Conseco Finance Sells Its Bankcard Portfolio.

Business Editors

CARMEL, Ind.--(BUSINESS WIRE)--July 5, 2000

Conseco, Inc. (NYSE:CNC) today announced that its Conseco Finance Corp. subsidiary sold substantially all of its Bankcard (Visa/Mastercard) portfolio to Wells Fargo Financial Bank, the credit card subsidiary of Norwest Financial, part of Wells Fargo & Company.

The size of the portfolio sold was approximately $400 million. The sale of this noncore business provides additional liquidity to Conseco Finance and is not expected to result in a material gain or loss.

Conseco Finance, with nationwide operations and managed finance receivables of nearly $46 billion at December 31, 1999, is one of America's largest of nearly $46 billion at December 31, 1999, is one of America's largest consumer finance companies, with leading market positions in retail home equity mortgages, home improvement mortgages and consumer and floorplan loans for manufactured housing. Based in St. Paul, Minn., Conseco Finance had 9,600 employees at year-end 1999.

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Note on forward-looking statements: All statements, trend analyses and other information contained in this release 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," "intend," "should," "could," "goal," "target," "on track," "comfortable with" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those contemplated by the forward-looking statements. Such factors include, among other things: (1) 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; (2) Conseco's ability to achieve anticipated synergies and levels of operational efficiencies; (3) customer response to new products, distribution channels and marketing initiatives; (4) mortality, morbidity, usage of health care services and other factors which may affect the profitability of Conseco's insurance products, (5) performance of our investments; (6) changes in the Federal income tax laws and regulations which may affect the relative tax advantages of some of Conseco's products; (7) increasing competition in the sale of insurance and annuities and in the finance business; (8) 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; (9) the outcome of the contemplated sale process relating to Conseco Finance Corp. and the terms and availability of capital to Conseco during the sale process; and (10) the risk factors or uncertainties listed from time to time in Conseco's filings with the Securities and Exchange Commission.