UBS to price yield optimization notes linked to Corning

By Jennifer Chiou

New York, June 1 - UBS AG plans to price yield optimization notes with contingent protection due June 30, 2008 linked to the common stock of Corning Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes will have of coupon of 10.25% to 11.25%. The exact coupon will be determined at pricing, which is expected to be June 25. The notes will settle on June 29.

If Corning stock falls below the trigger price during the life of the notes, the payout will be one Corning share per note. If Corning stock remains at or above the trigger price, the payout will be par.

The trigger price will be 75% of the initial share price.

UBS Investment Bank and UBS Financial Services Inc. will be the underwriters.

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