CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 15.136164 66.06 1999 15.136164 -0.031 66.036 18.14 1,197.8
1998 11.086712 90.19 1998 11.086712 -0.042 90.125 18.14 1,634.8
Incept 10.000000 100.00 N/A 0 0.000 99.927 18.14 1,812.6
<CAPTION>
--------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -75.47 1,122.42 -0.47 1,121.95 12.20%
1998 90% X 7% -103.00 1,531.86 -0.47 1,531.39 23.75%
Incept 90% X 6% -97.88 1,714.79 -0.47 1,714.32 22.56%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - LEVERAGED
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 18.691223 53.501 1999 18.691223 -0.025 53.476 24.87454163 1,330.19
1998 11.307376 88.438 1998 11.307376 -0.042 88.371 24.87454163 2,198.20
Incept 10.000000 100.000 N/A 0 0.000 99.933 24.87454163 2,485.79
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -83.80 1,246.39 -0.47 1,245.92 24.59%
1998 90% X 7% -138.49 2,059.71 -0.47 2,059.24 43.50%
Incept 90% X 6% -134.23 2,351.56 -0.47 2,351.09 38.07%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - MID CAP
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.87104 77.694 1999 12.87104 -0.037 77.657 19.384002 1,505.31
1998 9.785464 102.192 1998 12.390612 -0.038 102.118 19.384002 1,979.45
Incept 10.000000 100.000 N/A 0 0.000 99.926 19.384002 1,936.96
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -94.83 1,410.48 -0.47 1,410.01 41.01%
1998 90% X 7% -124.71 1,854.74 -0.47 1,854.27 36.17%
Incept 90% X 6% -104.60 1,832.36 -0.47 1,831.89 25.66%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - SMALL CAP
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.12422 82.480 1999 12.12422 -0.039 82.441 14.224234 1,172.66
1998 9.012517 110.957 1998 11.196182 -0.042 110.876 14.224234 1,577.13
Incept 10.000000 100.000 N/A 0 0.000 99.919 14.224234 1,421.27
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -73.88 1,098.78 -0.47 1,098.31 9.83%
1998 90% X 7% -99.36 1,477.77 -0.47 1,477.30 21.54%
Incept 90% X 6% -76.75 1,344.52 -0.47 1,344.05 11.80%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 15.136164 66.067 1999 15.136164 0.000 66.067 18.14 1,198.46
1998 11.086712 90.198 1998 11.086712 0.000 90.198 18.14 1,636.19
Incept 10.000000 100.000 N/A 0 0.000 100.000 18.14 1,814.00
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,198.46 0.00 1,198.46 19.85%
1998 1,636.19 0.00 1,636.19 27.91%
Incept 1,814.00 0.00 1,814.00 25.23%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - LEVERAGED
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 18.691223 53.501 1999 18.691223 0.000 53.501 24.87454163 1,330.81
1998 11.307376 88.438 1998 11.307376 0.000 88.438 24.87454163 2,199.85
Incept 10.000000 100.000 N/A 0 0.000 100.000 24.87454163 2,487.45
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,330.81 0.00 1,330.81 33.08%
1998 2,199.85 0.00 2,199.85 48.32%
Incept 2,487.45 0.00 2,487.45 41.10%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - MID CAP
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.87104 77.694 1999 12.87104 0.000 77.694 19.384002 1,506.02
1998 9.785464 102.192 1998 12.390612 0.000 102.192 19.384002 1,980.89
Incept 10.000000 100.000 N/A 0 0.000 100.000 19.384002 1,938.40
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,506.02 0.00 1,506.02 50.60%
1998 1,980.89 0.00 1,980.89 40.74%
Incept 1,938.40 0.00 1,938.40 28.41%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
ALGER AMERICAN - SMALL CAP
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.12422 82.480 1999 12.12422 0.000 82.480 14.224234 1,173.21
1998 9.012517 110.957 1998 11.196182 0.000 110.957 14.224234 1,578.28
Incept 10.000000 100.000 N/A 0 0.000 100.000 14.224234 1,422.42
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,173.21 0.00 1,173.21 17.32%
1998 1,578.28 0.00 1,578.28 25.63%
Incept 1,422.42 0.00 1,422.42 14.24%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
AMERICAN - INCOME & GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.375343 80.806 1998 12.375343 -0.038 80.768 13.355742 1,078.72
1998 9.94391 100.564 1998 9.94391 -0.047 100.479 13.355742 1,341.97
Incept 10.000000 100.000 N/A 0 0.000 99.915 13.355742 1,334.44
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -67.96 1,010.76 -0.47 1,010.29 1.03%
1998 90% X 7% -84.54 1,257.43 -0.47 1,256.96 12.11%
Incept 90% X 6% -72.06 1,262.38 0.00 1,262.38 9.18%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
AMERICAN - INTERNATIONAL
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.221211 81.825 1998 12.221211 -0.038 81.787 15.617213 1,277.28
1998 9.613155 104.024 1998 9.613155 -0.049 103.937 15.617213 1,623.20
Incept 10.000000 100.000 N/A 0 0.000 99.913 15.617213 1,560.36
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -80.47 1,196.81 -0.47 1,196.34 19.63%
1998 90% X 7% -102.26 1,520.94 -0.47 1,520.47 23.31%
Incept 90% X 6% -84.26 1,476.10 -0.47 1,475.63 15.82%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
AMERICAN - VALUE
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.176743 98.263 1998 10.176743 -0.046 98.217 10.3308738 1,014.67
1998 9.232731 108.310 1998 9.232731 -0.051 108.213 10.3308738 1,117.93
Incept 10.000000 100.000 N/A 0 0.000 99.903 10.3308738 1,032.08
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -63.92 950.75 -0.47 950.28 -4.97%
1998 90% X 7% -70.43 1,047.50 -0.47 1,047.03 2.32%
Incept 90% X 6% -55.73 976.35 -0.47 975.88 -0.91%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
AMERICAN - INCOME & GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.375343 80.806 1998 12.375343 0.000 80.806 13.355742 1,079.22
1998 9.94391 100.564 1998 9.94391 0.000 100.564 13.355742 1,343.11
Incept 10.000000 100.000 N/A 0 0.000 100.000 13.355742 1,335.57
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,079.22 0.00 1,079.22 7.92%
1998 1,343.11 0.00 1,343.11 15.89%
Incept 1,335.57 0.00 1,335.57 11.55%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
AMERICAN - INTERNATIONAL
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.221121 81.826 1998 12.221121 0.000 81.826 15.617213 1,277.89
1998 9.613155 104.024 1998 9.613155 0.000 104.024 15.617213 1,624.56
Incept 10.000000 100.000 N/A 0 0.000 100.000 15.617213 1,561.72
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,277.89 0.00 1,277.89 27.79%
1998 1,624.56 0.00 1,624.56 27.46%
Incept 1,561.72 0.00 1,561.72 18.35%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
AMERICAN - VALUE
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.176743 98.263 1998 10.176743 0.000 98.263 10.3308738 1,015.14
1998 9.232731 108.310 1998 9.232731 0.000 108.310 10.3308738 1,118.94
Incept 10.000000 100.000 N/A 0 0.000 100.000 10.3308738 1,033.09
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,015.14 0.00 1,015.14 1.51%
1998 1,118.94 0.00 1,118.94 5.78%
Incept 1,033.09 0.00 1,033.09 1.24%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.10851 90.021 1998 11.10851 -0.042 89.979 17.5878506 1,582.53
1998 8.273374 120.870 1998 8.273374 -0.057 120.771 17.5878506 2,124.10
Incept 10.000000 100.000 N/A 0 0.000 99.901 17.5878506 1,757.04
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -99.70 1,482.83 -0.47 1,482.36 48.24%
1998 90% X 7% -133.82 1,990.28 -0.47 1,989.81 41.06%
Incept 90% X 6% -94.88 1,662.16 -0.47 1,661.69 21.13%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - BIAM INT'L
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.580296 86.354 1998 11.580296 -0.041 86.313 12.54933607 1,083.18
1998 9.051483 110.479 1998 9.051483 -0.052 110.386 12.54933607 1,385.28
Incept 10.000000 100.000 N/A 0 0.000 99.907 12.54933607 1,253.77
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -68.24 1,014.94 -0.47 1,014.47 1.45%
1998 90% X 7% -87.27 1,298.01 -0.47 1,297.54 13.91%
Incept 90% X 6% -67.70 1,186.07 -0.47 1,185.60 6.64%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - GROWTH & INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 13.791703 72.507 1998 13.791703 -0.034 72.473 20.93158349 1,516.97
1998 10.203303 98.007 1998 10.203303 -0.046 97.927 20.93158349 2,049.76
Incept 10.000000 100.000 N/A 0 0.000 99.920 20.93158349 2,091.48
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -95.57 1,421.40 -0.47 1,420.93 42.10%
1998 90% X 7% -129.13 1,920.63 -0.47 1,920.16 38.57%
Incept 90% X 6% -112.94 1,978.54 -0.47 1,978.07 29.36%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - SMALL COMPANY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.955796 83.641 1998 11.955796 -0.039 83.602 21.30571962 1,781.19
1998 7.972597 125.430 1998 7.972597 -0.059 125.332 21.30571962 2,670.28
Incept 10.000000 100.000 N/A 0 0.000 99.902 21.30571962 2,128.48
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -112.21 1,668.98 -0.47 1,668.51 66.85%
1998 90% X 7% -168.23 2,502.05 -0.47 2,501.58 58.16%
Incept 90% X 6% -114.94 2,013.54 -0.47 2,013.07 30.22%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - New Generation
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10 100.000 1998 10 -0.047 99.953 10.39844384 1,039.36
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -65.48 973.88 -0.47 973.41 -2.61%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.10851 90.021 1998 11.10851 0.000 90.021 17.5878506 1,583.28
1998 8.273374 120.870 1998 8.273374 0.000 120.870 17.5878506 2,125.84
Incept 10.000000 100.000 N/A 0 0.000 100.000 17.5878506 1,758.79
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,583.28 0.00 1,583.28 58.33%
1998 2,125.84 0.00 2,125.84 45.80%
Incept 1,758.79 0.00 1,758.79 23.78%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - BIAM INT'L
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.580296 86.354 1998 11.580296 0.000 86.354 12.54933607 1,083.69
1998 9.051483 110.479 1998 9.051483 0.000 110.479 12.54933607 1,386.44
Incept 10.000000 100.000 N/A 0 0.000 100.000 12.54933607 1,254.93
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,083.69 0.00 1,083.69 8.37%
1998 1,386.44 0.00 1,386.44 17.75%
Incept 1,254.93 0.00 1,254.93 8.96%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - GROWTH & INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 13.791703 72.507 1998 13.791703 0.000 72.507 20.93158349 1,517.69
1998 10.203303 98.007 1998 10.203303 0.000 98.007 20.93158349 2,051.44
Incept 10.000000 100.000 N/A 0 0.000 100.000 20.93158349 2,093.16
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,517.69 0.00 1,517.69 51.77%
1998 2,051.44 0.00 2,051.44 43.23%
Incept 2,093.16 0.00 2,093.16 32.19%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
BERGER - New Generation
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10 100.000 1998 10 0.000 100.000 10.39844384 1,039.84
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,039.84 0.00 1,039.84 3.98%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - BALANCED
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 11.247694 88.907 1999 11.247694 -0.042 88.865 16.37488279 1,455.16
1998 9.383092 106.575 1998 9.383092 -0.050 106.483 16.37488279 1,743.65
Incept 10.000000 100.000 N/A 0 0.000 99.908 16.37488279 1,635.98
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -91.68 1,363.48 -0.47 1,363.01 36.30%
1998 90% X 7% -109.85 1,633.80 -0.47 1,633.33 27.80%
Incept 90% X 6% -88.34 1,547.64 -0.47 1,547.17 17.91%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - EQUITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 12.213792 81.875 1998 12.213792 -0.038 81.837 20.30595333 1,661.77
1998 8.500261 117.643 1998 8.500261 -0.055 117.549 20.30595333 2,386.95
Incept 10.000000 100.000 N/A 0 0.000 99.906 20.30595333 2,028.69
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -104.69 1,557.08 -0.47 1,556.61 55.66%
1998 90% X 7% -150.38 2,236.57 -0.47 2,236.10 49.54%
Incept 90% X 6% -109.55 1,919.14 -0.47 1,918.67 27.88%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - FIXED INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.192053 98.116 1998 10.192053 -0.046 98.070 10.77324267 1,056.53
1998 10.490913 95.321 1998 10.490913 -0.045 95.230 10.77324267 1,025.94
Incept 10.000000 100.000 N/A 0 0.000 99.909 10.77324267 1,076.34
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -66.56 989.97 -0.47 989.50 -1.05%
1998 90% X 7% -64.63 961.31 -0.47 960.84 -1.98%
Incept 90% X 6% -58.12 1,018.22 -0.47 1,017.75 0.67%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - GOVERNMENT SECURITIES
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.182598 98.207 1998 10.182598 -0.046 98.161 10.67167907 1,047.54
1998 10.575023 94.562 1998 10.575023 -0.044 94.471 10.67167907 1,008.17
Incept 10.000000 100.000 N/A 0 0.000 99.909 10.67167907 1,066.20
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -66.00 981.54 -0.47 981.07 -1.89%
1998 90% X 7% -63.51 944.66 -0.47 944.19 -2.83%
Incept 90% X 6% -57.57 1,008.63 -0.47 1,008.16 0.31%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - MONEY MARKET
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.58445 94.478 1998 10.58445 -0.044 94.434 11.05621109 1,044.08
1998 10.244389 97.614 1998 10.244389 -0.046 97.524 11.05621109 1,078.24
Incept 10.000000 100.000 N/A 0 0.000 99.910 11.05621109 1,104.62
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -65.78 978.30 -0.47 977.83 -2.21%
1998 90% X 7% -67.93 1,010.31 -0.47 1,009.84 0.49%
Incept 90% X 6% -59.65 1,044.97 -0.47 1,044.50 1.66%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - 20 Focus
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10 100.000 1998 10 -0.047 99.953 13.35775767 1,335.15
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -84.11 1,251.04 -0.47 1,250.57 25.12%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - HY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10 100.000 1998 10 -0.047 99.953 10.10236889 1,009.76
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -63.61 946.15 -0.47 945.68 -5.39%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - BALANCED
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 11.247694 88.907 1999 11.247694 0.000 88.907 16.37488279 1,455.84
1998 9.383092 106.575 1998 9.383092 0.000 106.575 16.37488279 1,745.15
Incept 10.000000 100.000 N/A 0 0.000 100.000 16.37488279 1,637.49
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,455.84 0.00 1,455.84 45.58%
1998 1,745.15 0.00 1,745.15 32.10%
Incept 1,637.49 0.00 1,637.49 20.48%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - EQUITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 12.213792 81.875 1998 12.213792 0.000 81.875 20.30595333 1,662.55
1998 8.500261 117.643 1998 8.500261 0.000 117.643 20.30595333 2,388.85
Incept 10.000000 100.000 N/A 0 0.000 100.000 20.30595333 2,030.60
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,662.55 0.00 1,662.55 66.25%
1998 2,388.85 0.00 2,388.85 54.56%
Incept 2,030.60 0.00 2,030.60 30.69%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - FIXED INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.192053 98.116 1998 10.192053 0.000 98.116 10.77324267 1,057.03
1998 10.490913 95.321 1998 10.490913 0.000 95.321 10.77324267 1,026.92
Incept 10.000000 100.000 N/A 0 0.000 100.000 10.77324267 1,077.32
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,057.03 0.00 1,057.03 5.70%
1998 1,026.92 0.00 1,026.92 1.34%
Incept 1,077.32 0.00 1,077.32 2.85%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - GOVERNMENT SECURITIES
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.182598 98.207 1998 10.182598 0.000 98.207 10.67167907 1,048.03
1998 10.575023 94.562 1998 10.575023 0.000 94.562 10.67167907 1,009.14
Incept 10.000000 100.000 N/A 0 0.000 100.000 10.67167907 1,067.17
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,048.03 0.00 1,048.03 4.80%
1998 1,009.14 0.00 1,009.14 0.46%
Incept 1,067.17 0.00 1,067.17 2.49%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - MONEY MARKET
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.58445 94.478 1998 10.58445 0.000 94.478 11.05621109 1,044.57
1998 10.244389 97.614 1998 10.244389 0.000 97.614 11.05621109 1,079.24
Incept 10.000000 100.000 N/A 0 0.000 100.000 11.05621109 1,105.62
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,044.57 0.00 1,044.57 4.46%
1998 1,079.24 0.00 1,079.24 3.89%
Incept 1,105.62 0.00 1,105.62 3.87%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - 20 Focus
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10 100.000 1998 10 0.000 100.000 13.35775767 1,335.78
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,335.78 0.00 1,335.78 33.58%
0.00
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
CST - HY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10 100.000 1998 10 0.000 100.000 10.10236889 1,010.24
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,010.24 0.00 1,010.24 1.02%
0.00
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - DISCIPLINED STOCK
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.975703 91.110 1998 10.975703 -0.043 91.067 12.55258033 1,143.13
1998 8.769816 114.027 1998 8.769816 -0.054 113.931 12.55258033 1,430.12
Incept 10.000000 100.000 N/A 0 0.000 99.904 12.55258033 1,254.05
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 90% X 7% -72.02 1,071.11 -0.47 1,070.64 7.07%
1998 90% X 7% -90.10 1,340.02 -0.47 1,339.55 15.74%
Incept 90% X 6% -67.72 1,163336 -0.47 1,185.86 7.30%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - INTERNATIONAL VALUE
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.901895 91.727 1998 10.901895 -0.043 91.684 10.79806246 990.01
1998 8.197612 121.987 1998 8.197612 -0.057 121.887 10.79806246 1,316.14
Incept 10.000000 100.000 N/A 0 0.000 99.900 10.79806246 1,078.72
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 90% X 7% -62.37 927.64 -0.47 927.17 -7.29%
1998 90% X 7% -82.92 1,233.22 -0.47 1,232.75 11.03%
Incept 90% X 7% -58.25 1,020.47 -0.47 1,020.00 0.83%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - SOCIALLY RESPONSIBLE GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 13.159979 75.988 1998 13.159979 -0.036 75.952 15.8528276 1,204.06
1998 9.933329 100.671 1998 9.933329 -0.047 100.588 15.8528276 1,594.60
Incept 10.000000 100.000 N/A 0 0.000 99.917 15.8528276 1,583.97
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 90% X 7% -75.86 1,128.20 -0.47 1,127.73 12.78%
1998 90% X 7% -100.46 1,494.14 -0.47 1,493.67 22.22%
Incept 90% X 7% -85.53 1,498.44 -0.47 1,497.97 16.48%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - STOCK INDEX
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 12.600263 79.363 1998 12.600263 -0.037 79.326 14.04340935 1,114.00
1998 10.032939 99.672 1998 10.032939 -0.047 99.588 14.04340935 1,398.55
Incept 10.000000 100.000 N/A 0 0.000 99.916 14.04340935 1,403.16
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -70.18 1,043.82 -0.47 1,043.35 4.34%
1998 90% X 7% -88.11 1,310.44 -0.47 1,309.97 14.45%
Incept 90% X 7% -75.77 1,327.99 -0.47 1,326.92 11.27%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - DISCIPLINED STOCK
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.975703 91.110 1998 10.975703 0.000 91.110 12.55258033 1,143.67
1998 8.769816 114.027 1998 8.769816 0.000 114.027 12.55258033 1,431.33
Incept 10.000000 100.000 N/A 0 0.000 100.000 12.55258033 1,255.26
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,143.67 0.00 1,143.67 14.37%
1998 1,431.33 0.00 1,431.33 19.64%
Incept 1,255.26 0.00 1,255.26 9.86%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - INTERNATIONAL VALUE
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.901895 91.727 1998 10.901895 0.000 91.727 10.79806246 990.47
1998 8.197612 121.987 1998 8.197612 0.000 121.987 10.79806246 1,317.22
Incept 10.000000 100.000 N/A 0 0.000 100.000 10.79806246 1,079.81
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 990.47 0.00 990.47 -0.95%
1998 1,317.22 0.00 1,317.22 14.77%
Incept 1,079.81 0.00 1,079.81 3.23%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - SOCIALLY RESPONSIBLE GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 13.159979 75.988 1998 13.159979 0.000 75.988 15.8528276 1,204.62
1998 9.933329 100.671 1998 9.933329 0.000 100.671 15.8528276 1,595.92
Incept 10.000000 100.000 N/A 0 0.000 100.000 15.8528276 1,585.28
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,204.62 0.00 1,204.62 20.46%
1998 1,595.92 0.00 1,595.92 26.33%
Incept 1,585.28 0.00 1,585.28 19.02%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
DREYFUS - STOCK INDEX
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 12.600263 79.363 1998 12.600263 0.000 79.363 14.04340935 1,114.53
1998 10.032939 99.672 1998 10.032939 0.000 99.672 14.04340935 1,399.73
Incept 10.000000 100.000 N/A 0 0.000 100.000 14.04340935 1,404.34
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,114.53 0.00 1,114.53 11.45%
1998 1,399.73 0.00 1,399.73 18.31%
Incept 1,404.34 0.00 1,404.34 13.69%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
FEDERATED - HIGH INCOME BOND
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.823409 101.798 1999 9.823409 -0.048 101.750 9.678277802 984.77
1998 9.649955 103.627 1998 9.649955 -0.049 103.530 9.678277802 1,002.00
Incept 10.000000 100.000 N/A 0 0.000 99.903 9.678277802 966.89
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -62.04 922.73 -0.47 922.26 -7.77%
1998 90% X 7% -63.13 938.87 -0.47 938.40 -3.13%
Incept 90% X 6% -52.21 914.68 -0.47 914.21 -3.33%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
FEDERATED - INT'L EQUITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 13.234161 75.562 1999 13.234161 -0.036 75.526 17.73620069 1,339.55
1998 10.018564 99.815 1998 10.018564 -0.047 99.733 17.73620069 1,768.88
Incept 10.000000 100.000 N/A 0 0.000 99.918 17.73620069 1,772.16
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -84.39 1,255.16 -0.47 1,254.69 25.47%
1998 90% X 7% -111.44 1,657.44 -0.47 1,656.97 28.72%
Incept 90% X 6% -95.70 1,676.46 -0.47 1,675.99 21.52%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
FEDERATED - UTILITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.084907 90.213 1999 11.084907 -0.042 90.171 11.2325068 1,012.84
1998 10.717236 93.308 1998 10.717236 -0.044 93.222 11.2325068 1,047.11
Incept 10.000000 100.000 N/A 0 0.000 99.914 11.2325068 1,122.28
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -63.81 949.03 -0.47 948.56 -5.14%
1998 90% X 7% -65.97 981.14 -0.47 980.67 -0.97%
Incept 90% X 6% -60.60 1,061.68 -0.47 1,061.21 2.27%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
FEDERATED - HIGH INCOME BOND
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.823409 101.798 1999 9.823409 0.000 101.798 9.678277802 985.23
1998 9.649955 103.627 1998 9.649955 0.000 103.627 9.678277802 1,002.93
Incept 10.000000 100.000 N/A 0 0.000 100.000 9.678277802 967.83
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 985.23 0.00 985.23 -1.48%
1998 1,002.93 0.00 1,002.93 0.15%
Incept 967.83 0.00 967.83 -1.23%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
FEDERATED - INT'L EQUITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 13.234161 75.562 1999 13.234161 0.000 75.562 17.73620069 1,340.18
1998 10.018564 99.815 1998 10.018564 0.000 99.815 17.73620069 1,770.34
Incept 10.000000 100.000 N/A 0 0.000 100.000 17.73620069 1,773.62
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,340.18 0.00 1,340.18 34.02%
1998 1,770.34 0.00 1,770.34 33.05%
Incept 1,773.62 0.00 1,773.62 24.17%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
FEDERATED - UTILITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.084907 90.213 1999 11.084907 0.000 90.213 11.2325068 1,013.32
1998 10.717236 93.308 1998 10.717236 0.000 93.308 11.2325068 1,048.08
Incept 10.000000 100.000 N/A 0 0.000 100.000 11.2325068 1,123.25
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,013.32 0.00 1,013.32 1.33%
1998 1,048.08 0.00 1,048.08 2.38%
Incept 1,123.25 0.00 1,123.25 4.49%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
INVESCO - HIGH YIELD
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.927962 100.726 1998 9.927962 -0.047 100.679 9.968371622 1,003.60
1998 9.296517 107.567 1998 9.296517 -0.051 107.469 9.968371622 1,071.29
Incept 10.000000 100.000 N/A 0 0.000 99.902 9.968371622 995.86
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -63.23 940.37 -0.47 939.90 -6.01%
1998 90% X 7% -67.49 1,003.80 -0.47 1,003.33 0.17%
Incept 90% X 6% -53.78 942.08 -0.47 941.61 -2.45%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
INVESCO - EQUITY INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.846905 92.192 1998 10.846905 -0.043 92.149 12.22835412 1,126.83
1998 9.130737 109.520 1998 9.130737 -0.051 109.425 12.22835412 1,338.09
Incept 10.000000 100.000 N/A 0 0.000 99.905 12.22835412 1,221.68
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90 % X 7% -70.99 1,055.84 -0.47 1,055.37 5.54%
1998 90 % X 7% -84.30 1,253.79 -0.47 1,253.32 11.95%
Incept 90 % X 6% -65.97 1,155.71 -0.47 1,155.24 6.15%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
INVESCO - HIGH YIELD
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.927962 100.726 1998 10.251437 0.000 100.726 9.968371622 1,004.07
1998 9.296517 107.567 1998 9.512365 0.000 107.567 9.968371622 1,072.27
Incept 10.000000 100.000 N/A 0 0.000 100.000 9.968371622 996.84
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,004.07 0.00 1,004.07 0.41%
1998 1,072.27 0.00 1,072.27 3.55%
Incept 996.84 0.00 996.84 -0.13%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
INVESCO - EQUITY INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.846905 92.192 1998 11.673618 0.000 92.192 12.22835412 1,127.36
1998 9.130737 109.520 1998 10.299751 0.000 109.520 12.22835412 1,339.25
Incept 10.000000 100.000 N/A 0 0.000 100.000 12.22835412 1,222.84
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,127.36 0.00 1,127.36 12.74%
1998 1,339.25 0.00 1,339.25 15.73%
Incept 1,222.84 0.00 1,222.84 8.68%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
JANUS - AGGRESSIVE GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 18.007534 55.532 1999 18.007534 -0.026 55.506 28.08729851 1,559.01
1998 9.586995 104.308 1998 9.586995 -0.049 104.233 28.08729851 2,927.62
Incept 10.000000 100.000 N/A 0 0.000 99.925 28.08729851 2,806.62
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -98.22 1,460.79 -0.47 1,460.32 46.03%
1998 90% X 7% -184.44 2,743.18 -0.47 2,742.71 65.61%
Incept 90% X 6% -151.56 2,655.06 0.00 2,655.06 44.55%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
JANUS - GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 14.603775 68.475 1999 14.603775 -0.032 68.443 18.31876428 1,253.79
1998 9.950327 100.499 1998 9.950327 -0.047 100.420 18.31876428 1,839.56
Incept 10.000000 100.000 N/A 0 0.000 99.921 18.31876428 1,830.42
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -78.99 1,174.80 -0.47 1,174.33 17.43%
1998 90% X 7% -115.89 1,723.67 -0.47 1,723.20 31.27%
Incept 90% X 6% -98.84 1,731.58 0.00 1,731.58 23.01%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
JANUS - WORLDWIDE GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 13.600545 73.526 1999 13.600545 -0.035 73.491 18.44136953 1,355.28
1998 9.869432 101.323 1998 9.869432 -0.048 101.241 18.44136953 1,867.02
Incept 10.000000 100.000 N/A 0 0.000 99.918 18.44136953 1,842.62
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -85.38 1,269.90 -0.47 1,269.43 26.94%
1998 90% X 7% -117.62 1,749.40 -0.47 1,748.93 32.25%
Incept 90% X 6% -99.50 1,743.12 0.00 1,743.12 23.32%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
JANUS - AGGRESSIVE GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 18.007534 55.532 1999 18.007534 0.000 55.532 28.08729851 1,559.74
1998 9.586995 104.308 1998 9.586995 0.000 104.308 28.08729851 2,929.73
Incept 10.000000 100.000 N/A 0 0.000 100.000 28.08729851 2,808.73
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,559.74 0.00 1,559.74 55.98%
1998 2,929.73 0.00 2,929.73 71.16%
Incept 2,808.73 0.00 2,808.73 47.73%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
JANUS - GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 14.603775 68.475 1999 14.603775 0.000 68.475 18.31876428 1,254.38
1998 9.950327 100.499 1998 9.950327 0.000 100.499 18.31876428 1,841.02
Incept 10.000000 100.000 N/A 0 0.000 100.000 18.31876428 1,831.88
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,254.38 0.00 1,254.38 25.44%
1998 1,841.02 0.00 1,841.02 35.68%
Incept 1,831.88 0.00 1,831.88 25.70%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
JANUS - WORLDWIDE GROWTH
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 13.600545 73.526 1999 13.600545 0.000 73.526 18.44136953 1,355.92
1998 9.869432 101.323 1998 9.869432 0.000 101.323 18.44136953 1,868.53
Incept 10.000000 100.000 N/A 0 0.000 100.000 18.44136953 1,844.14
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,355.92 0.00 1,355.92 35.59%
1998 1,868.53 0.00 1,868.53 36.69%
Incept 1,844.14 0.00 1,844.14 26.02%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
LAZARD - EQUITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.942097 91.390 1999 10.942097 -0.043 91.347 11.56965717 1,056.85
1998 9.216155 108.505 1998 9.216155 -0.051 108.411 11.56965717 1,254.28
Incept 10.000000 100.000 N/A 0 0.000 99.906 11.56965717 1,155.88
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -66.58 990.27 -0.47 989.80 -1.01%
1998 90% X 7% -79.02 1,175.26 -0.47 1,174.79 8.39%
Incept 90% X 6% -62.42 1,093.46 0.00 1,093.46 3.42%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
LAZARD - SMALL CAP
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.562809 104.572 1999 9.562809 -0.049 104.523 10.95430441 1,144.98
1998 8.331904 120.021 1998 8.331904 -0.056 119.915 10.95430441 1,313.59
Incept 10.000000 100.000 N/A 0 0.000 99.894 10.95430441 1,094.27
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -72.13 1,072.85 -0.47 1,072.38 7.24%
1998 90% X 7% -82.76 1,230.83 -0.47 1,230.36 10.92%
Incept 90% X 6% -59.09 1,035.18 0.00 1,035.18 1.30%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
LAZARD - EQUITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.942097 91.390 1999 10.942097 0.000 91.390 11.56965717 1,057.35
1998 9.216155 108.505 1998 9.216155 0.000 108.505 11.56965717 1,255.37
Incept 10.000000 100.000 N/A 0 0.000 100.000 11.56965717 1,156.97
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,057.35 0.00 1,057.35 5.74%
1998 1,255.37 0.00 1,255.37 12.04%
Incept 1,156.97 0.00 1,156.97 5.66%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
LAZARD - SMALL CAP
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.562809 104.572 1999 9.562809 0.000 104.572 10.95430441 1,145.51
1998 8.331904 120.021 1998 8.331904 0.000 120.021 10.95430441 1,314.75
Incept 10.000000 100.000 N/A 0 0.000 100.000 10.95430441 1,095.43
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,145.51 0.00 1,145.51 14.55%
1998 1,314.75 0.00 1,314.75 14.66%
Incept 1,095.43 0.00 1,095.43 3.50%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
LORD ABBETT - GROWTH & INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.311586 88.405 1999 11.311586 -0.042 88.363 13.07342803 1,155.21
1998 9.27281 107.842 1998 9.27281 -0.051 107.750 13.07342803 1,408.66
Incept 10.000000 100.000 N/A 0 0.000 99.908 13.07342803 1,306.14
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -72.78 1,082.43 -0.47 1,081.96 8.20%
1998 90% X 7% -88.75 1,319.91 -0.47 1,319.44 14.87%
Incept 90% X 6% -70.53 1,235.61 0.00 1,235.61 8.30%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
LORD ABBETT - GROWTH & INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 11.311586 88.405 1999 11.311586 0.000 88.405 13.07342803 1,155.76
1998 9.27281 107.842 1998 9.27281 0.000 107.842 13.07342803 1,409.86
Incept 10.000000 100.000 N/A 0 0.000 100.000 13.07342803 1,307.34
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,155.76 0.00 1,155.76 15.58%
1998 1,409.86 0.00 1,409.86 18.74%
Incept 1,307.34 0.00 1,307.34 10.66%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
MITCHELL HUTCHINS - GROWTH & INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.686335 93.577 1998 10.686335 -0.044 93.482 11.42374427 1,067.92
1998 9.249174 108.118 1998 9.249174 -0.051 108.067 11.42374427 1,234.53
Incept 10.000000 100.000 N/A 0 0.000 100.000 11.42374427 1,142.37
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -67.28 1,000.64 -0.47 1,000.17 0.07%
1998 90% X 7% -77.78 1,156.75 -0.47 1,156.28 7.53%
Incept 90% X 6% -61.69 1,080.68 0.00 1,080.68 2.92%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
MITCHELL HUTCHINS - GROWTH & INCOME
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.686335 93.577 1998 12.000004 0.000 93.577 11.42374427 1,069.00
1998 9.249174 108.118 1998 11.029509 0.000 108.118 11.42374427 1,235.11
Incept 10.000000 100.000 N/A 0 0.000 100.000 11.42374427 1,142.37
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,069.00 0.00 1,069.00 6.90%
1998 1,235.11 0.00 1,235.11 11.14%
Incept 1,142.37 0.00 1,142.37 5.16%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
NEUBERGER - LIMITED MATURITY BOND
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.233126 97.722 1998 10.233126 -0.046 97.676 10.56211092 1,031.67
1998 10.235333 97.701 1998 10.235333 -0.046 97.609 10.56211092 1,030.96
Incept 10.000000 100.000 N/A 0 0.000 99.908 10.56211092 1,055.24
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -65.00 966.67 -0.47 966.20 -3.38%
1998 90% X 7% -64.95 966.01 -0.47 965.54 -1.74%
Incept 90% X 6% -56.98 998.26 0.00 998.26 -0.08%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
NEUBERGER - PARTNERS
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.819952 101.833 1998 9.819952 -0.048 101.785 10.55126945 1,073.96
1998 8.727007 114.587 1998 8.727007 -0.054 114.485 10.55126945 1,207.97
Incept 10.000000 100.000 N/A 0 0.000 99.898 10.55126945 1,054.05
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -67.66 1,006.30 -0.47 1,005.83 .59%
1998 90% X 7% -76.10 1,131.87 -0.47 1,131.40 6.37%
Incept 90% X 6% -56.92 997.13 0.00 997.13 -0.12%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
NEUBERGER - LIMITED MATURITY BOND
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.233126 97.722 1998 10.233126 0.000 97.722 10.56211092 1,032.15
1998 10.235333 97.701 1998 10.235333 0.000 97.701 10.56211092 1,031.93
Incept 10.000000 100.000 N/A 0 0.000 100.000 10.56211092 1,056.21
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,032.15 0.00 1,032.15 3.21%
1998 1,031.93 0.00 1,031.93 1.58%
Incept 1,056.21 0.00 1,056.21 2.09%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
NEUBERGER - PARTNERS
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 9.819952 101.833 1998 9.819952 0.000 101.833 10.55126945 1,074.47
1998 8.727007 114.587 1998 8.727007 0.000 114.587 10.55126945 1,209.04
Incept 10.000000 100.000 N/A 0 0.000 100.000 10.55126945 1,055.13
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,074.47 0.00 1,074.47 7.45%
1998 1,209.04 0.00 1,209.04 9.96%
Incept 1,055.13 0.00 1,055.13 2.05%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
STRONG - MID CAP GROWTH II
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 16.272011 61.455 1998 16.272011 -0.029 61.426 25.85051722 1,587.90
1998 10.097978 99.030 1998 10.097978 -0.047 98.955 25.85051722 2,558.03
Incept 10.000000 100.000 N/A 0 0.000 99.925 25.85051722 2,583.10
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -100.04 1,487.86 -0.47 1,487.39 48.74%
1998 90% X 7% -161.16 2,396.87 -0.47 2,396.40 54.80%
Incept 90% X 6% -139.49 2,443.61 0.00 2,443.61 40.09%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
STRONG - OPPORTUNITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.324627 81.138 1998 12.324627 -0.038 81.100 15.16417111 1,229.81
1998 9.316248 107.339 1998 9.316248 -0.050 107.250 15.16417111 1,626.36
Incept 10.000000 100.000 N/A 0 0.000 99.911 15.16417111 1,515.07
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -77.48 1,152.33 -0.47 1,151.86 15.19%
1998 90% X 7% -102.46 1,523.90 -0.47 1,523.43 23.43%
Incept 90% X 6% -81.81 1,433.26 0.00 1,433.26 14.54%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
STRONG - MID CAP GROWTH II
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 16.272011 61.455 1998 16.272011 0.000 61.455 25.85051722 1,588.64
1998 10.097978 99.030 1998 10.097978 0.000 99.030 25.85051722 2,559.98
Incept 10.000000 100.000 N/A 0 0.000 100.000 25.85051722 2,585.05
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,588.64 0.00 1,588.64 58.86%
1998 2,559.98 0.00 2,559.98 60.00%
Incept 2,585.05 0.00 2,585.05 43.17%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
STRONG - OPPORTUNITY
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 12.324627 81.138 1998 12.324627 0.000 81.138 15.16417111 1,230.39
1998 9.316248 107.339 1998 9.316248 0.000 107.339 15.16417111 1,627.71
Incept 10.000000 100.000 N/A 0 0.000 100.000 15.16417111 1,516.42
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1,230.39 0.00 1,230.39 23.04%
1998 1,627.71 0.00 1,627.71 27.58%
Incept 1,516.42 0.00 1,516.42 17.04%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - WORLDWIDE BOND
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.262837 97.439 1998 10.262837 -0.046 97.393 9.595568153 934.54
1998 10.963029 91.216 1998 10.963029 -0.043 91.127 9.595568153 874.42
Incept 10.000000 100.000 N/A 0 0.000 99.911 9.595568153 958.71
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -58.88 875.66 -0.47 875.19 -12.48%
1998 90% X 7% -55.09 819.33 -0.47 818.86 -9.51%
Incept 90% X 6% -51.77 906.94 0.00 906.94 -3.64%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - EMERGING MARKETS
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 8.508411 117.531 1998 8.508411 -0.055 117.476 9.950003281 1,168.88
1998 5.590709 178.868 1998 5.590709 -0.084 178.729 9.950003281 1,778.35
Incept 10.000000 100.000 N/A 0 0.000 99.861 9.950003281 993.61
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -73.64 1,095.24 -0.47 1,094.77 9.48%
1998 90% X 7% -112.04 1,666.31 -0.47 1,665.84 29.07%
Incept 90% X 6% -53.65 939.96 0.00 939.96 -2.32%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - HARD ASSETS
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 8.205662 121.867 1998 8.205662 -0.057 121.810 9.062093854 1,103.85
1998 7.19932 138.902 1998 7.19932 -0.065 138.779 9.062093854 1,257.63
Incept 10.000000 100.000 N/A 0 0.000 99.877 9.062093854 905.10
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -69.54 1,034.31 -0.47 1,033.84 3.39%
1998 90% X 7% -79.23 1,178.40 -0.47 1,177.93 8.53%
Incept 90% X 6% -48.88 856.22 0.00 856.22 -5.70%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - REAL ESTATE TRUST
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 8.709816 114.813 1998 8.709816 -0.054 114.759 9.437128039 1,083.00
1998 8.236923 121.405 1998 8.236923 -0.057 121.294 9.437128039 1,144.67
Incept 10.000000 100.000 N/A 0 0.000 99.889 9.437128039 942.67
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 90% X 7% -68.23 1,014.77 -0.47 1,014.30 1.43%
1998 90% X 7% -72.11 1,072.56 -0.47 1,072.09 3.54%
Incept 90% X 6% -50.90 891.77 0.00 891.77 -4.25%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - WORLDWIDE BOND
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 10.262837 97.439 1998 10.262837 0.000 97.439 9.595568153 934.98
1998 10.963029 91.216 1998 10.963029 0.000 91.216 9.595568153 875.27
Incept 10.000000 100.000 N/A 0 0.000 100.000 9.595568153 959.56
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 934.98 0.00 934.98 -6.50%
1998 875.27 0.00 875.27 -6.44%
Incept 959.56 0.00 959.56 -1.55%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - EMERGING MARKETS
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 8.508411 117.531 1998 8.508411 0.000 117.531 9.950003281 1,169.43
1998 5.590709 178.868 1998 5.590709 0.000 178.868 9.950003281 1,779.74
Incept 10.000000 100.000 N/A 0 0.000 100.000 9.950003281 995.00
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,169.43 0.00 1,169.43 16.94%
1998 1,779.74 0.00 1,779.74 33.41%
Incept 995.00 0.00 995.00 -0.19%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - HARD ASSETS
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 8.205662 121.867 1998 8.205662 0.000 121.867 9.062093854 1,104.37
1998 7.19932 138.902 1998 7.19932 0.000 138.902 9.062093854 1,258.74
Incept 10.000000 100.000 N/A 0 0.000 100.000 9.062093854 906.21
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,104.37 0.00 1,104.37 10.44%
1998 1,258.74 0.00 1,258.74 12.19%
Incept 906.21 0.00 906.21 -3.65%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
VAN ECK - REAL ESTATE TRUST
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
9/30/00
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1998 8.709816 114.813 1998 8.709816 0.000 114.813 9.437128039 1,083.50
1998 8.236923 121.405 1998 8.236923 0.000 121.405 9.437128039 1,145.71
Incept 10.000000 100.000 N/A 0 0.000 100.000 9.437128039 943.71
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998 1,083.50 0.00 1,083.50 8.35%
1998 1,145.71 0.00 1,145.71 7.04%
Incept 943.71 0.00 943.71 -2.17%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
Rydex - NOVA
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 18.407580 54.325 1999 18.407580 (0.026) 54.299 17.572956 954.19
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90% X 7% -60.11 894.08 (0.47) 893.61 -10.64%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
Rydex - OTC
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 39.086082 25.585 1998 39.086082 (0.012) 25.573 36.494889 933.28
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90 % X 7% -58.80 874.48 (0.47) 874.01 -12.62%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
Seligman - Communications and Information
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.000000 100.000 1998 10.000000 (0.047) 99.953 7.735170 773.15
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90 % X 7% -48.71 724.44 (0.47) 723.97 -27.57%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
Seligman - Global Technology
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee -$0.47 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.000000 100.000 1998 10.000000 (0.047) 99.953 8.458632 845.47
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 90 % X 7% -53.26 792.21 (0.47) 791.74 -20.79%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "G"
Rydex - NOVA
INDIVIDUAL & GROUP PROSPECTUS - MONUMENT
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 18.407580 54.325 1999 18.407580 0.000 54.325 17.572956 954.65
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 954.65 0.00 954.65 -4.53%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "G"
Rydex - OTC
INDIVIDUAL & GROUP PROSPECTUS - MONUMENT
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 39.086082 25.585 1998 39.086082 0.000 25.585 36.494889 933.72
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1999 933.72 0.00 933.72 -6.63%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "G"
Seligman - Communications and Information
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.000000 100.000 1998 10.000000 0.000 100.000 7.735170 773.52
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 773.52 0.00 773.52 -22.65%
</TABLE>
<PAGE>
CONSECO VARIABLE INSURANCE COMPANY - ACCOUNT "F"
Seligman - Global Technology Portfolio
INDIVIDUAL & GROUP PROSPECTUS - CONSECO ADVANTAGE
AVERAGE ANNUAL TOTAL RETURN
09/30/2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Accumulated Unit Value Accumulated
Units Year of For Annual Units Deducted Total Total
End of Unit Purchased Admin Admin Fee For Annual Accum 09/30/00 Accum
Qtr Value For $1,000 Fee $0.00 Admin Fee Units Unit Value Value
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999 10.000000 100.000 1998 10.000000 0.000 100.000 8.458632 845.86
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Total Accum Value after Average Annual
Surrender Value after Full Deduction for Total Return
End of Charge Surrender Deduction for Surrender Admin Fee n
Qtr Calc Charge Surr Charge Admin Fee (ERV) P(1+T) = ERV
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1999 845.86 0.00 845.86 -15.41%
</TABLE>
