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EXHIBIT 23.4
CONSENT
We consent to the reference to our firm and to the summary of our opinion under
the caption "Certain Tax Considerations Under the Laws of Switzerland" and to
the inclusion of our opinion dated 8 November 2000 as an exhibit to the
Registration Statement (Form F-1 No. 333-46930) and related Prospectus of UBS AG
for the registration of Debt Securities.
Ernst & Young Ltd.
By: /s/ ALFRED PREISIG
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Name: Alfred Preisig
Title: Partner Tax
By: /s/ URS BRUGGER
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Name: Urs Brugger
Title: Partner Tax
Zurich, Switzerland
8 November 2000
