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EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in UBS AG's registration statement
on Form S-8 for the Paine Webber Group Inc. Equity Plus Program, and in the
related prospectus, of our report dated March 8, 2000 (except for Note 36, as to
which the date is April 18, 2000), relating to the consolidated financial
statements of UBS AG included in its registration statement on Form 20-F for the
year ended December 31, 1999, and of our report dated 8 March 2000 (except for
Note 38, as to which the date is 18 April 2000 and Note 1 (t) as to which the
date is 17 August 2000) in the Registration Statement (Form F-1 No. 333-46216)
and related Prospectus of UBS AG for the registration of Noncumulative Trust
Preferred Securities, both of which have been filed with the Securities and
Exchange Commission.
Ernst & Young Ltd.
/s/ Thomas Schneider /s/ Peter Heckendorn
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Thomas Schneider Peter Heckendorn
Certified Accountant lic.oec.
in charge of the audit in charge of the audit
Basel, Switzerland
30 October 2000
