New Issue: UBS prices $26.04 million protected absolute return barrier notes linked to S&P 500

By Susanna Moon

Chicago, April 29 - UBS AG priced $26.04 million of zero-coupon 100% principal protection absolute return barrier notes due Oct. 30, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes above the upper index barrier or below the lower index barrier on any day during the life of the notes, the payout at maturity will be par of $10. Otherwise, the payout will be par plus the absolute value of the index return.

The upper and lower index barriers are 22.66% above and below the initial index level, respectively.

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

Issuer:	UBS AG
Issue:	100% principal protection absolute return barrier notes
Underlying index:	S&P 500
Amount:	$26,042,180
Maturity:	Oct. 30, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par if index ever closes above the upper index barrier or below the lower index barrier; otherwise, par plus the absolute value of the index return
Initial index level:	1,397.84
Lower index barrier:	1,081.09, or 77.34% of initial index level
Upper index barrier:	1,714.59, or 122.66% of initial index level
Pricing date:	April 25
Settlement date:	April 30
Underwriters:	UBS Financial Services Inc., UBS Investment Bank
Fees:	1.75%

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