Filed Pursuant to Rule 424(b)(3)
                                                      Registration No. 333-46930

                           PROSPECTUS ADDENDUM
                           (TO PROSPECTUS SUPPLEMENT DATED APRIL 24, 2002
                           AND PROSPECTUS DATED FEBRUARY 27, 2003)

          UBS AG

        $100,000,000 VARIABLE RATE CREDIT LINKED NOTES DUE MARCH 14, 2003
        (LINKED TO THE CREDIT OF GENERAL ELECTRIC CAPITAL CORPORATION)

        The initial offering of these securities took place in April
        2002. When we initially offered these securities, we prepared a
        prospectus supplement dated April 24, 2002. We delivered this
        prospectus supplement attached to a "base" prospectus dated May
        17, 2001.

        We have now prepared a new "base" prospectus, dated February 27,
        2003. This new base prospectus replaces the original base
        prospectus dated May 17, 2001. However, since the terms of the
        securities have remained the same, we are continuing to use the
        original prospectus supplement.

        As a result, you should read the attached prospectus supplement,
        which gives the specific terms of your securities, together with
        the attached new base prospectus dated February 27, 2003. When
        you read these documents, please note that:

             - Any references in the prospectus supplement to the
               original base prospectus dated May 17, 2001 should be read
               to refer instead to the attached new base prospectus dated
               February 27, 2003.

             - Any references to the section "Description of Notes We May
               Offer" in the original base prospectus now refer instead
               to the section "Description of Debt Securities We May
               Offer" in the new base prospectus.

             - Any references to the section "Legal Ownership of Notes"
               in the original base prospectus now refer instead to the
               section "Legal Ownership and Book-Entry Issuance" in the
               new base prospectus.

             - Any references to the section "U.S. Tax
               Considerations--Original Issue Discount--Short-Term Notes"
               in the original base prospectus now refer instead to the
               section "U.S. Tax Considerations--Original Issue
               Discount--Short-Term Debt Securities" in the new base
               prospectus.

        In addition, please disregard the table of contents for the
        original base prospectus dated May 17, 2001 that is provided in
        the attached prospectus supplement. A table of contents for the
        new base prospectus is provided on page 2 of the new base
        prospectus.

        UBS AG, UBS Warburg LLC and other affiliates of UBS AG may use
        this prospectus addendum, together with the attached prospectus
        supplement and new base prospectus, in connection with offers and
        sales of the securities in market-making transactions. Please see
        "Supplemental Plan of Distribution" in the attached prospectus
        supplement and "Plan of Distribution" in the attached base
        prospectus.

        UBS WARBURG
        Prospectus Addendum dated February 27, 2003
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