Conseco Announces Results of Exchange Offer; Extends Offer for 3 Days.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--April 14, 2002

Conseco, Inc. (NYSE:CNC) today announced that more than half the public debt subject to its recent exchange offer has been tendered.

The offer, which commenced on March 18, 2002, pertained to six separate senior note issues with an outstanding aggregate principal amount of $2.54 billion. Conseco said that as of midnight, April 12, 2002 a total of $1,283,084,000 in principal amount of notes had been tendered in the exchange offer.

The following table identifies for each series of notes the principal amount currently outstanding, the principal amount tendered as of midnight, April 12, 2002, and the percentage of each series represented by the tendered notes.

                                Originally       Tendered
                               outstanding   for exchange   % tendered
                               -----------   ------------   ----------
 8.50% senior notes due 2002   $302,299,000  $    916,000        --
 6.40% senior notes due 2003    250,000,000    13,989,000         6%
 8.75% senior notes due 2004    788,000,000   363,504,000        46%
 6.80% senior notes due 2005    250,000,000   146,995,000        59%
 9.00% senior notes due 2006    550,000,000   396,522,000        72%
10.75% senior notes due 2008    400,000,000   361,158,000        90%

Conseco also announced that it has extended the expiration of the exchange offer from April 12, 2002 to 5:00 p.m., New York City time, on April 17, 2002. Under the terms of the exchange offer, tendered notes may no longer be withdrawn. April 14, 2002

Conseco made the exchange offer, and will issue the new notes, only to investors who are "qualified institutional buyers," institutional "accredited investors," or non-U.S. persons in transactions outside the United States. The new notes will not, upon issuance, be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. However, Conseco will enter into a registration rights agreement for the benefit of each exchange participant in which Conseco will agree to file an exchange offer registration statement with the SEC with respect to the new notes. Informational documents relating to the exchange offer were distributed to noteholders that completed and returned a letter of eligibility confirming that they are within the category of eligible investors for the private exchange offer.

Note on forward-looking statements: All statements, trend analyses and other information contained in this report and elsewhere (such as in filings by Conseco with the Securities and Exchange Commission, press releases, presentations by Conseco or its management or oral statements) relative to markets for Conseco's products and trends in Conseco's operations or financial results, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "project," "intend," "may," "will," "would," "contemplate," "possible," "attempts," "seeks," "should," "could," "goal," "target," "on track," "comfortable with," "optimistic" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by the forward-looking statements. Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things: (i) general economic conditions and other factors, including prevailing interest rate levels, stock and credit market performance and health care inflation, which may affect (among other things) Conseco's ability to sell its products, its ability to make loans and access capital resources and the costs associated therewith, the market value of Conseco's investments, the lapse rate and profitability of policies, and the level of defaults and prepayments of loans made by Conseco; (ii) Conseco's ability to achieve anticipated synergies and levels of operational efficiencies, including from our process excellence initiatives; (iii) customer response to new products, distribution channels and marketing initiatives; (iv) mortality, morbidity, usage of health care services and other factors which may affect the profitability of Conseco's insurance products; (v) performance of our investments; (vi) changes in the Federal income tax laws and regulations which may affect the relative tax advantages of some of Conseco's products; (vii) increasing competition in the sale of insurance and annuities and in the finance business; (viii) regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) bank sales and underwriting of insurance products, regulation of the sale, underwriting and pricing of products, and health care regulation affecting health insurance products; (ix) the outcome of Conseco's efforts to sell assets and reduce, refinance or modify indebtedness and the availability and cost of capital in connection with this process; (x) actions by rating agencies and the effects of past or future actions by these agencies on Conseco's business; (xi) the ultimate outcome of lawsuits filed against Conseco; and (xii) the risk factors or uncertainties listed from time to time in Conseco's filings with the Securities and Exchange Commission. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.

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