Exhibit 99.1
News Release		Marshall & Ilsley Corporation
		770 North Water Street
		Milwaukee, WI 53202
		414 765-7700 Main
		414 298-2921 Fax
		mibank.com
For Release:	Immediately
Contact:	Greg Smith, senior vice president, chief financial officer 414 765-7727 Dave Urban, vice president, director of investor relations 414 765-7853

MARSHALL & ILSLEY CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

Milwaukee, Wis. – Jan. 16, 2007 – Marshall & Ilsley Corporation (NYSE: MI) today reported 2006 fourth quarter core operating income of $218.4 million, or $0.84 per share, as compared to $177.5 million, or $0.74 per share, in the fourth quarter of 2005, an increase of 23.1%, or 13.5% on a per share basis. The Corporation reported 2006 fourth quarter net income of $205.4 million, or $0.79 per share.  The $0.05 per share difference between core operating income and net income as reported reflects the charge for the termination of certain interest rate swaps due to a change in the interpretation of certain accounting rules as announced in October.

Core operating income for the year ended December 31, 2006, was $819.8 million, or $3.22 per share, as compared to $706.2 million, or $2.99 per share in 2005, which included a net increase of $.08 per share related to realized gains on venture capital investments.  Without these items, earnings per share would have been $2.91 for the year ended December 31, 2005, representing an increase in 2006 of 10.7%. Net income for the year ended December 31, 2006, was $807.8 million, or $3.17 per share.

Return on average assets based on core operating income for the fourth quarter and full year of 2006 was 1.56 percent, respectively. By comparison, the return on average assets based on net income for the fourth quarter and full year of 2005 was 1.56 and 1.63 percent, respectively.  Return on equity based on core operating income was 14.27 percent this quarter, as compared to 15.06 percent for the fourth quarter of 2005.

The Corporation’s provision for loan losses was $18.3 million in the fourth quarter of 2006, versus $13.0 million in the same period last year.  Net charge-offs for the period were $15.0 million, or 0.14 percent of total average loans outstanding this quarter, and $11.5 million a year ago, or 0.14 percent of total average loans.  At December 31, 2006, the allowance for loan losses was 1.00 percent of total loans, compared to 1.06 percent a year earlier.  Nonperforming loans were 0.64 percent of total loans at December 31, 2006, and 0.41 percent at December 31, 2005.

Assets at year-end were $56.2 billion, compared to $46.2 billion at the end of 2005.  Book value per share was $24.24 at December 31, 2006, compared to $20.27 for the same date a year ago.  Total loans were $41.9 billion, compared to $34.2 billion at December 31, 2005.

All “per share” references in this press release are references to diluted earnings per share.

Marshall & Ilsley Corporation (NYSE: MI) is a diversified financial services corporation headquartered in Milwaukee, Wis., with $56.2 billion in assets. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank with 195 offices throughout the state. In addition, M&I has 46 locations throughout Arizona; 17 offices in Kansas City and nearby communities; 17 offices on Florida’s west coast; 17 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; three offices in Tulsa, Okla.; and one office in Las Vegas, Nev. M&I’s Southwest Bank subsidiary has 15 offices in the greater St. Louis area. Metavante Corporation, a wholly owned subsidiary, provides a full array of technology products and services for the financial services industry. 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 (www.mibank.com or 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.

###

This press release contains forward-looking statements concerning M&I’s future operations and financial results.  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) the factors identified in M&I’s Annual Report on Form 10-K for the year ended December 31, 2005 under the heading “Forward-Looking Statements” which factors are incorporated herein by reference, and (ii) such other factors as may be described from time to time in M&I’s SEC filings.

This press release contains non-GAAP financial measures for the three months and year ended December 31, 2006 and for the year ended December 31, 2005, as a supplement to the Corporation’s GAAP financial results.  The Corporation believes that these non-GAAP financial measures are useful because they allow investors to assess, on a consistent basis, the Corporation’s core operating performance, exclusive of items which management believes are not indicative of the operations of the Corporation such as the change in the accounting for derivatives.  Management uses such non-GAAP financial measures to evaluate financial results and to establish operational goals.  These non-GAAP financial measures should be considered a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP.  For a reconciliation of non-GAAP financial measures to the comparable financial measures calculated in accordance with GAAP, please see the reconciliation table included in the attachment to this press release.

Note:

Marshall & Ilsley Corporation will hold a conference call at 11:00 a.m. Central Standard Time Tuesday, January 16, regarding fourth quarter earnings. For those interested in listening, please call 1-800-967-7185 and ask for M&I’s quarterly earnings release conference call. If you are unable to join us at this time, a replay of the call will run will be available beginning at 2:30 p.m. on January 16 and will run through 5:00 p.m. January 23, by calling 1-888-203-1112 and entering pass code 487 53 06. Supplemental financial information referenced in the conference call can be found at www.micorp.com, Investor Relations, after 8:30 a.m. on January 16.

Marshall & Ilsley Corporation
Financial Information
(unaudited)
	Three Months Ended							Twelve Months Ended
	December 31,		December 31,		Percent			December 31,		December 31,		Percent
	2006		2005		Change			2006		2005		Change
PER SHARE DATA
Diluted:
Core Operating Income	$0.84		$0.74		13.5	%		$3.22		$2.99		7.7	%
Net  Income	0.79		0.74		6.8			3.17		2.99		6.0
Basic:
Core Operating Income	0.86		0.76		13.2			3.29		3.06		7.5
Net  Income	0.81		0.76		6.6			3.24		3.06		5.9
Dividend Declared	0.27		0.24		12.5			1.05		0.93		12.9
Book Value	24.24		20.27		19.6			24.24		20.27		19.6
Shares  Outstanding (millions):
Average - Diluted	260.5		239.6		8.7			254.6		236.0		7.9
End of Period	255.5		235.4		8.5			255.5		235.4		8.5
INCOME STATEMENT ($millions)
Net Interest Income (FTE)	$402.3		$339.8		18.4	%		$1,520.4		$1,298.6		17.1	%
Provision for Loan and Lease Losses	18.3		13.0		40.8			50.6		44.8		12.9
Data Processing Services	355.2		323.8		9.7			1,382.7		1,185.1		16.7
Wealth Management	57.9		48.2		20.1			221.6		191.7		15.6
Service Charge on Deposits	26.3		23.3		12.9			99.6		94.0		6.0
Mortgage Banking	12.1		14.6		-17.1			52.4		50.5		3.8
Net Investment Securities Gains	3.1		2.9		6.9			9.7		45.5		-78.7
All Other	48.1		36.5		31.8			167.9		149.5		12.3
Total Non-Interest Revenues (Core Operating 2006)	502.7		449.3		11.9			1,933.9		1,716.3		12.7
Salaries and Employee Benefits	311.3		282.7		10.1			1,210.1		1,074.7		12.6
Occupancy and Equipment	60.6		56.8		6.7			244.0		215.6		13.2
Intangible Amortization	12.3		8.8		39.8			45.4		31.1		46.0
Other	179.3		157.3		14.0			660.0		557.7		18.3
Total Non-Interest Expenses	563.5		505.6		11.5			2,159.5		1,879.1		14.9
Tax Equivalent Adjustment	7.1		8.2		-13.4			30.1		33.3		-9.6
Pre-Tax Core Operating Earnings	316.1		262.3		20.5			1,214.1		1,057.7		14.8
Income Taxes (Core Operating Income 2006)	97.7		84.8		15.2			394.3		351.5		12.2
Core Operating Income	$218.4		$177.5		23.1	%		$819.8		$706.2		16.1	%
Derivative Loss - Discontinued Hedges, net of tax	(13.0)		0.0		n.m.			(12.0)		0.0		n.m.
Net  Income	$205.4		$177.5		15.7	%		$807.8		$706.2		14.4	%
KEY  RATIOS
Net Interest Margin (FTE) / Avg. Earning Assets	3.25	%	3.38	%				3.27	%	3.40	%
Interest Spread (FTE)	2.61		2.82					2.66		2.93
Based on Core Operating Activities (2006)
Efficiency  Ratio	62.2		64.1					62.6		62.6
Efficiency  Ratio  without  Metavante	50.6		51.5					50.8		50.7
Return on Assets	1.56		1.56					1.56		1.63
Return on Equity	14.27		15.06					14.58		16.21
Equity / Assets (End of Period)	10.94		10.25					10.94		10.25
Marshall & Ilsley Corporation
Financial Information
(unaudited)
	As of
	December 31,		December 31,		Percent
ASSETS ($millions)	2006		2005		Change
Cash & Due  From  Banks	$1,248		$1,155		8.1	%
Trading Securities	36		30		20.0
Short - Term  Investments	256		300		-14.7
Investment  Securities	7,473		6,320		18.2
Loans and Leases:
Commercial  Loans & Leases	12,587		10,066		25.0
Commercial  Real  Estate	14,351		10,421		37.7
Residential  Real  Estate	9,032		7,096		27.3
Home Equity Loans & Lines	4,342		4,834		-10.2
Personal  Loans and Leases	1,623		1,750		-7.3
Total  Loans and Leases	41,935		34,167		22.7
Reserve for Loan & Leases Losses	(421)		(364)		15.7
Premises and Equipment, net	572		491		16.5
Goodwill and Intangibles	3,212		2,461		30.5
Other  Assets	1,919		1,653		16.1
Total  Assets	$56,230		$46,213		21.7	%
LIABILITIES & SHAREHOLDERS' EQUITY ($millions)
Deposits:
Noninterest Bearing	$6,113		$5,525		10.6	%
Bank Issued Interest Bearing Activity	12,924		10,530		22.7
Bank Issued Time	8,108		5,279		53.6
Total Bank Issued Deposits	27,145		21,334		27.2
Wholesale Deposits	6,939		6,340		9.4
Total  Deposits	34,084		27,674		23.2
Short - Term  Borrowings	6,425		5,627		14.2
Long - Term  Borrowings	8,026		6,669		20.3
Other  Liabilities	1,544		1,508		2.4
Shareholders'  Equity	6,151		4,735		29.9
Total  Liabilities  &  Shareholders'  Equity	$56,230		$46,213		21.7	%
	Three Months Ended							Twelve Months Ended
	December 31,		December 31,		Percent		December 31,			December 31,		Percent
	2006		2005		Change			2006		2005		Change
AVERAGE  ASSETS ($millions)
Cash & Due  From  Banks	$1,045		$1,012		3.3	%		$1,024		$966		6.0	%
Trading Securities	44		33		33.3			46		27		70.4
Short - Term  Investments	223		216		3.2			303		237		27.8
Investment  Securities	7,333		6,256		17.2			6,992		6,183		13.1
Loans and Leases:
Commercial  Loans & Leases	12,338		9,761		26.4			11,691		9,394		24.5
Commercial  Real  Estate	14,278		10,414		37.1			13,139		9,989		31.5
Residential  Real  Estate	8,844		6,717		31.7			8,130		5,752		41.3
Home Equity Loans and Lines	4,387		4,822		-9.0			4,540		4,988		-9.0
Personal  Loans and Leases	1,591		1,688		-5.7			1,628		1,653		-1.5
Total  Loans and Leases	41,438		33,402		24.1			39,128		31,776		23.1
Reserve  for  Loan  &  Leases  Losses	(420)		(365)		15.1			(406)		(363)		11.8
Premises and Equipment, net	570		478		19.2			551		458		20.3
Goodwill and Intangibles	3,216		2,425		32.6			3,008		2,261		33.0
Other  Assets	2,053		1,792		14.6			2,005		1,739		15.3
Total  Assets	$55,502		$45,249		22.7	%		$52,651		$43,284		21.6	%
Memo:
Average Earning Assets	$49,038		$39,907					$46,469		$38,223
Average Earning Assets Excluding Investment Securities
Unrealized Gains/Losses	$49,094		$39,945					$46,555		$38,218
AVG  LIABILITIES & SHAREHOLDERS' EQUITY ($millions)
Deposits:
Noninterest Bearing	$5,526		$5,195		6.4	%		$5,336		$4,943		8.0	%
Bank Issued Interest Bearing Activity	12,516		10,349		20.9			11,668		10,027		16.4
Bank Issued Time	8,111		5,057		60.4			7,329		4,410		66.2
Total Bank Issued Deposits	26,153		20,601		26.9			24,333		19,380		25.6
Wholesale Deposits	6,984		6,723		3.9			7,256		6,721		8.0
Total  Deposits	33,137		27,324		21.3			31,589		26,101		21.0
Short - Term  Borrowings	4,091		2,563		59.6			3,638		2,926		24.3
Long - Term  Borrowings	10,452		8,936		17.0			10,072		8,193		22.9
Other  Liabilities	1,772		1,751		1.2			1,751		1,707		2.6
Shareholders'  Equity	6,050		4,675		29.4			5,601		4,357		28.6
Total  Liabilities  &  Shareholders'  Equity	$55,502		$45,249		22.7	%		$52,651		$43,284		21.6	%
Memo:
Average Interest Bearing Liabilities	$42,154		$33,628					$39,963		$32,277
Marshall & Ilsley Corporation
Financial Information
(unaudited)
	Three Months Ended							Twelve Months Ended
	December 31,		December 31,		Percent		December 31,			December 31,		Percent
	2006		2005		Change			2006		2005		Change
CREDIT  QUALITY (a)
Net Charge-Offs ($millions)	$15.0		$11.5		30.4	%		$39.0		$39.1		-0.3	%
Net Charge-Offs / Average Loans & Leases	0.14	%	0.14	%				0.10	%	0.12	%
Loan and Lease Loss  Reserve ($millions)	$420.6		$363.8		15.6	%		$420.6		$363.8		15.6	%
Loan and Lease Loss  Reserve / Period-End     Loans & Leases	1.00	%	1.06	%				1.00	%	1.06	%
Non-Performing Loans & Leases (NPL) ($millions)	$268.0		$140.6		90.6	%		$268.0		$140.6		90.6	%
NPL's / Period-End Loans & Leases	0.64	%	0.41	%				0.64	%	0.41	%
Loan and Lease Loss Reserve / Non-Performing     Loans & Leases	157	%	259	%				157	%	259	%
MARGIN  ANALYSIS (b)
Loans and Leases:
Commercial  Loans & Leases	7.58	%	6.62	%				7.38	%	6.06	%
Commercial  Real  Estate	7.60		6.65					7.41		6.27
Residential  Real  Estate	7.19		6.47					7.05		6.13
Home Equity Loans and Lines	7.47		6.64					7.28		6.28
Personal  Loans and Leases	7.57		6.44					7.22		6.05
Total  Loans and Leases	7.49		6.59					7.30		6.17
Investment  Securities	5.21		5.00					5.20		5.01
Short - Term  Investments	4.95		3.89					4.81		3.38
Interest Income (FTE) / Avg. Interest Earning Assets	7.13	%	6.33	%				6.97	%	5.97	%
Interest Bearing Deposits:
Bank Issued Interest Bearing Activity	3.55	%	2.49	%				3.31	%	1.92	%
Bank Issued Time	4.72		3.65					4.40		3.21
Total Bank Issued Deposits	4.01		2.87					3.73		2.31
Wholesale Deposits	5.07		3.64					4.82		3.14
Total Interest Bearing Deposits	4.28		3.10					4.03		2.58
Short - Term  Borrowings	5.30		4.34					5.14		3.63
Long - Term  Borrowings	4.86		4.26					4.73		4.03
Interest Expense / Avg. Interest Bearing Liabilities	4.52	%	3.51	%				4.31	%	3.04	%
Net Interest Margin(FTE) / Avg. Earning Assets	3.25	%	3.38	%				3.27	%	3.40	%
Interest Spread (FTE)	2.61	%	2.82	%				2.66	%	2.93	%
Notes:
(a)   Includes Loans past due 90 days or more.
(b)   Based on average balances excluding fair value adjustments for available for sale securities.
Reconciliation of Core Operating Income to Net Income
	Three Months Ended December 31, 2006							Twelve Months Ended December 31, 2006
	Amount		Per					Amount		Per
	($ in millions)		Diluted Share					($ in millions)		Diluted Share
Total Non-Interest Revenues (Core Operating)	$502.7							$1,933.9
Derivative Loss - Discontinued Hedges	(20.2)							(18.5)
Total Non-Interest Revenues (GAAP)	$482.5							$1,915.4
Pre-Tax Core Operating Earnings	$316.1							$1,214.1
Derivative Loss - Discontinued Hedges	(20.2)							(18.5)
Pre-Tax Earnings (GAAP)	$295.9							$1,195.6
Income Taxes - Core Operating Income	$97.7							$394.3
Tax Benefit on Derivative Loss - Discontinued         Hedges	(7.2)							(6.5)
Income Taxes (GAAP)	$90.5							$387.8
Core Operating Income	$218.4		$0.84					$819.8		$3.22
Derivative Loss - Discontinued Hedges, net of tax	(13.0)		(0.05)					(12.0)		(0.05)
Net  Income (GAAP)	$205.4		$0.79					$807.8		$3.17
Average Shareholders' Equity Core Operating Activities	$6,074							$5,624
Cumulative Derivative Adjustments - Discontinued         Hedges, net of tax	(24)							(23)
Average Shareholders' Equity (GAAP)	$6,050							$5,601
Based on GAAP
Efficiency  Ratio	63.6	%						62.9	%
Efficiency  Ratio  without  Metavante	52.5							51.3
Return on Assets	1.47							1.53
Return on Equity	13.47							14.42
Reconciliation of Net Income to Income as Adjusted								Twelve Months Ended
								December 31, 2005
								Amount		Per
								($ in millions)		Diluted Share
Net  Income								$706.2		$2.99
Adjustments (Net of Tax)
Realized Gain Venture Capital Investments								18.2		0.07
Cash Tender - Equity Investment								3.9		0.02
Related Compensation Expense								(1.7)		(0.01)
Total Adjustments								20.4		0.08
Income as Adjusted								$685.8		$                        2.91