Conseco Tenders Early for June Public Debt

01/31/02 -Conseco, Inc. (NYSE:CNC) announced today that its subsidiary, Conseco Finance Corp., has commenced a tender offer for all of its outstanding 10.25% Senior Subordinated Notes due June 1, 2002. The principal amount of the notes outstanding is $110.5 million (excluding $23.7 million held by Conseco, Inc.).

The purchase price will be 100% of the principal amount of the notes and will be paid for notes validly tendered and accepted for purchase, as well as accrued and unpaid interest up to, but not including, the payment date. Conseco Finance intends to finance the tender offer with working capital, cash flow from operations and available credit facilities. The tender offer is scheduled to expire at 5:00 p.m., Eastern Time on March 1, 2002.

Lehman Brothers is teh Dealer Manager. Noteholders may direct inquiries to Emily Shanks at Lehman Brothers at the following numbers:

through February 8: 212-455-3327 or 212-681-2265 (collect)
through February 8: 212-528-7581 or 800-438-3242 (toll free)

Georgeson Shareholder Communications, Inc. is the Information Agent. Noteholders requesting documents should call 800-223-2064.

World Wide Web		http://www.conseco.com
Investor Hotline		800.4.CONSECO
Fax-on-demand		800.344.6452
Contact:		Conseco, Inc.
		(News Media) Mark Lubbers, 317/817-4418