New Issue: UBS prices $1.89 million 21.4% reverse convertibles linked to Las Vegas Sands

New York, Dec. 23 - UBS AG priced $1.887 million of 21.4% reverse convertible notes due March 25, 2011 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price of $34.53, 75% of the initial price of $46.04, during the life of the notes and finish below the initial price in which case the payout will be 21.72024 shares of Las Vegas Sands stock.

UBS Securities LLC is the agent.

Issuer:	UBS AG
Issue:	Reverse convertible notes
Underlying stock:	Las Vegas Sands Corp. (Symbol: LVS)
Amount:	$1.887 million
Maturity:	March 25, 2011
Coupon:	21.4%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Las Vegas Sands shares fall below the protection price of $34.53, 75% of the initial price, and finish below the initial price, in which case 21.72024 shares of Las Vegas Sands stock
Initial price:	$46.04
Protection price:	$34.53, 75% of $46.04
Exchange ratio:	21.72024
Pricing date:	Dec. 22
Settlement date:	Dec. 28
Agent:	UBS Securities LLC
Fees:	1%

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