New Issue: UBS prices $1.32 million 9.4% yield optimization notes linked to SPDRs

By Susanna Moon

Chicago, March 17 - UBS AG priced $1.32 million of 9.4% yield optimization notes with contingent protection due March 18, 2011 linked to shares of the S&P Depositary Receipts issued by the SPDR Trust, Series I, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par unless the receipts fall by 25% or more during the life of the notes, in which case the payout will be one receipt per note.

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

Issuer:	UBS AG
Issue:	Yield optimization notes with contingent protection
Underlying security:	S&P Depositary Receipts
Amount:	$1,319,527
Maturity:	March 18, 2011
Coupon:	9.4%, payable quarterly
Price:	Par of $76.15
Payout at maturity:	Par unless the receipts fall by 25% or more during the life of the notes, in which case the payout will be one receipt per note
Initial share price:	$76.15
Trigger price:	$57.113, or 75% of initial share price
Pricing date:	March 13
Settlement date:	March 18
Underwriters:	UBS Investment Bank and UBS Financial Services Inc.
Fees:	2.75%

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