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Published on 4/29/2008 in the Prospect News Structured Products Daily.

New Issue: UBS prices $21.89 million notes linked to UBS Bloomberg Constant Maturity Commodity

By Susanna Moon

Chicago, April 29 - UBS AG priced $28.89 million of zero-coupon return optimization securities with partial protection due Oct. 30, 2009 linked to the UBS Bloomberg Constant Maturity Commodity Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

The index is a benchmark consisting of 28 commodity futures with up to five different investment maturities, weighted to reflect the relative importance of each commodity to the world economy.

Payout at maturity will be par of $10 plus triple any gain on the index, capped at 31%.

Investors will receive par if the index falls by up to 15% and will lose 1% for each 1% that the index declines beyond 15%.

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

Issuer:UBS AG
Issue:Return optimization securities with partial protection
Underlying index:UBS Bloomberg Constant Maturity Commodity Index Excess Return
Amount:$21,890,300
Maturity:Oct. 30, 2009
Coupon:0%
Price:Par of $10
Payout at maturity:Par plus triple any index gain, capped at 31%; par if index falls by up to 15% and 1% loss for each 1% decline beyond 15%
Initial level:1,460.24
Pricing date:April 25
Settlement date:April 30
Underwriters:UBS Financial Services Inc., UBS Investment Bank
Fees:1.75%

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