New Issue: UBS prices $3.99 million 12.35% trigger yield optimization notes linked to Cameco

By Angela McDaniels

Tacoma, Wash., March 23 - UBS AG, London Branch priced $3.99 million of 12.35% trigger yield optimization notes due March 27, 2012 linked to the common stock of Cameco Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The face amount of each note is $31.71, which is equal to the initial share price of Cameco stock.

Interest is payable monthly.

The payout at maturity will be par unless the final price of Cameco stock is less than 75% of the initial share price, in which case investors will receive one Cameco share per note.

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

Issuer:	UBS AG, London Branch
Issue:	Trigger yield optimization notes
Underlying stock:	Cameco Corp. (NYSE: CCJ))
Amount:	$3,993,525.69
Maturity:	March 27, 2012
Coupon:	12.35%, payable monthly
Price:	Par of $31.71
Payout at maturity:	If final share price is less than trigger price, one Cameco share; otherwise, par
Initial share price:	$31.71
Trigger price:	$23.78, 75% of initial price
Pricing date:	March 21
Settlement date:	March 24
Underwriters:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	2%
Cusip:	90267G384

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