New Issue: UBS prices $4.09 million trigger step performance notes tied to S&P 500

By Toni Weeks

San Luis Obispo, Calif., April 29 - UBS AG, London Branch priced $4.09 million of 0% trigger step performance securities due April 30, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of the 21.25% step return and the index return.

Investors will receive par if the index falls by up to 20% and will be fully exposed to losses from the initial level if it falls more than 20%.

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

Issuer:	UBS AG, London Branch
Issue:	Trigger step performance securities
Underlying index:	S&P 500
Amount:	$4,088,400
Maturity:	April 30, 2018
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is zero or positive, par plus greater of index return and 21.25%; par if index falls by 20% or less; full exposure to losses if index falls more than 20%
Initial level:	1,863.4
Trigger level:	1,490.72, 80% of initial level
Pricing date:	April 25
Settlement date:	April 30
Agents:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	3%
Cusip:	90272V624

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