Citicorp Statement on Conseco/Kemper Transaction.

New York--(BUSINESS WIRE)--Nov. 21, 1994--On June 21, 1994, affiliates of Citicorp issued commitment letters to Conseco, Inc. to provide a total of $1,223,500,000 of senior secured term facilities for the financing of Conseco's proposed acquisition of Kemper Corporation and its subsidiaries. On August 31, 1994, an affiliate of Citicorp, Citicorp USA, Inc., and eight other financial institutions entered into definitive loan documentation with Conseco and certain of its affiliates for the full amount of the senior secured term loans contemplated by the commitment letters. From that date and through the close of business on Friday, November 18, 1994, such loan documentation remained in effect and commitment fees continued to accrue on the committed financing.

Contrary to some press reports published today, Citicorp and Citicorp USA, Inc. were not requested at any time during the period referred to above to seek credit approval or the approval of the other financial institutions party to the loan documentation for any revised or different senior secured term loan financing relating to Conseco's proposed acquisition of Kemper.

CONTACT: Citicorp, New York 

Amy Dates, [phone]