<PAGE>
AETNA LIFE INSURANCE AND ANNUITY COMPANY
Variable Life Account B
Supplement dated August 23, 2000
The information in this Supplement updates and amends certain information
contained in the Prospectuses dated May 1, 2000. You should read this Supplement
along with the applicable Prospectus.
Aetna Inc. ("Aetna"), the ultimate parent company of Aetna Life Insurance and
Annuity Company ("ALIAC"), has entered into an agreement to sell certain of its
businesses, including ALIAC, to ING Groep N.V., an integrated financial services
provider. Consummation of the transaction is subject to a number of
contingencies, including receipt of required shareholder, regulatory and other
consents and approvals and other closing conditions. Aetna has said that its
goal is to close the transaction by the end of 2000.
Following the close of the transaction, ALIAC will continue to be responsible
for all contracts issued by it (except to the extent that the contracts have
been reinsured by, and are administered by, the Lincoln affiliates as described
in the Prospectus).
