July 16, 2007

Douglas W. Shorenstein Joins Federal Reserve Bank of San Francisco
Board of Directors

Douglas W. Shorenstein

San Francisco, July 16, 2007 – The Federal Reserve’s Board of Governors in Washington D.C. has appointed Douglas W. Shorenstein, chairman and CEO of Shorenstein Properties LLC, to the Federal Reserve Bank of San Francisco’s board of directors effective June 14, 2007.

In his role as a Reserve Bank director, Mr. Shorenstein will share his perspective on the economic conditions of his industry and the Twelfth District's nine-state economy. Directors contribute to the formulation of monetary policy through the industry and regional economic information they provide the Bank's president. Reserve Bank directors also recommend changes in the discount rate.

Shorenstein Properties LLC is one of the country’s oldest real estate organizations active nationally in the ownership and operation of office properties. Mr. Shorenstein joined the family business in 1983 and became chairman and chief executive officer in 1995. During his tenure, the company has evolved from a San Francisco-focused real estate operating company into a real estate investment and management company, active throughout the United States.

Mr. Shorenstein supports numerous civic and philanthropic causes and serves on the board of many such institutions. His current nonprofit board activities include: Environmental Defense; Yale School of Management; Vanderbilt University; executive board of UCSF Hospital; executive committee, The Real Estate Roundtable; and The Joan Shorenstein Center on the Press, Politics and Public Policy at Harvard’s Kennedy School of Government.

Prior to joining Shorenstein Properties, Mr. Shorenstein worked for three years as a real estate attorney with the law firm of Shearman & Sterling LLP in New York in its Real Estate Group. Mr. Shorenstein graduated from University of California at Berkeley with a B.A., and from University of California, Hastings College of the Law with a J.D.

Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors, three of whom are appointed by the Board of Governors of the Federal Reserve System with the remaining six elected by the member banks in the Twelfth Federal Reserve District. Directors are drawn from the banking community as well as sectors representing business, industry, agriculture, services, labor and consumers.

Mr. Shorenstein joins eight other directors on the Federal Reserve Bank of San Francisco board: David K.Y. Tang, (chairman) K&L Gates, Seattle, WA; T. Gary Rogers, (deputy chairman) Dreyer’s Grand Ice Cream, Inc., Oakland, CA; Karla S. Chambers, Stahlbush Island Farms, Inc., Corvallis, OR; Richard W. Decker, Jr., Belvedere Capital Partners LLC, San Francisco, CA; Jack McNally, JKM Consulting, Sacramento, CA; Blake W. Nordstrom, Nordstrom, Inc., Seattle WA; Candace H. Wiest, West Valley National Bank, Avondale, AZ; and Kenneth P. Wilcox, Silicon Valley Bank, Santa Clara, CA.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government.

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