New Issue: UBS prices $17.59 million 10.75% six-month ELKS linked to Apple

By Susanna Moon

Chicago, June 1 - UBS AG, London Branch priced $17.59 million of 10.75% annualized single observation Equity LinKed Securities due Dec. 5, 2012 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par of $10 unless Apple shares finish below the 80% trigger level, in which case the payout will be a number of Apple shares equal to $10 divided by the initial price or, at the investor's option, the cash equivalent.

UBS Securities LLC is the agent, and Morgan Stanley Smith Barney LLC will handle distribution.

Issuer:	UBS AG, London Branch
Issue:	Equity LinKed Securities
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$17,593,480
Maturity:	Dec. 5, 2012
Coupon:	10.75%, payable monthly
Price:	Par of $10.00
Payout at maturity:	Par in cash unless Apple shares finish below trigger level on Nov. 30, in which case 0.01727 Apple shares or equivalent amount in cash
Initial share price:	$579.17
Downside threshold price: $463.33, 80% of initial share price
Pricing date:	May 30
Settlement date:	June 4
Underwriter:	UBS Securities LLC, with Morgan Stanley Smith Barney LLC as distributor
Fees:	1.5%
Cusip:	90268U234

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