PAINE WEBBER GROUP INC
424B3, 1994-06-03
SECURITY BROKERS, DEALERS & FLOTATION COMPANIES
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<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)

<TABLE>
<S>                                    <C>
Designation:                           Medium-Term Subordinated Notes, Series C
                                       ----------------------------------------
                                       
Original Issue Date:                   June 3, 1994   
                                       ------------------
                                       
Principal Amount:                      $20,000,000       
                                       ------------------
                                       
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
                                       ------------------

Interest Determination                 6/1/94, 9/19/94,
   Dates:                              12/19/94, 3/13/95
                                       ------------------

Interest Reset Dates:                  6/3/94, 9/21/94,
                                       12/21/94, 3/15/95
                                       ------------------
                                       
Regular Record Dates:                  15 Calendar Days
                                       Prior to Each Interest
                                       Payment Date
                                       -------------------

Specified Currency
  in which Denominated:                U.S. Dollars      
                                       -------------------
                                       
Stated Maturity:                       June 5, 1995   
                                       -------------------

Index Maturity:                        Quarterly
                                       -------------------

Initial Interest Rate:                 3.875%
                                       -------------------

Spread:                                20 basis points
                                       -------------------

Issue Price (As a Percentage            
  of Principal Amount):                100%              
                                       ------------------
                                       
Redemption and Early                   The Note cannot be
  Repayment Provisions:                redeemed prior to
                                       Stated Maturity   
                                       ------------------

Note(s) represented by:                [X] Global Note
                                       [ ] Certificated Note(s)
</TABLE>                                       


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