Conseco Strategic Income Fund Offers Stock.

CARMEL, Ind.--(BUSINESS WIRE)--July 30, 1998--Conseco Capital Management, Incorporated (CCM) announced the initial public offering of 6.7 million shares by the Conseco Strategic Income Fund, a closed-end investment company. Shares were priced at $15.00 per share or an aggregate of $100.5 million (before any exercise of the over-allotment provision). The fund's shares are listed on the New York Stock Exchange under the symbol "CFD."

Conseco Capital Management, Inc., a wholly owned subsidiary of Conseco, Inc. (NYSE:CNC), serves as the fund's investment manager. The fund's primary investment objective is to seek high current income through investing in high-yield bonds, notes and corporate loans, as well as other debt instruments rated below investment grade. The fund will be co-managed by Peter Andersen and Bill Ficca.

In addition to managing the assets of Conseco and its affiliates, CCM also manages assets for non-affiliated clients, including public and corporate pensions, foundationsand mutual funds.

CCM President and Chief Executive Officer Maxwell E. Bublitz said, "We are very excited to introduce a new closed-end fund to complement our existing open-end mutual funds of the Conseco Fund Group. These products bring to the retail marketplace many of the same strategies which have served our institutional clients so well over the years."

Prudential Securities Incorporated acted as the lead manager for the initial public offering. Legg Mason Wood Walker Incorporated, McDonald & Company Securities, Incorporated, Morgan Keegan & Company, Incorporated, and Crowell, Weedon & Company acted as co-managers.

For more complete information about Conseco Strategic Income Fund, including charges and expenses, a copy of the final prospectus relating to the offering may be obtained from the prospectus department of Prudential Securities Incorporated, 111 Eighth Avenue, Fifth Floor, New York, NY 10011. Read it carefully before you invest or send money. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, which is made only by the final prospectus.

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    CONTACT:  Conseco Capital Management
               Gregory J. Hahn, 317/817-6323