<PAGE> 1
Filed pursuant to Rule
424(b)(3). This Pricing
Supplement relates to
Registration Statements No.
33-58124 and 33-51149
Pricing Supplement No. 028 Dated May 27, 1994
(To Prospectus Dated November 29, 1993 and
Prospectus Supplement Dated November 30, 1993)
PAINE WEBBER GROUP INC.
Multiple Currency
Medium-Term Subordinated Notes, Series C
Due from Nine Months to 30 Years from Date of Issue
(Floating Rate Notes)
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<S> <C>
Designation: Medium-Term Subordinated Notes, Series C
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Original Issue Date: June 3, 1994
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Principal Amount: $20,000,000
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Interest Rate Basis: [ ] Commercial Paper Rate
[ ] Prime Rate
[ ] Federal Funds Rate
[X] LIBOR
[X] Telerate Screen Project 3750
[ ] Reuters Screen LIBO Page
[ ] Treasury Rate
------------------
Interest Payment Dates: 9/21/94, 12/21/94,
3/15/95, 6/5/95
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Interest Determination 6/1/94, 9/19/94,
Dates: 12/19/94, 3/13/95
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Interest Reset Dates: 6/3/94, 9/21/94,
12/21/94, 3/15/95
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Regular Record Dates: 15 Calendar Days
Prior to Each Interest
Payment Date
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Specified Currency
in which Denominated: U.S. Dollars
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Stated Maturity: June 5, 1995
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Index Maturity: Quarterly
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Initial Interest Rate: 3.875%
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Spread: 20 basis points
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Issue Price (As a Percentage
of Principal Amount): 100%
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Redemption and Early The Note cannot be
Repayment Provisions: redeemed prior to
Stated Maturity
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Note(s) represented by: [X] Global Note
[ ] Certificated Note(s)
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