 |   |   |   | 544,151 |   |
| Earnings                                                                                                                       |   | $ | (135,113 | ) |   | $ | (993,580 | ) |   | $ | 2,773,252 |   |   | $ | 2,709,744 |   |   | $ | 1,869,569 |   |   | $ | 1,330,145 |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                                                                                             |   |   | n.m. |   |   | n.m. |   |   |   | 1.34 | x |   |   | 1.54 | x |   |   | 1.86 | x |   |   | 2.44 | x |
| Ratio of earnings to fixed charges and preferred dividends                                                                     |   |   | n.m. |   |   | n.m. |   |   |   | 1.34 | x |   |   | 1.54 | x |   |   | 1.86 | x |   |   | 2.44 | x |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1) Represents one-third of rental expense for all operating leases (the amount deemed representative of the interest factor). |
| (2) Assuming a Federal income tax rate of 35%.                                                                                 |
|                                                                                                                           |
| In periods when the ratio of earnings to fixed charges is less than one-to-one, it is indicated as "n.m."                 |

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