Document:

FIFTH AMENDMENT AGREEMENT

          This FIFTH AMENDMENT AGREEMENT, dated as of February 3,
2000 (the "Agreement"), is among Specialty Retailers, Inc. (the
"Borrower"), Stage Stores, Inc. (the "Parent"), the banks named
therein (the "Banks") and Credit Suisse First Boston, as
Administrative Agent, Collateral Agent, Swingline Bank and L/C
Bank (the "Administrative Agent").

                 PRELIMINARY STATEMENT

          WHEREAS, the Borrower, the Parent, the Banks and the
Administrative Agent are parties to the Credit Agreement, dated
as of June 17, 1997, as amended through the date hereof (the
"Credit Agreement");

          WHEREAS, the Borrower has requested the amendment of
certain provisions set forth in the Credit Agreement;

          WHEREAS, the Banks have agreed to amend the specific
provisions set forth herein under the terms and conditions set
forth herein;

          NOW, THEREFORE, the parties hereto hereby agree as
follows:

          SECTION 1.     Defined Terms.  Capitalized terms used
and not defined herein shall have the meanings assigned to such
terms in the Credit Agreement.

          SECTION 2.     Amendments.   The Banks hereby agree to
amend the Credit Agreement as follows:

     (a)  The definition of "Consolidated EBITDA" in Section 1.1
of the Credit Agreement is hereby amended by deleting clause
(vii) and adding the following before the "." at the end thereof:

     ", plus (vii) special charges for restructuring (consisting
     of store closures, downsizing and inventory valuation
     reserves) of up to $65,000,000 in the aggregate taken in the
     fourth quarter of fiscal year 1999 and the first two fiscal
     quarters of fiscal year 2000 as specified on Schedule 1 to
     the Fifth Amendment Agreement, dated as of February 3, 2000,
     plus (viii) executive severance payments pursuant to
     the current terms of existing employment contracts."

     (b)  The definition of "Interest Period" in Section 1.1 of
the Credit Agreement is hereby amended by deleting paragraphs (i)
     and (ii) replacing them with:

          "(i) initially, the period commencing on the borrowing
or the conversion date as the case may be, with respect to such
Eurodollar Loan and ending on the numerically corresponding
calendar day in the calendar month that is one month thereafter,
as selected by the Borrower in its Notice of Borrowing; Notice of
Conversion or Notice of Continuation, as the case may be, given
with respect thereto; and

          (ii) thereafter, each period commencing on the last day
of the next preceding Interest Period applicable to such
Eurodollar Loan and ending one month thereafter, as selected by
the Borrower by irrevocable notice to the Administrative Agent
not less than three Business Days prior to the last day of the
then current Interest Period with respect thereto;"

     (c)  The definition of "Margin Percentage" in Section 1.1 of
the Credit Agreement is hereby amended by (i) amending Category 6
and adding a new Category 7, each as set forth below

                   Adjusted      Commitment   Eurodol     Base
                   Leverage        Fee Per      lar       Rate
                    Ratio          centage     Margin    Margin

Category 6       <= 5.0 to 1        0.50%       3.0%      2.0%
                and > 4.5 to 1

Category 7         >5.0 to 1        0.50%       3.25%     2.25%

and (ii) by replacing the words "Category 5" at the end of clause
(ii) in the first proviso with the words "Category 7".

     (d)  The definition of "Retained Equity Proceeds" in Section
1.1 of the Credit Agreement is hereby amended by replacing
"January 31, 2000" with "and thereafter" in the second sentence.

     (e)  Section 2.6(c) of the Credit Agreement is hereby
amended by replacing "Base Rate Margin Percentage for Category 5"
with "the Base Rate and the highest Base Rate Margin Percentage
applicable".

     (f)  Section 2.12(a) of the Credit Agreement is hereby
amended by deleting the following parenthetical phrase contained
therein:  "(other than an Asset Sale permitted under Section
6.13)".

     (g)  The second sentence of Section 2.12(e) of the Credit
Agreement is hereby amended by replacing "January 31, 2000" with
"and thereafter".

     (h)  Section 2.12(f) of the Credit Agreement is hereby
amended by deleting the second proviso and replacing it with the
following:

          "; provided further, that from the effective date of
the Fifth Amendment Agreement, dated as of February 3, 2000,
through July 31, 2000, for the twelve month period ending July
31, 2000, the Borrower shall prepay, repay or not borrow the
Revolving Loans and Swingline Loans so as to cause the aggregate
outstanding principal amount of Revolving Loans and Swingline
Loans not to exceed $80,000,000 during a period of not less than
thirty consecutive days during such period".

     (i)  The Credit Agreement is hereby amended by adding the
following new Section 5.1(l):

          "(l)  Weekly Cash Flow Reports.  Within 3 business days
     after the close of each calendar week, a cash flow report
     for the preceding week and a cash flow projection for not
     less than the next five weeks thereafter, in each case in
     form, substance and detail reasonably satisfactory to the
     Required Banks."

     (j)  Section 6.1(a) (i) of the Credit Agreement is hereby
amended by deleting the grid set forth therein and replacing it
with the following:

          Date                                         Ratio

          "From February 3, 2001 and thereafter        4.5:1"

     (k)  Section 6.1(a) (ii) of the Credit Agreement is hereby
amended by deleting the grid set forth therein and replacing it
with the following:

          Date                                         Ratio

          "From February 3, 2001 and thereafter        4.0:1"

     (l)  Section 6.1(b) of the Credit Agreement is hereby
amended by deleting the grid set forth therein and replacing it
with the following:

          Four Fiscal Quarters Ending On               Ratio

          "February 3, 2001                            2.24:1

           From May 5, 2001 and thereafter             2.25:1"

     (m)  Section 6.1(c) of the Credit Agreement is hereby
amended by deleting the grid set forth therein and replacing it
with the following:

          Date                                      Ratio

          "From February 3, 2001 and thereafter     1.25:1"

     (n)  Section 6.1(d) of the Credit Agreement is hereby
amended by deleting the grid set forth therein and replacing it
with the following:

          Fiscal Year Ending
          Closest to December 31        Maximum Amount

          "2000                         $15,000,000

           2001                        $20,000,000 plus 2/3 of the
                                       Retained Equity Proceeds
                                       not to exceed $76,000,000

           2002                        $20,000,000 plus 2/3 of the
                                       Retained Equity Proceeds
                                       not to exceed $84,000,000"

     (o)  The Credit Agreement is hereby amended by adding the
following new Section 6.1(e):

               "(e)  Minimum Consolidated EBITDA.  The Parent
          shall not permit the Consolidated EBITDA as determined
          on a cumulative basis for the periods beginning on
          January 30, 2000, and ending on the last day of each
          fiscal quarter ending on a date set forth below (in
          each case taken as one accounting period), to be less
          than the amount set forth opposite such date:

                                        Minimum  Consolidated
               Date                           EBITDA

               First Quarter            $8,000,000
               Second Quarter           $20,000,000
               Third Quarter            $36,000,000"

     (p)  The Credit Agreement is hereby amended by adding the
following new Section 6.17:

               "6.17  Receivables Program.  The Borrower shall
not take any action to diminish the equity value of the
Receivables Subsidiary other than to pay dividends in the
ordinary course of business consistent with past practice and
will continue to operate the Receivables Subsidiary in the
ordinary course of business consistent with past practice."

          SECTION 3.     Interest Rate Payable. Anything to the
contrary contained in the Credit Agreement notwithstanding,
interest shall be payable monthly on the last Business Day of
each month, provided, however, that if the Borrower is in full
compliance with all covenants in the Credit Agreement at the end
of the fourth quarter of fiscal year 2000, then interest shall be
payable quarterly on the last Business Day of each quarter
thereafter.

          SECTION 4.     Waiver of Default.  Upon the
effectiveness of this Agreement, any Default or Event of Default
existing under Section 6.1 (a), (b) or (c) of the Credit
Agreement for the fiscal year ended January 29, 2000 is hereby
waived by the Banks.

          SECTION 5.     Representations and Warranties; No
Defaults.  Each Loan Party hereby represents and warrants that
after giving effect to the amendments set forth in Section 2 of
this Agreement and the waiver set forth in Section 4 of this
Agreement, (a) the representations and warranties contained in
the Credit Agreement and Loan Documents are correct on the
effective date of this Agreement, and (b) no Default or Event of
Default has occurred or is continuing on the date hereof and on
the effective date of this Agreement.

          SECTION 6.     Counterparts.  This Agreement (a) may be
executed in two or more counterparts, each of which shall be
deemed an original, but all of which taken together shall
constitute one and the same instrument, (b) shall be effective
only in this specific instance for the specific purpose set forth
herein, and (c) does not allow any other or further departure
from the terms of the Credit Agreement or the Loan Documents,
which terms shall continue in full force and effect.

          SECTION 7.     Conditions to Effectiveness.  This Agree
ment shall become effective as of the date hereof when (a) copies
hereof, when taken together, bearing the signatures of each of
the Loan Parties and the Required Banks have been received by the
Administrative Agent,  (b) an amendment fee of 0.50% of the
Commitments of the Banks (the "Executing Banks") who have
returned executed signature pages of this Agreement to the
Administrative Agent by 6:00 p.m. New York City time on
Wednesday, February 2, 2000 has been received from the Borrower
by the Administrative Agent, (c) an administrative fee of
$100,000 has been received from the Borrower by the
Administrative Agent, (d) the fees of Skadden, Arps, Slate,
Meagher & Flom, LLP, and Arthur Andersen LLP incurred in connec
tion with this Agreement have been paid in full, and each has
been paid a retainer of $100,000 for future services to be
rendered in connection with the Credit Agreement, and (e) Alco
Capital shall have been paid a retainer of $50,000 for future
services to be rendered in connection with the Credit Agreement.

          SECTION 8.  Corporate Aircraft.  Within 120 days of the
effective date of this Agreement, the Borrower shall sell its
Hawker 400 for a fair value price, provided, however, that the
Borrower shall not be obligated to sell the Hawker 400 unless the
fair value price exceeds the Borrower's obligations under its
lease with General Electric Capital Corporation.  The net
consideration received from the sale of the Hawker 400 will be
used by the Borrower to pay down the Revolving Loans and will
permanently reduce the Total Revolving Loan Commitment.

          SECTION 9.  Acknowledgments, Releases and Defenses.
Each Loan Party hereby (i) acknowledges and confirms that the
Administrative Agent and the Banks have performed fully all of
their respective obligations under the Credit Agreement and the
other Loan Documents and the instruments and agreements referred
to therein; (ii) releases the Administrative Agent, the Banks,
and the Administrative Agent's and Banks' respective officers,
directors, employees, agents, attorneys, affiliates, subsidiaries
and representatives from any an all actions, causes of action,
claims, demands, damages and liabilities of whatever kind or
nature, in law or in equity, now known or unknown, suspected or
unsuspected to the extent that any of the foregoing arises from
any action or failure to act on or prior to the date hereof;
(iii) acknowledges that it has no offsets or defenses to its
obligations under the Credit Agreement and the other Loan
Documents; and (iv) ratifies, acknowledges and affirms its
obligations under the Credit Agreement and the other Loan
Documents, including, without limitation, the amounts borrowed
thereunder.   Except as otherwise specified herein, there is no
amendment of any other term, condition or provision of the Credit
Agreement all of which are hereby ratified and confirmed by the
Borrower and the Parent.

          SECTION 10. Applicable Law.  THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.
          IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their duly authorized officers,
all as of the date and year first written above.

                         SPECIALTY RETAILERS, INC.

                         By: /s/ Charles M. Sledge
                         Name: Charles M. Sledge
                         Title: SVP, Finance & Treasurer

                         STAGE STORES, INC.

                         By: /s/ Charles M. Sledge
                         Name: Charles M. Sledge
                         Title: SVP, Finance & Treasurer

                         CREDIT SUISSE FIRST BOSTON,
                         as Administrative Agent, Collateral Agent,
                         Swingline Bank and L/C Bank

                         By: /s/ Jan Kofol
                         Name: Jan Kofol
                         Title: Director

                         By: /s/ Didier Siffer
                         Name: Didier Siffer
                         Title: Vice President

                         BANK UNITED

                         By: /s/ Gordon Kovacs
                         Name: Gordon Kovacs
                         Title: Senior Special Assets Manager

                         BANQUE WORMS CAPITAL CORPORATION

                         By: /s/ F. Gamet
                         Name: F. Garnet
                         Title: Senior Vice President

                         By: /s/ Michele Fleming
                         Name: F. Garnet
                         Title: General Counsel

                         BANQUE PARIBAS HOUSTON AGENCY

                         By: /s/ Albert A. Young Jr.
                         Name: Albert A. Young Jr.
                         Title: Director

                         By: /s/ Amy Kirschner
                         Name: Amy Kirschner
                         Title: Vice President

                         BANK AUSTRIA CREDITANSTALT
                         CORPORATE FINANCE, INC.
                         F.K.A. Creditanstalt Corporate Finance, Inc.

                         By: /s/ A. W. Seidel
                         Name: A. W. Seidel
                         Title: Senior Vice President

                         By: /s/ Jane E. Erdtman
                         Name: Jane E. Erdtman
                         Title: Vice President

                         HIBERNIA NATIONAL BANK

                         By: /s/ Christopher Pitre
                         Name: Christopher Pitre
                         Title: Vice President

                         IMPERIAL BANK, A CALIFORNIA BANKING CORPORATION

                         By: /s/ Renee Faber
                         Name: Renee Faber
                         Title: Assistant Vice President

                         ROYAL BANK OF SCOTLAND

                         By: /s/ Grant Stoddart
                         Name: Grant Stoddart
                         Title: EVP The Americas

                         THE FUJI BANK, LIMITED

                         By: /s/ Hirashi Nagamine
                         Name: Hirashi Nagamine
                         Title: Vice President & Senior Team Leader

                         UNION BANK OF CALIFORNIA, N.A.

                         By: /s/ Richard P. Degrey
                         Name: Richard P. Degrey
                         Title: Vice President

                         FIRST COMMERCIAL BANK

                         By: /s/ Vincent T. C. Chen
                         Name: Vincent T. C. Chen
                         Title: SVP and General Manager

                         KZH CNC LLC

                         By: /s/ Peter Chin
                         Name: Peter Chin
                         Title: Authorized Agent

                         [STEIN, ROE & FARNHAM / KEYPORT LIFE]

                         By: /s/ James R. Fellows
                         Name: James R. Fellows
                         Title:  Vice PresidentUnless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation (the "Depository"), to the
Company or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name
as is requested by an authorized representative of the Depository (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein.

REGISTERED                                                            REGISTERED

                                  CONSECO, INC.

                         8.75% NOTE DUE FEBRUARY 9, 2004

                                                                 CUSIP 208464AS6

No. 1                                                            US$ 400,000,000

               CONSECO, INC., a corporation duly organized and existing under
the laws of Indiana (herein called the "Company," which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to Cede & Co. or registered assigns, the
principal sum of Four Hundred Million Dollars ($400,000,000) on February 9,
2004, and to pay interest thereon from February 7, 2000 or from the most recent
Interest Payment Date (as hereinafter defined) to which interest has been paid
or duly provided for, as the case may be.

               Interest will be payable on February 9 and August 9 of each year
(each an "Interest Payment Date"), at the rate of 8.75% per annum, commencing
August 9, 2000 (except as provided below) until the principal hereof becomes due
and payable. Interest payments will be made in an amount equal to the amount
accrued from and including the immediately preceding Interest Payment Date in
respect of which interest has been paid or duly made available for payment (or
from and including the date of issue, if no interest has been paid or duly made
available for payment) to but excluding the applicable Interest Payment Date or
Maturity. The interest so payable and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Note (or one or more predecessor Notes) is registered
at the close of business on the Regular Record Date for such interest payment,
which shall be the February 1 or August 1 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Except as otherwise
provided in the Indenture, any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date by virtue of their having been such Holder and may either be paid to
the Person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on a Special Record Date for

                                        1

<PAGE>

the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof is to be given to Holders of Notes not less than 10 calendar days prior
to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which Notes
of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture.

               If any Interest Payment Date(s) or the date of Maturity falls on
a day that is not a Business Day, the required payment of principal, premium, if
any, and/or interest will be made on the next succeeding Business Day as if made
on the date such payment was due, and no interest will accrue on such payment
for the period from and after such Interest Payment Date or the date of
Maturity, as the case may be, to the date of such payment on the next succeeding
Business Day.

               While this Note is represented by one or more global notes
registered in the name of the Depository or its nominee, the Company will cause
payments of principal of, premium, if any, and interest on this Note to be made
to the Depository or its nominee, as the case may be, by wire transfer to the
extent, in the funds and in the manner required by agreements with, or
regulations or procedures prescribed from time to time by, the Depository or its
nominee, and otherwise in accordance with such agreements, regulations and
procedures. THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY
OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR OF THE
DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR.

               Unless the certificate of authentication hereon has been executed
by the Trustee referred to herein, or its successor as Trustee, or its
Authenticating Agent, by manual signature of an authorized signatory, this Note
will not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

               This Note is one of a duly authorized issue of securities of the
Company (the "Securities") issued under an indenture, dated as of November 13,
1997, as amended from time to time (the "Indenture"), between the Company and
The Bank of New York (successor to LTCB Trust Company), as trustee (the
"Trustee"), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Notes and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Note is one of the Securities designated on
the face hereof limited in aggregate principal amount to $800,000,000.

               The Notes of this series will be redeemable as a whole or in part
at the option of the Company at any time, at a redemption price equal to the sum
of (a) the greater of (i) 100% of the principal amount of such Notes and (ii)
the sum of the present values of the remaining scheduled payments of principal
and interest thereon from the redemption date to the date of Maturity, computed
by discounting such payments, in each case, to the redemption date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at
the Treasury Rate, plus 25 basis

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<PAGE>

points, plus (b) accrued and unpaid interest on the principal amount thereof to
the date of redemption.

               "Treasury Rate" means, with respect to any redemption date, the
rate per annum equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

               "Comparable Treasury Issue" means the United States Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes. "Independent Investment Banker"
means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company.

               "Comparable Treasury Price" means, with respect to any redemption
date, (i) the average of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) on the
third Business Day preceding such redemption date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S.
Government Securities" or (ii) if such release (or any successor release) is not
published or does not contain such prices on such Business Day, the average of
the Reference Treasury Dealer Quotations actually obtained by the Trustee for
such redemption date.

               "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any redemption date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.
(New York City time) on the third Business Day preceding such redemption date.

               "Reference Treasury Dealer" means each of Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Banc of America Securities LLC, Deutsche Bank
Securities Inc., Chase Securities Inc., First Union Securities, Inc., J.P.
Morgan Securities Inc. and SG Cowen Securities Corporation and their respective
successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), the Company may substitute therefor another Primary Treasury Dealer.

               Notice of any redemption will be mailed at least 30 days but no
more than 60 days before the redemption date to each holder of Notes to be
redeemed. If, at the time notice of redemption is given, the redemption moneys
are not held by the Trustee, the redemption may be made subject to their receipt
on or before the date fixed for redemption and such notice shall be of no effect
unless such moneys are so received.

                                        3

<PAGE>

               Upon payment of the redemption price, on and after the redemption
date interest will cease to accrue on this Note or portions hereof called for
redemption.

               The Notes of this series contain the following covenants:

               Limitations on Issuance or Disposition of Stock of Significant
Subsidiaries. The Company will not, nor will it permit any Significant
Subsidiary to, issue, sell or otherwise dispose of any shares of Capital Stock
(other than non-voting Preferred Stock) of any Significant Subsidiary, except
for (i) directors' qualifying shares; (ii) sales or other dispositions to the
Company or to one or more wholly owned Significant Subsidiaries; (iii) the sale
or other disposition of all or any part of the Capital Stock of any Significant
Subsidiary for consideration which is at least equal to the fair value of such
Capital Stock as determined by the Company's board of directors (acting in good
faith); or (iv) any issuance, sale, assignment, transfer or other disposition
made in compliance with an order of a court or regulatory authority of competent
jurisdiction, other than an order issued at the request of the Company or any
Significant Subsidiary.

               Limitation on Liens. Except as provided below, neither the
Company nor any Significant Subsidiary may incur, issue, assume or guarantee any
Indebtedness secured by a Lien on any property or assets of the Company or any
Significant Subsidiary, or any shares of Capital Stock of any Significant
Subsidiary, without effectively providing that the Notes (together with, if the
Company shall so determine, any other Indebtedness which is not subordinated to
the Notes) shall be secured equally and ratably with (or prior to) such
Indebtedness, so long as such Indebtedness shall be so secured; provided,
however, that this covenant shall not apply to Indebtedness secured by (i) Liens
existing on February 2, 2000; (ii) Liens on property of, or on any shares of
stock of, any corporation existing at the time such corporation becomes a
Significant Subsidiary or merges into or consolidates with the Company or a
Significant Subsidiary; (iii) Liens on property or on shares of stock existing
at the time of acquisition thereof by the Company or any Significant Subsidiary;
(iv) Liens to secure the financing of the acquisition, construction or
improvement of property, or the acquisition of shares of stock by the Company or
any Significant Subsidiary, provided that such Liens are created not later than
one year after such acquisition or, in the case of property, no later than one
year after completion of construction or commencement of commercial operation,
whichever is later, are limited to the property acquired, constructed or
improved or the shares of stock acquired and do not secure indebtedness in
excess of the cost of such acquisition, construction or improvement; (v) Liens
in favor of the Company or any Subsidiary; (vi) Liens in favor of, or required
by, governmental authorities; and (vii) any extension, renewal or replacement as
a whole or in part, of any Lien referred to in the foregoing clauses (i) to (vi)
inclusive; provided, however, that (a) such extension, renewal or replacement
Lien shall be limited to all or a part of the same property or shares of stock
that secured the Lien extended, renewed or replaced and (b) the Indebtedness
secured by such Lien at such time is not so increased.

               The restrictions in the immediately preceding paragraph do not
apply if, immediately after the incurrence, issuance, assumption or guarantee of
any Indebtedness secured by a Lien, the aggregate principal amount of such
secured Indebtedness, (other than Indebtedness secured by Liens

                                        4

<PAGE>

described in clauses (i) to (vii), inclusive, of the immediately preceding
paragraph) at that time would not exceed 10% of Consolidated Capitalization.

               "Capital Lease Obligations" of a Person means any obligation that
is required to be classified and accounted for as a capital lease on the face of
a balance sheet of such Person prepared in accordance with generally accepted
accounting principles; the amount of such obligations shall be the capitalized
amount thereof, determined in accordance with generally accepted accounting
principles; and the Stated Maturity thereof shall be the date of the last
payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be terminated by the lessee without payment of a
penalty.

               "Capital Stock" means any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or interest
in (however designated) corporate stock, including any Preferred Stock.

               "Consolidated Capitalization" means the sum of the Company's
consolidated shareholders' equity, redeemable preferred stock and preferred
securities in any trust, partnership, corporation or other entity of which more
than 50% of the voting equity is owned directly or indirectly by the Company,
including, without limitation, the trust securities issued by Conseco Financing
Trust I, Conseco Financing Trust II, Conseco Financing Trust III, Conseco
Financing Trust IV, Conseco Financing Trust V, Conseco Financing Trust VI,
Conseco Financing Trust VII and Conseco Financing Trust XI.

               "Indebtedness" means (i) any liability of any Person (1) for
borrowed money, or under any reimbursement obligation relating to a letter of
credit (other than letters of credit obtained in the ordinary course of
business), or (2) evidenced by a bond, note, debenture or similar instrument
(including a purchase money obligation) given in connection with the acquisition
of any businesses, properties or assets of any kind or with services incurred in
connection with capital expenditures (other than accounts payable or other
indebtedness to trade creditors arising in the ordinary course of business), or
(3) for the payment of money relating to a Capital Lease Obligation; (ii) any
liability of others described in the preceding clause (i) that the Person has
guaranteed or that is otherwise its legal liability; and (iii) any amendment,
supplement, modification, deferral, renewal, extension or refunding of any
liability of types referred to in clauses (i) and (ii) above.

               "Lien" means any lien, mortgage, pledge, security interest,
charge or encumbrance of any kind (including any conditional sale or other title
retention agreement and any lease in the nature thereof).

               "Person" means any individual, corporation, partnership, joint
venture, association, joint-stock or limited liability company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

                                        5

<PAGE>

               "Preferred Stock," as applied to the Capital Stock of any
corporation, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends, or as to the distribution of
assets upon any voluntary or involuntary liquidation or dissolution of such
corporation, over shares of Capital Stock of any other class of such
corporation.

               "Significant Subsidiary" means any Subsidiary with net earnings
which constituted at least 20% of the Company's consolidated total net earnings,
all as determined as of the date of the Company's most recently prepared
quarterly financial statements for the 12-month period then ended.

               "Stated Maturity," when used with respect to any security or any
installment of interest on any security, means the date specified in such
security as the fixed date on which the principal of such security or such
installment of interest, respectively, is finally due and payable, except as
otherwise provided in the case of Capital Lease Obligations.

               "Subsidiary" means a corporation of which a majority of the
Capital Stock having voting power under ordinary circumstances to elect a
majority of the board of directors is owned directly or indirectly by the
Company or by one or more Subsidiaries, or by the Company and one or more
Subsidiaries.

               If any Event of Default with respect to Notes of this series will
occur and be continuing, the principal of the Notes of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

               The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of
each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in
aggregate principal amount of the outstanding Securities of each series to be
affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the outstanding Securities of each
series, on behalf of the Holders of all Securities of such series, to waive,
with respect to the Securities of such series, compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note will be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange therefore or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note.

               Holders of Notes may not enforce their rights pursuant to the
Indenture or the Notes except as provided in the Indenture. No reference herein
to the Indenture and no provision of this Note or of the Indenture will alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, and premium, if any, and interest on this Note at the
times, places and rates, herein prescribed.

                                        6

<PAGE>

               The Indenture contains provisions for defeasance at any time of
(a) the entire indebtedness of the Company on this Note and (b) certain
restrictive covenants and the related Events of Default upon compliance by the
Company with certain conditions specified therein, which provisions apply to
this Note.

               The Notes of this series are issuable only in global or
certificated registered form, without coupons, in denominations of $1,000 and
integral multiples thereof. As provided in the Indenture and subject to certain
limitations therein specified and to the limitations described below, if
applicable, Notes of this series are exchangeable for Notes of this series of
like aggregate principal amount of a different authorized denomination, as
requested by the Holder surrendering the same.

               As provided in the Indenture and subject to certain limitations
therein specified and to the limitations described below, if applicable, the
transfer of this Note is registerable in the Security Register upon surrender of
this Note for registration of transfer at the office or agency of the Company
maintained for that purpose duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar (which will initially be the Trustee at its principal corporate trust
office located in the Borough of Manhattan, The City of New York) duly executed
by the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Notes of this series with like terms and conditions, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

               This Note is exchangeable for certificated Notes only upon the
terms and conditions provided in the Indenture. Except as provided in the
Indenture, owners of beneficial interests in this Note will not be entitled to
receive physical delivery of Notes in certificated registered form and will not
be considered the Holders thereof for any purpose under the Indenture.

               This Note is in the form of a Global Security as provided in the
Indenture. If at any time the Depository notifies the Company that it is
unwilling or unable to continue as Depository for this Note or if at any time
the Depository for this series shall no longer be eligible or in good standing
under the Securities Exchange Act of 1934, as amended, or other applicable
statute or regulation, the Company shall appoint a successor Depository with
respect to this Note. If a successor Depository for this Note is not appointed
by the Company within 90 days after the Company receives notice or becomes aware
of such ineligibility, the Company will execute, and the Trustee or its agent,
upon receipt of a Company Request for the authentication and delivery of
certificates representing Securities of this series in exchange for this
Security will authenticate and deliver, certificates representing securities of
this series of like tenor and terms in an aggregate principal amount equal to
the principal amount of this Note in exchange for this Note.

               If specified by the Company pursuant to the Indenture with
respect to this Note, the Depository may surrender this Note in exchange in
whole or in part for certificates representing Securities of this series of like
tenor and terms in definitive form on such terms as are acceptable to the
Company and the Depository. Thereupon the Company shall execute, and the trustee
or its agent

                                        7

<PAGE>

shall authenticate and deliver, without a service charge, (1) to each Holder
specified by the Security Registrar or the Depository a certificate or
certificates representing Securities of this series of like tenor and terms and
of any authorized denomination as requested by such person in an aggregate
principal amount equal to and in exchange for such Holder's beneficial interest
as specified by the security Registrar or the Depository in this Note; and (2)
to the Depository a new Global Security of like tenor and terms and in an
authorized denomination equal to the difference, if any, between the principal
amount of the surrendered Note and the aggregate principal amount of
certificates representing Notes delivered to Holders thereof.

               No service charge will be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue and notwithstanding any
notation of ownership or other writing hereon, and none of the Company, the
Trustee or any such agent will be affected by notice to the contrary.

               The Indenture and the Notes will be governed by and construed in
accordance with the laws of the State of New York.

               All terms used in this Note which are defined in the Indenture
will have the meanings assigned to them in the Indenture unless otherwise
defined herein; and all references in the Indenture to "Security" or
"Securities" will be deemed to include this Note.

                                        8

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Date: February 7 , 2000                     CONSECO, INC.

                                            By /s/ Stephen C. Hilbert
                                            ------------------------------------
                                               Stephen C. Hilbert, President

[SEAL]
                                             Attest:

                                             By /s/ John J. Sabl
                                                --------------------------------
                                                John J. Sabl, Secretary

         This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

Dated: February 7, 2000                     THE BANK OF NEW YORK,
                                                     as Trustee

                                            By: /s/ Michael Culhane
                                                --------------------------------
                                                Authorized Signatory

                                        9

<PAGE>

                                -----------------

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

                  TEN COM - as tenants in common
                  TEN ENT - as tenants by the entireties
                  JT TEN  - as joint tenants with right of survivorship and
                            not as tenants in common

         UNIF GIFT MIN ACT -..............Custodian................
                                (Cust)               (Minor)
                               Under Uniform Gifts to Minors Act
                               .................................
                                            (State)
Additional abbreviations may also be used though not in the above list.

                               ------------------

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

_____________________________________
the within Security and all rights thereunder, hereby irrevocably constituting
and appointing __________________ attorney to transfer said Security on the
books of the Company, with full power of substitution in the premises.

Date:
                             ----------------------
                                    Signature

NOTICE:       THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

              THE SIGNATURE(S) MUST BE GUARANTEED BY AN "ELIGIBLE  GUARANTOR
INSTITUTION" THAT IS A MEMBER OR PARTICIPANT IN A "SIGNATURE GUARANTEE PROGRAM"
(E.G., THE SECURITIES TRANSFER AGENTS MEDALLION PROGRAM, THE STOCK EXCHANGE
MEDALLION PROGRAM OR THE NEW YORK STOCK EXCHANGE, INC. MEDALLION SIGNATURE
PROGRAM).

                                       10

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