New Issue: UBS prices $12.74 million autocallable optimization securities on Hess

By Jennifer Chiou

New York, Sept. 28 - UBS AG, London Branch priced $12.74 million 0% autocallable optimization securities with contingent protection due Oct. 3, 2011 linked to the common stock of Hess Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If Hess stock closes at or above the initial share price on any of 12 monthly observation dates, the notes will be automatically called and investors will receive par of $10 plus an annualized call premium of 19.35%.

If the notes are not called, the payout at maturity will be par if the final share price is greater than or equal to 80% of the initial share price. Otherwise, investors will be fully exposed to the share price decline.

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

Issuer:	UBS AG, London Branch
Issue:	Autocallable optimization securities with contingent protection
Underlying stock:	Hess Corp. (Symbol: HES)
Amount:	$12,735,080
Maturity:	Oct. 3, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If final share price is greater than or equal to trigger price, par; otherwise, full exposed to share price decline
Call:	Automatically at par plus annualized call premium of 19.35% if Hess stock closes at or above initial share price on any monthly call date
Initial share price:	$57.67
Trigger price:	$46.14, 80% of initial share price
Pricing date:	Sept. 27
Settlement date:	Sept. 30
Underwriters:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	1.25%
Cusip:	90267C888

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