New Issue: UBS prices $78 million 0% notes linked to S&P 500

By Angela McDaniels

Seattle, Feb. 23 - UBS AG priced $78 million 0% enhanced appreciation securities due Aug. 31, 2007 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, the notes pay triple any positive return on the index up to a maximum payout of 15.5%. Investors are fully exposed to any decline.

Issuer:	UBS AG
Issue:	Enhanced appreciation securities senior medium-term notes
Underlying index:	S&P 500
Amount:	$78 million
Maturity:	Aug. 31, 2007
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Triple positive return on index, capped at 15.50% payout, or full exposure to any loss
Pricing date:	Feb. 21
Underwriter:	UBS Investment Bank, UBS Financial Services Inc.

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