1 Exhibit 23.5 [Ernst & Young Ltd. Letterhead] Consent of Independent Auditors We consent to the reference to our firm under the captions "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Experts" and to the use of our report dated 8 March 2000 (except for note 38, as to which the date is 18 April 2000 and Note 1(f) as to which the date is 17 August 2000) in the Registration Statement (Form F-1 No. 333-xxxxx) and related Prospectus of UBS AG for the registration of debt securities. Ernst & Young Ltd. By: /s/ Peter Heckendorn By: /s/ Kenneth D. Marshall ___________________________ ___________________________ Name: Peter Heckendorn Name: Kenneth D. Marshall Title: lic. acc. in charge of Title: Certified Public Accountant the audit in charge of the audit Basel, Switzerland 21 December 2000