New Issue: UBS prices $50 million notes linked to S&P 500

New York, April 28 - UBS AG priced $50 million of enhanced appreciation notes linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay no coupon but at maturity the payout is three times any positive return on the index, capped at a payout of 15.25%, or the negative return.

UBS Investment Bank and UBS Financial Services Inc. were underwriters.

Issuer:	UBS AG
Issue:	Enhanced appreciation notes
Underlying index:	S&P 500
Amount:	$50 million
Maturity:	Oct. 31, 2006
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, three times the return of the index, capped at 15.25%; if index return is negative, return on the index
Pricing date:	April 25
Underwriters:	UBS Investment Bank, UBS Financial Services Inc.

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