Conseco Names Shea President & COO.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--Sept. 25, 2001

Conseco, Inc. (NYSE:CNC) announced today the addition of William J. Shea to its senior management team. Shea joins Conseco as President & Chief Operating Officer and a member of the Office of the CEO.

Tom Kilian, who had held this position, will become President of Conseco Life and Retirement Services, which is the newly created combination of three business units -- Conseco Life Insurance, Colonial Penn Insurance, and Conseco Retirement Services. (Retirement Services handles Conseco's annuity products.)

Commenting on Shea's joining the company, Conseco Chairman and CEO Gary Wendt said, "Bill Shea is a perfect fit for us and I am very pleased to have recruited him. His experience in turnaround situations is unsurpassed, and he can provide senior leadership across many business functions."

Most recently, Shea served as Chairman of the Board of Demoulas Supermarkets, Inc., a 57-store grocery chain in Southern New England. He also served in 1999 and 2000 as CEO of View Tech, Inc., a publicly traded company engaged in integrated videoconferencing solutions.

From 1993 to 1998, Shea was Vice Chairman and Chief Financial Officer of BankBoston Corporation where he oversaw Finance, Treasury Operations, International Operations, Capital Markets, and National Consumer Finance activities. BankBoston was executing a substantial turnaround during Shea's tenure, returning to profitability and seeing its market capitalization rise fivefold.

Before joining BankBoston, Shea was a Partner and Vice Chairman of Coopers & Lybrand where he was responsible for National Industry Programs, Marketing, and services to the firm's 200 largest clients. During his 19 years at Coopers he worked extensively with financial services and high technology companies.

Wendt indicated that Shea had completed a consulting assignment for Conseco earlier in the year. "Bill has gotten to know us pretty well in the last few months," he said. "I think it's fair to say that he shares our view that the only thing standing between today and a bright future is a lot of hard work. He's no stranger to that. The whole Conseco family should be encouraged by someone of his experience joining our team."

Wendt also lauded Kilian, who will continue as a member of the Office of the CEO. "Tom has played a vital role in the Conseco turnaround so far, and I am pleased that he will continue to play a vital role."

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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," "optimistic" 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 Conseco's efforts to sell assets and reduce, refinance or modify indebtedness and the availability and cost of capital in connection with this process; (10) actions by rating agencies and the effects of past or future actions by these agencies on Conseco's business; and (11) the risk factors or uncertainties listed from time to time in Conseco's filings with the Securities and Exchange Commission.