Conseco Redeems $550 Million On Schedule.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--June 18, 2001

Conseco, Inc. (NYSE:CNC) announced that it has completed the redemption of $550 million in public debt (MandatOry Par Put Remarketed Securities(SM) - MOPPRS(SM)) under the terms of the issue.

Debt repayment has been a central component of the Conseco Restoration Plan. According to the agreements between the company and its bank group executed in September 2000, Conseco is repaying $1.2 billion in bank debt and $800 million in public debt before December 2001.

The MOPPRS(SM) redemption brings total debt repaid since last September to $1.5 billion. (In addition, $500 million of 7% Income PRIDES(SM) were converted to common stock at an effective price of $44.38 per common share in February 2001.) Debt obligations remaining to be paid under the plan this year are $54.3 million of outstanding 7.6% senior notes due June 21, and $478 million of bank debt due at year-end.

"MandatOry Par Put Remarketed Securities(SM)" and "MOPPRS(SM)" are service marks owned by Merrill Lynch & Co., Inc.

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.

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