Conseco Capital Management Engages World-Class Equity Advisory Team.

Business Editors

CARMEL, Ind.--(BUSINESS WIRE)--Oct. 23, 2000

Internationally Renowned Investment Services Firm Will Provide

Interim Research and Analysis On Equity Portfolios

Conseco Capital Management, Inc. (CCM) announced today it has engaged Frank Russell Company -- effective immediately -- to provide research, analysis and technical recommendations for the firm's equity portfolios.

A team of Russell transition management specialists arrived at CCM on Oct. 19 and will report directly to President and CEO Maxwell E. Bublitz, CFA, who is taking on the duties of interim portfolio manager of the firm's equity investments. Bublitz, who has been with CCM since 1987, was appointed to lead CCM in 1994. He also is senior vice president of investments for Conseco, Inc.

"Russell has been tracking our equity performance since 1993 and is very familiar with our risk-averse, bottom-up, total-return-oriented investment process," said Bublitz. "They are masters at providing world-class research and the analytical tools that will help CCM continue meeting the equity investment mandates of our institutional clients and our equity mutual funds' objectives during this transition."

Frank Russell Company, a global investment services company, headquartered in Tacoma, Wash., advises clients on more than $1 trillion and manages $65 billion. Russell also provides investment funds with specialized transition management services and last year was instrumental in successful investment transitions totaling about $100 billion. Founded in 1936, the company is a subsidiary of Northwestern Mutual and has offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo.

"CCM's equity portfolios will continue to be professionally managed to the highest standards with the assistance of Russell's team of qualified and experienced experts," said Bruce Johnston, senior vice president of marketing and client services. "We will meet the prescribed investment objectives, and continue to deliver superior service to our institutional clients, the broker-dealer network and our mutual fund shareholders."

Formed in 1981, CCM is a wholly owned subsidiary of -- and the investment adviser for -- Conseco, Inc., as well as the investment adviser for Conseco Fund Group (CFG). With more than $33 billion in taxable and non-taxable assets under management, 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.

Conseco, Inc. became a publicly held financial services holding company (NYSE:CNC) in 1975 and provides investment, lending and insurance products to more than 12 million customers.

CFG offers a family of eight actively managed mutual funds through more than 200 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. For more information regarding CFG mutual funds, please obtain a prospectus through your financial advisor and read it carefully before investing or sending money.

http://www.conseco.com