New Issue: UBS prices $99,994 15.94% trigger yield optimization notes on Gerdau

By Jennifer Chiou

New York, Jan. 9 - UBS AG, London Branch priced $99,994 of 15.94% annualized trigger yield optimization notes due April 12, 2012 linked to Gerdau SA American depositary shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The face amount of each note will be equal to the initial price of Gerdau shares.

The payout at maturity will be par in cash unless the final price of Gerdau shares is less than 85% of the initial share price, in which case investors will receive one Gerdau share per note.

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

Issuer:	UBS AG, London Branch
Issue:	Trigger yield optimization notes
Underlying ADS:	Gerdau SA (NYSE: GGB)
Amount:	$99,994.76
Maturity:	April 12, 2012
Coupon:	15.94%, payable monthly
Price:	Par of $8.57
Payout at maturity:	If final share price is less than trigger price, one Gerdau share; otherwise, par
Initial share price:	$8.57
Trigger price:	$7.28, 85% of initial price
Pricing date:	Jan. 9
Settlement date:	Jan. 12
Agents:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	0.7%
Cusip:	90267W165

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