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EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in UBS AG's
registration statement on Form S-8 for the PaineWebber 401K Plus Plan, and in
the related prospectus, and to the incorporation by reference in UBS AG's
registration statement on Form S-8 for the PaineWebber 401K Plus Plan, 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
