United of Omaha Life Insurance Company
Supplements to the Prospectus
Dated May 1, 1999
Ultra Variable Life Individual Single Premium Variable Universal Life Insurance
1. The conformed signature of Deloitte & Touche LLP is added to the section
titled, "Independent Auditors' Report" on page 69 in the prospectus
2. The following modifies the section titled, "United of Omaha Separate Account
B" on page 70 in the prospectus:
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STATEMENTS OF NET ASSETS
DECEMBER 31, 1998
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Alger Federated Fidelity
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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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