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| Conseco, Inc. Ratings |
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| Senior debt | BBB 11/5/97 affirmed | BBB+ 9/25/97 affirmed | Ba1 6/10/97 affirmed | N/A |
| Medium-term notes | BBB 12/5/97 assigned | N/R | N/R | N/A |
| Preferred stock | BBB- 11/5/97 affirmed | BBB- 9/25/97 affirmed | N/R | N/A |
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Financing Trust I TOPrSSM |
N/R | BBB- 9/25/97 affirmed | ba2 6/10/97 affirmed | N/A |
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Financing Trust II TruPSSM |
N/R | BBB- 9/25/97 affirmed | ba2 6/10/97 affirmed | N/A |
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Financing Trust III Capital Securities |
N/R | BBB- 9/25/97 affirmed | ba2 6/10/97 affirmed | N/A |
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Financing Trust IV FELINE PRIDES |
BBB- 12/5/97 assigned | BBB- 12/5/97 assigned | N/R | N/A |
| Commercial paper | A-2 11/5/97 affirmed | D-2 9/25/97 affirmed | N/R | N/A |
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Subsidiary Claims-Paying/ Financial Strength Ratings |
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| American Life and Casualty | A+ 11/97 upgrade | AA- 11/97 assigned | Baa2 6/10/97 affirmed | A 6/13/97 upgrade |
| American Travellers Life | A+ 11/97 upgrade | AA- 11/97 assigned | N/R | A 6/13/97 upgrade |
| Bankers Life and Casualty | A+ 11/97 upgrade | AA- 11/97 affirmed | Baa2 6/10/97 affirmed | A 6/13/97 affirmed |
| Bankers Life of Illinois | Bq 6/97 | N/R | N/R | FPR-6 1997 |
| Bankers National Life | Bq 6/97 | N/R | N/R | FPR-6 1997 |
| Beneficial Standard Life | A+ 11/97 upgrade | AA- 11/97 upgrade | Baa2 6/10/97 affirmed | A 6/13/97 affirmed |
| Capitol American Life | A+ 11/97 upgrade | AA- 11/97 assigned | N/R | A 6/13/97 affirmed |
| Capitol National Life | BBBq 6/97 | N/R | N/R | B++ 6/13/97 affirmed |
| Certified Life | BBBq 6/97 | N/R | N/R | FPR-6 1997 |
| Colonial Penn Life | A+ 11/97 upgrade | AA- 11/97 assigned | N/R | A 1997 |
| Connecticut National Life | A+ 11/97 upgrade | AA- 11/97 upgrade | N/R | A- 6/13/97 affirmed |
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Conseco Life (formerly Massachusetts General Life) |
A+ 11/97 upgrade | AA- 11/97 upgrade | N/R | A 6/13/97 affirmed |
| Conseco Life of New York | A+ 11/97 upgrade | AA- 11/97 assigned | N/R | NR-3 1997 |
| Continental Life & Accident | Bq 6/97 | N/R | N/R | B+ 6/13/97 affirmed |
| Continental Life | BBBq 6/97 | N/R | N/R | B+ 6/13/97 affirmed |
| Frontier National Life | BBBq 6/97 | N/R | N/R | B++ 6/13/97 affirmed |
| Great American Reserve | A+ 11/97 upgrade | AA- 11/97 upgrade | Baa2 6/10/97 affirmed | A 6/13/97 affirmed |
| Health and Life Ins. Co. | BBBq 6/97 | N/R | N/R | FPR-4 1997 |
| Jefferson National Life of Texas | N/R 6/97 | N/R | N/R | FPR-6 1997 |
| Lamar Life | A+ 11/97 upgrade | AA- 11/97 upgrade | N/R | A 6/13/97 affirmed |
| Lincoln American Life | BBBq 6/97 | N/R | N/R | FPR-6 1997 |
| Manhattan National Life | A+ 11/97 upgrade | AA- 11/97 upgrade | N/R | A- 6/13/97 affirmed |
| Massachusetts General Life | A+ 11/97 upgrade | AA- 11/97 upgrade | N/R | A 6/13/97 affirmed |
| National Fidelity Life | Aq 6/97 | N/R | N/R | FPR-6 1997 |
| National Group Life | BBq 6/97 | N/R | N/R | B+ 6/13/97 affirmed |
| Philadelphia Life | A+ 11/97 upgrade | AA- 11/97 upgrade | N/R | A 6/13/97 affirmed |
| Pioneer Life | A+ 11/97 upgrade | AA- 11/97 upgrade | N/R | B++ 6/13/97 affirmed |
| United General Life | BBBq 6/97 | N/R | N/R | FPR-6 1997 |
| Vulcan Life | BBBq 6/97 | N/R | N/R | A- 6/13/97 affirmed |
| Wabash Life | CCCq 6/97 | N/R | N/R | FPR-6 1997 |
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