Press Releases

Carmel, Ind., May 12, 2004 -- Conseco, Inc. (NYSE: CNO) today announced that it was calling for redemption all of the issued and outstanding shares of its class A senior cumulative convertible exchangeable preferred stock (OTCBB: CNSJP) on the redemption date of June 11, 2004.

Conseco will pay a redemption price of $25.72916 per share of class A preferred stock. This represents a liquidation preference of $25.00 per share plus accrued and unpaid dividends to the redemption date of $0.72916 per share. The redemption price is payable in cash without interest. To fund the redemption, Conseco is using a portion of the proceeds it received from the offerings of 44,000,000 shares of its common stock and 24,000,000 shares of its 5.50% class B mandatorily convertible preferred stock that it completed on May 12, 2004.

On May 12, 2004, Conseco deposited the aggregate redemption price in trust for the holders of the class A preferred stock with Wachovia Bank, N.A. As a result, from and after the close of business on May 12, 2004, the class A preferred stock shall not be deemed to be outstanding and the rights of the holders of the class A preferred stock shall be limited to the right to receive the redemption price, upon surrender of the certificates representing the class A preferred stock as set forth in the redemption notice.

A redemption notice has been delivered to holders of record of the class A preferred stock as of May 12, 2004. Questions relating to the notice should be directed to Wachovia Bank, N.A. at (800) 829-8432.

Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, heart/stroke and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial futures.

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