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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 UBS AG / Paine Webber Group Inc. Replacement Stock 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
