New Issue: UBS prices $5.79 million 12.2% yield optimization notes linked to Schering-Plough

By E. Janene Geiss

Philadelphia, Jan. 29 - UBS AG priced $5.79 million of 12.2% yield optimization notes with contingent protection due Jan. 30, 2009 linked to the common stock of Schering-Plough Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

If Schering-Plough stock falls below the trigger price - 65% of the initial share price - during the life of the notes, the payout at maturity will be one Schering-Plough share per note. If the stock remains at or above the trigger price, the payout will be par.

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

Issuer:	UBS AG
Issue:	Yield optimization notes with contingent protection
Underlying stock:	Schering-Plough Corp. (NYSE: SGP)
Amount:	$5,793,968
Maturity:	Jan. 30, 2009
Coupon:	12.2%, payable quarterly
Price:	Par of $19.02
Payout at maturity:	If Schering-Plough stock falls below trigger price during life of notes, one Schering-Plough share per note; otherwise, par
Initial share price:	$19.02
Trigger price:	$12.36, 65% of initial share price
Pricing date:	Jan. 25
Settlement date:	Jan. 31
Underwriters:	UBS Investment Bank; UBS Financial Services Inc.
Fees:	2%

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