Conseco issues memo #23.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--April 18, 2002

Conseco, Inc. (NYSE:CNC) issued the attached "NEW Conseco Memo #23" from CEO Gary C. Wendt and it was posted on Conseco's web site for shareholders and/or electronically distributed to them today.

                           NEW Conseco Memo
                                 # 23

To:      Conseco Shareholders
From:    Gary Wendt, Chairman
Date:    April 18, 2002

This is just a short memo to give you the final results of our bond exchange offer. As you know, the offer pertained to six separate senior note issues with a combined outstanding principal amount of $2.54 billion. We extended the offer to the end-of-business yesterday in order to accommodate some remaining small positions. Holders of approximately $10 million more bonds took advantage of the exchange offer since the information we provided over this past weekend.

The final results are that an aggregate of $1,294,637,000 in principal amount of notes (51% of the total principal amount outstanding) were tendered by noteholders and accepted by Conseco in the exchange offer. The results by issue are as follows:

                               Originally      Tendered
                               outstanding   for exchange   % tendered
                               -----------   ------------   ----------
 8.50% senior notes due 2002  $302,299,000   $    991,000       --
 6.40% senior notes due 2003   250,000,000     14,936,000        6%
 8.75% senior notes due 2004   788,000,000    366,294,000       46%
 6.80% senior notes due 2005   250,000,000    150,783,000       60%
 9.00% senior notes due 2006   550,000,000    399,200,000       73%
10.75% senior notes due 2008   400,000,000    362,433,000       91%

We consider this project to have been highly successful. At no additional cost for any bond, we have gained important flexibility to deal with Conseco's debt situation -- the #1 agenda item for our turnaround. In the before and after comparison below, you can see the "smoothing effect" on debt maturities that has resulted from the exchange offer.

($ in millions)  Before Exchange*       After Exchange*
                 ----------------       ---------------
2002               $  304.1                $  302.3
2003                  313.5                   299.6
2004                  812.5                   461.1
2005                  250.0                    99.2
2006                  550.0                   517.1
2007                    --                    150.8
2008                  400.0                   436.8
2009                    0.7                   363.1

* Includes $87 million outstanding public debt not subject to exchange offer.

We have scheduled our first quarter earnings release for May 1, and we look forward to discussing with you then the progress of business operations as well as other turnaround activities.

Note on forward-looking statements: All statements, trend analyses and other information contained in this report 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," "project," "intend," "may," "will," "would," "contemplate," "possible," "attempts," "seeks," "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. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by the forward-looking statements. Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things: (i) 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; (ii) Conseco's ability to achieve anticipated synergies and levels of operational efficiencies, including from our process excellence initiatives; (iii) customer response to new products, distribution channels and marketing initiatives; (iv) mortality, morbidity, usage of health care services and other factors which may affect the profitability of Conseco's insurance products; (v) performance of our investments; (vi) changes in the Federal income tax laws and regulations which may affect the relative tax advantages of some of Conseco's products; (vii) increasing competition in the sale of insurance and annuities and in the finance business; (viii) 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; (ix) 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; (x) actions by rating agencies and the effects of past or future actions by these agencies on Conseco's business; (xi) the ultimate outcome of lawsuits filed against Conseco; and (xii) the risk factors or uncertainties listed from time to time in Conseco's filings with the Securities and Exchange Commission. Other factors and assumptions not identified above are also relevant to the forward-looking statements, and if they prove incorrect, could also cause actual results to differ materially from those projected.

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