New Issue: UBS prices $79.245 million 0% absolute return barrier notes linked to S&P 500

By Jennifer Chiou

New York, May 29 - UBS AG priced a $79.245 million offering of zero-coupon principal-protected absolute return barrier notes due Nov. 28, 2008 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes above the upper index barrier or below the lower index barrier during the life of the notes, the payout at maturity will be par of $10.00 plus the absolute value of any percentage increase or decline in the index level. Otherwise, the payout will be par.

The upper and lower barriers are 21.8% above and below the initial index level.

Issuer:	UBS AG
Issue:	Principal-protected absolute return barrier notes
Underlying index:	S&P 500
Amount:	$79.245 million
Maturity:	Nov. 28, 2008
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus absolute value of any index gain or decline if index remains within the index barriers; otherwise, par
Initial index level:	1,507.51
Upper index barrier:	1,836.15, 121.8% of initial index level
Lower index barrier:	1,178.87, 78.2% of initial index level
Pricing date:	May 24
Settlement date:	May 30
Underwriters:	UBS Securities LLC and UBS Financial Services Inc.
Fees:	1.75%

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