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PAINEWEBBER DECLARES REGULAR QUARTERLY CASH DIVIDEND; COMPLETES PREVIOUSLY ANNOUNCED REPURCHASE TRANSACTION

 PAINEWEBBER DECLARES REGULAR QUARTERLY CASH DIVIDEND;
 COMPLETES PREVIOUSLY ANNOUNCED REPURCHASE TRANSACTION
 NEW YORK, Nov. 5 /PRNewswire/ -- The board of directors of PaineWebber Group Inc. (NYSE: PWJ) today declared a regular quarterly cash dividend of $.12 per common share, payable on Jan. 6, 1993 to holders of record on Dec. 4, 1992.
 The board also declared a regular quarterly cash dividend of $0.34375 on the $1.375 convertible exchangeable preferred stock, payable on Dec. 15, 1992 to holders of record on Dec. 4, 1992.
 In addition, PaineWebber and The Yasuda Mutual Life Insurance Company of Tokyo have completed a previously announced transaction which amends their former agreement. Under this, PaineWebber has repurchased $75,000,000 (1,685,394 shares) of its 7 percent cumulative convertible exchangeable voting preferred stock, Series A from Yasuda and replaced Yasuda's remaining $150,000,000 of 7 percent preferred stock with 7,758,632 shares of a series of cumulative participating convertible voting preferred stock, Series A. The new stock has an initial dividend rate of 2.48 percent per annum and a liquidation preference of $19.33 per share.
 As a result of this transaction, PaineWebber's annual preferred stock dividend requirements will decrease by more than $12 million. In addition, because the 2.48 percent preferred stock can be classified for financial reporting purposes as a common stock equivalent, PaineWebber's aggregate common equity and equivalents will exceed $1 billion.
 PaineWebber Group Inc. is the parent company of PaineWebber Incorporated and PaineWebber International, which together serve the investment and capital needs of a worldwide client base.
 -0- 11/5/92
 /CONTACT: Beverly T. Spano of PaineWebber Incorporated, 201-902-6775, or Jeffrey Z. Taufield of Kekst and Company, 212-593-2655, for PaineWebber/
 (PWJ) CO: PaineWebber Group Inc. ST: New York IN: FIN SU: DIV


PS-KW -- NY089 -- 7751 11/05/92 13:01 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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