<PAGE>   1
                                [THIS CONFORMING PAPER FORMAT DOCUMENT IS BEING
                                SUBMITTED PURSUANT TO RULE 901(d) OF
                                REGULATION S-T]


                                Filed pursuant to Rule 424(b)(3).
                                This pricing supplement relates to
                                Registration Statement Nos. 33-52695
                                and 333-17913.


                Pricing Supplement No. 5 Dated January 22, 1997
                  (To Prospectus Dated December 23, 1996 and
                Prospectus Supplement Dated December 23, 1996)


                            PAINE WEBBER GROUP INC.

                               Multiple Currency
              ---------------------------------------------------
                        Medium-Term Senior Notes, Series C
              ---------------------------------------------------
              Due from Nine Months to 30 Years from Date of Issue
                             (FIXED RATE NOTES)


<TABLE>
<S>                                     <C>
Designation:                        Medium Term Senior Notes, Series C

Original Issue Date:                January 27, 1997

Principal Amount:                   $5,000,000

Interest Rate Per Annum:            7.115%

Specified Currency in which         U.S. Dollars
Denominated:                           


Stated Maturity:                    January 27, 2004

Issue Price (As a Percentage        100%
of Principal Amount):               

Regular Record Dates:               February 15 and August 15

Redemption and Early                The Note cannot be redeemed prior to Stated
Repayment Provision:                Maturity

Note(s) Represented By:             [x] Global Note
                                    [ ] Certificated note(s)

</TABLE>


 



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