New Issue: UBS prices $4.44 million 7.5% airbag autocallable yield notes linked to Western Refining

By Jennifer Chiou

New York, May 30 - UBS AG, London Branch priced $4,438,000 of 7.5% airbag autocallable yield optimization notes due May 29, 2015 linked to Western Refining, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be called at par plus accrued interest if Western Refining stock closes at or above the initial share price on any quarterly observation date.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Western Refining shares equal to $1,000 divided by the conversion price. The conversion price is 82% of the initial share price.

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

Issuer:	UBS AG, London Branch
Issue:	Airbag autocallable yield optimization notes
Underlying stock:	Western Refining, Inc. (Symbol: WNR)
Amount:	$4,438,000
Maturity:	May 29, 2015
Coupon:	7.5%, payable monthly
Price:	Par
Payout at maturity:	If final price is less than conversion price, Western Refining shares equal to $1,000 divided by the conversion price; otherwise, par
Call:	At par if Western Refining shares close at or above initial share price on any quarterly observation date
Initial price:	$41.30
Conversion price:	$33.87, 82% of initial price
Pricing date:	May 28
Settlement date:	May 30
Agents:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	1.5%
Cusip:	90272X588

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