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PAINEWEBBER
CORPORATE COMMUNICATIONS

Paine Webber Group Inc.
1285 Avenue of the Americas, 14th fl.
New York, NY  10019-6028
(212) 713-8391
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                              N E W S R E L E A S E
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Contact: David P. Walker                                   FOR IMMEDIATE RELEASE
         Paine Webber Group Inc.
         212-713-8502




                     PAINEWEBBER CLARIFIES SHAREHOLDER VOTE

New York, October 23, 2000 - Paine Webber Group Inc. previously announced the
results of a special stockholder meeting held today. The announcement should be
clarified to indicate that approximately 83.5 percent of the shares outstanding
on the record date and 99.29 percent of the shares voted at the meeting approved
the adoption of the merger agreement among PaineWebber, UBS AG and UBS Americas
Inc.

Paine Webber Group Inc., together with its subsidiaries, serves the investment
and capital needs of a worldwide client base. The firm employs 22,855 people in
383 offices.

UBS and PaineWebber have filed with the Securities and Exchange Commission a
proxy statement/ prospectus mailed to PaineWebber security holders along with
other relevant documents concerning the planned merger of PaineWebber into a
subsidiary of UBS. We urge investors in PaineWebber to read the proxy
statement/prospectus and any other relevant documents to be filed with the SEC
because they contain important information.