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Conseco Adopts Stockholder Rights Plan
Date:1/20/2009

CARMEL, Ind., Jan. 20 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO) today announced its Board of Directors has adopted a stockholder rights plan designed to protect stockholder value by preserving the value of certain tax assets primarily associated with tax net operating loss carryforwards under Section 382 of the Internal Revenue Code. Section 382 would limit the value of those tax assets upon an "ownership change." The rights plan was adopted to reduce the likelihood of this occurring by deterring the acquisition of stock that would create "5-percent shareholders" as defined in Section 382.

Under the rights plan, one right will be distributed for each share of common stock of Conseco outstanding as of the close of business on January 30, 2009. Effective January 20, 2009 if any person or group (subject to certain exemptions) becomes a "5-percent shareholder" of Conseco without the approval of the Board of Directors, there would be a triggering event causing significant dilution in the voting power and economic ownership of that person or group. Existing stockholders who currently are "5-percent shareholders" will trigger a dilutive event only if they acquire additional shares that would increase their percentage ownership of Conseco by more than 1 percent without prior approval from the Board.

"The stockholder rights plan protects the interests of all stockholders from the possibility of losing substantial value through further limitations on the company's ability to utilize its net operating loss carryforwards under Section 382," said Conseco CEO Jim Prieur. "The rights plan, similar to those adopted by other publicly-held companies, is not intended for defensive or anti-takeover purposes, but to preserve stockholder value, and is in the best interests of Conseco's stockholders."

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SOURCE Conseco, Inc.
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