Marshall & Ilsley Corporation Reports 2008 Fourth Quarter and Year-End Results

- Net loss available to common shareholders (net loss) of $1.55 per share for 2008 fourth quarter.








MILWAUKEE, Jan. 15  /PRNewswire-FirstCall/ -- Marshall & Ilsley Corporation (NYSE:MI) (M&I) today reported a 2008 fourth quarter net loss of $403.9 million, or $1.55 per share, as compared to a loss from continuing operations of $24.5 million, or $0.09 per share, in the fourth quarter of 2007. The Corporation also reported a net loss of $568.3 million, or $2.19 per share, as compared to income from continuing operations of $496.9 million, or $1.87 per share, for the twelve months ended December 31, 2008 and 2007, respectively.

"Our fourth quarter and year-end results reflect the extent to which the current recession has had an impact on our economy," said Mark Furlong, president and CEO, Marshall & Ilsley Corporation.  "Although these are disappointing results, our excess capital and strong levels of reserves will keep us ahead of the industry's challenges."

  2008 Fourth Quarter Key Performance Highlights

  --  On an acquisition-adjusted basis, average loans and leases increased 7
      percent over the fourth quarter of 2007.
  --  Net interest margin rose 12 basis points on a linked quarter basis and
      was up 5 basis points from the fourth quarter of 2007.
  --  Net interest income increased 10 percent compared to the same period
      last year.
  --  Adjusted efficiency ratio was 49.7 percent, an improvement of 2.8
      percentage points from the same period last year.
  --  Tangible equity ratio was 8.9 percent at December 31, 2008.


  Loan and Core Deposit Growth



M&I's average loans and leases totaled $50.2 billion for the fourth quarter of 2008, reflecting an acquisition-adjusted increase of $3.2 billion or 7 percent compared to the fourth quarter of 2007.

The Corporation's average bank-issued deposits totaled $28.3 billion for the fourth quarter of 2008, an acquisition-adjusted decline of $1.1 billion or 4 percent versus the fourth quarter of 2007. This drop reflected M&I's continued pricing discipline in highly competitive markets.

Net Interest Income

The Corporation's net interest income (FTE) was $469.0 million for the fourth quarter of 2008--up $43.1 million or 10 percent compared to the fourth quarter of 2007. The net interest margin was 3.18 percent, up 12 basis points on a linked quarter basis, and up 5 basis points from the same period last year. For the twelve months ended December 31, 2008, M&I's net interest income (FTE) was $1,808.6 million, increasing $164.2 million or 10 percent versus the twelve months ended December 31, 2007.

Asset Quality

M&I's construction and development portfolio continued to experience deterioration in the estimated collateral values and repayment abilities of some of the Corporation's customers, particularly among small and mid-sized local residential developers. M&I's provision for loan and lease losses was $850 million in the fourth quarter of 2008. Net charge-offs for the period were $680 million. At December 31, 2008 and 2007, the allowance for loan and lease losses was 2.41 percent and 1.07 percent, respectively, of total loans and leases. Non-performing loans and leases were 3.62 percent of total loans and leases at December 31, 2008, compared to 2.00 percent at December 31, 2007.

Renegotiated loans were $270.3 million in the fourth quarter of 2008--up $180.8 million from the prior quarter. M&I's homeowner assistance program, which included a 90-day foreclosure moratorium on all owner-occupied residential loans, contributed to the higher level of renegotiated loans.

Non-Interest Income

The Corporation's non-interest income was $166.1 million for the fourth quarter of 2008, a decrease of $37.6 million or 18 percent from the fourth quarter of 2007. Wealth Management total revenue was $64.2 million for the current quarter, falling $5.9 million or 8 percent over the fourth quarter of 2007. The primary drivers of the decline were overall equity market declines and the shifting of higher fee assets into cash equivalents. Assets under Management and Assets under Administration were $30.4 billion and $104.4 billion, respectively, at December 31, 2008, compared to $25.7 billion and $105.7 billion, respectively, at December 31, 2007. The Corporation's service charges on deposits were $35.9 million for the fourth quarter of 2008, an increase of $3.9 million or 12 percent from the same period last year. For the twelve months ended December 31, 2008, M&I's non-interest income was $748.1 million, increasing $19.0 million or 3 percent versus the twelve months ended December 31, 2007.

Non-Interest Expense

M&I's non-interest expense was $402.8 million for the fourth quarter of 2008, a decrease of $43.3 million from the fourth quarter of 2007. After adjusting for certain non-recurring items that include a severance accrual related to the Corporation's expense initiatives, certain credit-related expenses, and other market disruption-related expenses, M&I's efficiency ratio was 49.7 percent in the current quarter--an improvement of 2.8 percentage points from the same period last year. For the twelve months ended December 31, 2008, M&I's non-interest expense was $1,459.0 million, increasing $144.1 million or 11 percent versus the twelve months ended December 31, 2007.

Balance Sheet and Capital Management

The Corporation's consolidated assets and total shareholders' equity were $63.8 billion and $7.7 billion, respectively, at December 31, 2008, compared to $59.8 billion and $7.0 billion, respectively, at December 31, 2007. There were 265.3 million common shares outstanding at December 31, 2008, compared to 263.5 million outstanding at December 31, 2007. M&I has a Stock Repurchase Program authorization under which up to 12 million shares of the Corporation's common stock can be repurchased annually. In the fourth quarter of 2008, M&I did not repurchase any shares. The Corporation's tangible equity ratio was 8.9 percent at December 31, 2008.

Recent Events

The Corporation has announced the following actions to strengthen its balance sheet in light of the nation's rapid decline into recession and the lack of clarity surrounding the future of the economy.

Dividend Reduction

Marshall & Ilsley Corporation announced that the quarterly cash dividend has been reduced to $0.01 per share.  The next regular dividend declaration date is in February 2009.

  Expense Initiatives

  M&I also announced the following expense initiatives:

  Executive/Board Compensation
  --  Proxy officers and all other executive officers will receive no
      bonuses for 2008.
  --  Total 2008 annual cash compensation for proxy officers as a group will
      decline approximately 26 percent from 2007, and a total of 56 percent
      for the two-year period since 2006.
  --  Proxy officer and all executive officer salaries will be frozen in
      2009 and a broad salary freeze has been instituted for other senior
      officers.
  --  The Board of Directors has reduced the annual cash retainer for
      directors by 25 percent.
  --  The Corporation has also decreased awards and benefits under a variety
      of other programs for employees.


  Reduction in Force
  --  The Corporation will eliminate approximately 830 positions, or 8
      percent of its workforce.
  --  The reductions include positions already eliminated in 2008, the
      elimination of open positions, staff reductions, and attrition.
  --  Approximately 80 percent of the staff reductions are complete. The
      remaining 20 percent are related to operational efficiencies and are
      expected to be achieved by year-end 2009.
  --  The Corporation recorded a pre-tax charge of approximately $9 million
      in the fourth quarter of 2008 in connection with the costs related to
      the reduction in force.


  Other Expenses
  --  The Corporation is also cutting other expenses, which aggregate on an
      annualized, pre-tax basis approximately $30 million.




The expense initiatives outlined above are expected to reduce the Corporation's expenses on an annualized, pre-tax basis by approximately $100 million, or $0.23 per share after-tax.

"We believe the dividend reduction, the aggressive steps to address credit quality, and the expense initiatives will allow us to maintain a strong capital base as we move through what is looking to be the most severe economic downturn since the Great Depression," continued Furlong. "The dividend and staff reductions are particularly painful and difficult decisions to make. However, these actions will help us maintain a strong capital base, which combined with a high level of reserves for loan losses, is essential for M&I to serve its customers, shareholders, employees, and communities. We expect that in the long run the difficult decisions we are announcing today will lay the foundation for a strong and profitable future for M&I."

TARP Funds

On November 14, 2008, M&I issued 1.715 million shares of its preferred stock to the U.S. Treasury in return for $1.715 billion in cash pursuant to the Treasury's Capital Purchase Program. This program is designed to infuse capital into the nation's healthiest and strongest banks. Since this infusion of capital, M&I has extended approximately $1.3 billion of new credit to new and existing customers throughout the communities it serves.   The "new credit" amount includes new and expanded extensions of credit (or commitments to extend credit) as well as renewals of existing credit where a new promissory note was executed.

In addition, the TARP funds allowed the Corporation to announce on December 18, 2008 a system-wide foreclosure abatement program designed to keep families in their homes, including a 90-day foreclosure moratorium on all owner-occupied residential loans.  The cost of this program has not been determined.

Conference Call

Marshall & Ilsley Corporation will hold a conference call at 11:00 a.m. (Central Standard Time) Thursday, January 15, regarding fourth quarter results. For those interested in listening, please call 1-888-711-1825 and ask for M&I's quarterly results conference call. If you are unable to join us at this time, a replay of the call will be available beginning at 2:30 p.m. on January 15 and will run through 5:00 p.m. January 22, by calling 1-800-642-1687 and entering pass code 777 40 229.

Supplemental financial information referenced in the conference call can be found at http://www.micorp.com/, Investor Relations, after 8:00 a.m. on January 15.

About Marshall & Ilsley Corporation

Marshall & Ilsley Corporation (NYSE:MI) is a diversified financial services corporation headquartered in Milwaukee, Wis., with $63.8 billion in assets. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 193 offices throughout the state. In addition, M&I has 53 locations throughout Arizona; 32 offices in Indianapolis and nearby communities; 34 offices along Florida's west coast and in central Florida; 15 offices in Kansas City and nearby communities; 25 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; and one office in Las Vegas, Nev. M&I's Southwest Bank subsidiary has 17 offices in the greater St. Louis area. M&I also provides trust and investment management, equipment leasing, mortgage banking, asset-based lending, financial planning, investments, and insurance services from offices throughout the country and on the Internet (http://www.mibank.com/ or http://www.micorp.com/). M&I's customer-based approach, internal growth, and strategic acquisitions have made M&I a nationally recognized leader in the financial services industry.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as "may," "expects," "anticipates," "estimates" or "believes."  Such statements are subject to important factors that could cause M&I's actual results to differ materially from those anticipated by the forward-looking statements.  These factors include:  (i) M&I's exposure to the volatile commercial and residential real estate markets, which could result in increased charge-offs and increases in M&I's allowance for loan and lease losses to compensate for potential losses in its real estate loan portfolio, (ii) adverse changes in the financial performance and/or condition of M&I's borrowers, which could impact repayment of such borrowers' outstanding loans, (iii) M&I's ability to maintain required levels of capital, (iv) fluctuation of M&I's stock price, and (v) those factors referenced in Part II, Item 1A. Risk Factors in M&I's quarterly report on Form 10-Q for the quarter ended September 30, 2008, and as may be described from time to time in M&I's subsequent SEC filings, which factors are incorporated herein by reference.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only M&I's belief as of the date of this press release.  Except as required by federal securities law, M&I undertakes no obligation to update these forward-looking statements or reflect events or circumstances after the date of this press release.

  Marshall & Ilsley Corporation
  Financial Information
  (unaudited)

                  Three Months Ended            Twelve Months Ended
                     December 31,     Percent      December 31,    Percent
                    2008      2007    Change      2008      2007    Change
  PER COMMON SHARE
   DATA
  Diluted:
    Income (Loss)
     from
     Continuing
     Operations   ($1.55)   ($0.09)      n.m.%  ($2.19)    $1.87      n.m.%
    Net Income
     (Loss)        (1.55)     1.83       n.m.    (2.19)     4.34      n.m.

  Basic:
    Income
     (Loss) from
     Continuing
     Operations    (1.55)    (0.09)      n.m.    (2.19)     1.91      n.m.
    Net Income
     (Loss)        (1.55)     1.86       n.m.    (2.19)     4.42      n.m.

  Dividend
   Declared per
   Common
   Share            0.32      0.31       3.2      1.27      1.20       5.8
  Book Value per
   Common Share    23.19     26.86     -13.7     23.19     26.86     -13.7
  Common Shares
   Outstanding
   (millions):
    Average -
     Diluted       261.0     269.4      -3.1     259.6     265.5      -2.2
    End of Period  265.3     263.5       0.7     265.3     263.5       0.7

  INCOME STATEMENT
   ($millions)

  Net Interest
   Income (FTE)   $469.0    $425.9      10.1% $1,808.6  $1,644.4      10.0%
  Provision for
   Loan and
   Lease Losses    850.4     235.1     261.8   2,037.7     319.8     537.3

    Wealth
     Management     64.2      70.1      -8.4     282.2     262.8       7.4
    Service
    Charges on
     Deposits       35.9      32.0      12.3     146.2     120.6      21.2
    Mortgage
     Banking         4.5       5.4     -16.6      26.0      34.1     -23.6
    Net Investment
     Securities
     Gains
     (Losses)       (9.9)      4.9    -303.2      17.2      34.8     -50.5
    Other           71.4      91.3     -21.8     276.5     276.8      -0.1
  Total Non-
   Interest
   Revenues        166.1     203.7     -18.5     748.1     729.1       2.6

    Salaries and
     Employee
     Benefits      178.0     174.0       2.3     723.2     659.9       9.6
    Net Occupancy
     and Equipment  32.8      28.8      13.9     126.9     112.0      13.3
    Intangible
     Amortization    6.4       5.4      16.9      24.3      20.6      18.2
    Other          185.6     237.9     -22.0     584.6     522.4      11.9
  Total Non-
   Interest
   Expenses        402.8     446.1      -9.7   1,459.0   1,314.9      11.0

  Tax Equivalent
   Adjustment        7.0       7.1      -2.1      27.8      28.2      -1.3
  Pre-Tax Income
   (Loss)         (625.1)    (58.7)     n.m.    (967.8)    710.6      n.m.
  Provision
   (Benefit) for
   Income Taxes   (233.9)    (34.2)     n.m.    (412.2)    213.7      n.m.
  Income (Loss)
   from Continuing
   Operations     (391.2)    (24.5)     n.m.    (555.6)    496.9      n.m.
  Discontinued
   Operations,
   net of tax:
    Separation
     Transaction
     Costs             -     (18.6)                  -     (25.3)
    Gain on Sale
     of Metavante      -     525.6                   -     525.6
    Metavante
     Net Income        -      11.4                   -     153.7
  Discontinued
   Operations,
   net of tax          -     518.4                   -     654.0
  Net Income
   (Loss)        ($391.2)   $493.9      n.m.%  ($555.6) $1,150.9      n.m.%
  Less: Preferred
   Dividends        12.7         -                12.7         -
  Net Income
   (Loss)
   Available to
   Common
   Shareholders  ($403.9)   $493.9      n.m.%  ($568.3) $1,150.9      n.m.%



   KEY RATIOS

  Net Interest
   Margin
   (FTE) /
   Avg.
   Earning
   Assets           3.18%     3.13%               3.12%     3.14%
  Interest
   Spread
   (FTE)            2.77      2.42                2.67      2.47

  Based on
   Income from
   Continuing
   Operations
    Efficiency
     Ratio          62.4%     71.2%               57.4%     56.0%
    Return
     on Assets      n.m.      n.m.                n.m.      0.87
    Return on
     Equity         n.m.      n.m.                n.m.      7.44

  Based on Net
   Income
    Return on
     Assets         n.m.%     3.30%               n.m.%     1.98%
    Return on
     Equity         n.m.     27.34                n.m.     17.23


  Equity /
   Assets
   (End of
   Period)         12.14%    11.75%              12.14%    11.75%



  Marshall & Ilsley Corporation
  Financial Information
  (unaudited)
  -----------

                                    As of December 31,
                                    ----------------  Percent
                                     2008     2007    Change
                                     ----     ----    ------
          ASSETS ($millions)
  Cash & Due From Banks              $851   $1,369    -37.8%
  Trading Securities                  518      125    316.0
  Short - Term Investments            231      462    -50.0
  Investment Securities             7,668    7,818     -1.9
  Loans and Leases:
    Commercial Loans & Leases      15,442   14,327      7.8
    Commercial Real Estate         17,605   16,054      9.7
    Residential Real Estate         9,714    9,745     -0.3
    Home Equity Loans & Lines       5,082    4,413     15.2
    Personal Loans and Leases       2,142    1,757     21.9
                                    -----    -----
  Total Loans and Leases           49,985   46,296      8.0
  Reserve for Loan & Lease
   Losses                          (1,202)    (496)   142.3
  Premises and
   Equipment, net                     565      470     20.2
  Goodwill and
   Intangibles                      2,299    1,808     27.1
  Other Assets                      2,909    1,997     45.7
                                    -----    -----
  Total Assets                    $63,824  $59,849      6.6%
                                  =======  =======

   LIABILITIES & SHAREHOLDERS'
    EQUITY ($millions)
  Deposits:
    Noninterest Bearing            $6,880   $6,174     11.4%
    Bank Issued Interest Bearing
     Activity                      12,467   14,137    -11.8
    Bank Issued Time                9,545    8,277     15.3
                                    -----    -----
    Total Bank Issued Deposits     28,892   28,588      1.1
    Wholesale Deposits             12,131    6,603     83.7
                                   ------    -----
  Total Deposits                   41,023   35,191     16.6
  Short - Term Borrowings           4,058    6,811    -40.4
  Long - Term Borrowings            9,614    9,873     -2.6
  Other Liabilities                 1,381      941     46.8
  Shareholders' Equity              7,748    7,033     10.2
                                    -----    -----
  Total Liabilities &
    Shareholders' Equity          $63,824  $59,849      6.6%
                                  =======  =======



                 Three Months Ended          Twelve Months Ended
                       December 31,    Percent     December 31,     Percent
                      2008      2007    Change     2008      2007    Change
  AVERAGE ASSETS
   ($millions)
  Cash & Due From
   Banks               $867    $1,000    -13.3%     $898    $1,005    -10.7%
  Trading
   Securities           304        78    291.4       197        57    248.6
  Short - Term
   Investments          617       468     31.8       427       352     21.3
  Investment
   Securities         7,298     7,672     -4.9     7,612     7,496      1.6
  Loan to
   Metavante              -       331     n.m.         -       818     n.m.
  Loans and Leases:
    Commercial
     Loans &
     Leases          15,422    13,792     11.8    15,362    13,187     16.5
    Commercial
     Real Estate     17,693    15,861     11.5    17,282    15,122     14.3
    Residential
     Real Estate      9,971     9,730      2.5    10,227     9,466      8.0
    Home Equity
     Loans and
     Lines            5,071     4,344     16.7     4,902     4,277     14.6
    Personal
     Loans and
     Leases           2,089     1,715     21.8     1,934     1,598     21.0
  Total Loans and
   Leases            50,246    45,442     10.6    49,707    43,650     13.9
  Reserve for Loan
   & Lease Losses    (1,183)     (492)   140.4      (878)     (448)    95.8
  Premises and
   Equipment, net       552       471     17.3       529       459     15.3
  Goodwill and
   Intangibles        2,254     1,819     23.9     2,245     1,739     29.0
  Other Assets        2,670     2,048     30.4     2,397     1,816     32.0
  Total Assets
   of Continuing
   Operations        63,625    58,837      8.1    63,134    56,944     10.9
  Assets of
   Discontinued
   Operations             -       520     n.m.         -     1,266     n.m.
  Total Assets      $63,625   $59,357      7.2%  $63,134   $58,210      8.5%

  Memo:
  Average Earning
   Assets           $58,465   $53,991            $57,943   $52,373
  Average Earning
   Assets
   Excluding
   Investment
   Securities
    Unrealized
     Gains/Losses   $58,600   $54,009            $57,985   $52,422

  AVG LIABILITIES
   & SHAREHOLDERS'
   EQUITY
   ($millions)
  Deposits:
    Noninterest
     Bearing         $6,063    $5,563      9.0%   $5,857    $5,470      7.1%
    Bank Issued
     Interest
     Bearing
     Activity        13,034    13,879     -6.1    14,233    13,490      5.5
    Bank Issued
     Time             9,213     8,346     10.4     8,999     8,555      5.2
    Total Bank
     Issued
     Deposits        28,310    27,788      1.9    29,089    27,515      5.7
    Wholesale
     Deposits        12,300     6,854     79.5    10,186     6,554     55.4
  Total Deposits     40,610    34,642     17.2    39,275    34,069     15.3
  Short - Term
   Borrowings         5,035     5,725    -12.1     6,163     4,694     31.3
  Long - Term
   Borrowings         9,686    10,674     -9.3     9,749    11,534    -15.5
  Other
   Liabilities          988     1,104    -10.5       991     1,073     -7.6
  Liabilities
   of Discontinued
   Operations             -        44     n.m.         -       160     n.m.
  Shareholders'
   Equity             7,306     7,168      1.9     6,956     6,680      4.1
  Total
   Liabilities &
   Shareholders'
   Equity           $63,625   $59,357     7.2%   $63,134   $58,210     8.5%

  Memo:
  Average
   Interest
   Bearing
   Liabilities      $49,268   $45,478            $49,330   $44,827




  Marshall & Ilsley Corporation
  Financial Information
  (unaudited)

                     Three Months Ended          Twelve Months Ended
                        December 31,   Percent       December 31,    Percent
                      2008      2007    Change      2008     2007    Change
  CREDIT QUALITY (a)

  Net Charge-Offs
  ($millions)        $679.8    $191.6    254.8%   $1,363.8   $255.9   433.0%
  Net Charge-Offs /
   Average Loans &
   Leases              5.38%     1.67%                2.74%    0.59%
  Loan and Lease
   Loss Reserve
   ($millions)     $1,202.2    $496.2    142.3%   $1,202.2   $496.2   142.3%
  Loan and Lease
   Loss Reserve /
   Period-End
   Loans
   & Leases            2.41%     1.07%                2.41%    1.07%
  Nonaccrual
   Loans &
   Leases
   ($millions)     $1,527.0    $686.9    122.3%   $1,527.0   $686.9   122.3%
  Nonaccrual
   Loans &
   Leases /
   Period-End
   Loans & Leases      3.05%     1.48%                3.05%    1.48%
  Loan and Lease
   Loss
   Reserve /
   Nonaccrual
   Loans & Leases        79%       72%                  79%      72%
  Non-Performing
   Loans &
   Leases (NPL's)
   ($millions)     $1,811.8    $925.2     95.8%   $1,811.8   $925.2    95.8%
  NPL's / Period-
   End
   Loans & Leases      3.62%     2.00%                3.62%    2.00%
  Loan and Lease Loss
   Reserve / Non-
   Performing
   Loans & Leases        66%       54%                  66%      54%

  MARGIN ANALYSIS (b)

  Loans and Leases:
    Commercial Loans &
     Leases            5.36%     7.30%                5.56%    7.52%
    Commercial Real
     Estate            5.70      7.27                 6.02     7.49
    Residential Real
     Estate            5.40      6.90                 5.90     7.16
    Home Equity Loans
     and
     Lines             5.84      7.33                 6.28     7.48
    Personal Loans
     and Leases        6.08      7.54                 6.38     7.73
  Total Loans and
   Leases              5.56      7.22                 5.89     7.43
  Loan to Metavante       -      4.31                    -     4.40
  Investment
   Securities          4.63      5.13                 4.77     5.27
  Short - Term
   Investments         1.37      4.46                 1.92     4.67
  Interest Income
   (FTE) /
   Avg. Interest
   Earning
   Assets              5.38%     6.87%                5.70%    7.05%
  Interest Bearing
   Deposits:
    Bank Issued
     Interest
     Bearing
     Activity          0.88%     3.34%                1.54%    3.55%
    Bank Issued Time   3.61      4.88                 3.99     4.91
    Total Bank Issued
     Deposits          2.01      3.92                 2.49     4.08
    Wholesale
     Deposits          2.74      4.91                 3.18     5.06
  Total Interest
   Bearing
   Deposits            2.27      4.15                 2.70     4.31
  Short - Term
   Borrowings          1.06      4.66                 2.27     5.04
  Long - Term
   Borrowings          4.64      5.14                 4.66     5.07
  Interest Expense /
   Avg. Interest
   Bearing
   Liabilities         2.61%     4.45%                3.03%    4.58%
  Net Interest
   Margin(FTE) /
   Avg. Earning
   Assets              3.18%     3.13%                3.12%    3.14%
  Interest Spread
   (FTE)               2.77%     2.42%                2.67%    2.47%

  Notes:
  (a) Non-performing loans & leases includes renegotiated loans and
      loans past due 90 days or more.

  (b) Based on average balances excluding fair value adjustments for
      available for sale securities.


DATASOURCE: Marshall & Ilsley Corporation



CONTACT:  Greg Smith, senior vice president, chief financial officer,

[phone], or Dave Urban, vice president, director of investor

relations, [phone], both of Marshall & Ilsley Corporation 



Web Site:  http://www.mibank.com/

http://www.micorp.com/ 

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