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Published on 7/29/2008 in the Prospect News Structured Products Daily.

New Issue: UBS prices $2.32 million 9.79% yield optimization notes linked to S&P MidCap 400

By Susanna Moon

Chicago, July 29 - UBS AG priced $2.32 million of 9.79% annualized yield optimization notes with contingent protection due Jan. 30, 2009 linked to Standard & Poor's Depositary Receipts, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The notes priced at par of $144.31, equal to the price of one SPDR on the pricing date.

If the shares never close below the trigger price - 80% of the initial price - the payout at maturity will be par. Otherwise, the payout will be one fund share per note.

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

Issuer:UBS AG
Issue:Yield optimization notes with contingent protection
Underlying fund:Standard & Poor's Depositary Receipts
Amount:$2,318,196
Maturity:Jan. 30, 2009
Coupon:9.79%, payable quarterly
Price:Par of $144.31
Payout at maturity:If the SPDRs ever close below the trigger price, one SPDR; otherwise, par
Initial SPDR price:$144.31
Trigger price:$115.45, or 80% of initial price
Pricing date:July 25
Settlement date:July 31
Underwriters:UBS Financial Services Inc. and UBS Investment Bank
Fees:1%

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