Unionbancal Corp : Housing Slowdown Not Enough to Trigger Recession, Says Union Bank Economist

Union Bank of California:

WHAT:         Keitaro Matsuda, senior economist for Union Bank of
              California, today released his July 2007 Economic Report
              focusing on the United States economy. The report,
              titled "Will the Housing Slowdown Push the Economy into
              a Recession?" is part of a monthly series produced by
              Matsuda on the California, Pacific Northwest and U.S.
              economies.

WHY:          The July 2007 report discusses factors at play in the
              United States economy, including:

              -- Weak residential investment, which subtracted almost
                 one percentage point from GDP growth in the first
                 quarter of 2007.
              -- Stable employment growth in the construction sector.
              -- Home price appreciation, home equity and the wealth
                 effect on consumer spending.

WHO:          Keitaro Matsuda has served as senior economist for Union
              Bank of California since 1997. He monitors economic
              trends and developments for Union Bank management and
              customers. Matsuda is also a member of the economic
              advisory committee of the American Bankers Association.
              Union Bank of California, the wholly owned subsidiary of
              UnionBanCal Corporation (NYSE:UB), provides a broad
              range of financial services to consumers, small
              businesses, middle market and large corporations.

AVAILABILITY: The July 2007 Economic Report is available upon request.

INTERVIEW:    Keitaro Matsuda is available for interviews to share his
              insights about local, state and national economies.
              Please contact Katie Pandes to schedule an appointment.

Union Bank of California
Katie Pandes, 415-765-2617
[e-mail]
Sharon Woodson-Bryant, 213-236-4145
[e-mail]