CNO Financial Group, Inc. Announces Final Purchase Price of Cash Tender Offer for Any and All of its 7.0% Convertible Senior

CNO Financial Group, Inc. Announces Final Purchase Price of Cash Tender Offer
      for Any and All of its 7.0% Convertible Senior Debentures due 2016

PR Newswire

CARMEL, Ind., March 27, 2013

CARMEL,Ind., March 27, 2013 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE:
CNO) ("CNO") today announced that it has determined the final purchase price
offered by CNO pursuant to its previously announced cash tender offer (the
"Offer") to purchase for cash any and all of its outstanding 7.0% Convertible
Senior Debentures due 2016 (CUSIP Nos. 12621EAC7, 12621EAE3, 12621EAF0 and
12621EAB9) (the "Debentures").

The final purchase price per $1,000 principal amount of Debentures is
$2,123.82. In addition to the final purchase price, holders will receive, in
respect of their Debentures that are accepted for purchase, accrued and unpaid
interest on such Debentures to, but excluding, the settlement date of the
Offer. All amounts payable pursuant to the Offer will be rounded to the
nearest cent.

The final purchase price was determined in accordance with the pricing formula
described in CNO's Offer to Purchase, dated February 11, 2013 (the "Offer to
Purchase"). The final purchase price is equal to the sum of (i) the Average
Volume Weighted Average Price ("Average VWAP") (as defined below) multiplied
by 183.5145 plus (ii) a fixed cash amount of $61.25. The Average VWAP at the
close of trading on March 27, 2013 was $11.2393.

"Average VWAP" is the simple arithmetic average of the Daily VWAPs over the
Averaging Period. The Averaging Period is the period of 30 consecutive trading
days beginning on February 13, 2013 and ending on the Expiration Date (as
defined below). The Daily VWAP for any trading day means the per share
volume-weighted average price of CNO's common stock on the New York Stock
Exchange, as displayed under the heading "Bloomberg VWAP" on Bloomberg page
"CNO.N <equity> AQR" (or its equivalent successor if such page is not
available), in respect of the period from the scheduled open of trading until
the scheduled close of trading of the primary trading session of the New York
Stock Exchange on such trading day (or if such volume-weighted average price
is unavailable, the market value of one share of CNO's common stock on such
trading day determined, using a volume-weighted average method, by CNO). The
Daily VWAP will be determined without regard to pre-market hours or after
hours trading or any other trading outside of the regular trading session
trading hours.

The Offer will expire at 12:00 midnight, New York City time, at the end of
Wednesday, March 27, 2013, unless it is extended (such date, as it may be
extended by CNO, the "Expiration Date") or earlier terminated by CNO.

The Offer is being made upon the terms and subject to the conditions set forth
in the Offer to Purchase and the related Letter of Transmittal. The Offer is
not subject to any minimum tender condition. However, the Offer is subject to
certain other conditions as more fully described in the Offer to Purchase. CNO
expressly reserves the right to waive these conditions in whole or in part at
any or at various times in its sole discretion.

Goldman Sachs & Co. is acting as dealer manager for the Offer. Global
Bondholder Services Corporation is acting as the depositary for the Offer and
as the information agent for the Offer. Questions regarding the Offer should
be directed to Goldman Sachs & Co., (800) 828-3182 (toll-free) or (212)
902-5183 (collect). Requests for copies of the Offer to Purchase and the
Letter of Transmittal may be directed to Global Bondholder Services
Corporation by phone at (866) 794-2200 (toll free) or (212) 430-3774 (collect)
or in writing at 65 Broadway, Suite 404, New York, New York 10006.

None of CNO, its management or board of directors, the dealer manager, the
depositary or the information agent makes any recommendation to any holder of
Debentures as to whether to tender any Debentures. None of CNO, its management
or board of directors, the dealer manager, the depositary or the information
agent has authorized any person to give any information or to make any
representation in connection with the Offer other than the information and
representations contained in the Offer to Purchase or in the Letter of
Transmittal. If anyone makes any recommendation or representation or gives any
such information, you should not rely upon that recommendation, representation
or information as having been authorized by CNO, the dealer manager, the
depositary or the information agent.

This press release is for information purposes only and shall not constitute
an offer to purchase, a solicitation of an offer to purchase, or a
solicitation of an offer to sell securities. The Offer may be made only
pursuant to the terms and conditions of the Offer to Purchase, the Letter of
Transmittal and the other related Offer materials. An issuer tender offer
statement on Schedule TO, including the Offer to Purchase and the Letter of
Transmittal, describing the Offer has been filed with the Securities and
Exchange Commission. Holders of the Debentures are encouraged to read the
Schedule TO and its exhibits carefully before making any decision with respect
to the Offer because it contains important information. The Schedule TO, the
Offer to Purchase, the Letter of Transmittal and other related Offer materials
(including Amendment No. 1 and Amendment No. 2 to the Schedule TO) are
available free of charge at the website of the Securities and Exchange
Commission at www.sec.gov. In addition, CNO will provide copies of the
Schedule TO and related Offer materials upon request free of charge to holders
of the Debentures.

About CNO
CNO is a holding company. Our insurance subsidiaries – principally Bankers
Life and Casualty Company, Washington National Insurance Company and Colonial
Penn Life Insurance Company – serve pre-retiree and retired Americans by
helping them protect against financial adversity and provide for a more secure
retirement.

SOURCE CNO Financial Group, Inc.

Website: http://www.CNOinc.com
Contact: News Media, Tony Zehnder, +1-312-396-7086, or Investors, Erik
Helding, +1-317-817-4760