New Issue: UBS prices $21.94 million 8.5% yield optimization notes linked to SPDRs

By Jennifer Chiou

New York, June 26 - UBS AG priced a $21.94 million offering of 8.5% yield optimization notes with contingent protection due Dec. 31, 2008 linked to shares of the S&P Depositary Receipts issued by the SPDR Trust, Series I, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par unless the receipts fall by 20% or more during the life of the notes, in which case the payout will be one receipt per note.

UBS Investment Bank and UBS Financial Services Inc. are the agents.

Issuer:	UBS AG
Issue:	Yield optimization notes with contingent protection
Underlying security:	S&P Depositary Receipts
Amount:	$21,942,446
Maturity:	Dec. 31, 2008
Coupon:	8.5%, payable quarterly
Price:	Par of $131.19
Payout at maturity:	Par unless the receipts fall by 20% or more during the life of the notes, in which case the payout will be one receipt per note
Initial share price:	$131.19
Trigger price:	$104.95, 80% of initial share price
Pricing date:	June 24
Settlement date:	June 30
Underwriters:	UBS Investment Bank and UBS Financial Services Inc.
Fees:	1%

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