United of Omaha Life Insurance Company
Supplements to the Prospectus
Dated May 1, 1999
Ultra Variable Life Individual Flexible Premium Variable Universal Life
Insurance
1. The conformed signature of Deloitte & Touche LLP is added to the section
titled, "Independent Auditors' Report" on page 67 in the prospectus:
2. The following modifies the section titled, "United of Omaha Separate Account
B" on page 68 in the prospectus:
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STATEMENTS OF NET ASSETS
DECEMBER 31, 1998
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Alger Federated Fidelity
------------------------- ---------------------- ---------------------------------------------
American Prime U.S. Asset
Small American Money Government Manager: Equity Index
ASSETS Capitalization Growth Fund II Securities II Contrafund Growth Income 500
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investments in portfolio shares,
at cost $ 235,718 $ 266,019 $ 487,258 $ 134,582 $ 200,889 $ 126,833 $ 398,812 $ 551,270
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Investments in portfolio shares,
at market value $ 262,846 $ 308,971 $ 487,258 $ 138,624 $ 233,885 $ 139,985 $ 431,177 $ 625,642
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Net assets $ 262,846 $ 308,971 $ 487,258 $ 138,624 $ 233,885 $ 139,985 $ 431,177 $ 625,642
========= ========= ========= ========= ========= ========= ========= =======
Accumulation units outstanding 22,377 20,827 455,700 12,374 17,227 11,375 36,638 46,099
======== ======== ========= ======== ======== ======== ======== ======
Net asset value per unit $ 11.75 $ 14.83 $ 1.07 $ 11.20 $ 13.58 $ 12.31 $ 11.77 $ 13.57
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The accompanying notes are an integral part of these financial statements.
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