Yes, the storm works with the ULF. This is a good site to ask, because at least half of the X5s here do have the ULF installed. Plus, many others, like me, frequent this forum and have the ULF.

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2000 E38 750iL Highline Edition, Upgraded with the lastest 2006 X5 Electronics
MKIV Navigation, 16:9 Display, Bluetooth, TV/Video with Backup Camera, Sirius, and Aux Input