Abstract: The present invention provides urethane oligomers of &agr;,functional heterotelechelic polymers, and in particular heterotelechelic polyolefins having at least one terminal hydroxyl functionality and one other terminal functional group which is different from the hydroxyl functionality, such as an amine functional group. The oligomers of the invention can exhibit toughness, chemical resistance and other desired properties. The oligomers can also exhibit improved flexibility and impact resistance, due to the incorporation of the polyolefinic backbone. Thus the oligomers can be used in a variety of applications, including without limitation coatings, sealants, adhesives, and composites (prepregs).