New Issue: UBS prices $951,872 19.15% yield optimization notes linked to Wal-Mart

By Angela McDaniels

Tacoma, Wash., Nov. 25 - UBS AG priced $951,872 of 19.15% annualized yield optimization notes with contingent protection due May 29, 2009 linked to the common stock of Wal-Mart Stores, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each note priced at par of $52.92, which is equal to the closing price of Wal-Mart stock on the pricing date.

Interest is payable quarterly.

If the final share price of Wal-Mart stock is greater than or equal to 65% of the initial price, the payout at maturity will be par. Otherwise, the payout will be one Wal-Mart share per note.

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

Issuer:	UBS AG
Issue:	Yield optimization notes with contingent protection
Underlying stock:	Wal-Mart Stores, Inc. (NYSE: WMT)
Amount:	$951,872
Maturity:	May 29, 2009
Coupon:	19.15%, payable quarterly
Price:	Par of $52.92
Payout at maturity:	If Wal-Mart shares finish below the trigger price, one Wal-Mart share per note; otherwise, par
Initial share price:	$52.92
Trigger price:	$34.40, 65% of initial price
Pricing date:	Nov. 21
Settlement date:	Nov. 28
Underwriters:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	1%

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