UB Unionbancal Corp

Union Bank of California (NYSE:UB): WHAT: Keitaro Matsuda, senior economist for Union Bank of California, today released his May 2007 Economic Report focusing on the United States economy. The report, titled "Diverging Regional Economies: Another Dilemma for the Fed," is part of a monthly series produced by Matsuda on the California, Pacific Northwest and U.S. economies. WHY: The May 2007 Economic Report discusses factors at play in the United States economy, including: -- Robust consumer spending and tight labor market, which limit the prospect of a recession -- Accelerating price inflation versus slowing output growth -- Regional variations in personal income growth -- Subprime mortgage delinquency ratios 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 May 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.