EXHIBIT 99.1: FOOTNOTE TEXT
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(1) As described in the Form 3 filed by Appaloosa Investment Limited
Partnership I ("AILP") on September 10, 2003, AILP was a party to a
total return swap agreement with respect to approximately 571,712
shares of common stock of Conseco, Inc. (the "Issuer") with an
expiration date of November 6, 2003. The agreement was terminated
prior to its expiration date as follows. On September 12, 2003, the
agreement was settled with respect to 435,461 shares subject to the
agreement, for a payment from the counterparty to AILP in the amount
of $9,498,912.12, less certain fees and expenses. On September 15,
2003, the agreement was settled with respect to the remaining 136,251
shares subject to the agreement, for a payment from the counterparty
to AILP in the amount of $2,665,108.32, less certain fees and
expenses.
(2) As described in the Form 3 filed by AILP on September 10, 2003, AILP
is a party to a total return swap agreement with respect to
approximately 2,428,024 shares of common stock of the Issuer with an
expiration date of August 2, 2004. The agreement has been partially
settled prior to its expiration date as follows. On September 15,
2003, the agreement was settled with respect to 343,785 shares subject
to the agreement, for a payment from the counterparty to AILP in the
amount of $6,807,140.09, less certain fees and expenses. On September
16, 2003, the agreement was settled with respect to 293,150 shares
subject to the agreement, for a payment from the counterparty to AILP
in the amount of $5,633,668.51, less certain fees and expenses. The
agreement is still in effect with respect to approximately 1,791,089
shares.
(3) As described in the Form 3 filed by Palomino Fund Ltd. ("Palomino") on
September 10, 2003, Palomino was a party to a total return swap
agreement with respect to approximately 500,874 shares of common stock
of the Issuer with an expiration date of November 6, 2003. The
agreement was terminated prior to its expiration date as follows. On
September 12, 2003, the agreement was settled with respect to 381,539
shares subject to the agreement, for a payment from the counterparty
to Palomino in the amount of $8,322,686.62, less certain fees and
expenses. On September 15, 2003, the agreement was settled with
respect to the remaining 119,335 shares subject to the agreement, for
a payment from the counterparty to Palomino in the amount of
$2,334,226.55, less certain fees and expenses.
(4) As described in the Form 3 filed by Palomino on September 10, 2003,
Palomino is a party to a total return swap agreement with respect to
approximately 2,127,368 shares of common stock of the Issuer with an
expiration date of August 2, 2004. The agreement has been partially
settled prior to its expiration date as follows. On September 15,
2003, the agreement was settled with respect to 301,215 shares subject
to the agreement, for a payment from the counterparty to Palomino in
the amount of $5,964,229.68, less certain fees and expenses. On
September 16, 2003, the agreement was settled with respect to 256,850
shares subject to the agreement, for a payment from the counterparty
to Palomino in the amount of $4,936,066.03, less certain fees and
expenses. The agreement is still in effect with respect to
approximately 1,569,303 shares.
(5) The reporting persons to whom the information set forth on these lines
relates are Xxxxx X. Xxxxxx ("Xx. Xxxxxx"), Appaloosa Partners Inc.
("API") and Appaloosa Management L.P. (the "Manager"). Xx. Xxxxxx is
the sole stockholder of API. API is the general partner of, and Xx.
Xxxxxx owns a majority of the limited partnership interests of, the
Manager. The Manager is the general partner of AILP and acts as an
investment advisor to Palomino. Footnotes (1) through (4) describe the
transactions to which the information set forth on these lines
relates.
