Table of Contents

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| MARSHALL & ILSLEY CORPORATION                                                                                              |
| Computation of Ratio of Earnings to Fixed Charges                                                                              |
| ($000's)                                                                                                                       |
|                                                                                                                           |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |
|                                                                                                                           |   | Three Months    |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |
|                                                                                                                           |   | Ended March 31, |     |   | Years Ended December 31, |   |
|                                                                                                                           |   | 2010            |     |   | 2009                     |   |       | 2008   |   |   | 2007       |   |   | 2006   |      |   | 2005   |   |
| Excluding Interest on Deposits:                                                                                                |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |
| Income (loss) from continuing operations before income taxes                                                                   |   | $               | (198,574 | )      |                     | $      | (1,394,272 | )      |   | $      | (2,502,117 | )      |   | $      | 713,475   |   |   | $      | 960,416 |   |   | $ | 869,990 |   |
| Less:  Net income attributable to noncontrolling interests                                                           |   |            | (389     | )      |                     |   | (1,578     | )      |   |   | (870       | )      |   |   | (2,895    | )      |   |   | (5,267 | ) |   |   | (5,207 | ) |
| Net income (loss) from continuing operations before income taxes attributable to Marshall & Ilsley Corporation             |   |            | (198,963 | )      |                     |   | (1,395,850 | )      |   |   | (2,502,987 | )      |   |   | 710,580   |   |   |   | 955,149 |   |   |   | 864,783 |   |
| Fixed charges                                                                                                                  |   |            | 56,846   |   |                     |   | 362,967    |   |   |   | 606,463    |   |   |   | 831,420   |   |   |   | 671,203 |   |   |   | 442,234 |   |
| Earnings                                                                                                                       |   | $               | (142,117 | )      |                     | $      | (1,032,883 | )      |   | $      | (1,896,524 | )      |   | $      | 1,542,000 |   |   | $      | 1,626,352 |   |   | $ | 1,307,017 |   |
|                                                                                                                           |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                                                                                 |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Interest expense - short-term borrowings                                                                                       |   | $               | 677      |   |                     | $      | 9,550      |   |   | $      | 139,627    |   |   | $      | 236,671   |   |   | $      | 186,746 |   |   | $ | 106,220 |   |
| Interest expense - long-term borrowings                                                                                        |   |            | 52,892   |   |                     |   | 340,308    |   |   |   | 454,413    |   |   |   | 585,025   |   |   |   | 476,540 |   |   |   | 329,876 |   |
| 1/3 of rent expense (1)                                                                                                        |   |            | 3,277    |   |                     |   | 13,109     |   |   |   | 12,423     |   |   |   | 9,724     |   |   |   | 7,917 |   |   |   | 6,138 |   |
| Fixed charges                                                                                                                  |   | $               | 56,846   |   |                     | $      | 362,967    |   |   | $      | 606,463    |   |   | $      | 831,420   |   |   | $      | 671,203 |   |   | $ | 442,234 |   |
| Preferred stock dividends (2)                                                                                                  |   |            | 38,738   |   |                     |   | 154,098    |   |   |   | 19,595     |   |   |   | -         |   |   |   | - |   |   |   | - |   |
| Fixed charges and preferred stock dividends                                                                                    |   | $               | 95,584   |   |                     | $      | 517,065    |   |   | $      | 626,058    |   |   | $      | 831,420   |   |   | $      | 671,203 |   |   | $ | 442,234 |   |
|                                                                                                                           |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                                                                                             |   | n.m.            |     |   | n.m.                     |   |       | n.m.   |   |   |       | 1.85   | x      |   |      | 2.42   | x      |   |   | 2.96 | x |
| Ratio of earnings to fixed charges and preferred dividends                                                                     |   | n.m.            |     |   | n.m.                     |   |       | n.m.   |   |   |       | 1.85   | x      |   |      | 2.42   | x      |   |   | 2.96 | x |
|                                                                                                                           |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
|                                                                                                                           |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Including Interest on Deposits:                                                                                                |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations before income taxes attributable to Marshall & Ilsley Corporation                 |   | $               | (198,963 | )      |                     | $      | (1,395,850 | )      |   | $      | (2,502,987 | )      |   | $      | 710,580   |   |   | $      | 955,149 |   |   | $ | 864,783 |   |
| Fixed charges                                                                                                                  |   |            | 169,410  |   |                     |   | 898,393    |   |   |   | 1,509,407  |   |   |   | 2,062,672 |   |   |   | 1,754,595 |   |   |   | 1,004,786 |   |
| Earnings                                                                                                                       |   | $               | (29,553  | )      |                     | $      | (497,457   | )      |   | $      | (993,580   | )      |   | $      | 2,773,252 |   |   | $      | 2,709,744 |   |   | $ | 1,869,569 |   |
|                                                                                                                           |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Fixed charges:                                                                                                                 |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Fixed charges                                                                                                                  |   | $               | 56,846   |   |                     | $      | 362,967    |   |   | $      | 606,463    |   |   | $      | 831,420   |   |   | $      | 671,203 |   |   | $ | 442,234 |   |
| Interest expense - deposits                                                                                                    |   |            | 112,564  |   |                     |   | 535,426    |   |   |   | 902,944    |   |   |   | 1,231,252 |   |   |   | 1,083,392 |   |   |   | 562,552 |   |
| Fixed charges                                                                                                                  |   | $               | 169,410  |   |                     | $      | 898,393    |   |   | $      | 1,509,407  |   |   | $      | 2,062,672 |   |   | $      | 1,754,595 |   |   | $ | 1,004,786 |   |
| Preferred stock dividends (2)                                                                                                  |   |            | 38,738   |   |                     |   | 154,098    |   |   |   | 19,595     |   |   |   | -         |   |   |   | - |   |   |   | - |   |
| Fixed charges and preferred stock dividends                                                                                    |   | $               | 208,148  |   |                     | $      | 1,052,491  |   |   | $      | 1,529,002  |   |   | $      | 2,062,672 |   |   | $      | 1,754,595 |   |   | $ | 1,004,786 |   |
|                                                                                                                           |   |            |     |   |                     |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                                                                                             |   | n.m.            |     |   | n.m.                     |   |       | n.m.   |   |   |       | 1.34   | x      |   |      | 1.54   | x      |   |   | 1.86 | x |
| Ratio of earnings to fixed charges and preferred dividends                                                                     |   | n.m.            |     |   | n.m.                     |   |       | n.m.   |   |   |       | 1.34   | x      |   |      | 1.54   | x      |   |   | 1.86 | 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%.                                                                                 |
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| 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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