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Exhibit 5.3
[UBS AG Letterhead]
UBS AG
Zurich and Basel
Switzerland
22 December 2000
Ladies and Gentlemen:
I am the Deputy Group General Counsel of UBS AG (the "Company") and I am a
member in good standing of the Bar of Basel-City, Switzerland. I am delivering
this opinion with respect to the proposed registration under the United States
Securities Act of 1933, as amended, of the guarantees of the Company of the
obligations of UBS Americas, Inc., a Delaware corporation and wholly owned
subsidiary of the Company ("UBS Americas"), under certain debt securities and
other obligations of UBS Americas set forth on Annex A (collectively, the
"Guarantees"). In connection with this opinion, I have examined and I am
familiar with originals or copies, certified or otherwise identified to my
satisfaction, of such corporate records, agreements, documents and other
instruments, and such certificates or comparable documents of public officials
and of officers and representatives of the Company as I have deemed relevant and
necessary as a basis for the opinion hereinafter set forth.
Upon the basis of such examination based on the foregoing and subject to the
qualifications stated herein, I am of the opinion that the Guarantees have been
duly and validly authorized.
The opinions expressed herein are limited to questions arising under the laws of
Switzerland.
I consent to the filing of this opinion as an exhibit to the Registration
Statement relating to the Guarantees and the securities and other obligations of
UBS Americas, and to the reference to my person as internal counsel to the
Company under the headings "Validity of the Securities" in the Prospectuses
forming a part of the Registration Statement. I furthermore consent to the
filing of this opinion as an exhibit to the Registration Statement. In giving
such consent I do not thereby admit that I am in the category of persons whose
consent is required under section 7 of the Securities Act of 1933, as amended.
This opinion is furnished by me, as internal counsel to the Company, in
connection with the filing of the Registration Statement and, except as provided
in the immediately preceding paragraph, is not to be used, circulated, quoted or
otherwise referred to for any other purpose without my express written
permission, or relied upon by any other person.
Yours faithfully,
/s/ Hanspeter Dietzi
Prof. Dr. Hanspeter Dietzi
Deputy Group General Counsel
