MANAGEMENT SEEKS BUY-OUT OF CONSECO

MANAGEMENT SEEKS BUY-OUT OF CONSECO

Conseco Inc., an insurance holding company based here, announced that certain members of executive management, led by Conseco's chairman of the board, Stephen C. Hilbert, and president, David E. Deeds, have made a proposal to acquire, through a leveraged buy-out, all outstanding common stock of Conseco for $13.50 cash per share.

An independent committee of Conseco's directors has been established to consider the proposal.