New Issue: UBS prices $595,000 26.25% reverse convertibles linked to Las Vegas Sands

By E. Janene Geiss

Philadelphia, Sept. 28 - UBS AG priced $595,000 of reverse convertible notes due Dec. 30, 2009 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The three-month notes will pay 6.5625% for an annualized coupon of 26.25%. Interest is payable monthly.

The payout at maturity will be par unless Las Vegas Sands stock falls below the trigger price - 60% of the initial share price - during the life of the notes and finishes below the initial price, in which case investors will receive a number of Las Vegas Sands shares equal to $1,000 divided by the initial price.

UBS Securities LLC is the underwriter.

Issuer:	UBS AG
Issue:	Reverse convertible notes
Underlying stock:	Las Vegas Sands Corp. (NYSE: LVS)
Amount:	$595,000
Maturity:	Dec. 30, 2009
Coupon:	26.25%, payable monthly
Price:	Par
Payout at maturity:	If Las Vegas Sands stock falls below trigger price during life of notes and finishes below initial price, 56.8182 Las Vegas Sands shares; otherwise, par
Initial share price:	$17.60
Trigger price:	$10.56, 60% of initial share price
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Underwriter:	UBS Securities LLC
Fees:	2%

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