Table of Contents

| MARSHALL      & ILSLEY CORPORATION                                                                                                   |
|------------------------------------------------------------------------------------------------------------------------------------------|
| Computation      of Ratio of Earnings to Fixed Charges                                                                                   |
| ($000's)                                                                                                                                 |
|                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                     |   | Nine      Months Ended |   |   | Years      Ended December 31, |   |
|                                                                                                                                     |   | September      30, 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| Excluding      Interest on Deposits:                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income      (loss) from continuing operations before income taxes                                                                        |   | $ | (990,382 | ) |   | $ | (2,502,117 | ) |   | $ | 713,475 |   |   | $ | 960,416 |   |   | $ | 869,990 |   |   | $ | 791,156 |   |
| Less:  Net      income attributable to noncontrolling interests                                                                |   |   | (1,193 | ) |   |   | (870 | ) |   |   | (2,895 | ) |   |   | (5,267 | ) |   |   | (5,207 | ) |   |   | (5,162 | ) |
| Net      income (loss) from continuing operations before income taxes attributable      to Marshall & Ilsley Corporation             |   |   | (991,575 | ) |   |   | (2,502,987 | ) |   |   | 710,580 |   |   |   | 955,149 |   |   |   | 864,783 |   |   |   | 785,994 |   |
| Fixed      charges                                                                                                                       |   |   | 292,429 |   |   |   | 606,463 |   |   |   | 831,420 |   |   |   | 671,203 |   |   |   | 442,234 |   |   |   | 262,880 |   |
| Earnings                                                                                                                                 |   | $ | (699,146 | ) |   | $ | (1,896,524 | ) |   | $ | 1,542,000 |   |   | $ | 1,626,352 |   |   | $ | 1,307,017 |   |   | $ | 1,048,874 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      charges:                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      expense - short-term borrowings                                                                                            |   | $ | 8,419 |   |   | $ | 139,627 |   |   | $ | 236,671 |   |   | $ | 186,746 |   |   | $ | 106,220 |   |   | $ | 61,144 |   |
| Interest      expense - long-term borrowings                                                                                             |   |   | 274,693 |   |   |   | 454,413 |   |   |   | 585,025 |   |   |   | 476,540 |   |   |   | 329,876 |   |   |   | 196,160 |   |
| 1/3      of rent expense (1)                                                                                                             |   |   | 9,317 |   |   |   | 12,423 |   |   |   | 9,724 |   |   |   | 7,917 |   |   |   | 6,138 |   |   |   | 5,576 |   |
| Fixed      charges                                                                                                                       |   | $ | 292,429 |   |   | $ | 606,463 |   |   | $ | 831,420 |   |   | $ | 671,203 |   |   | $ | 442,234 |   |   | $ | 262,880 |   |
| Preferred      stock dividends (2)                                                                                                       |   |   | 115,446 |   |   |   | 19,595 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Fixed      charges and preferred stock dividends                                                                                         |   | $ | 407,875 |   |   | $ | 626,058 |   |   | $ | 831,420 |   |   | $ | 671,203 |   |   | $ | 442,234 |   |   | $ | 262,880 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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 attributable to      Marshall & Ilsley Corporation                 |   | $ | (991,575 | ) |   | $ | (2,502,987 | ) |   | $ | 710,580 |   |   | $ | 955,149 |   |   | $ | 864,783 |   |   | $ | 785,994 |   |
| Fixed      charges                                                                                                                       |   |   | 702,424 |   |   |   | 1,509,407 |   |   |   | 2,062,672 |   |   |   | 1,754,595 |   |   |   | 1,004,786 |   |   |   | 544,151 |   |
| Earnings                                                                                                                                 |   | $ | (289,151 | ) |   | $ | (993,580 | ) |   | $ | 2,773,252 |   |   | $ | 2,709,744 |   |   | $ | 1,869,569 |   |   | $ | 1,330,145 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      charges:                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed      charges                                                                                                                       |   | $ | 292,429 |   |   | $ | 606,463 |   |   | $ | 831,420 |   |   | $ | 671,203 |   |   | $ | 442,234 |   |   | $ | 262,880 |   |
| Interest      expense - deposits                                                                                                         |   |   | 409,995 |   |   |   | 902,944 |   |   |   | 1,231,252 |   |   |   | 1,083,392 |   |   |   | 562,552 |   |   |   | 281,271 |   |
| Fixed      charges                                                                                                                       |   | $ | 702,424 |   |   | $ | 1,509,407 |   |   | $ | 2,062,672 |   |   | $ | 1,754,595 |   |   | $ | 1,004,786 |   |   | $ | 544,151 |   |
| Preferred      stock dividends (2)                                                                                                       |   |   | 115,446 |   |   |   | 19,595 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Fixed      charges and preferred stock dividends                                                                                         |   | $ | 817,870 |   |   | $ | 1,529,002 |   |   | $ | 2,062,672 |   |   | $ | 1,754,595 |   |   | $ | 1,004,786 |   |   | $ | 544,151 |   |
|                                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 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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