Document:

Exhibit 10.8.36

                       FIRST STAGE AMENDMENT AND AGREEMENT

                               Re: 1999 D&O Loans

          THIS FIRST STAGE AMENDMENT AND AGREEMENT, dated as of March 20, 2002
(this "Agreement"), among Conseco, Inc. ("Conseco"), CDOC, Inc. ("CDOC"), CIHC,
Incorporated ("CIHC"), JPMorgan Chase Bank, as administrative agent (in such
capacity, the "Administrative Agent") and as Collateral Agent (in such capacity,
the "Collateral Agent") and as Depositary Bank (in such capacity, the "Pledge
Depositary Bank") in respect of that certain Cash Collateral Pledge Agreement,
dated as of the date hereof, Bank of America, N.A as Collateral Agent (in such
capacity, the "D&O Collateral Agent") and as Depositary Bank (in such capacity,
the "Depositary Bank") in respect of that certain Amended and Restated Cash
Collateral Pledge Agreement, dated as of November 22, 2000 (as amended, modified
or otherwise supplemented from time to time), and the various financial
institutions parties hereto (each a "Bank" and collectively, the "Banks").

                              W I T N E S S E T H:

          WHEREAS, Conseco, the Banks and the Administrative Agent are parties
to that certain Agreement, dated as of September 22, 2000, relating to the 1999
Director and Officer Loan Credit Agreement (the "September 22, 2000 Agreement");

          WHEREAS, Conseco has requested that the Administrative Agent and the
Banks amend the September 22, 2000 Agreement as more fully described herein;

          WHEREAS, CDOC, the D&O Collateral Agent and the Depositary Bank are
parties to that certain Amended and Restated Cash Collateral Pledge Agreement,
dated as of November 22, 2000 (as amended, modified or otherwise supplemented
from time to time, the "Cash Collateral Agreement");

          WHEREAS, CDOC has requested that the Administrative Agent and the
Banks amend the Cash Collateral Agreement as more fully described herein;

          WHEREAS, Conseco, pursuant to a Guaranty, dated as of November 22,
2000 (the "Conseco Guaranty") has guaranteed the obligations of the borrowers
under the Credit Agreement, dated as of November 22, 2000, among the persons
listed on the signature pages thereto as Borrowers, the Banks, and the
Administrative Agent, relating to the refinancing of certain loans under that
certain Credit Agreement, dated as of September 15, 1999, as terminated and
replaced by that certain Termination and Replacement Agreement, dated as of May
30, 2000 (the "Credit Agreement");

          WHEREAS, Conseco has requested that the Administrative Agent and the
Banks amend the Conseco Guaranty as more fully described herein;

          WHEREAS, CIHC, pursuant to a Guaranty and Subordination Agreement,
dated as of November 22, 2000 (the "CIHC Guaranty"), has, among other things,
guaranteed the obligations of Conseco under the Conseco Guaranty;

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          WHEREAS, CIHC has requested that the Administrative Agent and the
Banks amend the CIHC Guaranty as more fully described herein;

          WHEREAS, Articles II, III and IV to the Appendix to that certain
Five-Year Credit Agreement, dated as of September 25, 1998, as amended (the
"Five-Year Credit Agreement"), were incorporated by reference into the September
22, 2000 Agreement and Articles II, III and IV were incorporated by reference
into the Conseco Guaranty;

          WHEREAS, the parties to the Five-Year Credit Agreement now wish to
amend the Appendix and the parties hereto wish to consent to the amendment of
the Appendix;

          WHEREAS, CDOC will enter into that certain Cash Collateral Pledge
Agreement, dated as of March 20, 2002, among CDOC, as Grantor, and JPMorgan
Chase as Collateral Agent and as Depositary Bank; and

          WHEREAS, Conseco will agree to pay certain fees as more fully
described below;

          NOW, THEREFORE, in consideration of the mutual promises herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

          Section 1. DEFINITIONS. Capitalized terms used and not otherwise
defined in this Agreement shall have the meanings assigned thereto in the Credit
Agreement. As used herein, the following terms shall have the following
meanings:

          "A.M. Best A- Status" shall have the meaning set forth in Section 1.01
          of the Appendix.

          "Agreement Fee" shall have the meaning set forth in Section 7.1(a)
          hereof.

          "Appendix" shall have the meaning set forth in Section 6.1 hereof.

          "Appendix Amendment" shall have the meaning set forth in Section 6.1
          hereof.

          "D&O Facilities" shall have the meaning set forth in Section 1.01 of
          the Appendix.

          "Effective Date" shall have the meaning set forth in Section 8 hereof.

          "Exchange Offer" shall have the meaning set forth in Section 1.01 of
          the Appendix.

          "Fees" shall have the meaning set forth in Section 7.1 hereof.

          "Specified D&O Facilities" shall have the meaning set forth in Section
          1.01 of the Appendix.

          "Trust Preferred Securities" shall have the meaning set forth in
          Section 1.01 of the Appendix.

          Section 2. AMENDMENTS TO SEPTEMBER 22, 2000 AGREEMENT.

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          2.1 Section 1.1 of the September 22, 2000 Agreement is hereby amended
as follows:

          (a) The definition of "Cash Collateral Deposits" is hereby added to
          Section 1.1 of the September 22, 2000 Agreement in its proper
          alphabetical order and reads as follows:

          "Cash Collateral Deposits" shall have the meaning set forth in Section
          5(d) hereof.

          (b) The definition of "Cash Collateral Pledge Agreement" is hereby
          added to Section 1.1 of the September 22, 2000 Agreement in its proper
          alphabetical order and reads as follows:

          "Cash Collateral Pledge Agreement" shall mean the Cash Collateral
          Pledge Agreement, dated as of March 20, 2002, among CDOC and JPMorgan
          Chase Bank as Collateral Agent and as Depositary Bank.

          (c) The definition of "Cash Collateral Pledgor" is hereby added to
          Section 1.1 of the September 22, 2000 Agreement in its proper
          alphabetical order and reads as follows:

          "Cash Collateral Pledgor" shall mean one or more entities, which, from
          time to time, pledge Cash Collateral Deposits pursuant to Section 5 or
          cash collateral deposits pursuant to Section 5A hereof.

          (d) The definition of "CDOC" is hereby added to Section 1.1 of the
          September 22, 2000 Agreement in its proper alphabetical order and
          reads as follows:

          "CDOC" shall mean CDOC, Inc., a Delaware corporation.

          (e) The definition of "Collateral Agent" is hereby added to Section
          1.1 of the September 22, 2000 Agreement in its proper alphabetical
          order and reads as follows:

          "Collateral Agent" shall mean JPMorgan Chase Bank (or its successor)
          as collateral agent under the Cash Collateral Pledge Agreement.

          (f) The definition of "Conseco Finance Distributed Cash Flow" is
          hereby added to Section 1.1 of the September 22, 2000 Agreement in its
          proper alphabetical order and reads as follows:

          "Conseco Finance Distributed Cash Flow" means, the sum, without
          duplication, of (a) dividend and redemption payments in cash to
          Conseco or CIHC by Conseco Finance, plus (b) interest paid in cash to
          Conseco or CIHC by Conseco Finance pursuant to any intercompany
          Indebtedness owing by Conseco Finance to Conseco or CIHC (minus any
          interest paid in cash to Conseco Finance by Conseco or CIHC) plus (c)
          amounts paid in cash to Conseco under the Tax Sharing Agreement by
          Conseco Finance (minus any such amounts required to be paid by Conseco
          to the Internal Revenue Service or any state taxing authority
          attributable to Conseco Finance and/or its direct and indirect

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          subsidiaries), plus (d) amounts paid in cash to Conseco or CIHC by
          Conseco Finance as principal payments on the Promissory Note dated as
          of September 22, 2000 with an original principal balance of
          $1,460,799,080, plus (e) other amounts paid in cash to Conseco or CIHC
          by Conseco Finance, minus (f) amounts paid by Conseco Finance to
          Conseco or CIHC to repay Investments made by Conseco or CIHC to
          Conseco Finance to the extent such Investments are permitted by
          Section 4.09 of the Appendix, minus (g) amounts otherwise constituting
          "Conseco Finance Distributed Cash Flow" that are required to be
          applied to one or more of the Facilities pursuant to Section 2.01 of
          the Appendix at such times (and only at such times) as clause second
          of Section 2.01(b) of the Appendix governs the application of
          Available Net Proceeds, minus (h) amounts paid to Conseco or its
          affiliates by Conseco Finance and/or its direct and indirect
          subsidiaries in respect of reasonable expense reimbursements,
          allocations or costs incurred or paid by Conseco or its affiliates.

          (g) The definition of "D&O Cash Collateral Agreement" is hereby added
          to Section 1.1 of the September 22, 2000 Agreement in its proper
          alphabetical order and reads as follows:

          "D&O Cash Collateral Agreement" shall mean the Amended and Restated
          Cash Collateral Pledge Agreement, dated as of November 22, 2000, as
          amended, modified or supplemented from time to time, among CDOC and
          Bank of America, N.A. as Collateral Agent and as Depositary Bank.

          (h) The definition of "D&O Collateral Agent" is hereby added to
          Section 1.1 of the September 22, 2000 Agreement in its proper
          alphabetical order and reads as follows:

          "D&O Collateral Agent" shall mean Bank of America, N.A. (or its
          successor) as collateral agent under the D&O Cash Collateral
          Agreement.

          (i) The definition of "Depositary Bank" is hereby added to Section 1.1
          of the September 22, 2000 Agreement in its proper alphabetical order
          and reads as follows:

          "Depositary Bank" shall mean Bank of America, N.A. (or its successor)
          as depositary bank under the D&O Cash Collateral Agreement.

          (j) The definition of "Loan Documents" is hereby added to Section 1.1
          of the September 22, 2000 Agreement in its proper alphabetical order
          and reads as follows:

          "Loan Documents" shall mean, collectively, this Agreement, the Notes,
          if any, the Conseco Guaranty, the Pledge Agreement, the Collateral
          Agreement, the Collateral Sharing Agreement, the Subordinated Pledge
          Agreement Re 1997 Shares, the Subordinated Pledge Agreement Re 1998
          Shares, the AC Pledge Agreement, the Borrower Acknowledgment and
          Release, the CIHC Guaranty, the D&O Cash Collateral Agreement, the
          Cash Collateral Pledge Agreement and any and all other documents or
          instruments furnished or required to be furnished in connection with
          any of the foregoing, as the same may be amended or modified in
          accordance with this Agreement.

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          (k) The definition of "Pledge Depositary Bank" is hereby added to
          Section 1.1 of the September 22, 2000 Agreement in its proper
          alphabetical order and reads as follows:

          "Pledge Depositary Bank" shall mean JPMorgan Chase Bank (or its
          successor) as depositary bank under the Cash Collateral Pledge
          Agreement.

          (l) The definition of "Required Banks" is hereby added to Section 1.1
          of the September 22, 2000 Agreement in its proper alphabetical order
          and reads as follows:

          "Required Banks" shall have (a) with respect to the Loans, the meaning
          assigned thereto in the Loan Documents and (b) with respect to the New
          Loans, the meaning assigned thereto in the New Loan Documents.

          2.2 Sections 5(c) and 5(d) are hereby added to the September 22, 2000
Agreement to read as follows:

          "(c) Waterfall Deposits. The Guarantor hereby acknowledges its
          obligations under Article II of the Appendix, which are hereby
          incorporated by this reference.

          (d) General. All Cash Collateral Deposits deposited pursuant to
          Section 5 (c) (i.e. incorporation of Article II of the Appendix)
          (collectively, the "Cash Collateral Deposits") shall be deposited in
          immediately available funds with the D&O Collateral Agent (to be held
          and applied pursuant to the provisions of the D&O Cash Collateral
          Agreement). The Guarantor's obligation to make or cause to be made the
          Cash Collateral Deposits: (i) shall be irrevocable, unconditional, and
          absolute, (ii) shall create a continuing security interest in the Cash
          Collateral Deposits until payment in full of all of the secured
          obligations and shall not be subject to any right of withdrawal by the
          Guarantor, (iii) shall apply to the Guarantor's obligations under the
          D&O Facilities (irrespective as to whether the underlying D&O
          Facilities have been refinanced by new loans made by the pertinent
          bank group of the type described in Section 2 hereof (unless such new
          loans have been subsequently paid in full)), (iv) shall include,
          without limitation, the obligation to execute and deliver or cause to
          be executed and delivered each pertinent D&O Cash Collateral Agreement
          (and any agreements to be executed in connection therewith such as
          account agreements), and (v) consistent with the foregoing (and with
          Section 9 hereof) shall not terminate in the event that this Agreement
          shall otherwise be terminated pursuant to its provisions."

          2.3 Section 5(e) is hereby added to the September 22, 2000 Agreement
to read as follows:

          "(e) The Guarantor may, at its option, direct the Administrative Agent
          to apply the cash collateral provided by CDOC in respect of the
          Specified D&O Facilities as follows: (i) to the payment of the
          Specified D&O Facilities (or to all the D&O Facilities, as applicable
          under Article II of the Appendix), pro rata as to the Specified D&O
          Facilities (or to all the D&O Facilities, as applicable under Article
          II of the Appendix), but such allocation thereof need not be pro rata

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<PAGE>

          as to the underlying borrowers; (ii) to the payment under the New
          Conseco Guaranty of the Specified D&O Facilities (or to all the D&O
          Facilities, as applicable under Article II of the Appendix), pro rata
          as to the Specified D&O Facilities (or to all the D&O Facilities, as
          applicable under Article II of the Appendix), but such allocation
          thereof need not be pro rata as to the underlying borrowers or (iii)
          to the Guarantor's purchase of Borrowers' loans, subject to
          intercreditor rights satisfactory to the Required Banks and the
          Guarantor, provided that the Guarantor may only purchase an individual
          Borrower's loans if the Guarantor simultaneously purchases all loans
          under the D&O Facilities of such Borrower. To the extent the Guarantor
          purchases an individual Borrower's loans pursuant to clause (iii) of
          the preceding sentence, each Bank hereby consents to the
          Administrative Agent (in its sole discretion) entering into an
          amendment of the Credit Agreement with such Borrower subsequent to the
          Effective Date which (x) amends the definition of "Eligible Assignee"
          in the New Loan Documents to include the Guarantor and (y) provides
          for any other amendments of any other provisions of the New Loan
          Documents necessary to provide that the purchase of such Borrower's
          loans may be non-pro-rata as to the assigning Bank and the other
          underlying Borrowers."

          2.4 A new Section 5A is hereby added to the September 22, 2000
Agreement to read as follows:

          "(a) On the Amendment Effective Date and thereafter, within three
          Business Days after Conseco receives any Net Proceeds ("GM Net
          Proceeds") from any Disposition of any right or interest of Conseco or
          any of its Subsidiaries in the General Motors Building (such GM Net
          Proceeds less the statutory carrying value of Conseco and its
          Subsidiaries in respect of the General Motors Building, the "GM
          Gain"), (i) 10% of the first $250,000,000 of such GM Gain and (ii)
          100% of such GM Gain in excess of $250,000,000, in each case, shall be
          applied to the $144 Million D&O Facility in the manner described in
          Section 5A(d). Conseco agrees to use its reasonable best efforts to
          cause any GM Net Proceeds to be received by Conseco promptly after any
          Disposition of any right or interest of Conseco or any of its
          Subsidiaries in the General Motors Building.

          (b) If on or prior to June 30, 2003 Conseco and its Subsidiaries have
          not applied any funds to the $144 Million D&O Facility pursuant to
          Section 5A(a) as a result of the Disposition of their material rights
          and interests in the General Motors Building, then on June 30, 2003
          and thereafter 25% of Conseco Finance Distributed Cash Flow shall be
          applied within three Business Days of receipt by Conseco or CIHC to
          the $144 Million D&O Facility in the manner described in Section
          5A(d).

          (c) On January 1, 2004 and thereafter, if (A) Conseco and its
          Subsidiaries have Disposed of some or all of their material rights and
          interests in the General Motors Building and (B) the amount applied to
          the $144 Million D&O Facility pursuant to this Section 5A does not
          equal or exceed $50,000,000, then on such date and thereafter 25% of

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          Conseco Finance Distributed Cash Flow shall be applied within three
          Business Days of receipt by Conseco or CIHC to the $144 Million D&O
          Facility in the manner described in Section 5A(d).

          (d) The amounts applied to the $144 Million D&O Facility pursuant to
          this Section 5A shall not exceed $50,000,000. The amounts applied to
          the $144 Million D&O Facility, at the discretion of Conseco, shall be
          either (i) deposited in a cash collateral account pursuant to the Cash
          Collateral Pledge Agreement, (ii) applied to purchase or repay "Loans"
          made to the individual borrowers pursuant to the $144 Million D&O
          Facility or (iii) applied to pay the Conseco Guaranty for the $144
          Million D&O Facility.

          (e) All cash collateral deposits deposited pursuant to this Section 5A
          shall be deposited in immediately available funds with the Collateral
          Agent (to be held and applied pursuant to the provisions of the Cash
          Collateral Pledge Agreement). The Guarantor's obligation to make or
          cause to be made such cash collateral deposits: (i) shall be
          irrevocable, unconditional, and absolute, (ii) shall create a
          continuing security interest in such cash collateral deposits until
          payment in full of all of the secured obligations and shall not be
          subject to any right of withdrawal by the Guarantor, (iii) shall apply
          to the Guarantor's obligations under the $144 Million D&O Facility,
          (iv) shall include, without limitation, the obligation to execute and
          deliver or cause to be executed and delivered the Cash Collateral
          Pledge Agreement (and any agreements to be executed in connection
          therewith such as account agreements), and (v) consistent with the
          foregoing (and with Section 9 hereof) shall not terminate in the event
          that this Agreement shall otherwise be terminated pursuant to its
          provisions."

          2.5 A new Section 8(h) is hereby added to the September 22, 2000
Agreement to read as follows:

          "(h) (i) A Cash Collateral Pledgor shall have failed timely to deposit
          with the D&O Cash Collateral Agent pursuant to Section 5 or the
          Collateral Agent pursuant to Section 5A any amount required to be
          deposited pursuant to Section 5 hereof or Section 5A hereof, in each
          case within 5 days of the date it is due; (ii) the D&O Collateral
          Agent shall not have an exclusive, perfected first security interest
          in the Cash Collateral Deposits; or (iii) the Collateral Agent shall
          not have an exclusive, perfected first security interest in the cash
          collateral deposits made pursuant to Section 5A."

          2.6 Section 12.3 of the September 22, 2000 Agreement is hereby amended
by adding in the first sentence thereof after the second reference to
"Administrative Agent" a reference to ", the D&O Collateral Agent, the
Collateral Agent, the Depositary Bank, the Pledge Depositary Bank".

          Section 3. AMENDMENTS TO CASH COLLATERAL AGREEMENT. The following
sentence shall be added at the end of Section 4.5 of the Cash Collateral
Agreement: "The Grantor shall have the right to make withdrawals to the extent

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such withdrawals are simultaneously applied as set forth in Section 5(e) of the
Agreements Re: Specified D&O Facilities."

          Section 4. AMENDMENTS TO CONSECO GUARANTY.

          4.1 Section 2.6 of the Conseco Guaranty is hereby amended by the
addition of the following at the end of such section:

          "If for any reason the Guarantor believes that any payment made by it
          of the Guaranteed Obligations would not be subject to subrogation
          rights under this Section 2.6, the Guarantor and the Required Banks in
          their sole discretion, may agree to an alternative procedure to
          preserve substantially equivalent rights to the Guarantor and
          substantially equivalent economic results for the Banks. Without
          limiting the foregoing, if the Guarantor is paying all the Guaranteed
          Obligations of a participant Borrower, the Banks will assign their
          rights in respect of said Guaranteed Obligations to the Guarantor,
          subject to intercreditor rights satisfactory to the Required Banks and
          the Guarantor."

          4.2 Section 3.4 of the Conseco Guaranty is hereby amended and restated
in its entirety to read as follows:

          "SECTION 3.4. Margin Regulations.

          (a) None of the transactions contemplated hereunder or in connection
          herewith will in any way violate, contravene or conflict with any of
          the provisions of Regulation U;

          (b) None of the obligations of any Borrower to Guarantor is or will be
          directly or indirectly secured by "margin stock" (as defined in
          Regulation U) unless the Guarantor complies with the provisions of
          Regulation U in connection therewith;

          (c) Neither Guarantor nor any third party acting on behalf of
          Guarantor has taken or will take possession of any Borrower's "margin
          stock" to secure, directly or indirectly, any of the Guaranteed
          Obligations of such Borrower or the obligations of Guarantor under
          this Guaranty unless Guarantor complies with the provisions of
          Regulation U in connection therewith;

          (d) Guarantor does not and will not have any right to prohibit any
          Borrower from selling, pledging, encumbering or otherwise disposing of
          any margin stock owned by such Borrower so long as this Guaranty is in
          effect or any of the Guaranteed Obligations of such Borrower or the
          obligations of Guarantor under this Guaranty remain outstanding unless
          Guarantor complies with the provisions of Regulation U in connection
          therewith;

          (e) None of the Borrowers have granted or will grant Guarantor or any
          third party acting on behalf of Guarantor the right to accelerate
          repayment of any of the Guaranteed Obligations of such Borrower if any

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          of the margin stock owned by such Borrower is sold by such Borrower or
          otherwise unless Guarantor complies with the provisions of Regulation
          U in connection therewith; and

          (f) There is no agreement or other arrangement between any Borrower
          and Guarantor or any third party acting on behalf of Guarantor (and no
          such agreement or arrangement shall be entered into so long as this
          Guaranty is in effect or any of the Guaranteed Obligations of such
          Borrower or the obligations of Guarantor under this Guaranty remain
          outstanding) under which the margin stock of such Borrower would be
          made more readily available as security to Guarantor than to other
          creditors of such Borrower unless Guarantor complies with the
          provisions of Regulation U in connection therewith."

          4.3 Section 4.3 of the Conseco Guaranty is hereby amended and restated
in its entirety to read as follows:

          "SECTION 4.3. Limitation on Additional Purpose Credit. Notwithstanding
          any other provision of this Guaranty, the Credit Agreement or the
          Revolving Credit Agreement to the contrary, Guarantor will not, and
          will not permit any of its Wholly-Owned Subsidiaries and/or
          Significant Subsidiaries to incur or assume any Indebtedness which
          constitutes "purpose credit" secured "directly or indirectly" (as
          defined in Regulation U) by Margin Stock unless Guarantor complies
          with the provisions of Regulation U."

          Section 5. AMENDMENT TO CIHC GUARANTY. Section 5.14 of the CIHC
Guaranty is hereby deleted.

          Section 6. CONSENT.

          6.1 The parties hereto consent to the amendment of the Appendix as
attached hereto as Exhibit A (the "Appendix Amendment"). The parties hereto
further agree that all references in the September 22, 2000 Agreement and the
Conseco Guaranty to the Appendix shall mean the Appendix as so amended by the
Appendix Amendment (the "Appendix").

          6.2 Conseco may, at its option, make payments or purchases under the
Specified D&O Facilities (or to all the D&O Facilities, as applicable under
Article II of the Appendix or the related Conseco guaranty), pro rata as to the
Specified D&O Facilities (or to all the D&O Facilities, as applicable under
Article II of the Appendix), but such allocation thereof need not be pro rata as
to the underlying borrowers.

          Section 7. FEES.

          7.1 Conseco hereby agrees that, upon the effectiveness of this
Agreement pursuant to the provisions of Section 8 hereof, Conseco shall be
obligated to pay, and shall pay, to the Administrative Agent, for the pro rata
benefit of the Banks, the following fees (the "Fees"):

          (a) On the Effective Date, an agreement fee (the "Agreement Fee") in
          immediately available funds equal 0.50% of the principal amount of the
          Loans outstanding on such date, net of a proportionate share (which

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          share shall equal the share of the Loans payable to such Bank divided
          by the outstanding Loans under all the Specified D&O Facilities) of
          the cash collateral then on deposit securing Conseco's obligations
          relating to the Credit Agreement; provided that the Agreement Fee
          shall only be payable to those Banks that execute and deliver this
          Agreement by March 20, 2002; and

          (b) From and after the Effective Date and until all Loans are paid in
          full, a continuing per annum fee equal to 0.75% of all Loans then
          outstanding, payable quarterly in arrears, quarterly on the last
          Business Day of each calendar quarter, with payment commencing on
          March 31, 2002.

          7.2 Conseco's obligation to pay each of the Fees shall be irrevocable,
unconditional, and absolute and, consistent therewith, shall not terminate in
the event that this Agreement shall otherwise be terminated pursuant to its
provisions. Such fees shall be in addition to any fees provided for under the
September 22, 2000 Agreement or the Credit Agreement.

          Section 8. CONDITIONS PRECEDENT. This Agreement shall become effective
on such date (the "Effective Date") when each of the conditions precedent set
forth in this Section 8 shall have been satisfied, and notice thereof shall have
been given by the Administrative Agent to Conseco and the Banks.

          8.1 Receipt of Documents. The Administrative Agent shall have received
all of the following documents duly executed, dated the date hereof or such
other date as shall be acceptable to the Administrative Agent, and in form and
substance satisfactory to the Administrative Agent:

          (a) This Agreement, duly executed by Conseco, CDOC, CIHC, the
          Administrative Agent and the Required Banks;

          (b) A certificate of the Secretary or Assistant Secretary of Conseco
          (i) certifying the names and true signatures of the officers of
          Conseco authorized to execute, deliver and performance, as applicable,
          this Agreement, and all other documents to be delivered by it
          hereunder and (ii) attaching copies of the resolutions of the board of
          directors of Conseco authorizing the transactions contemplated hereby;

          (c) A certificate of the Secretary or Assistant Secretary of CIHC (i)
          certifying the names and true signatures of the officers of CIHC
          authorized to execute, deliver and perform, as applicable, all
          documents to be delivered by it hereunder and (ii) attaching copies of
          the resolutions of the board of directors of CIHC authorizing the
          transactions contemplated hereby;

          (d) A certificate of the Secretary or Assistant Secretary of CDOC (i)
          certifying the names and true signatures of the officers of CDOC
          authorized to execute, deliver and perform, as applicable, all
          documents to be delivered by it hereunder and (ii) attaching copies of
          the resolutions of the board of directors of CDOC authorizing the
          transactions contemplated hereby;

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          (e) The Reaffirmation of (i) the Conseco Guaranty, (ii) the CIHC
          Guaranty and (iii) the Amended and Restated Cash Collateral Agreement,
          in the form of Exhibit B attached hereto;

          (f) The opinion of David K. Herzog, counsel of Conseco and CIHC,
          substantially in the form of Exhibit C, and addressing such
          other legal matters as the Administrative Agent may reasonably
          require;

          (g) The opinion of Weil, Gotshal & Manges LLP, outside counsel to
          Conseco and CIHC, substantially in the form of Exhibit D, and
          addressing such other legal matters as the Administrative Agent may
          reasonably require;

          (h) Duly authorized, executed and delivered copies of (i) the First
          Stage Amendment and Agreement Re: 1997 D&O Loans, dated as of March
          20, 2002, (ii) the First Stage Amendment and Agreement Re:
          Non-Refinanced 1998 D&O Loans, dated as of March 20, 2002 and (iii)
          the First Stage Amendment and Agreement Re: 1998 D&O Loans, dated as
          of March 20, 2002, substantially in the form hereof;

          (i) A duly authorized, executed and delivered copy of the Cash
          Collateral Pledge Agreement;

          (j) A duly authorized, executed and delivered copy of Third Amendment
          to Five-Year Credit Agreement, dated as of March 20, 2002, among
          Conseco, the various financial institutions party thereto, and Bank of
          America, N.A. as agent thereunder; and

          (k) Receipt by the Administrative Agent of a letter to the Banks
          evidencing Conseco's understanding if scheduled payments are not made
          on or before the date that such scheduled payments become due and
          payable in respect of all Trust Preferred Securities, a downgrade from
          A.M. Best A- Status would occur.

        8.2 Additional Conditions. The effectiveness of this Agreement and the
consent of the Banks are subject to the following further conditions precedent:

          (a) With respect to Conseco, no Default exists and no Event of Default
          will exist after giving effect to this Agreement;

          (b) The representations and warranties of Conseco contained in Article
          III of the Conseco Guaranty, are true and correct in all material
          respects with the same effect as though made on the Effective Date,
          except, to the extent that any such representations and warranties
          relate expressly to an earlier date, such representations and
          warranties shall have been true and correct in all material respects
          as of such earlier date;

          (c) No Material Litigation exists other than the litigation described
          in Schedule I attached hereto;

          (d) No Material Adverse Change has occurred with respect to Conseco or
          CIHC since September 30, 2001 (except for changes in or adverse

                                       11
<PAGE>

          effects upon, the business, properties, condition (financial or
          otherwise) of Conseco and CIHC as disclosed in press releases, public
          filings or otherwise in writing to the Administrative Agent);

          (e) Conseco shall have paid all accrued and unpaid fees, costs,
          expenses and other disbursements to date, including attorneys' fees
          and costs, including those to be incurred in connection, negotiation,
          and execution of this Agreement. Conseco shall remain liable and shall
          promptly reimburse the Administrative Agent for such future fees,
          costs expenses and other disbursements as provided for in the existing
          Loan Documents;

          (f) The Banks, with the approval of Conseco, shall have hired Ernst &
          Young LLP as a financial advisor to review the financial condition and
          performance of Conseco and its Subsidiaries, and the Administrative
          Agent shall be satisfied as to the duration and scope of such review;
          and

          (g) The Exchange Offer and the disclosures made in connection
          therewith (including, without limitation, pursuant to the related
          offering memorandum) shall be on terms and conditions satisfactory to
          the Administrative Agent.

          Section 9. MISCELLANEOUS.

          9.1 Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such provision and such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

          9.2 Headings. The various headings of this Agreement are inserted for
convenience only and shall not affect the meaning or interpretation of this
Agreement or any provisions hereof.

          9.3 Execution in Counterparts. This Agreement may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same
agreement.

          9.4 Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS.

          9.5 Successors and Assigns. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns.

                               [signatures follow]

                                       12
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their respective officers thereunto duly authorized as of the day
and year first above written.

                                  CONSECO, INC.

                                  By:  /s/ James S. Adams
                                       ----------------------------------------
                                       Name:  James S. Adams
                                       Title: Senior Vice President, Chief
                                              Accounting Officer and Treasurer

                                  CIHC, INCORPORATED

                                  By:  /s/ William T. Devanney, Jr.
                                       ----------------------------------------
                                       Name:  William T. Devanney, Jr.
                                       Title: Senior Vice President,
                                              Corporate Taxes

                                  CDOC, INC.

                                  By:  /s/ William T. Devanney, Jr.
                                       ----------------------------------------
                                       Name:  William T. Devanney, Jr.
                                       Title: Senior Vice President,
                                              Corporate Taxes

                                  JPMORGAN CHASE BANK, as Administrative Agent,
                                  as a Bank, as Collateral Agent and
                                  as Pledge Depositary Bank

                                  By:  /s/ Helen L. Newcomb
                                       ----------------------------------------
                                       Name:  Helen L. Newcomb
                                       Title: Vice President

                                  BANK OF AMERICA, N.A., as a Bank, as D&O
                                  Collateral Agent and as Depositary Bank

                                  By:  /s/ Bridget Garavalia
                                       ----------------------------------------
                                       Name: Bridget Garavalia
                                       Title: Managing Director

<PAGE>

                                   Schedule I

                               Material Litigation

          Litigation described in Form 10-Q of Conseco, Inc. for the quarterly
period ended September 30, 2001.

          Donald J. Trump v. Conseco, Inc., et al.

                                      I-1
<PAGE>

                                   Schedule I

                                    APPENDIX
                                    AMENDMENT

               AMENDMENT, dated as of March 20, 2002 (this "Amendment"), to the
Conseco, Inc. Appendix, dated as of September 22, 2000 (the "Appendix").

               1. Definitions. Unless otherwise defined herein, terms defined in
the Appendix and used herein shall have the meanings given to them in the
Appendix.

               Amendment to Section 1.01. Section 1.01 is hereby amended as
follows:

                    (i) (a) by deleting in its entirety the definition of "Cash
        on Hand Target".

               (b) by amending the definition of "Conseco Adjusted Earnings" as
follows:

                    (i) by deleting the term "non-cash" each time it appears in
        clauses (f) and (g) thereof;

                    (ii) by deleting the phrase "(provided that the after tax
        amounts described in clauses (f) and (g) shall not exceed in the
        aggregate $500,000,000 for any Calculation Period ending on or before
        September 30, 2001, and $50,000,000 for any Calculation Period ending
        thereafter)" where it appears after clause (g) thereof and inserting in
        lieu thereof the following:

               "(provided that the after tax amounts described in clauses (f)
               and (g) shall not exceed (i) more than $500,000,000 in the
               aggregate accrued or incurred during Fiscal Year 2002 (provided
               that no more than $50,000,000 (accrued or incurred during Fiscal
               Year 2002) of such expenses, losses or other charges in the
               aggregate may be in cash), and (ii) more than $50,000,000 in the
               aggregate accrued or incurred for any Fiscal Year thereafter)";
               and

                    (iii) by inserting the following sentence at the end
        thereof:

               "Notwithstanding the foregoing, Conseco Adjusted Earnings shall
               exclude any income or gain, or expense, loss or charge, (x)
               associated with Conseco's ownership of AT&T Wireless Stock, (y)
               resulting from any impairment of the D&O Facilities or (z) set
               forth on Annex II attached hereto, provided that the amounts set
               forth for the fiscal periods on such Annex may be excluded in the
               applicable Calculation Period prior to the date of the Amendment
               as well as any Calculation Period after the date of the Amendment
               that includes such fiscal period(s)."

                                      I-1
<PAGE>

               (c) by amending the definition of "Conseco Finance Tangible Net
Worth" by deleting the text of clause (b) where it occurs in the definition
thereof and inserting in lieu thereof the following:

                    "(b) any charges specified in clause (f) or (g) of the
                    definition of Conseco Adjusted Earnings; provided that such
                    charges shall not be permitted to exceed $150,000,000 on an
                    after tax basis in the aggregate and no more than
                    $15,000,000 of such $150,000,000 of charges on an after-tax
                    basis may be in cash"

               (d) by amending the definition of "Interest Coverage Ratio" by
inserting the following sentence at the end thereof:

                    "For purposes of determining the Interest Coverage Ratio,
                    the term "Conseco Available Cash Flow" shall exclude the
                    amount of (i) Net Proceeds received by Conseco in connection
                    with any Disposition of any right or interest of Conseco or
                    any of its Subsidiaries in the General Motors Building less
                    (ii) the statutory carrying value of Conseco and its
                    Subsidiaries in respect of the General Motors Building (the
                    amount of clause (i) less the amount of clause (ii), the "GM
                    Gain"); provided, that in connection with determining the
                    Interest Coverage Ratio for purposes of compliance with any
                    conditions precedent to an extension of the maturity date of
                    the $1.5 Billion Facility or any of the D&O Facilities, only
                    the first $250,000,000 of any such GM Gain may be included
                    in such determination."

               (e) by amending the definition of "Relevant CIHC Guaranty" by
deleting the second sentence thereof.

               (f) by deleting in its entirety the definition of "$144 Million
D&O Credit Agreement" and inserting in lieu thereof the following:

                    "$144 Million D&O Credit Agreement" means the Credit
                    Agreement, dated as of November 22, 2000, as amended,
                    supplemented or otherwise modified or refinanced, among the
                    individual borrowers parties thereto, the banks parties
                    thereto and JPMorgan Chase Bank as administrative agent
                    (relating to all of the then-existing loans under the $144
                    Million D&O Facility).

               (g) by deleting in its entirety the definition of "$181 Million
D&O Credit Agreement" and inserting in lieu thereof the following:

                    "$181 Million D&O Credit Agreement" means collectively (i)
                    the Credit Agreement, dated as of August 21, 1998, among the
                    individual borrowers parties thereto, the banks parties
                    thereto and Bank of America, N.A., as administrative agent,
                    as amended, supplemented or otherwise modified or
                    refinanced, and (ii) the Credit Agreement, dated as of
                    November 22, 2000, as amended, supplemented or otherwise
                    modified or refinanced, (relating to certain but not all of
                    the then-existing loans under the $181 Million D&O Facility)
                    pursuant to which Bank of America, N.A. is the
                    administrative agent.

                                      I-2
<PAGE>

               (h) by deleting in its entirety the definition of "$245 Million
D&O Credit Agreement" and inserting in lieu thereof the following:

                    "$245 Million D&O Credit Agreement" means the Credit
                    Agreement, dated as of November 22, 2000, as amended,
                    supplemented or otherwise modified or refinanced, among the
                    individual borrowers parties thereto, the banks parties
                    thereto and Bank of America, N.A., as administrative agent
                    (relating to all of the then-existing loans under the $245
                    Million D&O Facility).

               (i) by adding thereto the following new definitions in the
appropriate alphabetical order:

                    "Amendment" means this Amendment, dated as of March 202002,
                    in respect of the Appendix.

                    "Amendment Effective Date" means the "Effective Date" as
                    defined in the Amendment.

                    "AT&T Wireless Stock" means 10,319,050 shares of AT&T
                    Wireless Services, Inc. common stock par value $.01 per
                    share.

                    "Exchange Offer" means the exchange offer pursuant to the
                    Offering Memorandum dated as of March 18, 2002, pursuant to
                    which Conseco offered to exchange Specified Existing Public
                    Debt for New Exchange Offer Public Debt in accordance with
                    the terms of such Offering Memorandum, any exchange offer in
                    connection with the registration of the New Exchange Offer
                    Public Debt with the Securities and Exchange Commission and
                    any exchange offer on terms substantially similar to the
                    foregoing exchange offers.

                    "General Motors Building" means the building located at 767
                    5th Avenue, New York, NY 10153.

                    "New Exchange Offer Public Debt" means the senior notes
                    issued pursuant to an Exchange Offer in exchange for
                    Specified Existing Public Debt or other New Exchange Offer
                    Public Debt.

                    "Specified Existing Public Debt" means collectively
                    Conseco's 8.5% Senior Notes due October 15, 2002, 6.4%
                    Senior Notes due February 10, 2003, 8.75% Senior Notes due
                    February 9, 2004, 6.8% Senior Notes due June 15, 2005, 9%
                    Senior Notes due October 15, 2006 and 10.75% Senior Notes
                    due June 15, 2008.

                    "Trigger Date" means (i) in the case of the sale of
                    Sufficient Assets, the Reduction Date and (ii) in the case
                    of any other Approved Strategic Alternative, the date such
                    Approved Strategic Alternative is approved by the Required
                    Banks.

                                      I-3
<PAGE>

               2. Amendment to Section 1.03. Section 1.03 of the Appendix is
hereby amended by inserting at the end thereof a new Section 1.03(c):

                    "(c) For purposes of calculating any financial covenants or
                    related definitions hereunder, any charges taken to writeoff
                    goodwill to the extent required by the Financial Accounting
                    Standards Board of the American Institute of Certified
                    Public Accountants Statement No. 142 shall be excluded."

               (a) Amendment to Section 2.01. (a) Section 2.01(a) of the
Appendix is hereby amended by deleting such Section in its entirety and
substituting in lieu thereof the following:

                    "(a) [Intentionally Omitted.]"

               (b) Section 2.01(b) of the Appendix is hereby amended by deleting
such Section 2.01(b) in its entirety and substituting in lieu thereof the
following:

                    "(b) On the Amendment Effective Date and thereafter, within
                    three Business Days after Conseco or any of its Subsidiaries
                    receives any Available Net Proceeds, such Available Net
                    Proceeds shall be applied as follows: first, the first
                    $352,000,000 shall be retained by Conseco; second, the next
                    $313,000,000 shall be applied pro rata to the $1.5 Billion
                    Facility and the Specified D&O Facilties (in the manner
                    contemplated by Section 2.02(c)); third, following the
                    application of $313,000,000 pursuant to clause second above
                    and thereafter until the earlier of (i) December 31, 2003
                    and (ii) the application of an additional $250 million
                    pursuant to this clause, 50% per transaction of any
                    Available Net Proceeds shall be retained by Conseco and 50%
                    per transaction of any Available Net Proceeds shall be
                    applied pro rata to the $1.5 Billion Facility and the
                    Specified D&O Facilities (in the manner contemplated by
                    Section 2.02(c)); fourth, after the earlier of (i) December
                    31, 2003 and (ii) the application of an additional $250
                    million pursuant to clause third above, 25% per transaction
                    of any Available Net Proceeds shall be retained by Conseco
                    and 75% per transaction of any Available Net Proceeds shall
                    be applied pro rata to the $1.5 Billion Facility and the
                    Specified D&O Facilities (in the manner contemplated by
                    Section 2.02(c)); and fifth, after March 31, 2004, 50% per
                    transaction of any Available Net Proceeds shall be retained
                    by Conseco and 50% per transaction of any Available Net
                    Proceeds shall be applied pro rata to the $1.5 Billion
                    Facility and the Specified D&O Facilities (in the manner
                    contemplated by Section 2.02(c)); provided that in the event
                    that the Relevant Banks under the D&O Facilities agree to
                    grant Conseco an option to extend the date by which Conseco
                    is required to pay, purchase or cash collateralize in full

                                      I-4
<PAGE>

                    the D&O Facilities or the related Conseco Guaranty from
                    December 31, 2003 until March 31, 2005, the application of
                    Available Net Proceeds pursuant to this Section 2.01(b) to
                    the $1.5 Billion Facility and the D&O Facilities shall be as
                    follows: (i) in clause second above, after $50,000,000 of
                    Available Net Proceeds have been applied to the Specified
                    D&O Facilities, the remainder shall be applied pro rata to
                    the $1.5 Billion Facility and the D&O Facilities (in the
                    manner contemplated by Section 2.02(c)); and (ii) in clauses
                    third, fourth and fifth above, the references to the
                    Specified D&O Facilities shall be deemed to be references to
                    the D&O Facilities. Any Available Net Cash Proceeds referred
                    to in this paragraph as being available for retention by
                    Conseco (A) must, if received by a Subsidiary, be
                    distributed to Conseco for such purpose if such distribution
                    is not prohibited by law, rule or regulation or the Lehman
                    Agreement and (B) may be used by Conseco for any purpose
                    permitted by this Appendix.

               (c) Section 2.01(c) is hereby amended by deleting such Section in
its entirety and substituting in lieu thereof the following:

                    "(c) [Intentionally Omitted]."

               (d) Amendment to Section 2.02. (a) Section 2.02(a) is hereby
amended by deleting such Section in its entirety and substituting in lieu
thereof the following:

                    "(a) [Intentionally Omitted]."

               (e) Section 2.02(b) is hereby amended by deleting such Section in
its entirety and substituting in lieu thereof the following:

                    "(b) [Intentionally Omitted]."

               (f) Section 2.02(c) is hereby amended by deleting such Section in
its entirety and substituting in lieu thereof the following:

                    "(c) Any application of Available Net Proceeds allocated to
                    the $1.5 Billion Facility and the Specified D&O Facilities
                    or the D&O Facilities, as applicable, pursuant to Section
                    2.01(b) (and any application of Net Proceeds pursuant to
                    clause (a)(ii) of the definition of "Exempt Waterfall
                    Amounts") shall be allocated ratably to each such Facility
                    based on the aggregate Exposure then outstanding under such
                    Facilities, and ratably to the Exposure of each Bank under
                    each such Facility. The Available Net Proceeds so allocated
                    to each Specified D&O Facility and D&O Facility, as
                    applicable, at the discretion of Conseco, shall be either
                    (i) deposited in a cash collateral account pursuant to the
                    applicable Cash Collateral Agreement or (ii) applied to
                    purchase or repay "Loans" made to the individual borrowers
                    pursuant to the applicable Specified D&O Facility or D&O
                    Facility, as applicable or (iii) applied to pay the related
                    Conseco Guaranty."

               (g) Amendment to Article III. Article III of the Appendix is
hereby amended by adding at the end thereof the following new Sections 3.12 and
3.13:

                    "3.12. Hiring of Ernst & Young. Conseco hereby agrees to (i)
                    the hiring by the Banks of Ernst & Young LLP as a financial
                    advisor to review the financial condition and performance of
                    Conseco and its Subsidiaries, the duration and scope of such
                    review to be at the direction and under the control of
                    Conseco and the Agents (and Conseco agrees to use reasonable
                    best efforts to facilitate such review) and (ii) paying all
                    fees, costs and expenses incurred from time to time in
                    connection with such review promptly upon receipt of an
                    invoice for such services.

                                      I-5
<PAGE>

                    3.13. A.M. Best Rating Reduction Remedy. If on any date (the
                    "Reduction Date") the rating from A.M. Best Company is
                    reduced to less than B+ on Bankers Life and Casualty
                    Company, Conseco Annuity Assurance Company, Conseco Health
                    Insurance Company, Conseco Life Insurance Company or Conseco
                    Senior Health Insurance Company, Conseco shall be obligated
                    to retain an investment banker of national recognition (the
                    "Investment Banker") reasonably satisfactory to the Agents
                    to explore strategic alternatives ("Strategic Alternatives")
                    to repaying in full in cash all Obligations under the $1.5
                    Billion Facility and each of the D&O Facilities (or, in the
                    case of the D&O Facilities, cash collateralize such
                    Facilities), which Strategic Alternatives shall include
                    either (i) the sale of one or more of its Subsidiaries
                    ("Sufficient Assets") the value of which will be sufficient
                    to repay in full in cash all such Obligations, (ii) such
                    other Strategic Alternative(s) approved by the Required
                    Banks or (iii) both the sale of Sufficient Assets and one or
                    more other Strategic Alternatives approved by the Required
                    Banks (clauses (i), (ii) or (iii), individually, an
                    "Approved Strategic Alternative"). At any time, the Required
                    Banks may amend, supplement or otherwise modify the
                    requirements of this Section 3.13, including amending the
                    terms and/or conditions of an Approved Strategic
                    Alternative, releasing Conseco from its obligations to
                    proceed with the sale of Sufficient Assets or otherwise.
                    Conseco and its Subsidiaries shall diligently pursue and
                    take material steps toward achieving each Approved Strategic
                    Alternative, including, to the extent applicable, the
                    preparation and distribution of offering materials with
                    respect to each Approved Strategic Alternative, facilitating
                    advisors of Conseco in making contact with potential
                    purchasers or other relevant parties in their due diligence
                    processes, using reasonable best efforts to prepare,
                    negotiate and execute transaction documents with respect
                    thereto and consummate such transactions.

               Conseco shall provide the Agents with bi-weekly written reports
(in form and scope acceptable to the Agents), describing the status of its
progress in pursuing, and actions it has taken and is planning on taking toward
achieving each Approved Strategic Alternative. Without limiting the generality
of Conseco's obligations set forth above, Conseco shall have:

               (A) Engaged the Investment Banker to explore Strategic
Alternatives no later than 30 days after the Reduction Date;

               (B) Distributed offering materials, and provided copies thereof
to the Agents, with respect to any Approved Strategic Alternative, no later than
90 days after the Trigger Date;

               (C) Used reasonable best efforts to receive written expressions
of interest, and provided copies thereof to the Agents, with respect to each
Approved Strategic Alternative, no later than 120 days after the Trigger Date;

               (D) Used reasonable best efforts to sign the appropriate
transaction documents with respect to any Approved Strategic Alternative no
later than 180 days after the Trigger Date, unless the Required Banks have
agreed to extend such date; and

               (E) Used reasonable best efforts to consummate any Approved
Strategic Alternative no later than 270 days after the Trigger Date, unless the
Required Banks have agreed to extend such date."

                                      I-6
<PAGE>

               (h) Amendment to Section 4.01. Section 4.01 of the Appendix is
hereby amended by (i) deleting from Section 4.01(l) the word "and" where it
appears at the end of such Section 4.01, (ii) replacing in Section 4.01(m) the
"." where it appears at the end of such Section with a "; and" and (iii) adding
at the end thereof the following new subsection 4.01(n):

                    "(n) subordinated Contingent Obligations of CIHC in respect
                    of the New Exchange Offer Public Debt (the "Subordinated
                    CIHC Guaranty"), provided that (i) such Subordinated CIHC
                    Guaranty shall contain terms and conditions and shall be
                    subordinated to any and all Obligations under the $1.5
                    Billion Facility and each of the D&O Facilities, in each
                    case on terms and conditions satisfactory to the Agents and
                    (ii) the Exchange Offer and the disclosures made in
                    connection therewith (including, without limitation,
                    pursuant to the Offering Memorandum) shall be on terms and
                    conditions satisfactory to the Agents.

               3. Amendment to Section 4.08. Section 4.08(c) of the Appendix is
hereby amended by replacing the number "$100,000,000" where it appears in
Sections 4.08(c)(i) and 4.08(c)(ii) thereof with the number "$50,000,000".

               4. Amendment to Section 4.14. Section 4.14 of the Appendix is
hereby amended by deleting the table contained therein in its entirety and
inserting in lieu thereof the following table:

<TABLE>
<CAPTION>

                           "Fiscal Quarter
                           Ending                                     Ratio
                           ---------------                            -----
<S>                        <C>                                        <C>
                           December 31, 2001                          1.20 to 1.0
                           March 31, 2002                             1.25 to 1.0
                           June 30, 2002                              1.25 to 1.0
                           September 30, 2002                         1.10 to 1.0
                           December 31, 2002                          1.10 to 1.0
                           March 31, 2003                             1.30 to 1.0
                           June 30, 2003                              1.75 to 1.0
                           September 30, 2003                         1.90 to 1.0
                           December 31, 2003                          2.15 to 1.0
                           March 31, 2004                             2.25 to 1.0
                           June 30, 2004                              2.50 to 1.0
                           September 30, 2004                         2.50 to 1.0
                           December 31, 2004 and thereafter           2.50 to 1.0"
</TABLE>

               5. Amendment to Section 4.15. Section 4.15 of the Appendix is
hereby amended by (i) deleting the parenthetical contained therein and (ii)
deleting the table contained therein in its entirety and inserting in lieu
thereof the following table:

                                      I-7

<PAGE>

<TABLE>
<CAPTION>

                           "Fiscal Quarter
                           Ending                                      Amount
                           ---------------                             ------
<S>                        <C>                                         <C>
                           December 31, 2001                           $1,600,000,000
                           March 31, 2002                              $1,200,000,000
                           June 30, 2002                               $1,200,000,000
                           September 30, 2002                          $1,200,000,000
                           December 31, 2002                           $1,300,000,000
                           March 31, 2003                              $1,300,000,000
                           June 30, 2003                               $1,350,000,000
                           September 30, 2003                          $1,400,000,000
                           December 31, 2003                           $1,400,000,000
                           March 31, 2004                              $1,500,000,000
                           June 30, 2004                               $1,500,000,000
                           September 30, 2004                          $1,700,000,000
                           December 31, 2004 and thereafter            $1,700,000,000"
</TABLE>

               6. Amendment to Section 4.16. Section 4.16 of the Appendix is
hereby amended by deleting such Section in its entirety and inserting in lieu
thereof the following:

                    "4.16. Conseco Finance Tangible Net Worth. Conseco shall not
                    permit Conseco Finance Tangible Net Worth as at the end of
                    any Fiscal Quarter set forth below to be less than the
                    relevant amount set forth below:

<TABLE>
<CAPTION>

                           Fiscal Quarter
                           Ending                             Amount
                           --------------                     ------
<S>                        <C>                                <C>
                           December 31, 2001                  $1,200,000,000
                           March 31, 2002                     $1,200,000,000
                           June 30, 2002                      $1,200,000,000
                           September 30, 2002                 $1,200,000,000
                           December 31, 2002                  $1,200,000,000
                           March 31, 2003                     $1,200,000,000
                           June 30, 2003                      $1,200,000,000
                           September 30, 2003                 $1,200,000,000
                           December 31, 2003                  $1,300,000,000
                           March 31, 2004                     $1,300,000,000
                           June 30, 2004                      $1,300,000,000
                           September 30, 2004                 $1,300,000,000
                           December 31, 2004                  $1,300,000,000
                           March 31, 2005 and thereafter      $1,600,000,000"
</TABLE>

               7. Amendment to Section 4.17. Section 4.17 is hereby amended by
replacing the percentage "200%" where it appears therein with the percentage
"250%".

               8. Amendment to Section 5.01. Section 5.01(c) is hereby amended
by deleting the reference therein to "3.03(a), 4.01" and substituting in lieu
thereof a reference to "3.03(a), 3.12(i), 3.13(A), (B) or (E), 4.01".

                                      I-8

<PAGE>

                                    Exhibit B

                              Form of Reaffirmation

March [__], 2002

JPMorgan Chase, as Administrative Agent
270 Park Avenue
NewYork, NY  10017

Attention: Ms. Helen Newcomb

        Re:    First Stage Amendment and Agreement, dated March 20, 2002 (the
               "Agreement"), among Conseco, Inc. ("Conseco"), CDOC, Inc.,
               ("CDOC"), CIHC, Incorporated ("CIHC"), the financial institutions
               party thereto (collectively, the "Banks"), and JPMorgan Chase
               Bank, as Administrative Agent (the "Administrative Agent")

Ladies and Gentlemen:

        Reference is made to the Agreement. Capitalized terms used herein,
unless otherwise defined herein, shall have the meaning assigned thereto in the
Agreement.

        This letter is intended to constitute the reaffirmation (this
"Reaffirmation") of specified documents referenced in the Agreement, and, as
such, is being delivered to satisfy the condition of Section 8.1(e) of the
Agreement, which requires a reaffirmation of the agreements listed on Schedule I
hereto (the "Reaffirmed Agreements") as a condition to the effectiveness of the
Agreement. This letter is for the benefit of the Administrative Agent and the
Banks.

        Each of the parties hereto hereby reaffirm the Reaffirmed Agreements to
which it is a party in each and every respect, including, without limitation,
the validity of any and all of its obligations under each of the Reaffirmed
Agreements including, without limitation, regardless of:

               (a) any defense any borrower has, may have, or may otherwise
        assert with respect to his, her, or its liability for any loans or
        otherwise with respect to any other obligation any such borrower may
        have under the Credit Agreement (relating to refinancing of certain
        loans under that certain Credit Agreement, dated as of September 15,
        1999, as terminated and replaced by that certain Termination and
        Replacement Agreement, dated as of May 30, 2000), as amended, dated as
        of November 22, 2000, among the persons listed on the signature pages
        thereto, as Borrowers, the Banks and the Administrative Agent (the
        "Credit Agreement"), or any Loan Document relating thereto, including,
        without limitation, any defense asserted or that might be asserted by
        any such borrower as arising from:

                    (i) the execution, delivery and performance or
               non-performance by any party under of the September 22, 2000
               Agreement,

                                      B-1
<PAGE>

                    (ii) the execution, delivery, and performance or
               non-performance by any party under the Credit Agreement,

                    (iii) the execution, delivery or non-performance by any
               party under any other Loan Document and/or

                    (iv) any aspect of the Plan, and/or

               (b) any past, present, or future exercise or non-exercise by the
        Administrative Agent of any right, power and/or remedy against any
        borrower under the Credit Agreement (and/ or his, her, or its property),
        any Cash Collateral Deposits (as such term is defined in the September
        22, 2000 Agreement), or CIHC (and/or its property).

        Furthermore, each of the parties hereto hereby (a) confirms that it has
requested the Administrative Agent and the Banks to enter into the Agreement and
(b) acknowledges that the Administrative Agent and the Banks would not enter
into the Agreement in the absence of its reaffirmation of the Reaffirmed
Agreements and that the Administrative Agent and the Banks are thus relying upon
such reaffirmation.

        Each of the undersigned represents and warrants that he or she has been
properly authorized to execute and deliver this Reaffirmation on behalf of
Conseco, CIHC or CDOC, as applicable.

        Finally, each of the undersigned acknowledge that each of the
Administrative Agent, the Banks, and their respective successors and assigns
shall be entitled to rely upon this Reaffirmation and that this Reaffirmation is
governed by Illinois law.

                               [signatures follow]

                                      B-2

<PAGE>

                                          Very truly yours,

                                          CONSECO, INC.

                                          By:
                                             ----------------------------------
                                             Name:
                                             Title:

                                          CIHC, INCORPORATED

                                          By:
                                             ----------------------------------
                                             Name:
                                             Title:

                                          CDOC, INC.

                                          By:
                                             ----------------------------------
                                             Name:
                                             Title:

                                      B-3
<PAGE>

                                   Schedule I

        1. Guaranty, dated November 22, 2000, between Conseco, Inc. as Guarantor
and JPMorgan Chase Bank as Administrative Agent

        2. Guaranty and Subordination Agreement, dated as of November 22, 2000,
made by CIHC, Incorporated, as Guarantor and Subordinated Borrower, Conseco Inc.
as Obligor and Subordinated Lender, in favor of JPMorgan Chase Bank as
Administrative Agent

        3. Amended and Restated Cash Collateral Pledge Agreement, dated as of
November 22, 2000, among CDOC, Inc, Bank of America, National Association as
Collateral Agent and Bank of America, National Association as Depositary Bank

                                      B-4Exhibit 10.45.2

                               EXCHANGE AGREEMENT

          This Exchange Agreement (this "Agreement") is made and entered into as
of January 30, 2002, between Lehman Brothers Holdings Inc., a corporation duly
incorporated under the laws of the State of Delaware ( the "Holder"), and
Conseco, Inc., a corporation duly incorporated under the laws of the State of
Indiana (the "Company").

          WHEREAS, pursuant to the terms of this Agreement, the Company will
authorize and validly reserve for issuance $50,000,000 aggregate stated value of
a series of convertible preferred stock designated as the Series G Convertible
Redeemable Preferred Stock, no par value, stated value $100 per share (the
"Preferred Stock"), the terms of which are set forth in the form of Articles of
Amendment to the Amended and Restated Articles of Incorporation of the Company
(the "Articles") attached as Exhibit A hereto; and

          WHEREAS, as consideration for the Holder's efforts to restructure
certain obligations of the Company, the Company will irrevocably and
unconditionally agree, upon the terms and subject to the conditions set forth
herein, to issue the Preferred Stock to the Holder in exchange for the Holder's
surrender to the Company of a warrant that entitles the owner and holder thereof
to purchase from Conseco Finance Corp., a corporation duly incorporated under
the laws of the State of Delaware ("Conseco Finance"), 5.42 shares of Common
Stock of Conseco Finance, in whole or in part, including fractional parts, at a
purchase price of $0.01 per share (the "Warrant"), a copy of which is attached
as Exhibit B hereto.

          NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending to be
legally and validly bound, hereby execute and deliver this Agreement and agree
as follows:

          Section 1. Representations and Warranties. The Company hereby
represents and warrants to the Holder that:

          (a) The Company has been duly organized and is validly existing as a
corporation in good standing under the laws of the State of Indiana and has
corporate power and authority to own, lease and operate its properties and to
conduct its business and to enter into and perform its obligations under this
Agreement; and the Company is duly qualified as a foreign corporation to
transact business and is in good standing in each other jurisdiction in which
such qualification is required, whether by reason of the ownership or leasing of
property or the conduct of business, except where the failure so to qualify or
to be in good standing would not result in a Material Adverse Effect (as defined
below). As used herein, "Material Adverse Effect" means a material adverse
change or any development involving a prospective material adverse change in the
condition, financial or otherwise, or in the earnings or business affairs of the
Company and its subsidiaries considered as one enterprise, whether or not
arising in the ordinary course of business.

          (b) Each subsidiary of the Company has been duly organized and is
validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization, has corporate power and authority to own, lease
and operate its properties and to conduct its business and is duly qualified as
a foreign corporation to transact business and is in good standing in each
<PAGE>

jurisdiction in which such qualification is required, whether by reason of the
ownership or leasing of property or the conduct of business, except where the
failure so to qualify or to be in good standing would not result in a Material
Adverse Effect. All of the issued and outstanding capital stock of each such
subsidiary has been duly authorized and validly issued, is fully paid and
non-assessable and, except with respect to the Warrant, is owned by the Company,
directly or through subsidiaries. None of the outstanding shares of capital
stock of any such subsidiary was issued in violation of the preemptive or
similar rights of any securityholder of such subsidiary.

          (c) The shares of issued and outstanding capital stock of the Company
have been duly authorized and validly issued and are fully paid and
non-assessable and none of the outstanding shares of capital stock was issued in
violation of the preemptive or other similar rights of any securityholder of the
Company.

          (d) The Warrant is exchangeable for shares of Preferred Stock in
accordance with the terms of this Agreement and, after the vote of the holders
of the Series E Preferred Stock and the Series F Preferred Stock with respect to
the creation of the Preferred Stock and the action of the Board to authorize and
reserve the Preferred Stock for issuance and file the Articles after the vote of
the holders of the Series E Preferred Stock and Series F Preferred Stock (the
"Required Actions"), the shares of Preferred Stock will have been duly
authorized and validly reserved for issuance upon such exchange by all necessary
corporate action and such shares, when issued upon such exchange, will be
validly issued and will be fully paid and non-assessable. The issuance of the
Preferred Stock will not be subject to preemptive or other similar rights.

          (e) The shares of the Company's common stock, no par value (the
"Common Stock"), issuable upon conversion of the Preferred Stock have been duly
authorized and reserved for issuance upon such conversion by all necessary
corporate action and such shares, when issued upon such conversion, will be
validly issued and will be fully paid and non-assessable; no holder of such
shares will be subject to personal liability by reason of being such a holder;
and the issuance of such shares upon such conversion will not be subject to the
preemptive or other similar rights of any securityholder of the Company. The
form of certificate used to evidence the Common Stock will be in due and proper
form and comply in all material respects with all applicable statutory
requirements, with any applicable requirements of any security exchange on which
the Common Stock is then listed.

          (f) This Agreement has been duly and validly authorized, executed and
delivered by the Company and constitutes a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or affecting creditors' rights generally (including, without
limitation, fraudulent conveyance laws), and by general principles of equity,
including, without limitation, concepts of materiality, reasonableness, good
faith and fair dealing, and the possible unavailability of specific performance
or injunctive relief, regardless of whether considered in a proceeding at equity
or in law.

          (g) Other than the filing of the Articles, no filing with, or
authorization, approval, consent, license, order, registration, qualification or
decree of, any court or governmental authority or agency is necessary or
required in connection with the reservation for issuance of the Preferred Stock,
the exchange of the Warrant for the shares of Preferred Stock, the issuance of

                                       2
<PAGE>

shares of Common Stock upon conversion of the Preferred Stock or the
consummation of the transactions contemplated by this Agreement, except such as
have been obtained.

          (h) Neither the Company nor any of its subsidiaries is in violation of
its charter or by-laws or in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, deed of trust, loan or credit agreement, note, lease or
other agreement or instrument to which the Company or any of its subsidiaries is
a party or by which it or any of them may be bound, or to which any of the
property or assets of the Company or any subsidiary is subject (collectively,
"Agreements and Instruments") except for such violations or defaults that have
not and would not result in a Material Adverse Effect; and the execution,
delivery and performance of this Agreement and the consummation of the
transactions contemplated in this Agreement (including the exchange of the
Warrant for the Preferred Stock and the issuance of shares of Common Stock upon
conversion of the Preferred Stock) and compliance by the Company with its
obligations under this Agreement have been duly authorized by all necessary
corporate action and all Required Actions taken except for the approval of the
holders of the Series F Preferred Stock, and do not and will not, whether with
or without the giving of notice or passage of time or both, conflict with or
constitute a breach of, or default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the
Company or any of its subsidiaries pursuant to, the Agreements and Instruments
(except for such conflicts, breaches or defaults or liens, charges or
encumbrances that would not result in a Material Adverse Effect), nor will such
action result in any violation of the provisions of (A) the charter or by-laws
of the Company or any of its subsidiaries or (B) any applicable law, statute,
rule, regulation, judgment, order, writ or decree of any government, government
instrumentality or court, domestic or foreign, having jurisdiction over the
Company or any of its subsidiaries or any of their assets, properties or
operations except for such violations, in the case of clause (B) only, that
would not result in a Material Adverse Effect.

          (i) There is no action, suit, proceeding, inquiry or investigation
before or brought by any court or governmental agency or body, domestic or
foreign, now pending, or, to the knowledge of the Company, threatened, against
or affecting the Company or any of its subsidiaries, which would reasonably be
expected to materially and adversely affect the consummation of the transactions
contemplated in this Agreement or the performance by the Company of its
obligations hereunder.

          (j) The Company is not an "investment company" within the meaning of
the Investment Company Act of 1940, as amended (the "1940 Act").

          (k) Assuming the accuracy of the representations of the Holder under
Sections 2 (b) and (c), it is not necessary in connection with the exchange of
the Preferred Stock to the Holder in the manner contemplated by this Agreement
to register the Preferred Stock under the Securities and Exchange Act of 1933,
as amended.

          Section 2. Representations and Warranties of the Holder. The Holder
represents and warrants to the Company that:

          (a) This Agreement has been duly and validly authorized, executed and
delivered by the Holder and constitutes a valid and binding obligation of the
Holder, enforceable against the Holder in accordance with its terms, except as

                                       3
<PAGE>

may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or affecting creditors' rights generally (including, without
limitation, fraudulent conveyance laws), and by general principles of equity,
including, without limitation, concepts of materiality, reasonableness, good
faith and fair dealing, and the possible unavailability of specific performance
or injunctive relief, regardless of whether considered in a proceeding at equity
or in law.

          (b) It is a "qualified institutional buyer" within the meaning of Rule
144A of the Securities Act of 1933, as amended (the "Securities Act"), and an
"accredited investor" within the meaning of Regulation D under the Securities
Act.

          (c) The Holder represents that, if acquired in exchange for the
Warrant pursuant to this Agreement, the Preferred Stock is being acquired for
investment and not with a view to distribution or resale, except as otherwise
provided by this Agreement.

          Section 3. Covenants of the Company. The Company covenants with the
Holder as follows:

          (a) The Company shall use its commercially reasonable best efforts to
obtain the consent of the holders of the Series F Preferred Stock to the
transactions contemplated hereunder and to file the Articles promptly
thereafter, but not more than 60 days from the date hereof; provided, however,
that, in the event that such approval cannot be obtained within such period of
time, the Preferred Stock shall rank pari passu with the Series E Preferred
Stock and the Company shall file the Articles on such basis; and

          (b) On the date that the Preferred Stock is duly authorized and
validly issued as provided in Section 5, the Company shall enter into and
execute the registration rights agreement in substantially the form attached
hereto as Exhibit C (the "Registration Rights Agreement").

          Section 4. Agreements of the Parties.

          (a) Absent registration under the Securities Act as contemplated under
the Registration Rights Agreement, the Preferred Stock and the Common Stock
issuable upon the conversion of the Preferred Stock shall be subject to
restrictions on transferability. Each certificate representing the shares of
Preferred Stock or Common Stock issuable upon conversion thereof shall bear,
except if such transfer is made pursuant to Rule 144 or pursuant to an effective
registration statement, the restrictive legend set forth in clause (b) below,
except that such certificate shall not bear such restrictive legend if, in the
opinion of counsel for the Holder and counsel for the Company, such legend is
not required in order to establish or ensure compliance with the provisions of
the Securities Act.

          (b) Each certificate representing the Preferred Stock and the Common
Stock issuable upon the conversion of the Preferred Stock, shall be stamped or
otherwise imprinted with the following or similar legend:

               THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
               THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
               ACT"), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
               TRANSFERRED EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM

                                       4
<PAGE>

               REGISTRATION UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH ALL
               APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND
               OTHER JURISDICTIONS.

The Holder consents to the making of a notation by the Company on its records
and the giving of instructions to any transfer agent of its capital stock in
order to implement the restrictions on transfer established in this Agreement.

          Section 5. Exchange.

          (a) The Holder may exchange the Warrant for the Preferred Stock upon
30 days written notice (the "Exchange Notice") to the Company directing such
exchange. The Holder's right to exchange the Warrant shall expire on May 11,
2003 (the "Expiration Date"). Any Exchange Notice submitted by the Holder after
the Expiration Date shall be null and void. Subject to Section 5(c) below, upon
the receipt by the Company of such Exchange Notice, the Company shall be
unconditionally obligated to issue to the Holder, upon surrender of all
certificates representing the Warrant (the "Warrant Certificates") to the
Company, certificates representing the Preferred Stock (the "Preferred Stock
Certificates").

          (b) The Exchange Notice shall state (i) the date, time and place for
such exchange and (ii) the denominations and the Holder's name or names of the
nominees in which the Holder wishes the Preferred Stock Certificates to be
registered.

          (c) After completion of the actions specified in Section 3(a), the
Company shall issue the Preferred Stock in exchange for the Warrant unless such
performance would violate the terms and provisions of Section 4.04 of the
Conseco, Inc. 10 3/4% Senior Notes due 2008 issued under the First Senior
Supplemental Indenture, dated as of June 29, 2001, to the Senior Indenture,
dated as of November 13, 1997. The Company agrees to use its commercially
reasonable best efforts to take all action necessary to effect such exchange.

          (d) If required by the Company, Warrant Certificates surrendered for
exchange shall be endorsed or accompanied by a written instrument or instruments
for transfer, in form satisfactory to the Company, duly executed by the
registered holder or such holder's attorney duly authorized in writing. The date
of receipt of such Warrant Certificates by the Company shall be the exchange
date (the "Exchange Date") and the exchange shall be deemed effective as of the
close of business on the Exchange Date. Subject to Section 3(c), the Company
shall, as soon as practicable after the Exchange Date, issue and deliver to the
Holder, or to his or its nominee, the Preferred Stock Certificates.

          Section 6. Independent Obligations. The Company acknowledges that its
obligations hereunder are independent of the obligations of the Company with
respect to the Preferred Stock once issued in accordance with this Agreement.

          Section 7. Successors and Assigns. This Agreement shall bind the
successors, assigns, receivers, trustees and representatives of the Company and
shall inure to the benefit of the Holder. Except in connection with a permitted

                                       5
<PAGE>

merger or consolidation of the Company with or into another entity or a
permitted sale, transfer or lease of the Company's assets to another entity in
which the surviving organization, if other than the Company, assumes the
Company's obligations under this Agreement, the Company may not assign its
rights or delegate its obligations under this Agreement without the prior
approval of the Holder. The Holder may not assign its rights or delegate its
obligations under this Agreement to any party other than an affiliate of the
Holder without the prior approval of the Company.

          Section 8. Amendments. This Agreement may be amended by the parties
hereto only with the prior approval of the Company and the Holder.

          Section 9. Notices. All notices provided for in this Agreement shall
be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by first class mail, as follows:

          (a) If given to the Company, at the Company's mailing address set
forth below (or such other address as the Company may give notice of to the
Holder):

                    Conseco, Inc.
                    1185 N. Pennsylvania Street
                    Carmel, Indiana
                    46032 Attention: David K. Herzog
                    Telephone: (317) 817-5037
                    Fax: (317) 817-5828

          (b) If given to the Holder, at the Holder's mailing address set forth
below (or such other address as the Holder may give notice of to the Company):

                    Lehman Brothers Holdings, Inc.
                    399 Park Avenue
                    New York, New York  10022
                    Attention:  Corporate Secretary
                    Telephone:
                    Fax:

          All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

          Section 10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAW PRINCIPLES THEREOF.

                                       6
<PAGE>

          Section 11. Termination.

          This Agreement shall terminate (except with respect to the right of
the Holder to receive the Preferred Stock and the obligation of the Company to
exchange the Preferred Stock for the Warrant, in the case of the receipt by the
Company of an Exchange Notice all in accordance with Section 5) upon the earlier
of (i) June 10, 2003 and (ii) the Exchange Date.

                                       7

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date and year first above written.

                                         CONSECO, INC.

                                         By: /s/ William J. Shea
                                            -----------------------------------
                                            Name:  William J. Shea
                                            Title: President

                                         LEHMAN BROTHERS HOLDINGS, INC.

                                         By: /s/ Karen Manson
                                            -----------------------------------
                                            Name:  Karen Manson
                                            Title: Senior Vice President

                                        8

<PAGE>
                                                                       Exhibit A

                          ARTICLES OF AMENDMENT TO THE
                AMENDED AND RESTATED ARTICLES OF INCORPORATION OF
                                  CONSECO, INC.

                     Date of Incorporation: August 28, 1979

          CONSECO, INC. (hereinafter referred to as the "Corporation"), an
Indiana corporation existing pursuant to the provisions of the Indiana Business
Corporation Law, as amended (hereinafter referred to as the "Act"), desiring to
give notice of corporate action effectuating amendment of its Amended and
Restated Articles of Incorporation (the "Articles of Incorporation"), certifies
the following facts:

                                   ARTICLE I

                                  THE AMENDMENT

          Creation of New Article XII. There is hereby created a new Article XII
of the Articles of Incorporation the exact text of which is as follows:

                                  "ARTICLE XII

                     Designations, Rights and Preferences of
                 Series G Convertible Redeemable Preferred Stock

          The designations, rights, preferences, limitations and restrictions of
the shares of Preferred Stock, without par value, to be designated as Series G
Convertible Redeemable Preferred Stock (in addition to those set forth elsewhere
in the Corporation's Articles of Incorporation) are hereby fixed as follows.

          Section 1. Designation; Number of Shares; Stated Value; No Dividends.
Five Hundred Thousand Shares (500,000) shares of Preferred Stock shall be
designated Series G Convertible Redeemable Preferred Stock (hereinafter referred
to as the "Series G Preferred Stock"). Shares of the Series G Preferred Stock
shall have a stated value of One Hundred Dollars ($100.00) per share. Dividends
shall not be payable on shares of the Series G Preferred Stock.

          Section 2. Conversion.

          (a) Each issued and outstanding share of Series G Preferred Stock
shall be convertible, at the option of the holder thereof, at any time after the
date of issuance and without the payment of any additional consideration
therefor, into fully paid and nonassessable shares of Common Stock at a rate of
ten (10) shares of Common Stock for each share of Series G Preferred Stock (the
"Conversion Rate"), subject to adjustment as set forth below.

          (b) In order for a holder to convert shares of Series G Preferred
Stock into shares of Common Stock, such holder shall surrender the certificate
or certificates for such shares of Series G Preferred Stock, at the office of
the transfer agent for the Series G Preferred Stock (or at the principal office
of the Corporation if the Corporation serves as its own transfer agent),

<PAGE>

together with written notice that such holder elects to convert all or any
number of the shares of the Series G Preferred Stock represented by such
certificate or certificates. Such notice shall state such holder's name or the
names of the nominees in which such holder wishes the certificate or
certificates for shares of Common Stock to be issued and the number of shares of
Series G Preferred Stock to be converted. If required by the Corporation,
certificates surrendered for conversion shall be endorsed or accompanied by a
written instrument or instruments of transfer, in form satisfactory to the
Corporation, duly executed by the registered holder or such holder's attorney
duly authorized in writing accompanied by the payment of any applicable transfer
taxes. The date of receipt of such certificates and notice by the transfer agent
(or by the Corporation if the Corporation serves as its own transfer agent)
shall be the conversion date (the "Conversion Date") and the conversion shall be
deemed effective as of the close of business on the Conversion Date. The
Corporation shall, as soon as practicable after the Conversion Date, issue and
deliver at such office to such holder of Series G Preferred Stock, or to his or
its nominees, a certificate or certificates for the number of shares of Common
Stock to which such holder shall be entitled, together with cash in lieu of any
fraction of a share.

          (c) The Conversion Rate shall be subject to adjustment from time to
time as provided below in this section (c).

          (i)  If the Corporation shall, after the first date any shares of
               Series G Preferred Stock are issued:

               (A)  pay a stock dividend or make a distribution with respect to
                    its Common Stock in shares of such Common Stock,

               (B)  subdivide or split its outstanding Common Stock into a
                    greater number of shares,

               (C)  combine its outstanding shares of Common Stock into a
                    smaller number of shares, or

               (D)  issue by reclassification of its shares of Common Stock any
                    shares of common stock of the Corporation,

                    then, in any such event, the Conversion Rate in effect
                    immediately prior to such event shall be adjusted so that
                    the holder of any shares of Series G Preferred Stock shall
                    thereafter be entitled to receive, upon conversion, the
                    number of shares of Common Stock of the Corporation which
                    such holder would have owned or been entitled to receive
                    immediately following any event described above had such
                    shares of Series G Preferred Stock been converted
                    immediately prior to such event or any record date with
                    respect thereto. Such adjustment shall become effective at
                    the opening of business on the business day next following
                    the record date for determination of shareholders entitled
                    to receive such dividend or distribution, in the case of a
                    dividend or distribution, and shall become effective
                    immediately after the effective date, in the case of a
                    subdivision, split, combination or reclassification. Such
                    adjustment shall be made successively.

                                       2
<PAGE>

          (ii) The Corporation shall also be entitled to make upward adjustments
               in the Conversion Rate, as it in its sole discretion shall
               determine to be advisable, in order that any stock dividends,
               subdivisions of shares, distribution of rights to purchase stock
               or securities, or distribution of securities convertible into or
               exchangeable for stock (or any transaction which could be treated
               as any of the foregoing transactions pursuant to Section 305 of
               the Internal Revenue Code of 1986, as amended) made by the
               Corporation to its shareholders after the first date any shares
               of Series G Preferred Stock are issued shall not be taxable.

         (iii) In any case in which this subsection 2(c) shall require that an
               adjustment become effective at the opening of business on the
               business day next following a record date and the date fixed for
               conversion pursuant to subsection 2(a) occurs after such record
               date, but before the occurrence of such event, the Corporation
               may, in its sole discretion, elect to defer the following until
               after the occurrence of such event: (A) issuing to the holder of
               any converted shares of Series G Preferred Stock the additional
               shares of Common Stock issuable upon such conversion over the
               shares of Common Stock issuable before giving effect to such
               adjustments and (B) paying to such holder any amount in cash in
               lieu of a fractional share of Common Stock pursuant to subsection
               2(h).

          (iv) All adjustments to the Conversion Rate shall be calculated to the
               nearest 1/100th of a share of Common Stock. No adjustment in the
               Conversion Rate shall be required unless such adjustment would
               require an increase or decrease of at least one percent therein;
               provided, however, that any adjustment which by reason of this
               subsection (iv) is not required to be made shall be carried
               forward and taken into account in any subsequent adjustment.

          (d) Adjustment for Consolidation or Merger. In case of any
consolidation or merger to which the Corporation is a party (other than a merger
or consolidation in which the Corporation is the surviving or continuing
corporation and in which the Common Stock outstanding immediately prior to the
merger or consolidation remains unchanged), or in case of any sale or transfer
to another entity of the property of the Corporation as an entirety or
substantially as an entirety, or in case of any statutory exchange of securities
with another entity (other than in connection with a merger or acquisition),
proper provision shall be made so that each share of Series G Preferred Stock
shall, after consummation of such transaction, be subject to conversion at the
option of the holder into the kind and amount of securities, cash or other
property receivable upon consummation of such transaction by a holder of the
number of shares of Common Stock into which such share of Series G Preferred
Stock might have been converted immediately prior to consummation of such
transaction. The kind and amount of securities into or for which the shares of
Series G Preferred Stock shall be convertible after consummation of such
transaction shall be subject to adjustment as described in the immediately
preceding paragraph following the date of consummation of such transaction.

                                       3
<PAGE>

          For purposes of the immediately preceding paragraph and subsection
2(f)(iii), any sale or transfer to another corporation of property of the
Corporation which did not account for at least 50% of the consolidated net
income of the Corporation for its most recent fiscal year ending prior to the
consummation of such transaction shall not in any event be deemed to be a sale
or transfer of the property of this Corporation as an entirety or substantially
as an entirety.

          (e) Notice of Adjustments. Whenever the Conversion Rate is adjusted as
herein provided, the Corporation shall:

          (i)  forthwith compute the adjusted Conversion Rate in accordance
               herewith and prepare a certificate signed by an officer of the
               Corporation setting forth the adjusted Conversion Rate, the
               method of calculation thereof in reasonable detail and the facts
               requiring such adjustment and upon which such adjustment is
               based, which certificate shall be conclusive, final and binding
               evidence of the correctness of the adjustment, and file such
               certificate forthwith with the transfer agent for the shares of
               Series G Preferred Stock and the Common Stock; and

          (ii) mail a notice to the holders of the outstanding shares of Series
               G Preferred Stock stating that the Conversion Rate had been
               adjusted, the facts requiring such adjustment and upon which such
               adjustment is based and setting forth the adjusted Conversion
               Rate, such notice to be mailed within 45 days of the end of the
               fiscal quarter during which the facts requiring such adjustment
               occurred.

          (f) Notices. In case, at any time while any of the shares of Series G
Preferred Stock are outstanding,

          (i)  the Corporation shall declare a dividend (or any other
               distribution) on its Common Stock, excluding any cash dividends;
               or

          (ii) the Corporation shall authorize the issuance to all holders of
               its Common Stock of rights or warrants to subscribe for or
               purchase shares of its Common Stock or of any other subscription
               rights or warrants; or

         (iii) the Corporation shall authorize any reclassification of its
               Common Stock (other than a subdivision or combination thereof) or
               any consolidation or merger to which the Corporation is a party
               and for which approval of any shareholders of the Corporation is
               required (except for a merger of the Corporation into one of its
               subsidiaries solely for the purpose of changing the corporate
               domicile of the Corporation to another state of the United States
               and in connection with which there is no substantive change in
               the rights or privileges of any securities of the Corporation
               other than changes resulting from differences in the corporate

                                       4
<PAGE>

               statutes of the then existing and the new state of domicile), or
               the sale or transfer to another corporation of the property of
               the Corporation as an entirety or substantially as an entirety;
               or

          (iv) the Corporation shall authorize the voluntary or involuntary
               dissolution, liquidation or winding up of the Corporation;

then the Corporation shall cause to be filed at each office or agency maintained
for the purpose of conversion of the shares of Series G Preferred Stock, and
shall cause to be mailed to the holders of shares of Series G Preferred Stock at
their last addresses as they shall appear on the stock register, at least 10
days before the date hereinafter specified (or the earlier of the dates
hereinafter specified, in the event that more than one date is specified), a
notice stating (A) the date on which a record is to be taken for the purpose of
such dividend, distribution, rights or warrants, or, if a record is not to be
taken, the date as of which the holders of Common Stock of record to be entitled
to such dividend, distribution, rights or warrants are to be determined, or (B)
the date on which any such reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation or winding up is expected to become
effective, and the date as of which it is expected that holders of Common Stock
of record shall be entitled to exchange their Common Stock for securities or
other property (including cash), if any, deliverable upon such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up.
The failure to give or receive the notice required by this subsection (f) or any
defect therein shall not affect the legality or validity of such dividend,
distribution, right or warrant or other action.

          (g) All certificates evidencing shares of Series G Preferred Stock
that are required to be surrendered for conversion in accordance with the
provisions hereof, from and after the date such certificates are so required to
be surrendered shall represent the shares of Common Stock into which the shares
of Series G Preferred Stock previously represented thereby shall have been
converted for all purposes, notwithstanding the failure of the holder or holders
thereof to surrender such certificates on or prior to such date. The Corporation
from time to time thereafter shall take appropriate action to reduce the
authorized Series G Preferred Stock accordingly.

          (h) No fractional shares of Common Stock shall be issued upon
conversion of the Series G Preferred Stock. In lieu of any fractional shares to
which the holder would otherwise be entitled, the Corporation shall pay cash
equal to the product of such fraction multiplied by the Closing Price of the
Common Stock on the date of conversion. The term "Closing Price" on any day
shall mean the last reported sales price per share of Common Stock on such day
or, in case no such sale takes place on such day, the average of the reported
closing high and low quotations, in each case on the New York Stock Exchange or,
if the Common Stock is not listed on the New York Stock Exchange, on the
principal national securities market or quotation system on which the Common
Stock is then traded or quoted, or, if the Common Stock is then not so traded or
quoted, on the Nasdaq National Market, or, if the Common Stock is not listed on
the Nasdaq National Market, the average of the high bid and low-asked quotations
of the Common Stock in the over-the-counter market on the day in question as
reported by the National Quotation Bureau Incorporated, or a similarly generally

                                       5
<PAGE>

accepted reporting service, or, if no such quotations are available, the fair
market value of the Common Stock as determined by any New York Stock Exchange
member firm selected from time to time by the Board of Directors for such
purpose.

          (i) The Corporation shall at all times when the Series G Preferred
Stock shall be outstanding, reserve and keep available out of its authorized but
unissued stock, for the purpose of effecting the conversion of the Series G
Preferred Stock, such number of its duly authorized shares of Common Stock as
shall from time to time be sufficient to effect the conversion of all
outstanding Series G Preferred Stock.

          (j) All shares of Series G Preferred Stock surrendered for conversion
as herein provided shall no longer be deemed to be outstanding and all rights
with respect to such shares, including the rights, if any, to receive notices
and to vote shall immediately cease and terminate at the close of business on
the Conversion Date (except only the right of the holders thereof to receive
shares of Common Stock in exchange therefor), and any shares of Series G
Preferred Stock so converted shall be retired and canceled by the Corporation.

          (k) All dollar amounts set forth herein shall be subject to equitable
adjustment whenever there shall occur a stock split, subdivision, combination,
reclassification, dividend (other than regular cash dividend), issuance of
rights or warrants to holders of stock to purchase shares of stock,
consolidation, merger, or sale or transfer of the property of the Corporation as
an entirety or substantially as an entirety or other similar event. Any such
adjustment shall be made by the Board of Directors of the Corporation (whose
determination shall be conclusive, final and binding). Promptly after the making
of any such adjustment, the Corporation shall send notice thereof to the holders
of Series G Preferred Stock and to the transfer agent for the Series G Preferred
Stock.

          Section 3. Mandatory Redemption.

          (a) On February 1, 2012 (the "Redemption Date"), if all the shares of
Series G Preferred Stock have not been converted in accordance with Section 2,
to the extent that the Corporation has sufficient funds legally available
therefor and to the extent permitted by the Articles of Incorporation, the
Corporation shall redeem, at the stated value per share, as adjusted for any
stock dividends, combinations, splits, recapitalizations and the like with
respect to the shares of Series G Preferred Stock (the "Redemption Price"), all
shares of Series G Preferred Stock outstanding on the Redemption Date.

          (c) The Corporation shall, on or prior to the Redemption Date, deposit
with a redemption agent selected by the Board of Directors of the Corporation,
as a trust fund, a sum sufficient to redeem the shares of Series G Preferred
Stock, with irrevocable instructions and authority to such redemption agent to
pay the holders of such shares, as evidenced by a list of such holders certified
by an officer of the Corporation, the Redemption Price upon surrender of their
respective share certificates. Such deposit shall be deemed to constitute full
payment of such shares to their holders. From and after the Redemption Date,
notwithstanding that any certificates for such shares shall not have been
surrendered for cancellation, the shares represented thereby shall no longer be
deemed to be outstanding and all rights of the holders of the shares of Series G

                                       6
<PAGE>

Preferred Stock with respect to such shares, including the rights, if any, to
receive notices and to vote, shall immediately cease and terminate, except the
right to receive the Redemption Price, without interest, which payment shall be
made upon surrender of their respective certificates. In case the holders of any
shares of Series G Preferred Stock shall not, within six years after such
deposit, claim the amount deposited for redemption thereof, the redemption agent
shall, upon demand, pay over to the Corporation the balance of such amount
deposited. Thereupon, the redemption agent shall be relieved of all
responsibility to the holders thereof and the sole right of such holders shall
be as general creditors of the Corporation. Any interest accrued on any funds so
deposited shall belong to the Corporation and shall be paid to it from time to
time on demand.

          Section 4. Voting.

          (a) The shares of Series G Preferred Stock shall have the right to
vote on an as-converted basis together with all other classes entitled to vote
thereon, on all matters which from time to time may be brought for action by the
common shareholders of the Corporation.

          (b) For as long as any shares of Series G Preferred Stock remain
outstanding, the affirmative consent of the holders of at least a majority of
the Series G Preferred Stock and the Series F Common-Linked Convertible
Preferred Stock (the "Series F Preferred Stock"), voting together as a single
class, given in person or by proxy, at any annual meeting or special meeting of
the shareholders called for such purpose, shall be necessary to amend, alter or
repeal any of the provisions of the Articles of Incorporation of the Corporation
which would adversely affect the powers, preferences or rights of the holders of
the shares of Series G Preferred Stock then outstanding (including, without
limitation, by any merger, consolidation or reorganization), except as otherwise
provided by the Articles of Incorporation, as amended.1

          For as long as any shares of Series G Preferred Stock remain
outstanding, the affirmative consent of the holders of at least a majority of
the Series G Preferred Stock and the Series E Redeemable Preferred Stock (the
"Series E Preferred Stock"), voting together as a single class, given in person
or by proxy, at any annual meeting or special meeting of the shareholders called
for such purpose, shall be necessary to amend, alter or repeal any of the
provisions of the Articles of Incorporation of the Corporation which would
adversely affect the powers, preferences or rights of the holders of the shares
of Series G Preferred Stock then outstanding (including, without limitation, by
any merger, consolidation or reorganization), except as otherwise provided by
the Articles of Incorporation, as amended.2

--------
1 This provision to be used if the proper consents of the holders of the Series
E Preferred Stock and Series F Preferred Stock are both obtained.

2 This provision to be used if the proper consent of the holders of the Series E
Preferred Stock is obtained but not the proper consent of the holders of the
Series F Preferred Stock.

                                       7
<PAGE>

          Section 5. Liquidation Rights.

          (a) Upon the dissolution, liquidation or winding-up of the
Corporation, whether voluntary or involuntary, the holders of the shares of the
Series G Preferred Stock shall be entitled to receive, before any payment or
distribution of the assets of the Corporation or proceeds thereof (whether
capital or surplus) shall be made to or set apart for the holders of the Common
Stock or any other class or series of stock ranking junior to the Series G
Preferred Stock upon liquidation, dissolution or winding-up, the greater amount
of (i) the stated value (as adjusted for any stock dividends, combinations,
splits, recapitalizations and the like) and (ii) the amount the holder would
have received upon such final distribution, if the shares of Series G Preferred
Stock had been converted into shares of Common Stock pursuant to Section 2 of
this Article. If, upon any liquidation, dissolution or winding-up of the
Corporation, the assets of the Corporation, or proceeds thereof, distributable
among the holders of shares of the Series G Preferred Stock and any other class
or series of Preferred Stock ranking on a parity with the Series G Preferred
Stock as to payments upon liquidation, dissolution or winding-up shall be
insufficient to pay in full the preferential amount aforesaid, then such assets
or the proceeds thereof shall be distributed among such holders ratably in
accordance with the respective amounts which would be payable on such shares if
all amounts payable thereon were paid in full.

          (b) For the purposes of this Section 5, neither of the following
events shall be deemed to be a voluntary or involuntary liquidation, dissolution
or winding up of the Corporation:

          (i)  the sale, lease, transfer or exchange of all or substantially all
               of the assets of the Corporation; or

          (ii) the consolidation or merger of the Corporation with one or more
               other corporations (whether or not the Corporation is the
               corporation surviving such consolidation or merger).

          Section 6. No Purchase, Retirement or Sinking Fund. The shares of the
Series G Preferred Stock shall not be subject to the operation of any purchase,
retirement or sinking fund.

          Section 7. Status. Shares of the Series G Preferred Stock which have
been issued and reacquired in any manner by the Corporation (excluding, until
the Corporation elects to retire them, shares which are held as treasury shares,
but including shares cancelled, redeemed purchased and retired) shall, upon
compliance with any applicable provisions of the Act, have the status of
authorized and unissued shares of Preferred Stock and may be reissued as a part
of a new series of Preferred Stock to be established by the Board of Directors
or as part of any other series of Preferred Stock the terms of which do not
prohibit such reissue.

          Section 8. Priority. The Series G Preferred Stock shall rank (i)
senior to the Common Stock and the Series E Redeemable Preferred Stock of the

                                       8
<PAGE>

Corporation and (ii) on parity with the Series F Preferred Stock, in each case
as to distribution of assets upon liquidation, dissolution or winding-up.3

          The Series G Preferred Stock shall rank (i) senior to the Common
Stock, (ii) on parity with the Series E Preferred Stock of the Corporation and
(ii) junior to the Series F Common-Linked Convertible Preferred Stock, in each
case as to distribution of assets upon liquidation, dissolution or winding-up.4

          Section 9. Relative Rights of Series G Preferred Stock. So long as any
of the Series G Preferred Stock is outstanding, the Corporation will not
declare, or pay, or set apart for payment, any dividends (other than dividends
or distributions payable in stock ranking junior to the Series G Preferred Stock
upon liquidation, dissolution or winding-up) or make any distribution in cash or
other property on any other class or series of stock of the Corporation ranking
junior to the Series G Preferred Stock either upon liquidation, dissolution or
winding-up, and will not redeem, purchase or otherwise acquire any shares of any
such junior class or series of stock if at the time of making such declaration,
payment or setting apart for payment, distribution, redemption, purchase or
acquisition the Corporation shall be in default with respect to any
distributions payable on shares of Series G Preferred Stock."

                                   ARTICLE II

            The foregoing amendment was adopted on __________, 2002.

                                  ARTICLE III

                           MANNER OF ADOPTION AND VOTE

          The amendment set forth above was adopted by the Board of Directors of
the Corporation and shareholder action was not required.

                                   ARTICLE IV

                       COMPLIANCE WITH LEGAL REQUIREMENTS

          The manner of the adoption of the Articles of Amendment and the vote
by which they were adopted constitute full legal compliance with the provisions
of the Act, the Articles of Incorporation, and the Bylaws of the Corporation.

--------
3 This provision to be used if the proper consents of the holders of the Series
E Preferred Stock and Series F Preferred Stock are both obtained.

4 This provision to be used if the proper consent of the holders of the Series E
Preferred Stock is obtained but not the proper consent of the holders of the
Series F Preferred Stock.

                                       9

<PAGE>

          IN WITNESS WHEREOF, the undersigned Corporation has caused these
Articles of Amendment to be signed and verified by a duly authorized officer,
acting for and on behalf of such Corporation; and the undersigned verifies
subject to the penalties of perjury that the facts contained herein are true
this ___ day of _________, 2002.

                                         CONSECO, INC.

                                         By:__________________________________
                                         Name:
                                         Title:

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