Conseco announces public offering of 8.796% Capital Securities.

CARMEL, Ind.--(BUSINESS WIRE)--March 26, 1997--Conseco, Inc. (NYSE:CNC) today announced the offering by Conseco Financing Trust III, a subsidiary trust of Conseco, of $300 million of 8.796% Capital Securities at $1,000 per security. Each Capital Security will pay cumulative cash distributions at the annual rate of 8.796 percent of the stated $1,000 liquidation amount per security, payable semi-annually commencing Oct. 1, 1997. The Capital Securities are fully and unconditionally guaranteed by Conseco. Conseco Financing Trust III will use the proceeds to acquire an equivalent amount of 8.796% Subordinated Deferrable Interest Debentures due April 1, 2027, to be issued by Conseco.

Donaldson, Lufkin & Jenrette Securities Corporation and Salomon Brothers Inc are the underwriters for the offering.

Proceeds from the offering of approximately $296.7 million (after underwriting and other associated costs) will be used to repay bank debt.

Conseco is a financial services organization headquartered in Carmel, Ind. Through its subsidiaries, Conseco is one of the nation's leading providers of supplemental health insurance, retirement annuities and universal life insurance.

CONTACT: Conseco, Inc., Carmel

Jim Rosensteele, 317/817-2893

E-mail: [e-mail]