New Issue: UBS prices $1.5 million 12.46% reverse convertibles linked to MetLife

By Toni Weeks

San Diego, March 7 - UBS AG, London Branch priced $1.5 million of 12.46% annualized reverse convertible securities due Sept. 12, 2011 linked to MetLife, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless MetLife shares fall below the trigger price - 80% of the initial share price - during the life of the notes and finish below the initial share price, in which case the payout will be 21.9635 MetLife shares per $1,000 of notes.

UBS Securities LLC is the agent.

Issuer:	UBS AG, London Branch
Issue:	Reverse convertible notes
Underlying stock:	MetLife, Inc. (NYSE: MET)
Amount:	$1.5 million
Maturity:	Sept. 12, 2011
Coupon:	12.46%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless MetLife shares fall below the trigger price during the life of the notes and finish below the initial price, in which case 21.9635 shares of MetLife stock
Initial price:	$45.53
Trigger price:	$36.42, 80% of initial price
Pricing date:	March 7
Settlement date:	March 10
Agent:	UBS Securities LLC
Fees:	0.5%
Cusip:	902674EJ5

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