Conseco Finance Corp. -CFC- Receives Conditional Court Approval for its Plan of Reorganization; Sale of Company Assets Expected to Be Completed by June 25, 2003.

Business Editors

ST. PAUL, Minn.--(BUSINESS WIRE)--June 19, 2003

Conseco Finance Corp. (CFC) announced that it received conditional approval for its Third Amended Plan of Reorganization today from the U.S. Bankruptcy Court for the Northern District of Illinois. Following a confirmation hearing that concluded in Chicago, Judge Carol Doyle signed an order granting approval that is conditional upon the Court's approval of the Plan of Reorganization for Conseco Inc., CFC's parent company. Approval of Conseco Inc.'s Plan is expected in the near future.

CFC president and CEO Chuck Cremens said, "We believe the Plan is in the best interest of all CFC constituents, including creditors, certificate holders and employees. We are pleased that it has been approved. We appreciate the support we have received from all interested parties throughout this process. We are now ready to move to the next stage of our reorganization process, the sale of CFC's assets which we expect to close within the next week."

The full text of the Third Amended Plan of Reorganization will be available at http://www.bmccorp.net/conseco.

Note on forward-looking statements: Some of the statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include those that use words such as "anticipate," "believe," "plan," "estimate," "expect," "project," "intend," "may," "will," "would," "contemplate," "possible," "attempts," "seeks," "should," "could," "goal," and other similar expressions. 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) the ability of CFC to successfully complete the transactions contemplated by the asset purchase agreement and/or to otherwise restructure its business and emerge from the Chapter 11 reorganization; (ii) the potential adverse impact of the Chapter 11 petitions on CFC's operations, management and employees; (iii) general economic conditions and other factors, including prevailing interest rate levels and stock and credit market performance, which may affect (among other things) CFC's ability to sell its products, its ability to make loans and access capital resources and the costs associated therewith, the market value of CFC's investments and the level of defaults and prepayments of loans made by CFC; (iv) customer response to new products, distributions channels and marketing initiatives and the Chapter 11 petitions and the proposed sale transaction; (v) changes in the Federal income tax laws and regulations which may affect the relative tax advantages of some of CFC's products; (vi) increasing competition in the finance business; (vii) actions by rating agencies and the effects of past or future actions by these agencies on CFC's business, including the impact of recent rating downgrades; (viii) the ultimate outcome of lawsuits filed against CFC; (ix) the impact of Conseco, Inc.'s restructuring on CFC; and (x) the risk factors or uncertainties listed from time to time in Conseco, Inc.'s filings with the Securities and Exchange Commission or its filings with the U.S. Bankruptcy Court in connection with its Chapter 11 petitions. 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.