Chief Equity Investment Officer Resigns From Conseco Capital Management; Portfolio Managers Voss and Berg Assume His Duties.

Business Editors

CARMEL, Ind.--(BUSINESS WIRE)--Oct. 13, 2000

Conseco Capital Management, Inc. (CCM) announced today the unexpected resignation of senior vice president and chief equity investment officer, Thomas J. Pence.

Pence served as the firm's lead equity spokesperson and recently enjoyed considerable media attention as a result of CCM's notable equity investment returns. He also co-managed the Conseco Equity Fund ($181.2 million in current assets) and oversaw the equity department's operations, marketing and administration.

Pence joined CCM in 1991. Initially part of the fixed-income department, he subsequently was charged with building the firm's equity investment team.

Pence's duties will be assumed by Erik Voss, CFA, and Paul Berg, CFA.

Voss, who joined CCM in 1996, is a vice president and senior securities analyst, and serves as the portfolio manager of the Conseco 20 Fund and institutional equity investments representing more than $1.2 billion in current assets.

Berg, who joined CCM in 1999, is an assistant vice president and senior securities analyst, and serves as the co-portfolio manager of the Conseco Science & Technology Fund which has more than $45.2 million in current assets.

Known for its mid-cap investment prowess, CCM's equity team consists of six portfolio managers/analysts, two analysts and three traders who are responsible for the day-to-day research, name selection, trading and management of CCM's institutional equity portfolios and newly introduced hedge fund. The CCM equity team also is responsible for managing four equity mutual funds as well as the equity allocation within a balanced mutual fund. The load mutual funds are offered through Conseco Fund Group.

"Tom has done us, our clients and mutual fund investors a great service and left behind one of the nation's finest equity management teams," said Maxwell Bublitz, CCM's president and CEO. "Although the manner in which he departed was very disappointing, this team remains focused and will continue to deliver top-notch investment performance."

Formed in 1981, CCM is an independent, wholly owned subsidiary of - and the investment adviser for - Conseco, Inc., as well as the investment adviser for Conseco Fund Group (CFG).

CCM also serves as the fixed-income and equity investment adviser covering a wide range of asset classes for more than 200 institutional clients including: Endowments, corporate and government pension funds, Taft-Hartley pension funds, hospitals, insurance companies, religious organizations and high-net-worth individuals. As of June 30, CCM had more than $35 billion in taxable and non-taxable assets under management.

CFG offers a family of eight actively managed mutual funds through more than 180 national and regional broker-dealers. The CFG fund family includes the: Conseco Science & Technology Fund, Conseco 20 Fund, Conseco Equity Fund, Conseco Large-Cap Fund, Conseco Convertible Securities Fund, Conseco Balanced Fund, Conseco High Yield Fund, and Conseco Fixed Income Fund.

CFG mutual funds are distributed through Conseco Equity Sales, Inc., member NASD, a wholly owned subsidiary of Conseco, Inc. (NYSE:CNC). For more information regarding CFG mutual funds, please obtain a prospectus through your financial advisor and read it carefully before investing or sending money.