Conseco Fund Group Reports First-Month Performance for the Conseco Science & Technology Fund.

Business Editors

CARMEL, Ind.--(BUSINESS WIRE)--Aug. 16, 2000

Conseco Fund Group (NYSE:CNC)

-- New fund significantly outperforms benchmark Nasdaq 100 Index

(one month and since inception)

Conseco Fund Group (CFG) today reported the first-month investment return for the new Conseco Science & Technology Fund, which opened to investors on July 1, 2000.

The fund's investment performance as of 7/31/00:

Conseco Science &
 Technology Fund        ($33 million in current assets as of 7/31/00)

Fund investment return -
 Class A shares (CSTAX)            One month       Since 7/1/00(a)
------------------------------------------------------------------
At net asset value:                  9.50%             9.50%

At public offering price(b):         3.20%             3.20%

Benchmark returns
-----------------
Nasdaq 100 Index:                   -4.10%            -4.10%
Standard & Poor's 500 Index:        -1.56%            -1.56%

(a)Inception of the fund
(b)Reflects the maximum initial sales charge of 5.75 percent

The Nasdaq 100 Index is an unmanaged index representing the technology sector in general; the Standard & Poor's 500 Index is an unmanaged index representing the stock market in general.

"In a world of shifting opportunities and split-second timing, our exhaustive, team-driven investment process enables us to effectively embrace the dynamics of a volatile market," said Maxwell Bublitz, president and trustee of Conseco Fund Group and director, president and CEO of Conseco Capital Management, Inc. (CCM). "This discipline, combined with our extensive research capabilities and focus on return on invested capital and fundamentals, makes exceptional investment performance attainable for our shareholders."

Formed in 1981, CCM is an independent, wholly owned subsidiary of Conseco, Inc. CCM is the investment adviser for CFG and also manages assets for foundations, endowments, corporate and public pensions funds, Taft-Hartley pension funds, corporations, insurance assets and high-net-worth individuals. CCM had more than $35 billion in taxable and non-taxable assets under management as of June 30, 2000.

Formed in 1997, CFG now offers a family of eight actively managed mutual funds: 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 the Conseco Fixed Income Fund.

CFG mutual funds are distributed through Conseco Equity Sales, Inc., member NASD, and a wholly owned subsidiary of Conseco, Inc. (NYSE:CNC).

Headquartered in Carmel, Ind., Conseco is one of middle America's leading sources for insurance, investment and lending products. Through its subsidiaries and a nationwide network of distributors, Conseco helps 13 million customers step up to a better, more secure future.

Past performance is not a guarantee of future results. Investment returns and principal values vary, and you may have a gain or a loss when you sell your shares. Focus funds are susceptible to more market volatility than diversified funds and, therefore, are considered to be higher-risk investments. For more complete information about CFG mutual funds, including charges and expenses, please ask your financial professional for a prospectus or contact shareholder services at 800-986-3384. Read all information carefully before you invest.