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Published on 7/25/2006 in the Prospect News Convertibles Daily.

UBS plans 0% enhanced appreciation notes linked to S&P 500

By Jennifer Chiou

New York, July 25 - UBS AG plans to price an issue of 0% 14-month enhanced appreciation notes linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, payout at maturity will be triple any gain, capped at between 12.5% and 14%, with the exact percentage to be determined at pricing. Investors will be fully exposed to any decline in the index.

The notes are expected to price on Aug. 25 and settle on Aug. 31.

UBS Investment Bank and UBS Financial Services Inc. will be the underwriters.


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