ZIONS BANCORPORATION

Credit Quality Outlook

•

Evidence of continued weakening in residential

construction activity and land values in the Southwest

•

Expect increase from historically low levels of NPAs

and NCOs -

3Q net charge-offs of approximately 18

bp

annualized

•

Provision increases driven by reserve strengthening

in light of softening conditions

–

3Q loan loss provision of approximately 48 bp

annualized

–

Future provisions likely to be higher than 2Q

RBC Capital Markets Conference –

26 Sep 2007

Exhibit 99.1