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<PAGE> 1
EXHIBIT 23.2
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Registration Statement of
UBS AG on Form S-8 of our report dated June 9, 2000, appearing in the Annual
Report on Form 11-K of the Paine Webber 401(k) Plus Plan for the year ended
December 31, 1999.
Deloitte & Touche LLP
November 2, 2000
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