New Issue: UBS prices $2.55 million step performance notes linked to Apple

By Angela McDaniels

Tacoma, Wash., May 17 - UBS AG, London Branch priced $2.55 million of 0% step performance securities due May 21, 2015 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the stock return is zero or positive, the payout at maturity will be par of $10 plus the greater of the stock return and 25.5%. If the stock return is negative, investors will be fully exposed to the decline.

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

Issuer:	UBS AG, London Branch
Issue:	Step performance securities
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$2,546,900
Maturity:	May 21, 2015
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If stock return is zero or positive, par plus greater of stock return and 25.5%; otherwise, full exposure to decline
Initial share price:	$428.98
Pricing date:	May 15
Settlement date:	May 20
Underwriters:	UBS Financial Services Inc. and UBS Investment Bank
Fees:	2%
Cusip:	90271C536

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