New Issue: UBS prices $200,000 15.03% reverse convertibles linked to Netflix

By E. Janene Geiss

Philadelphia, March 29 - UBS AG, London Branch priced $200,000 of reverse convertible notes due Oct. 4, 2011 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes pay 7.64% for an annualized coupon of 15.03%. Interest is payable monthly.

The payout at maturity will be par unless Netflix stock falls by more than 35% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Netflix shares equal to $1,000 divided by the initial share price.

UBS Securities LLC and UBS Investment Bank are the underwriters.

Issuer:	UBS AG, London Branch
Issue:	Reverse convertible notes
Underlying stock:	Netflix, Inc. (Nasdaq: NFLX)
Amount:	$200,000
Maturity:	Oct. 4, 2011
Coupon:	15.03%, payable monthly
Price:	Par
Payout at maturity:	If Netflix stock falls below trigger price during life of notes and finishes below initial share price, 4.2127 Netflix shares; otherwise, par
Initial share price:	$237.38
Trigger price:	$154.30, 65% of initial price
Pricing date:	March 29
Settlement date:	April 1
Underwriters:	UBS Securities LLC and UBS Investment Bank
Fees:	2.25%
Cusip:	902674EV8

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