Carmel, Ind. — Conseco Inc. completed the previously announced transfer of Senior Health Insurance Co. of Pennsylvania, formerly known as Conseco Senior Health Insurance Co., to Senior Health Care Oversight Trust (the "Trust"), an independent trust. In connection with the completion of the transfer, Conseco contributed $175 million to the capital of Senior Health and the Trust, as follows:

• A 6% senior note due 2013 in the principal amount of $125 million, the principal of which is payable in five equal annual installments • A contribution of $11 million to the Trust to provide working capital, and to fund future operating expenses of the Trust • Cash and cash equivalents of $39 million, including a ceding commission of $35.7 million paid by Conseco, in connection with the assignment by Senior Health of its non-long-term care business to Conseco

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