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Filed Pursuant to Rule 424(b)(5) Registration Statement No. 333-224830

The information in this prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanyingprospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is notpermitted.

SUBJECT TO COMPLETION, DATED MAY 28, 2019

Prospectus Supplement to Prospectus dated May 10, 2018.

$425,000,000

CNO Financial Group, Inc. % Senior Notes due 2029

CNOFinancialGroup,Inc.,aDelawarecorporation("CNO"),isoffering$425,000,000aggregateprincipalamountof%seniornotesdue2029(the"Notes").TheNoteswillmatureon,2029.CNOwillpayinterestontheNotesonandofeachyear,commencingon,2020.TheNoteswillbeissuedonlyinminimumdenominationsof$2,000andintegralmultiplesof$1,000inexcessthereof.Priorto,2029,CNOmayredeemsomeoralloftheNotesatanytimeorfromtimetotimeata"make-whole"redemptionpriceplusaccruedandunpaidinterest.Onorafter,2029,CNOmayredeemsomeoralloftheNotesatanytimeorfromtimetotimeataredemptionpriceequalto100%oftheprincipalamountofanyNotestoberedeemedplusaccruedandunpaidinterest.See"DescriptionoftheNotes—OptionalRedemption."

TheNoteswillbeCNO'sseniorunsecuredobligationsandwillrankequallywithCNO'sotherseniorunsecuredandunsubordinateddebtfromtimetotimeoutstanding.TheNoteswillbeeffectivelysubordinatedtoallofCNO'sfutureindebtednessthatissecured,totheextentofthevalueoftheassetssecuringsuchindebtedness.TheNoteswillbestructurallysubordinatedtoallexistingandfutureindebtednessandotherliabilitiesofCNO'ssubsidiaries.

See "Risk Factors" beginning on page S-17 to read about important factors you should consider before buying theNotes.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon theaccuracy or adequacy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

Per Note Total

Publicofferingprice % $

Underwritingdiscount* % $

Proceeds,beforeexpenses,toCNO % $

* Wereferyoutothe"Underwriting"sectionbeginningonpageS-52ofthisprospectussupplementforadditionalinformationregardingunderwritingcompensation.

Theinitialpublicofferingpricesetforthabovedoesnotincludeaccruedinterest,ifany.InterestontheNoteswillaccruefrom,2019andmustbepaidbythepurchasersifsuchNotesaredeliveredafter,2019.

TheunderwritersexpecttodelivertheNotesthroughthefacilitiesofTheDepositoryTrustCompanyagainstpaymentinNewYork,NewYorkon,2019.

JointBook-RunningManagers

Co-Managers

ProspectusSupplementdated,2019.

Goldman Sachs & Co. LLC Barclays KeyBanc Capital Markets RBC Capital Markets

BofA Merrill Lynch Deutsche Bank Securities

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Prospectus Supplement

Prospectus

Page AboutThisProspectusSupplement S-iiPresentationofFinancialData;Non-GaapFinancialMeasures S-iiIndustryandMarketData S-iiiWhereYouCanFindMoreInformation S-iiiIncorporationofCertainInformationbyReference S-ivForward-LookingStatements S-vSummary S-1RiskFactors S-17UseofProceeds S-24Capitalization S-25DescriptionofOtherIndebtedness S-26DescriptionofNotes S-29CertainUnitedStatesFederalIncomeandEstateTaxConsequencestoNon-U.S.Holders S-51CertainERISAConsiderations S-55Underwriting S-57ValidityofSecurities S-62Experts S-62

Page ABOUTTHISPROSPECTUS 1WHEREYOUCANFINDMOREINFORMATION 3INCORPORATIONOFCERTAININFORMATIONBYREFERENCE 4FORWARD-LOOKINGSTATEMENTS 5OURCOMPANY 8RISKFACTORS 9RATIOSOFEARNINGSTOFIXEDCHARGES 10USEOFPROCEEDS 11DESCRIPTIONOFDEBTSECURITIES 12DESCRIPTIONOFCAPITALSTOCK 22DESCRIPTIONOFDEPOSITARYSHARES 29DESCRIPTIONOFWARRANTS 32DESCRIPTIONOFPURCHASECONTRACTS 34DESCRIPTIONOFUNITS 34PLANOFDISTRIBUTION 35VALIDITYOFTHESECURITIES 37EXPERTS 37

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You should rely only on the information contained or incorporated by reference in this prospectus supplement, the accompanying prospectus or inany free writing prospectus filed by us with the Securities and Exchange Commission (the "SEC"). Neither we nor the underwriters have authorizedanyone else to provide you with different or additional information or make any representation other than what is contained or incorporated by referencein this prospectus supplement, the accompanying prospectus or in any free writing prospectuses we have prepared. If anyone provides you with differentor inconsistent information, you should not rely on it. Neither we nor the underwriters are making an offer to sell these securities in any jurisdictionwhere the offer and sale is not permitted. You should assume that the information in this prospectus supplement, the accompanying prospectus, any suchfree writing prospectus or any document incorporated by reference is accurate only as of the date of the applicable document. Our business, financialcondition, results of operations and prospects may have changed since that date.

It is expected that delivery of the Notes will be made against payment therefor on or about , 2019, which will be the business dayfollowing the date of pricing of the Notes (such settlement period being herein referred to as T+ ). Purchasers of Notes should be aware that the abilityto settle secondary market trades of the Notes effected on the date of pricing may be affected by the T+ settlement.

ABOUT THIS PROSPECTUS SUPPLEMENT

Asusedinthisprospectussupplement,unlessotherwisespecifiedorunlessthecontextindicatesotherwise,referencesinthisprospectussupplementto:

• "CNO"orthe"holdingcompany"referonlytoCNOFinancialGroup,Inc.onanunconsolidatedbasis.PriortoitsnamechangeinMay2010,CNOwasformerlyknownasConseco,Inc.,aDelawarecorporation.CNObecamethesuccessortoConseco,Inc.,anIndianacorporation(our"Predecessor"),inconnectionwithourbankruptcyreorganizationwhichbecameeffectiveonSeptember10,2003;and

• "CNOFinancialGroup,"the"Company,""we,""us,"and"our"refertoCNOanditssubsidiariesonaconsolidatedbasisor,whenthecontextrequiresotherwise,ourPredecessoranditssubsidiariesonaconsolidatedbasis.

Thisdocumentisintwoparts.Thefirstpartisthisprospectussupplementwhichcontainsspecificinformationaboutthetermsofthisoffering.Thisprospectussupplementalsoaddsandupdatesinformationcontainedintheaccompanyingprospectus.Thesecondpart,theaccompanyingprospectus,providesmoregeneralinformationaboutusandsecuritieswemayofferfromtimetotime,someofwhichmaynotapplytothisofferingofsecurities.Ifthereisanyinconsistencybetweentheinformationinthisprospectussupplementandtheaccompanyingprospectus,youshouldrelyontheinformationinthisprospectussupplement.

PRESENTATION OF FINANCIAL DATA; NON-GAAP FINANCIAL MEASURES

Unlessotherwisespecified,thefinancialdatafortheCompany(otherthanstatutorydata)includedorincorporatedbyreferenceinthisprospectussupplementhasbeenpreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStates("GAAP").Thestatutorydataincludedorincorporatedbyreferenceinthisprospectussupplementhasbeenderivedfromthestatementsfiledbyourinsurancesubsidiarieswithregulatoryauthoritiesandpreparedinaccordancewithstatutoryaccountingpractices,whichvaryincertainrespectsfromGAAP.Inaddition,wheresoindicatedinthisprospectussupplement,wehaveusedcertainfinancialmeasuresthatarenotcalculatedinaccordancewithGAAPtoassessthefinancialperformanceoftheCompany,includingAdjustedEBIT,netoperatingincomeanddebttototalcapitalratio(excludingaccumulatedothercomprehensiveincome).Weusesuchnon-GAAPfinancialmeasuresbecausewebelievethattheyaremeaningfulmeasuresof

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theCompany'sperformance.Ourmethodofcalculatingthesenon-GAAPfinancialmeasuresmaydifferfromthemethodsusedbyothercompaniesand,asaresult,thenon-GAAPfinancialmeasurespresentedinthisprospectussupplementmaynotbecomparabletoothersimilarlytitledmeasuresdisclosedbyothercompanies.See"Summary—SummaryHistoricalandUnauditedProFormaConsolidatedFinancialandOperatingData."

Priortothethirdquarterof2018,wemanagedourbusinessthroughthefollowingoperatingsegments:BankersLife,WashingtonNationalandColonialPenn,whicharedefinedonthebasisofproductdistribution;long-termcareinrun-off(consistingofthelong-termcarebusinessthatwasrecapturedduetotheterminationofcertainreinsuranceagreementseffectiveSeptember30,2016);andcorporateoperations,comprisedofholdingcompanyactivitiesandcertainnoninsurancecompanybusinesses.

OnSeptember27,2018,wecompletedalong-termcarereinsurancetransaction(the"ReinsuranceTransaction")pursuanttowhichourwholly-ownedsubsidiary,BankersLifeandCasualtyCompany,enteredintoanagreementwithWiltonReassuranceCompany("WiltonRe")tocedeallofitslegacy(priorto2003)comprehensiveandnursinghomelong-termcarepolicies(withstatutoryreservesof$2.7billion)through100%indemnitycoinsurance,asfurtherdescribedinthenoteentitled"Reinsurance"totheconsolidatedfinancialstatementsincorporatedbyreferencefromourAnnualReportonForm10-KfortheyearendedDecember31,2018.Inanticipationofthereinsuranceagreement,wereorganizedourbusinesssegmentstomovetheblocktobecededfromthe"BankersLifesegment"tothe"Long-termcareinrun-offsegment"inthethirdquarterof2018.Allpriorperiodsegmentdisclosuresincludedinthisprospectussupplementhavebeenrevisedtoconformtomanagement'scurrentviewoftheCompany'soperatingsegments.

Formoreinformation,seethesectionentitled"Summary—SummaryHistoricalandUnauditedProFormaConsolidatedFinancialandOperatingData"includedinthisprospectussupplementaswellastheinformationsetforthunder"Management'sDiscussionandAnalysisofConsolidatedFinancialConditionandResultsofOperations"incorporatedbyreferencefromourQuarterlyReportonForm10-QforthequarterendedMarch31,2019andourAnnualReportonForm10-KfortheyearendedDecember31,2018andtheCompany'sconsolidatedfinancialstatementsandrelatednotestheretoincorporatedbyreferenceintothisprospectussupplement.

INDUSTRY AND MARKET DATA

Wehaveobtainedsomeindustryandmarketsharedatafromthird-partysourcesthatwebelievearereliable.Inmanycases,however,wehavemadestatementsinthisprospectussupplementandthedocumentsincorporatedbyreferenceregardingourindustryandourpositionintheindustrybasedonestimatesmadefromourexperienceintheindustryandourowninvestigationofmarketconditions.Webelievetheseestimatestobeaccurateasofthedateofthisprospectussupplement.However,thisinformationmayprovetobeinaccuratebecauseofthemethodbywhichweobtainedsomeofthedataforourestimatesorbecausethisinformationcannotalwaysbeverifiedwithcompletecertaintyduetothelimitsontheavailabilityandreliabilityofrawdata,thevoluntarynatureofthedatagatheringprocessandotherlimitationsanduncertainties.Asaresult,youshouldbeawarethattheindustryandmarketdataincludedin,orincorporatedbyreferenceinto,thisprospectussupplement,andestimatesandbeliefsbasedonthatdata,maynotbereliable.Wecannot,andtheunderwriterscannot,guaranteetheaccuracyorcompletenessofanysuchinformation.

WHERE YOU CAN FIND MORE INFORMATION

CNOfilesreports,proxystatementsandotherinformationwiththeSEC.Thesereports,proxystatementsandotherinformationcanbereadandcopiedattheSEC'spublicreferenceroomat100FStreet,N.E.,Washington,D.C.20549.PleasecalltheSECat1-800-SEC-0330forfurther

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informationontheoperationofthepublicreferenceroom.TheSECmaintainsaninternetsiteatwww.sec.govthatcontainsreports,proxyandinformationstatementsandotherinformationregardingcompaniesthatfileelectronicallywiththeSEC,includingCNO.CNO'scommonstockislistedandtradingontheNewYorkStockExchange(the"NYSE")underthesymbol"CNO."Thesereports,proxystatementsandotherinformationcanalsobereadattheofficesoftheNYSE,11WallStreet,NewYork,NewYork10005.

WehavefiledwiththeSECaregistrationstatementundertheSecuritiesActof1933,asamended(the"SecuritiesAct")onFormS-3withrespecttotheNotesandcertainothersecurities.Thisprospectussupplementandtheaccompanyingprospectusdonotcontainalltheinformationsetforthintheregistrationstatementanditsexhibits,partsofwhichareomittedinaccordancewiththerulesandregulationsoftheSEC.ForfurtherinformationwithrespecttousandtheNotes,referenceismadetotheregistrationstatementandtotheexhibits.Statementsinthisprospectussupplementaboutthecontentsofanycontract,agreementorotherdocumentarenecessarilynotcompleteand,ineachinstance,wereferyoutothecopyofsuchcontract,agreementordocumentfiledasanexhibittotheregistrationstatement,witheachsuchstatementbeingqualifiedinallrespectbyreferencetothedocumenttowhichitrefers.

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

Inthisprospectussupplement,CNO"incorporatesbyreference"theinformationthatitfileswiththeSEC,whichmeansthatCNOcandiscloseimportantinformationtoyoubyreferringyoutoadocumentthatitfiledwiththeSEC.Theinformationsoincorporatedbyreferenceisconsideredtobeapartofthisprospectussupplement,andinformationthatCNOfileslaterwiththeSECwillautomaticallyupdateandsupersedethisinformation.Anyinformationcontainedinthisprospectussupplementupdatesand,whereapplicable,supersedestheinformationinthedocumentsincorporatedbyreferencehereinlistedbelow.CNOincorporatesbyreferencethedocumentslistedbelowandanyfilingsmadewiththeSECunderSections13(a),13(c),14or15(d)oftheSecuritiesExchangeActof1934,asamended(the"ExchangeAct")(excludinganyCurrentReportsonForm8-KcontaininganydisclosurepursuanttoItem2.02orItem7.01unlessotherwiseindicated),afterthedateofthisprospectussupplementanduntilthesettlementoftheofferingoftheNotes:

• AnnualReportonForm10-KfortheyearendedDecember31,2018;

• QuarterlyReportonForm10-QforthequarterendedMarch31,2019;

• PortionsofourDefinitiveProxyStatementonSchedule14AfiledonMarch27,2019thatareincorporatedbyreferenceintoPartIIIofourForm10-KforthefiscalyearendedDecember31,2018,filedonFebruary26,2019;and

• CurrentReportsonForm8-KfiledonMarch18,2019,April29,2019(solelywithrespecttoItem8.01therein),May10,2019andMay28,2019.

Anystatementcontainedinadocumentincorporatedordeemedtobeincorporatedbyreferenceinthisprospectussupplementandtheaccompanyingprospectuswillbedeemedtobemodifiedorsupersededtotheextentthatastatementcontainedhereinorinanyothersubsequentlyfileddocumentwhichalsoisorisdeemedtobeincorporatedbyreferenceinthisprospectussupplementmodifiesorsupersedesthatstatement.Anystatementsomodifiedorsupersededwillnotbedeemed,exceptassomodifiedorsuperseded,toconstituteapartofthisprospectussupplementandtheaccompanyingprospectus.

CNOwillprovidewithoutchargeuponwrittenororalrequest,acopyofanyorallofthedocumentsthatareincorporatedbyreferenceintothisprospectussupplement,otherthanexhibitstothosedocuments,unlessthoseexhibitsarespecificallyincorporatedbyreferenceintothosedocuments.RequestsshouldbedirectedtoCNOatInvestorRelations,CNOFinancialGroup,Inc.,11825N.PennsylvaniaStreet,Carmel,Indiana46032,(317)817-2893.YoumayalsoobtainthedocumentsincorporatedbyreferenceintothisprospectussupplementasofthedatehereofatCNO'swebsite,www.cnoinc.com.AllotherinformationcontainedonoraccessiblethroughCNO'swebsiteisnotapartofthisdocument.

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FORWARD-LOOKING STATEMENTS

Ourstatements,trendanalysesandotherinformationcontainedinthisprospectussupplementandthedocumentsincorporatedbyreferencecontainforward-lookingstatementswithinthemeaningofthefederalsecuritieslawsandthePrivateSecuritiesLitigationReformActof1995.Forward-lookingstatementstypicallyareidentifiedbytheuseoftermssuchas"anticipate,""believe,""plan,""estimate,""expect,""project,""intend,""may,""will,""would,""contemplate,""possible,""attempt,""seek,""should,""could,""goal,""target,""ontrack,""comfortablewith,""optimistic,""guidance,""outlook"andsimilarwords,althoughsomeforward-lookingstatementsareexpresseddifferently.Youshouldconsiderstatementsthatcontainthesewordscarefullybecausetheydescribeourexpectations,plans,strategiesandgoalsandourbeliefsconcerningfuturebusinessconditions,ourresultsofoperations,financialposition,andourbusinessoutlookortheystateother"forward-looking"informationbasedoncurrentlyavailableinformation.The"RiskFactors"sectionofourAnnualReportonForm10-KfortheyearendedDecember31,2018,whichisincorporatedbyreferenceintothisprospectussupplement,providesexamplesofrisks,uncertaintiesandeventsthatcouldcauseouractualresultstodiffermateriallyfromtheexpectationsexpressedinourforward-lookingstatements.Assumptionsandotherimportantfactorsthatcouldcauseouractualresultstodiffermateriallyfromthoseanticipatedinourforward-lookingstatementsinclude,amongotherthings:

• changesinorsustainedlowinterestratescausingreductionsininvestmentincome,themarginsofourfixedannuityandlifeinsurancebusinesses,andsalesof,anddemandfor,ourproducts;

• expectationsoflowerfutureinvestmentearningsmaycauseustoaccelerateamortization,writedownthebalanceofinsuranceacquisitioncostsorestablishadditionalliabilitiesforinsuranceproducts;

• generaleconomic,marketandpoliticalconditionsanduncertainties,includingtheperformanceandfluctuationsofthefinancialmarketswhichmayaffectthevalueofourinvestmentsaswellasourabilitytoraisecapitalorrefinanceexistingindebtednessandthecostofdoingso;

• theultimateoutcomeoflawsuitsfiledagainstusandotherlegalandregulatoryproceedingstowhichwearesubject;

• ourabilitytomakeanticipatedchangestocertainnon-guaranteedelementsofourlifeinsuranceproducts;

• ourabilitytoobtainadequateandtimelyrateincreasesonourhealthproducts,includingourlong-termcarebusiness;

• thereceiptofanyrequiredregulatoryapprovalsfordividendandsurplusdebentureinterestpaymentsfromourinsurancesubsidiaries;

• mortality,morbidity,theincreasedcostandusageofhealthcareservices,persistency,theadequacyofourpreviousreserveestimates,changesinthehealthcaremarketandotherfactorswhichmayaffecttheprofitabilityofourinsuranceproducts;

• changesinourassumptionsrelatedtodeferredacquisitioncostsorthepresentvalueoffutureprofits;

• therecoverabilityofourdeferredtaxassetsandtheeffectofpotentialownershipchangesandtaxratechangesontheirvalue;

• ourassumptionthatthepositionswetakeonourtaxreturnfilingswillnotbesuccessfullychallengedbytheInternalRevenueService;

• changesinaccountingprinciplesandtheinterpretationthereof;

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• ourabilitytocontinuetosatisfythefinancialratioandbalancerequirementsandothercovenantsofourdebtagreements;

• ourabilitytoachieveanticipatedexpensereductionsandlevelsofoperationalefficienciesincludingimprovementsinclaimsadjudicationandcontinuedautomationandrationalizationofoperatingsystems;

• performanceandvaluationofourinvestments,includingtheimpactofrealizedlosses(includingother-than-temporaryimpairmentcharges);

• ourabilitytoidentifyproductsandmarketsinwhichwecancompeteeffectivelyagainstcompetitorswithgreatermarketshare,higherratings,greaterfinancialresourcesandstrongerbrandrecognition;

• ourabilitytogeneratesufficientliquiditytomeetourdebtserviceobligationsandothercashneeds;

• changesincapitaldeploymentopportunities;

• ourabilitytomaintaineffectivecontrolsoverfinancialreporting;

• ourabilitytocontinuetorecruitandretainproductiveagentsanddistributionpartners;

• customerresponsetonewproducts,distributionchannelsandmarketinginitiatives;

• ourabilitytoachieveadditionalupgradesofourfinancialstrengthratingsandourinsurancecompanysubsidiariesaswellastheimpactofourratingsonourbusiness,ourabilitytoaccesscapital,andthecostofcapital;

• regulatorychangesoractions,includingthoserelatingtoregulationofthefinancialaffairsofourinsurancecompanies,suchasthecalculationofrisk-basedcapitalandminimumcapitalrequirements,andpaymentofdividendsandsurplusdebentureinteresttous;regulationofthesale,underwritingandpricingofproducts;andhealthcareregulationaffectinghealthinsuranceproducts;

• changesinthefederalincometaxlawsandregulationswhichmayaffectoreliminatetherelativetaxadvantagesofsomeofourproductsoraffectthevalueofourdeferredtaxassets;

• availabilityandeffectivenessofreinsurancearrangements,aswellastheimpactofanydefaultsorfailureofreinsurerstoperform;

• theperformanceofthirdpartyserviceprovidersandpotentialdifficultiesarisingfromoutsourcingarrangements;

• thegrowthrateofsales,collectedpremiums,annuitydepositsandassets;

• interruptionintelecommunication,informationtechnologyorotheroperationalsystemsorfailuretomaintainthesecurity,confidentialityorprivacyofsensitivedataonsuchsystems;

• eventsofterrorism,cyberattacks,naturaldisastersorothercatastrophicevents,includinglossesfromadiseasepandemic;

• ineffectivenessofriskmanagementpoliciesandproceduresinidentifying,monitoringandmanagingrisks;

• completionofthisoffering;and

• theriskfactorsoruncertaintieslistedfromtimetotimeinourfilingswiththeSEC.

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Otherfactorsandassumptionsnotidentifiedabovearealsorelevanttotheforward-lookingstatements,andiftheyproveincorrect,couldalsocauseactualresultstodiffermateriallyfromthoseprojected.

Allwrittenororalforward-lookingstatementsattributabletousareexpresslyqualifiedintheirentiretybytheforegoingcautionarystatement.Ourforward-lookingstatementsspeakonlyasofthedatemade.Weassumenoobligationtoupdateortopubliclyannouncetheresultsofanyrevisionstoanyoftheforward-lookingstatementstoreflectactualresults,futureeventsordevelopments,changesinassumptionsorchangesinotherfactorsaffectingtheforward-lookingstatements.

Thereportingofrisk-basedcapital("RBC")measuresisnotintendedforthepurposeofrankinganyinsurancecompanyorforuseinconnectionwithanymarketing,advertisingorpromotionalactivities.

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SUMMARY

ThissummaryhighlightsinformationcontainedelsewhereinthisprospectussupplementandthereforeisnotcompleteanddoesnotcontainalltheinformationthatyoushouldconsiderbeforeinvestingintheNotes.Youshouldreadthisentiredocumentcarefully,includingtheinformationundertheheading"RiskFactors"andtheotherinformationincludedin,orincorporatedbyreferenceinto,thisprospectussupplement,includingourfinancialstatementsandrelatednotes,beforemakinganinvestmentdecision.See"IncorporationofCertainInformationbyReference."

CNO Financial Group

CNOisaholdingcompanyforagroupofinsurancecompaniesoperatingthroughouttheUnitedStatesthatdevelop,marketandadministerhealthinsurance,annuity,individuallifeinsuranceandotherinsuranceproducts.

Wefocusonservingmiddle-incomepre-retireeandretiredAmericans,whichwebelieveareattractive,underserved,highgrowthmarkets.Wesellourproductsthroughthreedistributionchannels:careeragents,independentproducers(someofwhomselloneormoreofourproductlinesexclusively)anddirectmarketing.Oursubsidiariesgeneratestrongfreecashflowandwebenefitfromrecurringrevenues.AsofMarch31,2019,wehadapproximately3.2millioninsurancepoliciesinforceanda$23.7billioninvestmentportfolio,whichproviderecurringpremiumsandinvestmentincome,respectively.CNOisapubliclylistedcompany(NYSE:CNO)andhadamarketcapitalizationof$2.6billionasofMarch31,2019.

OnSeptember27,2018,wecompletedalong-termcarereinsurancetransaction(the"ReinsuranceTransaction")pursuanttowhichourwholly-ownedsubsidiary,BankersLifeandCasualtyCompany("BankersLife"),enteredintoanagreementwithWiltonRetocedeallofitslegacy(priorto2003)comprehensiveandnursinghomelong-termcarepolicies(withstatutoryreservesof$2.7billion)through100%indemnitycoinsurance.Thetransactionrepresented52%ofCNO'sstatutorylong-termcarereserves.TheReinsuranceTransactionwasatransformativestepforCNOandtheculminationofamulti-yearexplorationofstrategicalternatives.Itreducesriskandthepotentialfutureearningsvolatilityresultingfromthelegacyblockofbusiness.InanticipationofthecompletionoftheReinsuranceTransaction,wereorganizedourbusinesssegmentstomovetheblocktobecededfromthe"BankersLifesegment"tothe"Long-termcareinrun-offsegment"inthethirdquarterof2018.Allpriorperiodsegmentdisclosuresinthisprospectussupplementhavebeenrevisedtoconformtomanagement'scurrentviewoftheCompany'soperatingsegments.

ForthetwelvemonthsendedMarch31,2019,wehad$4.3billionofrevenuesandanetlossof$347.5million(includingalossof$661.1millionrelatedtotheReinsuranceTransaction).ForthetwelvemonthsendedMarch31,2019,onaproformabasistogiveeffecttoeventsthataredirectlyattributabletotheReinsuranceTransactionasiftheReinsuranceTransactionoccurredbeforeJanuary1,2018wegenerated$3.8billionofrevenuesand$304.0millionofnetincome.See"—SummaryHistoricalandUnauditedProFormaConsolidatedFinancialandOperatingData"forthecalculationofdataforthetwelvemonthsendedMarch31,2019.AtMarch31,2019,ourdebttototalcapitalratio(excludingaccumulatedothercomprehensiveincome)wouldhavebeen22.3%onanasadjustedbasistogiveeffecttothisoffering.

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OurSegmentsandProducts

ForthetwelvemonthsendedMarch31,2019,wehad$3.8billionofcollectedpremiums.ThefollowingchartssetforththepercentagesofpremiumscollectedduringthetwelvemonthsendedMarch31,2019bysegmentandproduct:

Note:$85.0millionofthecollectedpremiumsintheLong-termcareinrun-offsegmentrelatedtobusinessthatwascededtoWiltonRe.

Ourinsurancesegmentsaredescribedbelow:

• BankersLife:Underwrites,marketsanddistributesMedicaresupplementinsurance,interest-sensitivelifeinsurance,traditionallifeinsurance,fixedannuitiesandlong-termcareinsuranceproductstothemiddle-incomeseniormarketthroughadedicatedfieldforceofcareeragents,financialandinvestmentadvisors,andsalesmanagerssupportedbyanetworkofcommunity-basedsalesoffices.AtMarch31,2019,BankersLifehadover4,200producingagentswithover260locationsnationwide.

• WashingtonNational:Underwrites,marketsanddistributessupplementalhealthinsurance(includingspecifieddisease,accidentandhospitalindemnityinsuranceproducts)andlifeinsurancetomiddle-incomeconsumersathomeandattheworksiteprimarilythroughourwholly-ownedmarketingorganization(whichhadapproximately700producingagentsatMarch31,2019).

• ColonialPenn:Marketsprimarilygradedbenefitandsimplifiedissuelifeinsurancedirectlytocustomersintheseniormiddle-incomemarketthroughtelevisionadvertising,directmail,theinternetandtelemarketing.

• Long-termcareinrun-off:Consistsofblocksoflong-termcarebusinesswhicharenotactivelymarketedandhavebeenplacedinrun-off.Specificcomponentsinclude:(i)thelong-termcarebusinessthatwasrecapturedduetotheterminationofcertainreinsuranceagreementseffectiveSeptember30,2016(suchbusinesswasissuedoracquiredbyWashingtonNationalandBankersConsecoLifeInsuranceCompany);and(ii)certainlegacy(priorto2003)comprehensiveandnursinghomelong-termcarepolicies(suchbusinesswasissuedbyBankersLife)whichwascededinSeptember2018pursuanttotheReinsuranceTransaction.

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Ourproductsaredescribedbelow:

Ourhealthinsuranceproductsareprimarilycomprisedof:

• Medicaresupplementpolicies:coverageforvarioushospitalandmedicalexpensesthatarenotcoveredunderthefederalMedicareprogramandspecifiedlosseswhichexceedthefederalprogram'smaximumbenefits.WeprimarilymarketthepolicieswithafocusonindividualswhohaverecentlybecomeeligibleforMedicarebyreachingtheageof65.

• Long-termcarepolicies:coveragefornursinghomes,homehealthcare,oracombinationofboth.Inthethirdquarterof2018,weceasedsalesofhomehealthcareonlylong-termcarepolicies.Inaddition,weceasedsalesofcomprehensiveandnursinghomelong-termcarepolicieswithbenefitperiodsexceedingthreeyears.

• Supplementalhealthproducts:policiesprovidingfixedorlimitedhealthbenefitsforcriticalillnesses.

Ourannuityproductsareprimarilycomprisedof:

• Fixedindexannuities

• Otherfixedinterestannuities:fixedratesingle-premiumdeferredannuities,flexiblepremiumdeferredannuitiesandsingle-premiumimmediateannuities.

Ourlifeinsuranceproductsareprimarilycomprisedof:

• Interest-sensitivelifeproducts:universallifeandotherinterest-sensitivelifeproductsthatprovidelifeinsurancewithadjustableratesofreturnrelatedtocurrentinterestrates.

• Traditionallifeproducts:wholelife,gradedbenefitlife,termlifeandsinglepremiumwholelifeproducts.

Our Strengths

WellPositionedinMiddle-IncomeMarket,withSustainableGrowthInitiatives

Weareoneoftheleadingnationalprovidersoflifeandhealthinsuranceproductsfocusedprimarilyonmiddle-incomepre-retireeandretiredAmericans,whichwebelieveareattractive,underserved,highgrowthmarketsrelativetoothersegmentsoftheinsurancemarket.

Oursegmentedmarketstrategyandrecognizablebrandsaredesignedtocapitalizeontheseunderservedmarkets.Webelievethefollowingcapabilitiesareintegraltoexistingandcontinuedsuccessinthemarketsweserve:

• extensiveexperienceandunderstandingofthemiddle-incomemarketfromourhistoryofbeingaleadingproviderofprotectionandaccumulationproducts.

• differentiatedofferingviaatargetedmarketversusproductfocus.

• diversificationofproductsanddistributionchannels.

• positionedtohelpcustomerstoaddressmainconcernsofoutlivingtheirassetsanddealingwithrisinghealthcarecostsastheyage.

Tosupplementourstrongmiddle-incomemarketfocus,wehavedevelopedongoinginitiativestodriveprofitableexpansion,includingthelaunchofnewproducts.Theinitiativesarecenteredaroundourgrowthstrategytobroadenourdemographicreach,enhanceandexpandourproductportfolioandtocapitalizeonopportunitiestoinvestinourbusinessoracquisitiontransactions.

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Inadditiontoourgrowthinitiatives,wehaveanumberofstrategieswithineachofoursegmentstofurtherdriveorganicgrowthinthebusiness:

• BankersLife:continueexpandingandenhancingourbroker-dealerandregisteredinvestmentadvisorprogram,developouragencyforcewithenhancedagentsupportandtraining,andfocusonretainingexperiencedagents.

• WashingtonNational:broadenourgeographicreach,advanceworksitecapabilities,expandindependentdistributionandimprovebrandawareness.

• ColonialPenn:simplifyissueunderwritingenhancements,expandwebanddigitalpresenceandleveragelead-sharingcross-salesopportunities.

DiversifiedLiabilityPortfoliowithActiveRiskManagement

Weemployacomprehensiveriskmanagementstrategywhichisembeddedinouroperationsanddecisionmakingprocesses.Ourviewonriskandrisktolerancesarecontinuallyevaluatedandarecentraltoouroperations.Wefurthersupplementthiswithdisciplinedpricingandreviewofactuarialassumptions,company-widestresstestsandongoingmonitoringofemergingactuarialexperience,assetexposureandoperationalrisks.Weseektoreducelong-termcareriskbyfocusingonthesaleofshortdurationpoliciesanduseofreinsurance.

Wesignificantlyreducedourlong-termcareriskthroughtheReinsuranceTransaction.Thebelowshowsourreserves,netofreinsuranceandinsuranceintangibles,asofSeptember27,2018,beforeandaftertheReinsuranceTransaction:

HighQualityInvestmentPortfolio

Ourinvestmentportfolioisprimarilycomprisedofhighqualityfixedmaturitysecuritieswithminimalexposuretotheequitymarkets,with$19.5billion,or82.2%,ofourinvestmentsinfixedmaturityinvestmentsandonly$40.8million,or0.2%,inequitysecuritiesatMarch31,2019.Thebalanceoftheportfolioisheldinmortgageloansandotherinvestedassets.AsofMarch31,2019,60.1%ofourfixedmaturitysecuritieswerecorporatesecurities,10.5%weremunicipalsecurities,8.8%werecommercialmortgage-backedsecuritiesand20.6%wereinotherassetclasses.Also,88.7%ofourfixedmaturityportfoliowascomprisedofinvestmentgradesecuritiesand95.7%ofourfixedmaturitieswereNAIC1or2ratedsecurities,eachasofMarch31,2019.

AsofMarch31,2019,wehad$24.4billionofinvestedassetsandcashwhichgenerated$355.8millionofnetinvestmentincomeduringthequarterendedMarch31,2019.Theinvestmentportfoliowasina$963.8millionnetunrealizedgainpositionasofMarch31,2019.

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Inadditiontomonitoringtheoverallqualityofourinvestments,weactivelymanageinterestrateriskbymanagingthedurationsandcashflowsofourfixedmaturityinvestmentsalongwiththoseoftherelatedinsuranceliabilities.

LiquidityandCashFlow

CNOisorganizedinaholdingcompanystructure,asistypicalforinsurancecompanies.Theholdingcompanyreceivessignificantcashflowsfromitsinsurancesubsidiariesconsistingofdividends,interestpaymentsonsurplusdebenturesandadministrativeandinvestmentfees.Thenetcashflowoftheholdingcompany(excludingcapitaltransactions)was$348.8million,$341.7millionand$258.7millionin2016,2017and2018,respectively.

Theholdingcompanyhasreceivedover$200millionofdividendpaymentsfromitsinsurancesubsidiariesineachofthelastthreeyears.Inaddition,theholdingcompanyreceived$134.6million,$164.9millionand$167.1millionin2016,2017and2018,respectively,frommanagementandinvestmentfeesandinterestonsurplusdebentures.Ourconsolidatedcashflowsfurtherbenefitfromreducedcashtaxpaymentsduetosignificantnetoperatinglosscarryforwards.

Wemaychoosetoretaincapitalinourinsurancesubsidiariesortocontributeadditionalcapitaltoourinsurancesubsidiariestomaintainorstrengthentheirsurplus(whichmayberequiredtosupportthegrowthinthebusiness),andthesedecisionscouldlimittheamountavailabletopaydividendstotheholdingcompany.In2018,forexample,wemadeacapitalcontributiontoouroperatingsubsidiariesof$265.0millionrelatedtotheReinsuranceTransaction.Thiscontributionreducedourcashflowtotheholdingcompanyin2018buttheReinsuranceTransactionmeaningfullyreducedourexposuretolong-termcarebusiness.

See"—SummaryHistoricalandUnauditedProFormaConsolidatedFinancialandOperatingData"foradditionaldetail.

PositiveRatingsMomentum

CNO'sprogresshasbeenrecognizedbytheratingsagencies,withfourupgradesinaggregatesincethebeginningof2015fromMoody'sInvestorServices,Inc.("Moody's"),FitchRatings("Fitch")andA.M.BestCompany("A.M.Best").OnOctober4,2018,Moody'supgradedourissuercreditandseniordebtratingstoBaa3fromBa1,andtheoutlookfortheseratingsisstable.FollowingtheannouncementoftheReinsuranceTransaction,onAugust2,2018,Standard&Poor'sCorporation("S&P")affirmedourissuercreditandseniorcreditratingofBB+andreviseditsoutlookfortheseratingstopositivefromstable.AlsoonAugust2,2018,FitchaffirmedourissuercreditandseniordebtratingsofBB+,andrevisedtheoutlookfortheseratingstopositivefromstable.OnJanuary9,2019,A.M.Bestaffirmedourissuercreditandseniordebtratingofbbb-,andtheoutlookfortheseratingsisstable.*

Our Strategic Direction

Ourmissionistoenrichlivesbyprovidingfinancialsolutionsthathelpprotectthehealthandretirementneedsofmiddle-incomeAmericans,whilebuildingenduringvalueforallourstakeholders.Weremaincommittedtoourstrategicprioritiestogrowthefranchise,launchnewproductsandservices,expandtotherighttoreachslightlyyounger,wealthierconsumerswithinthemiddlemarket,anddeployexcesscapitaltoitshighestandbestuse.

Ourmiddle-marketfocusanddiversedistributionisakeystrengthandopportunityforCNO.WehavecareeragentsatBankersLife,wholly-ownedandindependentdistributorsatWashingtonNational

* Asecuritiesratingisnotarecommendationtobuy,sellorholdsecuritiesandmaybesubjecttorevisionorwithdrawalatanytime.

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andadirect-to-consumerbusinessatColonialPenntoreachconsumersaccordingtotheirpreferences.Ourproductportfoliomixiswell-alignedtotheretirement,healthcare,supplementalhealthandincomeaccumulationneedsofworking-ageconsumersaswellasthoseinandnearretirement.AsAmericanslivelongerintotheirretirementyears,consumersneedholisticretirementincomeplanning,whichincludesourinsuranceandannuitysolutions,andtheinvestmentsofferedbyourbroker-dealerandgrowingforceofregisteredinvestmentadvisors.Specifically,wearefocusedonthefollowingpriorities:

Growth

• maximizeourproductportfoliotoensureitmeetsourcustomers'needsforintegratedproductsandadvicecoveringabroadrangeoftheirfinancialgoals

• respondeffectivelytoevolvingcustomerpreferences

• expandandenhanceelementsofourbroker-dealerandregisteredinvestmentadvisorprogram

• continueour"expandtotheright"strategytoreachslightlyyoungerandwealthierconsumerswithinthemiddle-incomemarket

• increasethespeed-to-marketfornewproductsthatareagoodfitforourcustomers

• makestrategic,measuredchangestoourbusinesspracticestoimproveourcompetitiveadvantage

• continuetoinvestintechnologytosupportagentproductivityandrelationshipswithourcustomers

Increaseprofitabilityandreturnonequity

• maintainourstrongcapitalpositionandfavorablefinancialmetrics

• worktoincreaseourreturnonequity

• maintainpricingdiscipline

Effectivelymanageriskanddeploycapital

• maintainanactiveenterpriseriskmanagementprocess

• utilizeexcesscashflowtomaximizelong-termreturns

• maintainacompetitivedividendpayoutratio

Continuetoinvestintalent

• attract,retainanddevelopthebesttalenttohelpusdrivesustainablegrowth

• recruit,developandretainouragentforce

Web Benefits Design Corporation Acquisition

OnApril29,2019,weacquiredprivately-ownedWebBenefitsDesignCorporation("WBD"),aleadingonlinebenefitsadministrationfirmwithaproprietarytechnologyplatformforemployerbenefitprograms.WBDoffersafull-service,integratedemployeebenefitsadministrationsolution,distributedthroughanetworkofindependentbrokersandadirectsalesforce.Thepurchasepricewasapproximately$66millionwithanadditionalearn-outifcertainfinancialtargetsareachieved.

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Redemption of Existing 2020 Notes

OnMay28,2019,weissuedtotheholdersofour4.500%SeniorNotesdue2020(the"Existing2020Notes")aconditionalnoticeofredemptionofall$325.0millionaggregateprincipalamountofourExisting2020NotesattheredemptionpricespecifiedintheindenturegoverningtheExisting2020Notes.TheredemptionoftheExisting2020Notesisconditioneduponthereceiptofnetproceedsfromadebtfinancingtransactioninanaggregateamountatleastequaltotheamountrequiredtopaytheredemptionprice.See"UseofProceeds."

Ourprincipalexecutiveofficesarelocatedat11825N.PennsylvaniaStreet,Carmel,Indiana46032,andourtelephonenumberatthislocationis(317)817-6100.Ourwebsiteiswww.cnoinc.com.Informationonourwebsiteisnotpartofthisprospectussupplementortheaccompanyingprospectus.OurcommonstockislistedontheNYSEunderthesymbol"CNO."

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THE OFFERING

Thefollowingisabriefsummaryofthetermsandconditionsofthisoffering.Itdoesnotcontainalloftheinformationthatyouneedtoconsiderinmakingyourinvestmentdecision.TounderstandallofthetermsandconditionsoftheofferingoftheNotes,youshouldcarefullyreadthisentireprospectussupplement,aswellastheaccompanyingprospectusandthedocumentsincorporatedbyreference.

Issuer CNOFinancialGroup,Inc.,aDelawarecorporation

Notesoffered$425.0millionaggregateprincipalamountofseniornotes.

Maturitydate,2029.

Interestrate%perannum.

InterestpaymentdatesInterestontheNoteswillbepaidsemi-annuallyonandofeachyear,beginningon,2020.

RankingTheNoteswillbeCNO'sseniorunsecuredobligationsandwillrankequallywithCNO'sotherseniorunsecuredandunsubordinateddebtfromtimetotimeoutstanding,includingobligationsunderourrevolvingcreditagreement.TheNoteswillbeeffectivelysubordinatedtoallofCNO'sfutureindebtednessthatissecured,totheextentofthevalueoftheassetssecuringsuchindebtedness.TheNoteswillbestructurallysubordinatedtoallexistingandfutureindebtednessandotherliabilitiesofCNO'ssubsidiaries.

AsofMarch31,2019,onanadjustedbasisaftergivingeffecttotheofferingandouruseofthenetproceedstherefromasdescribedunder"UseofProceeds,"CNOwouldhavehad$925.0millioninaggregateprincipalamountoftotalindebtedness,noneofwhichwouldhavebeensecuredandallofwhichwouldhaverankedequallyinrightofpaymentwiththeNotes.Inaddition,asofMarch31,2019,CNO'ssubsidiarieshad$25.9billionofinvestmentborrowings,policyholderobligationsandotherliabilities(excludingintercompanyliabilities),allofwhichwouldbestructurallyseniortotheNotes.

OptionalRedemptionPriorto,2029,wemayredeemtheNotes,inwholeorinpart,atanytimeorfromtimetotime,ataredemptionpriceequaltothegreaterof:

• 100%oftheprincipalamountoftheNotesbeingredeemed;or

• thesumofthepresentvaluesoftheremainingscheduledpaymentsofprincipalandinterestontheNotestoberedeemed(exclusiveofinterestaccruedto,butnotincluding,thedateofredemption)discountedtothedateofredemptiononasemi-annualbasis(assuminga360-dayyearconsistingoftwelve30-daymonths)atarateequaltothesumoftheTreasuryRate(asdefinedinthe"DescriptionofNotes")plusbasispoints,

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plusaccruedandunpaidinterestto,butnotincluding,theredemptiondate.Onorafter,2029,wemayredeemtheNotes,inwholeorinpart,atanytimeorfromtimetotime,ataredemptionpriceequalto100%oftheprincipalamountoftheNotestoberedeemed,plusaccruedandunpaidinterestto,butnotincluding,theredemptiondate.See"DescriptionofNotes—OptionalRedemption."

RepurchaseattheOptionoftheHoldersUponChangeofControlRepurchaseEvent

IfCNOexperiencesaChangeofControlRepurchaseEvent(asdefinedinthe"DescriptionofNotes"),CNOwillberequiredtomakeanoffertorepurchasetheNotesatapriceequalto101%oftheprincipalamountthereof,plusaccruedandunpaidinterestto,butnotincluding,thedateofsuchrepurchase.IntheeventthattheNotesreceiveinvestmentgradecreditratings,thiscovenantwillceasetoapply.See"DescriptionofNotes—RepurchaseattheOptionofHoldersChangeofControlRepurchaseEvent"and"DescriptionofNotes—CertainCovenants."

CertainCovenants

TheindenturethatwillgoverntheNotes(the"Indenture")willcontaincovenantsforyourbenefit.Thesecovenantswillrestrictourability,withcertainexceptions,to:

• createliens;

• disposeofcapitalstockofcertainsubsidiaries;and

• consolidateormergewithorintoothercompaniesortransferallorsubstantiallyallofourassets.

Thesecovenantswillbesubjecttoanumberofimportantqualificationsandexceptions.See"DescriptionofNotes."

NoListing;NoPriorMarket

CNOdoesnotintendtolisttheNotesonasecuritiesexchangeorquotethemonanautomateddealerquotationsystem.TheNotesareanewissueofsecuritiesandthereiscurrentlynoestablishedtradingmarketfortheNotes.AnactiveorliquidmarketmaynotdevelopfortheNotes.

AdditionalNotes

CNOmay,withoutnoticetoorconsentoftheholdersoftheNotes,createandissuefurthernotesrankingequallyandratablyinallrespectswiththeNotes,sothatsuchfurthernoteswillbeconsolidatedandformasingleserieswiththeNotesandwillhavethesametermsastostatus,redemptionorotherwiseastheNotes.

UseofProceeds

Weestimatethatthenetproceedsfromthisoffering,afterdeductingtheunderwriters'discountsandestimatedofferingexpensespayablebyus,willbeapproximately$420.0million.

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Weintendtousethenetproceedsfromthisoffering,togetherwithcashonhand,(i)toredeemouroutstandingExisting2020Notes,(ii)torepayamountsoutstandingunderourrevolvingcreditfacility(the"RevolvingCreditFacility"),and(iii)topayfeesandexpensesrelatedtothisoffering.See"UseofProceeds."

RiskFactorsYoushouldcarefullyconsiderallinformationin,orincorporatedbyreferenceinto,thisprospectussupplement.Inparticular,youshouldevaluatethespecificrisksdescribedinthesectionentitled"RiskFactors"inthisprospectussupplementforadiscussionofrisksrelatingtoaninvestmentintheNotes.PleasereadthatsectioncarefullybeforeyoudecidewhethertoinvestintheNotes.

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Summary Historical and Unaudited Pro Forma Consolidated Financial and Operating Data

ThefollowingtablesetsforthsummaryhistoricalandunauditedproformaconsolidatedfinancialandoperatingdataforCNOFinancialGroup,Inc.asofthedatesandfortheperiodsindicated.Wehavepreparedthesummaryhistoricalfinancialandoperatingdata,otherthanstatutorydata,inconformitywithGAAP(the"GAAPData").WehavederivedthesummaryGAAPData:(i)asofDecember31,2018and2017andforthethreeyearsendedDecember31,2018fromourauditedconsolidatedfinancialstatementsincorporatedbyreferenceintothisprospectussupplement,(ii)asofDecember31,2016fromourauditedconsolidatedfinancialstatementsnotincludedinthisprospectussupplement,(iii)asofMarch31,2019andforthethreemonthsendedMarch31,2019andMarch31,2018fromourunauditedconsolidatedfinancialstatementsincorporatedbyreferenceintothisprospectussupplementand(iv)asofMarch31,2018fromourunauditedconsolidatedfinancialstatementsnotincludedinthisprospectussupplement.

TheunauditedproformacondensedconsolidatedfinancialdataforthetwelvemonthsendedMarch31,2019wasderivedfromourunauditedproformacondensedconsolidatedfinancialstatementscontainedinourCurrentReportonForm8-KfiledonMay28,2019,incorporatedbyreferenceintothisprospectussupplementandtheproformaadjustmentsgiveeffecttoeventsthataredirectlyattributabletotheReinsuranceTransactionasiftheReinsuranceTransactionoccurredbeforeJanuary1,2018.TheunauditedproformacondensedconsolidatedfinancialdataispresentedbasedoninformationavailableuponclosingoftheReinsuranceTransactionandisnotreflectiveofourresultsofoperationsduringthetwelvemonthsendedMarch31,2019hadtheReinsurancetransactionoccurredbeforeJanuary1,2018.Additionally,theunauditedproformacondensedconsolidatedfinancialdatadoesnotreflectfutureeventsthatarenotdirectlyattributabletotheReinsuranceTransaction.Actualresultsduringfutureperiodsmayvarysignificantlyfromtheresultsreflectedintheunauditedproformacondensedconsolidatedfinancialdataincludedherein.

Intheopinionofmanagement,theunauditedfinancialdataforinterimperiodsreflectalladjustments,consistingonlyofnormalandrecurringadjustments,necessaryforafairpresentationoftheresultsforthoseperiods.Operatingresultsforinterimperiodsarenotnecessarilyindicativeoftheresultsthatmaybeexpectedfortheentirefiscalyear.

ThehistoricalandproformadataforthetwelvemonthsendedMarch31,2019havebeenderivedbysubtractingthedataforthethreemonthsendedMarch31,2018fromthedatafortheyearendedDecember31,2018,andaddingthecorrespondingdataforthethreemonthsendedMarch31,2019.WeconsidertheunauditedproformafinancialresultsforthetwelvemonthsendedMarch31,2019tobemorerepresentativeofourcurrentoperationsthanthefinancialresultsforthefiscalyearendedDecember31,2018,sincetheunauditedproformafinancialresultsforthetwelvemonthsendedMarch31,2019reflecttheproformaimpactsoftheReinsuranceTransactionforthemostrecentlycompletedtwelvemonthperiod.

Wehavederivedthestatutorydatafromthestatementsfiledbyourinsurancesubsidiarieswithregulatoryauthoritiesandhavepreparedthestatutorydatainaccordancewithstatutoryaccountingpractices,whichvaryincertainrespectsfromGAAP.

TheasadjustednetoperatingincomeforthetwelvemonthsendedMarch31,2019giveseffecttothisofferingandouruseofproceedstherefromasifthisofferinghadoccurredonApril1,2018andtheasadjusteddebttototalcapitalratio(excludingaccumulatedothercomprehensiveincome)asofMarch31,2019giveseffecttothisofferingandouruseofproceedstherefromasifthisofferinghadoccurredonMarch31,2019.

Thedatashouldbereadinconjunctionwiththesectionsentitled"PresentationofFinancialData;Non-GAAPFinancialMeasures,""UseofProceeds"and"Capitalization"includedinthisprospectussupplementaswellastheinformationsetforthunder"Management'sDiscussionandAnalysisof

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ConsolidatedFinancialConditionandResultsofOperations"incorporatedbyreferencefromourQuarterlyReportonForm10-QforthequarterendedMarch31,2019andourAnnualReportonForm10-KfortheyearendedDecember31,2018andourconsolidatedfinancialstatementsandrelatednotesincorporatedbyreferenceintothisprospectussupplement.

Pro Forma Twelve Months Ended

March 31, 2019

Three Months Ended

March 31,

Twelve Months Ended

March 31, 2019

Year Ended December 31,

2016 2017 2018 2018 2019 (dollars in millions) StatementofOperationsData:

Insurancepolicyincome $ 2,601.1 $ 2,647.3 $ 2,593.1 $ 659.9 $ 619.5 $ 2,552.5 $ 2,465.1Netinvestmentincome 1,325.2 1,551.3 1,306.2 341.9 355.8 1,320.1 1,225.0Netrealizedinvestmentgains(losses) 8.3 50.3 352.1 (15.2) 16.1 383.4 18.5

Totalrevenues 3,985.1 4,297.2 4,313.5 1,007.8 1,023.0 4,328.7 3,791.3Interestexpense 116.4 123.7 149.8 33.6 41.0 157.2 157.2Totalbenefitsandexpenses 3,631.9 3,816.7 4,578.3 899.7 957.4 4,636.0 3,406.6Income(loss)beforeincometaxes 353.2 480.5 (264.8) 108.1 65.6 (307.3) 384.7

Incometaxexpense(benefit) (5.0) 304.9 50.2 23.8 13.8 40.2 80.7Netincome(loss) 358.2 175.6 (315.0) 84.3 51.8 (347.5) 304.0

BalanceSheetData—atPeriodEnd:

Totalinvestments $ 26,237.6 $ 27,854.1 $ 22,995.4 $ 27,416.0 $ 23,679.2 Totalassets 31,975.2 33,110.3 31,439.8 32,809.1 32,314.4 Notespayable—directcorporateobligations(a) 912.9 914.6 916.8 915.1 917.3

Totalliabilities 27,488.3 28,262.8 28,068.9 28,191.9 28,476.5 Shareholders'equity 4,486.9 4,847.5 3,370.9 4,617.2 3,837.9

StatutoryData—atPeriodEnd:

Statutorycapitalandsurplus $ 1,956.8 $ 1,904.4 $ 1,652.8 $ 1,918.9 $ 1,717.4 Assetvaluationreserve 253.3 246.8 233.3 264.7 248.0 Totalstatutorycapitalandsurplusandassetvaluationreserve 2,210.1 2,151.2 1,886.1 2,183.6 1,965.4

OtherKeyMetrics: Netoperatingincome(b) $ 262.5 $ 300.9 $ 303.1 $ 73.9 $ 65.8 $ 295.0 $ 286.7AdjustedEBIT(b) 456.1 501.2 429.2 106.8 95.5 417.9 407.0Debttototalcapitalratio(excludingaccumulatedothercomprehensiveincome)(c) 19.1% 20.1% 22.3% 19.7% 22.4

Statutorynetgain(loss)fromoperationsbeforenetrealizedcapitalgains(d) $ 286.3 $ 362.2 $ (337.1) $ 51.5 $ 83.3

AggregateRBCratio(e) 459% 446% 393% 427% 416%

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As Adjusted Twelve Months Ended March 31, 2019

(dollars in millions) OtherKeyMetrics: Netoperatingincome(b) $ 292.5Debttototalcapitalratio(excludingaccumulatedothercomprehensiveincome)(c) 22.3%

(a) Notespayable—directcorporateobligationsconsistofindebtednessoutstandingunderourRevolvingCreditFacility,theExisting2020Notesandour5.250%SeniorNotesdue2025(the"Existing2025Notes"),lessunamortizeddebtissuancecosts.

(b) NetoperatingincomeandAdjustedEBITarenon-GAAPmeasureswhicharecalculatedassetforthbelow.

WepresentnetoperatingincomeandAdjustedEBITbecausemanagementbelievesthattheseperformancemeasuresarebetterindicatorsoftheongoingbusinessesandtrendsinourbusiness.Netoperatingincomeispresentedasearningsbefore:(i)lossonreinsurancetransaction,includingimpactoftaxes;(ii)netrealizedinvestmentgainsorlossesfromsalesandimpairments,netofrelatedamortizationandtaxes;(iii)netchangeinmarketvalueofinvestmentsrecognizedinearnings,netoftaxes;(iv)fairvaluechangesduetofluctuationsintheinterestratesusedtodiscountembeddedderivativeliabilitiesrelatedtoourfixedindexannuities,netofrelatedamortizationandtaxes;(v)fairvaluechangesandamendmentrelatedtotheagentdeferredcompensationplan,netoftaxes;(vi)lossonextinguishmentofdebt,netoftaxes;(vii)changesinthevaluationallowancefordeferredtaxassetsandothertaxitems;and(viii)othernon-operatingitemsconsistingprimarilyofearningsattributabletovariableinterestentities.Managementbelievessuchmeasureisimportanttoevaluatethefinancialperformanceofthecompany,andisakeymeasurecommonlyusedinthelifeinsuranceindustry.Managementusesthismeasuretoevaluateperformancebecausetheitemsexcludedfromnetoperatingincomecanbeaffectedbyeventsthatareunrelatedtothecompany'sunderlyingfundamentals.AdjustedEBITispresentedasnetoperatingincomeexcludingcorporateinterestexpenseandincometaxexpense.Inaddition,managementusesthesenon-GAAPfinancialmeasuresinitsbudgetingprocess,financialanalysisofsegmentperformanceandinassessingtheallocationofresources.Webelievethesenon-GAAPfinancialmeasuresenhanceaninvestor'sunderstandingofourfinancialperformanceandallowsthemtomakemoreinformedjudgmentsabouttheCompanyasawhole.Thesemeasuresalsohighlightoperatingtrendsthatmightnototherwisebeapparent.However,netoperatingincomeandAdjustedEBITarenotmeasurementsoffinancialperformanceunderGAAPandshouldnotbeconsideredasalternativestocashflowfromoperatingactivities,asmeasuresofliquidity,orasalternativestonetincomeasmeasuresofouroperatingperformanceoranyothermeasuresofperformancederivedinaccordancewithGAAP.Inaddition,netoperatingincomeandAdjustedEBITshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems.NetoperatingincomeandAdjustedEBIThavelimitationsasanalyticaltools,andyoushouldnotconsidersuchmeasureseitherinisolationorassubstitutesforanalyzingourresultsasreportedunderGAAP.OurdefinitionsandcalculationofnetoperatingincomeandAdjustedEBITarenotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

Netoperatingincome,asadjusted,forthetwelvemonthsendedMarch31,2019adjustsforinterestexpenseforthetwelvemonthsendedMarch31,2019asifthisofferingandouruseofproceedstherefromhadoccurredonApril1,2018.

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ThetablebelowreconcilesAdjustedEBITandnetoperatingincometonetincome(loss),thecorrespondingGAAPmeasure:

Pro Forma Twelve Months Ended

March 31, 2019

Three Months Ended

March 31,

Twelve Months Ended

March 31, 2019

2016 2017 2018 2018 2019 (dollars in millions) AdjustedEBIT: BankersLife $ 375.6 $ 367.5 $ 340.6 $ 77.5 $ 63.1 $ 326.2 $ 322.8WashingtonNational 102.9 98.3 121.9 34.3 30.5 118.1 118.1ColonialPenn 1.7 22.6 14.8 (1.5) (1.4) 14.9 14.9Long-termcareinrun-off 18.4 53.1 22.9 12.0 2.5 13.4 5.9AdjustedEBITfrombusinesssegments 498.6 541.5 500.2 122.3 94.7 472.6 461.7

Corporateoperations,excludingcorporateinterestexpense (42.5) (40.3) (71.0) (15.5) 0.8 (54.7) (54.7)AdjustedEBIT 456.1 501.2 429.2 106.8 95.5 417.9 407.0

Corporateinterestexpense (45.8) (46.5) (48.0) (11.9) (12.1) (48.2) (48.2)Operatingearningsbeforetaxes 410.3 454.7 381.2 94.9 83.4 369.7 358.8

Taxexpenseonoperatingincome 147.8 153.8 78.1 21.0 17.6 74.7 72.1Netoperatingincome 262.5 300.9 303.1 73.9 65.8 295.0 286.7

Netrealizedinvestmentgains(losses)fromsalesandimpairments(netofrelatedamortization) 9.0 34.3 37.9 0.5 (0.7) 36.7 35.2

Netchangeinmarketvalueofinvestmentsrecognizedinearnings (1.4) 15.0 (48.8) (15.7) 16.6 (16.5) (16.5)

Fairvaluechangesinembeddedderivativeliabilities(netofrelatedamortization) 9.6 (2.5) 55.5 25.1 (29.6) 0.8 0.8

Fairvaluechangesandamendmentrelatedtoagentdeferredcompensationplan 3.1 (12.2) 11.9 — (5.3) 6.6 6.6

Lossrelatedtoreinsurancetransaction(1) (75.4) — (704.2) — — (704.2) —

Other (2.0) (8.8) 1.7 3.3 1.2 (0.4) (0.2)Non-operatingincome(loss)beforetaxes (57.1) 25.8 (646.0) 13.2 (17.8) (677.0) 25.9

Incometaxexpense(benefit): Onnon-operatingincome(loss) (20.0) 9.0 (135.7) 2.8 (3.8) (142.3) 5.6Valuationallowancefordeferredtaxesandothertaxitems (132.8) 142.1 107.8 — — 107.8 3.0

Netnon-operatingincome(loss) 95.7 (125.3) (618.1) 10.4 (14.0) (642.5) 17.3Netincome(loss) $ 358.2 $ 175.6 $ (315.0) $ 84.3 $ 51.8 $ (347.5) $ 304.0

(1) InSeptember2016,weterminatedthereinsuranceagreementswithBeechwoodReLtd.andrecapturedthecededbusiness.InSeptember2018,wecompletedtheReinsuranceTransaction.Bothtransactionsarefurtherdescribedinthenoteentitled"SummaryofSignificantAccountingPolicies—Reinsurance"totheconsolidatedfinancialstatementsincorporatedbyreferencefromourAnnualReportonForm10-KfortheyearendedDecember31,2018.

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(c) Thedebttototalcapitalratio(excludingaccumulatedothercomprehensiveincome)isanon-GAAPfinancialmeasurewhichiscalculatedassetforthbelow.Managementbelievesthisnon-GAAPfinancialmeasureisusefulbecauseitremovesthevolatilitythatarisesfromchangesinaccumulatedothercomprehensiveincome.Suchvolatilityisoftencausedbychangesintheestimatedfairvalueofourinvestmentportfolioresultingfromchangesingeneralmarketinterestratesratherthanthebusinessdecisionsmadebymanagement.However,thismeasuredoesnotreplacethecorrespondingGAAPmeasure.

Thedebttototalcapitalratio(excludingaccumulatedothercomprehensiveincome),asadjusted,asofMarch31,2019,iscalculatedasifthisofferingandouruseofproceedstherefromhadoccurredonMarch31,2019.Accordingly,notespayable—directcorporateobligationsonanasadjustedbasisasofMarch31,2019,havedecreasedby$3.6milliontoreflectanincreaseinunamortizeddebtissuancecostswiththeprincipalamountofdebtremainingthesame,andshareholders'equityhasdecreasedby$5.1milliontoreflectthelossonextinguishmentofdebt.

As of December 31, As of March 31,

As Adjusted

March 31, 2019

2016 2017 2018 2018 2019 (dollars in millions) DebttoTotalCapitalRatio: Notespayable—directcorporateobligations $ 912.9 $ 914.6 $ 916.8 $ 915.1 $ 917.3 $ 913.7

Totalshareholders'equity 4,486.9 4,847.5 3,370.9 4,617.2 3,837.9 3,832.8Totalcapital $ 5,399.8 $ 5,762.1 $ 4,287.7 $ 5,532.3 $ 4,755.2 $ 4,746.5Debttototalcapitalratio 16.9% 15.9% 21.4% 16.5% 19.3% 19.2%Debttototalcapitalratio(excludingaccumulatedothercomprehensiveincome):

Notespayable—directcorporateobligations $ 912.9 $ 914.6 $ 916.8 $ 915.1 $ 917.3 $ 913.7

Totalshareholders'equity 4,486.9 4,847.5 3,370.9 4,617.2 3,837.9 3,832.8Lessaccumulatedothercomprehensiveincome (622.4) (1,212.1) (177.7) (894.3) (654.9) (654.9)

Totalcapitalasadjusted $ 4,777.4 $ 4,550.0 $ 4,110.0 $ 4,638.0 $ 4,100.3 $ 4,091.6Debttototalcapitalratio(excludingaccumulatedothercomprehensiveincome) 19.1% 20.1% 22.3% 19.7% 22.4% 22.3%

(d) BasedonstatutoryaccountingpracticesprescribedorpermittedbyregulatoryauthoritiesforCNO'sinsurancesubsidiariesafterappropriateeliminationofintercompanyaccountsamongsuchsubsidiaries.SuchaccountingpracticesdifferfromGAAP.

(e) OurRevolvingCreditFacilityrequiresthatwemaintainanaggregateRBCratioinexcessof250%.TheaggregateRBCratioiscalculatedquarterlyasone-halfoftheratioof(a)theaggregateTotalAdjustedCapitalforCNO'sinsurancesubsidiaries(asdefinedbytheapplicableregulatorofeachofCNO'sinsurancesubsidiaries),to(b)theaggregateAuthorizedControlLevelRisk-BasedCapitalforsuchinsurancesubsidiaries(asdefinedbytheapplicableregulatorofeachofCNO'sinsurancesubsidiaries).See"BusinessofCNO—GovernmentalRegulation"inourForm10-KfortheyearendedDecember31,2018incorporatedbyreferenceherein.

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Thetablebelowshowsthesourcesofcashandinvestmentsheldbytheholdingcompany,CNO,andtheusesforsuchcashandinvestments:

Twelve Months Ended

March 31, 2019

2016 2017 2018 (dollars in millions) Holding Company Cash Flows, Excluding Capital Transactions Dividendsfrominsurancesubsidiaries $ 274.3 $ 357.7 $ 213.9 $ 234.9Managementandinvestmentfees 78.6 108.1 108.9 111.4Surplusdebentureinterest 56.0 56.8 58.2 58.8Earningsoncorporateinvestments 34.1 16.6 14.6 16.0Dividendsfromnon-insurancesubsidiaries 16.5 5.8 11.0 19.0Other 7.8 6.1 7.9 24.2Holding Company Sources of Cash, Excluding Capital

Transactions 467.3 551.1 414.5 464.3Holdingcompanyexpensesandother (34.3) (62.4) (72.6) (66.9)Intercompanytaxsettlements (40.7) (31.8) (12.4) (21.8)Taxpayments — (71.3) (26.0) (6.0)Interestexpense (43.5) (43.9) (44.8) (44.9)Cash Flow to Holding Company, Excluding Capital Transactions 348.8 341.7 258.7 324.7Contributiontoinsurancesubsidiaries(a) (200.0) — (265.0) (265.0)Dividendpaymentstostockholders (54.8) (59.6) (64.8) (65.8)Sharerepurchases (206.7) (166.1) (100.9) (141.9)Net Change in Holding Company Cash (112.7) 116.0 (172.0) (148.0)Non-cashchangesininvestmentbalances (5.9) 17.0 (4.2) (0.1)Cashandinvestments,beginningofperiod 382.2 263.6 396.6 377.9Cash and Investments, End of Period $ 263.6 $ 396.6 $ 220.4 $ 229.8

(a) CNOmadecapitalcontributionsof:(i)$200.0millionin2016asaresultofthetransactioninvolvingthelong-termcarebusinessthatwasrecapturedduetotheterminationofcertainreinsuranceagreementseffectiveSeptember30,2016;and(ii)$265.0millioninSeptember2018relatedtotheReinsuranceTransaction.

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RISK FACTORS

YourinvestmentintheNotesinvolvesrisks.Youshouldcarefullyconsidertherisksdescribedbelow,therisksdescribedunderthe"RiskFactors"sectionofourAnnualReportonForm10-KfortheyearendedDecember31,2018,whichisincorporatedbyreferenceintothisprospectussupplement,aswellastheotherinformationincludedorincorporatedbyreferenceinthisprospectussupplement,beforemakinganinvestmentdecision.Ourbusiness,financialconditionorresultsofoperationscouldbemateriallyadverselyaffectedbyanyoftheserisks,andyoumayloseallorpartofyourinvestment.Inaddition,pleaseread"Forward-LookingStatements"inthisprospectussupplementwherewedescribeadditionaluncertaintiesassociatedwithourbusiness.Pleasenotethatadditionalrisksnotpresentlyknowntousorthatwecurrentlydeemimmaterialmayalsoimpairourbusinessandoperations.

Risks Relating to Our Indebtedness and the Notes

TheNoteswillnotbeguaranteedbyoursubsidiariesand,asaresult,theNoteswillbestructurallysubordinatedtoallliabilitiesofoursubsidiaries.

TheNoteswillnotbeguaranteedbyanyofoursubsidiariesandwillbestructurallysubordinatedtotheexistingandfutureindebtednessandotherliabilitiesofoursubsidiaries.Oursubsidiariesareseparateanddistinctlegalentities.Becauseweareaholdingcompany,ourrighttoparticipateinanydistributionofassetsofanyofoursubsidiaries,uponanysubsidiary'sliquidationorreorganizationorotherwise,issubjecttothepriorclaimsofthatsubsidiary'screditors,excepttotheextentthatwemayberecognizedasacreditorofthatsubsidiary.Theapplicableinsurancelawsofthejurisdictionwhereeachofourinsurancesubsidiariesisdomiciledwouldgovernanyproceedingsrelatingtothatinsurancesubsidiary.Theinsuranceauthorityofthatjurisdictionwouldactasaliquidatororrehabilitatorforthesubsidiary.Bothcreditorsandpolicyholdersofthesubsidiarywouldbeentitledtopaymentinfullfromthesubsidiary'sassetsbeforewe,asashareholder,wouldbeentitledtoreceiveanydistributionfromthesubsidiarywhichwemightapplytomakepaymentsofprincipalandinterestontheNotesorourotherindebtedness.

Intheeventofanydefaultbyanysubsidiaryunderanycreditarrangementorotherindebtedness,itscreditorscouldacceleratethatindebtednesssothatallamountsbecomedueandpayablepriortothatsubsidiarydistributingamountstousthatcouldhavebeenusedtomakepaymentsontheNotes.Inaddition,ifwecausedanyinsurancecompanysubsidiarytopayadividendtoustopayobligationsontheNotes,andthatdividendweredeterminedtohavebeeneithermadeinbreachoftherelevantcorporatelawsorafraudulenttransfer,holdersoftheNotesmayberequiredtoreturnthepaymenttothatsubsidiary'screditors.AsofMarch31,2019,oursubsidiarieshad$25.9billionofinvestmentborrowings,policyholderobligationsandotherliabilities(excludingintercompanyliabilities)thatwouldhavebeenstructurallyseniortotheNotes.

Accordingly,ourobligationsundertheNoteswillbestructurallysubordinatedtoallexistingandfutureindebtednessandliabilitiesofoursubsidiaries,includinginsurancepolicy-relatedliabilities,andyou,asholdersoftheNotes,shouldlookonlytoourassetsforpaymentundertheNotes.

TheNoteswillnotbesecuredandwillbesubjecttopriorclaimsofoursecuredcreditors.AnyfuturecollateralsecuringtheNotesmaynotprovideyouwithmeaningfulprotection.Ifadefaultoccurs,wemaynothavesufficientfundstofulfillourobligationsundertheNotes.

TheNoteswillnotbesecuredbyanyofourassetsandwillbeeffectivelyjuniorinrightofpaymenttotheextentoftherealizablevalueofanycollateralpledgedwithrespecttoanysecuredindebtedness.AsofMarch31,2019,onanasadjustedbasisaftergivingeffecttothisofferingandouruseofthenetproceedstherefrom,wewouldhavehad$925.0millionoftotalindebtedness,noneofwhichwouldhavebeensecuredindebtedness.TheIndenturewillpermitusandoursubsidiariesto

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incursecureddebtunderspecifiedcircumstances.Ourassetsandtheassetsofoursubsidiarieswillbesubjecttopriorclaimsbyanysecuredcreditors.Intheeventofourbankruptcy,liquidation,reorganization,dissolutionorotherwindingup,assetsthatsecuredebtwillbeavailabletopayobligationsontheNotesonlyafteralldebtsecuredbythoseassetshasbeenrepaidinfull.IfweincuranyadditionalobligationsthatrankequallywiththeNotes,includingtradepayables,theholdersofthoseobligationswillbeentitledtoshareratablywithyouinanyproceedsdistributeduponourbankruptcy,liquidation,reorganization,dissolutionorotherwindingup.Thismayhavetheeffectofreducingtheamountofproceedspaidtoyou.Iftherearenotsufficientassetsremainingtopayallthesecreditors,thenalloraportionoftheNotesthenoutstandingwouldremainunpaid.

OursubstantialdebtobligationscouldadverselyaffectourfinancialconditionandpreventusfromfulfillingourobligationsundertheNotes.

Wehaveasignificantamountofindebtedness.AsofMarch31,2019,onanasadjustedbasisaftergivingeffecttothisofferingandouruseofthenetproceedstherefrom,ourindebtednesswouldhavebeen$925.0million.

Subjecttothelimitscontainedinagreementsgoverningouroutstandingindebtedness,wemaybeabletoincuradditionaldebtfromtimetotimetofinanceworkingcapital,capitalexpenditures,investmentsoracquisitions,orforotherpurposes.Ifwedoso,therisksrelatedtoourhighlevelofdebtcouldintensify.OurhighlevelofdebtcouldhaveimportantconsequencestotheholdersoftheNotes,includingthefollowing:

• makingusmorevulnerabletounfavorableeconomicconditionsandareductioninourrevenues;

• makingitmoredifficultforustosatisfyourobligationswithrespecttotheNotes,theExisting2025Notes,theRevolvingCreditFacilityandourotherdebt;

• limitingourabilitytoobtainadditionalfinancingforworkingcapital,capitalexpenditures,acquisitionsandgeneralcorporatepurposes;

• requiringasubstantialportionofourcashflowstobededicatedtodebtservicepaymentsinsteadofotherpurposes;

• increasingourvulnerabilitytogeneraladverseeconomicandindustryconditions;

• limitingourflexibilityinplanningforandreactingtochangesintheindustryinwhichwecompete;

• exposingustotheriskofincreasedinterestratesundercertainofourborrowings,includingborrowingsunderourrevolvers,whichareatvariableratesofinterest;

• limitingourabilitytoborrowadditionalamountsforworkingcapital,capitalexpenditures,debtservicerequirements,executionofourgrowthstrategy,orotherpurposes,includingincurringadditionalindebtedness;

• makingitmoredifficultforustopursuestrategicacquisitions,jointventures,alliancesandcollaborations;

• placingusatadisadvantagecomparedtoother,lessleveragedcompetitors;and

• increasingourcostofborrowing.

Ourabilitytoserviceourindebtednesswilldependonourfutureperformance,whichwillbeaffectedbyprevailingeconomicconditionsandfinancial,business,regulatoryandotherfactors.Someofthesefactorsarebeyondourcontrol.Ifwecannotgeneratesufficientcashflowfromoperationstoserviceourindebtednessandtomeetourotherobligationsandcommitments,wemayberequiredtorefinanceourdebtortodisposeofassetstoobtainfundsforsuchpurpose.Wecannotassureyouthat

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debtrefinancingorassetdispositionscouldbecompletedonatimelybasisoronsatisfactoryterms,ifatall,orwouldbepermittedbythetermsofourdebtinstruments.

TheIndenturewillcontaincovenantsthatrestrictourandcertainofoursubsidiaries'abilitytoincurliens,disposeofcapitalstockofourinsurancesubsidiaries,orconsolidate,mergewith,orconvey,transferorleasesubstantiallyalloftheirassetsto,anotherperson,andtheindenturegoverningtheExisting2025Notesalsoincludescovenantsthatrestrictourandcertainofoursubsidiaries'abilitytoenterintosaleandleasebacktransactionsandtheabilityofcertainofoursubsidiariestoincurindebtednesswithoutalsoguaranteeingtheNotes.Ourfailuretocomplywithanyofthesecovenantscouldresultintheaccelerationofouroutstandingindebtedness.Ifaccelerationoccurs,wewouldnotbeabletorepayourdebtanditisunlikelythatwewouldbeabletoborrowsufficientadditionalfundstorefinanceourdebt.Evenifnewfinancingismadeavailabletous,itmaynotbeavailableonacceptableorreasonableterms.Anaccelerationofourindebtednesswouldimpairourabilitytooperateasagoingconcern.

Weandoursubsidiariesmaybeabletoincursubstantialadditionaldebt.Thiscouldfurtherexacerbatetherisksassociatedwithourcurrentdebtlevels.

Weandoursubsidiariesmaybeabletoincursubstantialadditionalindebtednessinthefuture.ThetermsoftheIndentureandourotheragreementsgoverningourdebtdonotprohibitusoroursubsidiariesfromincurringadditionaldebt.Ifnewdebtisaddedtoourandoursubsidiaries'currentdebtlevels,therelatedrisksthatweandtheynowfacecouldintensifyandourabilitytosatisfyourobligationswithrespecttotheNotescouldbeadverselyaffected.

Toserviceourindebtedness,wewillrequireasignificantamountofcash.Ourabilitytogeneratecashdependsonmanyfactorsbeyondourcontrol,andanyfailuretomeetourdebtserviceobligationscouldharmourbusiness,financialconditionandresultsofoperations.

Ourabilitytomakepaymentsonandtorefinanceourindebtedness,includingtheExisting2025NotesandtheNotes,andtofundworkingcapitalneedsandplannedcapitalexpenditureswilldependonourabilitytogeneratecashinthefuture.This,toacertainextent,issubjecttogeneraleconomic,financial,competitive,business,legislative,regulatoryandotherfactorsthatarebeyondourcontrol.

Ifourbusinessdoesnotgeneratesufficientcashflowfromoperationsoriffutureborrowingsarenotavailabletousinanamountsufficienttoenableustopayourindebtedness,includingtheNotes,ortofundourotherliquidityneeds,wemayneedtorefinancealloraportionofourindebtedness,includingtheNotes,onorbeforetherespectivematuritydatesthereof,sellassets,reduceordelaycapitalinvestmentsorseektoraiseadditionalcapital,anyofwhichcouldhaveamaterialadverseeffectonouroperations.Inaddition,wemaynotbeabletocompleteanyoftheseactions,ifnecessary,oncommerciallyreasonabletermsoratall.Adownturnintheeconomywillputincreasingpressureonourrevenue,cashflowsandoperatingmarginsandconsequentlyourabilitytoserviceoursubstantialdebt.Inaddition,ourongoingrestructuringactivitieswillrequirecertaincashoutlaysthatmayputfurtherpressureonourcashflows.

Ourabilitytorestructureorrefinanceourindebtedness,includingtheNotes,willdependontheconditionofthecapitalmarketsandourfinancialconditionatsuchtime.Anyrefinancingofourdebtcouldbeathigherinterestratesandmayrequireustocomplywithmoreonerouscovenants,whichcouldfurtherrestrictourbusinessoperations.Thetermsofexistingorfuturedebtinstrumentsmaylimitorpreventusfromtakinganyoftheseactions.Inaddition,anyfailuretomakescheduledpaymentsofinterestandprincipalonouroutstandingindebtednesswouldlikelyresultinareductionofourcreditrating,whichcouldharmourabilitytoincuradditionalindebtednessoncommerciallyreasonabletermsoratall.Ourinabilitytogeneratesufficientcashflowtosatisfyourdebtserviceobligations,ortorefinanceorrestructureourobligationsoncommerciallyreasonabletermsoratall,

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wouldhaveanadverseeffect,whichcouldbematerial,onourbusiness,financialconditionandresultsofoperations,aswellasonourabilitytosatisfyourobligationsinrespectoftheNotes.

Inaddition,ifweareunabletomeetourdebtserviceobligationsundertheNotes,theholdersoftheNoteswouldhavetherighttocausetheentireprincipalamountofNotestobecomeimmediatelydueandpayable.Iftheamountsoutstandingundertheseinstrumentsareaccelerated,wecannotassureyouthatourassetswillbesufficienttorepayinfullthemoneyowedtoourdebtholders,includingholdersoftheNotes.

Ourfailuretocomplywiththeagreementsrelatingtoouroutstandingindebtedness,includingasaresultofeventsbeyondourcontrol,couldresultinaneventofdefaultthatcouldmateriallyandadverselyaffectourresultsofoperationsandourfinancialcondition,andwemaynotbeabletomakepaymentsontheNotes.

Anydefaultunderanyoftheagreementsrelatingtoouroutstandingindebtednessandtheremediessoughtbytheholdersofsuchindebtednesscouldpreventusfrompayingprincipal,premium,ifany,andinterestontheNotesandsubstantiallydecreasethemarketvalueoftheNotes.Additionally,theholdersofthedefaulteddebtcouldcauseallamountsoutstandingwithrespecttothatdebttobedueandpayableimmediately.Uponaccelerationofcertainofourotherindebtedness,holdersofNotescoulddeclareallamountsoutstandingundertheNotesimmediatelydueandpayable.Wecannotassureyouthatourassetsorcashflowwouldbesufficienttofullyrepayborrowingsunderouroutstandingdebtinstrumentsifaccelerateduponaneventofdefault.Further,ifweareunabletorepay,refinanceorrestructureanyofoursecuredindebtedness,theholdersofsuchdebtcouldproceedagainstthecollateralsecuringthatindebtedness.Inaddition,anyeventofdefaultordeclarationofaccelerationunderonedebtinstrumentcouldalsoresultinaneventofdefaultunderoneormoreofourotherdebtinstruments.

Federalandstatestatutesallowcourts,underspecificcircumstances,tovoidtheNotes.

Underthefederalbankruptcylawsandcomparableprovisionsofstatefraudulenttransferlaws,theNotescouldbevoided,orclaimsinrespectoftheNotescouldbesubordinatedtoallofourotherdebtsif,amongotherthings,we,atthetimeweincurredtheindebtednessevidencedbytheNotes:

• wereinsolventorrenderedinsolventbyreasonofsuchindebtedness;

• wereengagedinabusinessortransactionforwhichourremainingassetsconstitutedunreasonablysmallcapital;

• intendedtoincur,orbelievedthatwewouldincur,debtsbeyondourabilitytopaysuchdebtsastheymature.

Inaddition,anypaymentbyuspursuanttotheNotescouldbevoidedandrequiredtobereturnedtous,ortoafundforthebenefitofourcreditors.Themeasuresofinsolvencyforpurposesofthesefraudulenttransferlawswillvarydependinguponthelawappliedinanyproceedingtodeterminewhetherafraudulenttransferhasoccurred.Generally,however,wewouldbeconsideredinsolventif:

• thesumofourdebts,includingcontingentliabilities,weregreaterthanthefairsaleablevalueofallofourassets;

• ifthepresentfairsaleablevalueofourassetswerelessthantheamountthatwouldberequiredtopayourprobableliabilityonexistingdebts,includingcontingentliabilities,astheybecomeabsoluteandmature;or

• wecouldnotpayourdebtsastheybecomedue.

Althoughwebelievethatwearenotinsolvent,donothaveunreasonablysmallcapitalforthebusinessinwhichweareengagedandhavenotincurreddebtsbeyondourabilitytopaysuchdebtsas

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theymature,therecanbenoassuranceastowhatstandardacourtwouldapplyinmakingsuchdeterminationsorthatacourtwouldagreewithourconclusionsinthisregard.

WemaynothavesufficientfundstorepurchasetheNotesoranyofourothersecuritiesuponachangeofcontrolrepurchaseevent.

WemustoffertopurchasealltheNotesthenoutstanding,atapurchasepriceequalto101%oftheirprincipalamount,plusaccruedinterest(ifany)tothepaymentdate,upontheoccurrenceofachangeofcontrolifaratingdeclineoftheNotesoccursdirectlyasaresultofachangeofcontrolandsuchdeclineoccurswithinaspecifiedperiodoftimeafterpublicnoticeofachangeofcontrolortheintentiontoeffectachangeofcontrol.See"DescriptionoftheNotes—RepurchaseattheOptionofHoldingsChangeofControlRepurchaseEvent"foramorecompletedescriptionoftherepurchaseobligations.TherecanbenoassurancethatwewillhavesufficientfundsavailableatthetimeofanychangeofcontroltorepurchasetheNotesthatmightbeoutstanding.OurabilitytorepurchasetheNotesincashmaybelimitedbylaworthetermsofotheragreementsrelatingtoourindebtednessoutstandingatthetime.OurfailuretorepurchasetheNoteswhenrequiredwouldresultinaneventofdefaultwithrespecttotheNotes.OurinabilitytopayforyourNotesthataretenderedforrepurchasecouldresultinyourreceivingsubstantiallylessthantheprincipalamountoftheNotes.

Oneofthecircumstancesunderwhichachangeofcontrolmayoccurisuponthesaleordispositionofallorsubstantiallyallofourassets.However,thephrase"allorsubstantiallyall"willlikelybeinterpretedunderapplicablestatelawandwillbedependentuponparticularfactsandcircumstances.Asaresult,theremaybeadegreeofuncertaintyinascertainingwhetherasaleordispositionof"allorsubstantiallyall"ofourcapitalstockorassetshasoccurred,inwhichcase,theabilityofaholderoftheNotestoobtainthebenefitofanoffertorepurchaseallofaportionoftheNotesheldbysuchholdermaybeimpaired.IfwearerequiredtorepurchasetheNotespursuanttoachangeofcontrolofferwecouldrequirethird-partyfinancing.Wecannotbesurethatwewouldbeabletoobtainthird-partyfinancingonacceptabletermsoratall.

OurobligationtomakesuchachangeofcontrolofferwillbesubjecttobeingsuspendediftheNotesareratedBBB-(withastableoutlook)orbetterbyStandard&Poor'sRatingsServicesandBaa3(withastableoutlook)orbetterbyMoody'sInvestorsService,Inc.,providedthatatsuchtimenodefaultundertheIndenturehasoccurredandiscontinuing.See"DescriptionofNotes—CertainCovenants."OnOctober4,2018,Moody'sInvestorsService,Inc.upgradedourissuercreditratingandseniordebtratingtoBaa3fromBa1.TherecanbenoassurancethattheNoteswilleverberatedinvestmentgrade,orthatiftheyareratedinvestmentgrade,thattheNoteswillmaintainsuchratings.

TheNotesareanewissueofsecurities,andthetradingmarketfortheNotesmaybelimited.

TheNotesarenotcurrently,andinthefuturewillnotbe,listedonanysecuritiesexchangeorincludedinanyautomatedquotationsystem.WecannotassureyouthataliquidmarketwilldevelopfortheNotes,thatyouwillbeabletosellyourNotesataparticulartimeorthatthepricesthatyoureceivewhenyousellyourNoteswillbefavorable.TotheextenttheNotesaretraded,theymaytradeatadiscountfromtheirinitialissuepriceorprincipalamount,dependinguponmanyfactors,includingprevailinginterestrates,themarketforsimilarsecuritiesandotherfactors,includinggeneraleconomicconditionsandourfinancialcondition,performanceandprospects.Anydeclineintradingprices,regardlessofthecause,mayadverselyaffecttheliquidityandtradingmarketsfortheseNotes.Inaddition,theconditionofthefinancialmarketsandprevailinginterestrateshavefluctuatedinthepastandarelikelytofluctuateinthefuture,whichcouldhaveanadverseeffectonthemarketpriceoftheNotes.

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EvenifatradingmarketfortheNotesdoesdevelop,youmaynotbeabletosellyourNotesataparticulartime,ifatall,oryoumaynotbeabletoobtainthepriceyoudesireforyourNotes.TheliquidityofanymarketfortheNoteswilldependonanumberoffactors,including:

• thenumberofholdersofNotes;

• ouroperatingperformanceandfinancialcondition;

• ourperceivedbusinessprospects;

• ourcreditrating;

• themarketforsimilarsecurities;

• theinterestofsecuritiesdealersinmakingamarketintheNotes;and

• generaleconomicconditions,includingprevailinginterestrates.

Historically,themarketfornon-investmentgradedebthasbeensubjecttodisruptionsthathavecausedsubstantialvolatilityinthepricesofthesesecurities.WecannotassureyouthatthemarketfortheNoteswillbefreefromsimilardisruptions.AnysuchdisruptionscouldhaveanadverseeffectonholdersoftheNotes.

ThelimitedcovenantsintheIndenturewillnotprovideprotectionagainstsignificanteventsthatcouldadverselyimpactyourinvestmentintheNotes.

TheIndenturecontainslimitedcovenants,includingthoserestrictingourandoursubsidiaries'abilitytoincurcertainliensandconsolidate,mergewith,orconvey,transferorleasesubstantiallyalloftheirassetsto,anotherperson.Thesecovenantsaresubjecttoimportantexceptionsandqualifications.See"DescriptionofNotes—CertainCovenants."Inaddition,theIndenturedoesnot:

• requireustomaintainanyfinancialratiosorspecificlevelsofnetworth,revenues,income,cashfloworliquidity;

• limitourabilityortheabilityofoursubsidiariestoincuradditionalindebtedness;

• limitourabilitytoenterintosaleandleasebacktransactions;

• restrictourabilitytorepurchaseorprepayoursecurities;

• restrictourabilitytoengageintransactionswithaffiliates;or

• makeotherpaymentsinrespectofourcommonstockorothersecuritiesrankingjuniortotheNotes.

Asaresultoftheforegoing,whenevaluatingthetermsoftheNotes,youshouldbeawarethatthetermsoftheIndentureandtheNoteswillnotrestrictourabilitytoengagein,orotherwisebeapartyto,avarietyofcorporatetransactions,circumstancesandeventsoutsideoftheordinarycourseofbusinessthatcouldhaveanadverseimpactonyourinvestmentintheNotes.Wemayundertakematerialtransactionssuchasmergersoracquisitionsormodifyourstrategyorbusinesslines,includingthroughaddingnewbusinessesordisposingofexistingbusinesses.Inconnectionwithanysuchtransaction,wemayincurorassumeadditionalindebtedness.Totheextentweundertakesuchnon-ordinarycoursetransactions,wemayfacedifficultiesadaptingourbusinessandourmanagementresourcesmaybeinsufficient.Anyoftheforegoingcouldnegativelyaffectourfinancialratios,networth,resultsofoperationsandcashflows.

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Adowngrade,suspensionorwithdrawaloftheratingassignedbyaratingagencytotheNotes,ifany,couldcausetheliquidityormarketvalueoftheNotestodeclinesignificantly.

Ourcreditratingsareanassessmentbyratingagenciesofourabilitytopayourdebtswhendue.Consequently,realoranticipatedchangesinourcreditratingswillgenerallyaffectthemarketvalueoftheNotes.ThesecreditratingsmaynotreflectthepotentialimpactofrisksrelatingtothestructureormarketingoftheNotes.Creditratingsarenotarecommendationtobuy,sellorholdanysecurity,andmayberevisedorwithdrawnatanytimebytheissuingorganizationinitssolediscretion.NeitherwenoranyunderwriterundertakesanyobligationtomaintaintheratingsortoadviseholdersofNotesofanychangesinratings.Eachagency'sratingshouldbeevaluatedindependentlyofanyotheragency'srating.

Inaddition,creditratingagenciescontinuallyreviewtheirratingsforthecompaniesthattheyfollow,includingus.Thecreditratingagenciesalsoevaluatetheinsuranceindustryasawholeandmaychangetheircreditratingforusbasedontheiroverallviewofourindustry.AnegativechangeinourratingcouldhaveanadverseeffectonthepriceoftheNotes.

TheNoteswillinitiallyberatedbyStandard&Poor'sRatingsServicesandMoody'sInvestorsService,Inc.Therecanbenoassurancethattheseratingswillremainforanygivenperiodoftimeorthattheseratingswillnotbeloweredorwithdrawnentirelybyaratingagencyifinthatratingagency'sjudgmentfuturecircumstancesrelatingtothebasisoftherating,suchasadversechangesinourcompany,sowarrant.

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USE OF PROCEEDS

Weestimatethattheaggregatenetproceedsfromthisoffering,afterdeductingtheunderwriters'discountsandestimatedofferingexpensespayablebyus,willbeapproximately$420.0million.

Weintendtousethenetproceedsfromthisoffering,togetherwithcashonhand,to:(i)redeemouroutstandingExisting2020Notes,(ii)torepayamountsoutstandingundertheRevolvingCreditFacility,and(iii)topayfeesandexpensesrelatedtothisoffering.

Thefollowingtablesetsforththeestimatedsourcesandusesofproceedsinthisoffering.Theactualamountsmaydifferatthetimeoftheconsummationofthisoffering.

Affiliatesofcertainoftheunderwritersactasagentsand/orlendersunderourRevolvingCreditFacilityandholdcertainofourExisting2020Notes,andwillreceiveaportionofthenetproceedsofthisofferinginconnectionwiththerepaymentofamountsunderourRevolvingCreditFacilityandtheredemptionoftheExisting2020Notes.See"Underwriting."

Sources Uses (dollars in millions)

Notesofferedhereby(1) $ 425.0 RedemptionofExisting2020Notes(2) $ 330.6Cashonhand 10.7 RepaymentofRevolvingCreditFacility(3) 100.1

Estimatedfeesandexpenses(4) 5.0Totalsources $ 435.7 Totaluses $ 435.7

(1) RepresentstheaggregateprincipalamountoftheNotesofferedhereby.

(2) Includes$325.0millioninaggregateprincipalamountoftheExisting2020Notes,plusaredemptionpremiumofapproximately$5.1millionand$0.5millionofaccruedandunpaidinterestto,butnotincluding,anassumedredemptiondateofJune12,2019.

(3) Consistsofpaymentof$100.0millionofborrowingsundertheRevolvingCreditFacility,plusapproximately$0.1millionofaccruedinterestonsuchborrowingsupto,butnotincluding,anassumedrepaymentdateofJune12,2019.

(4) Consistsofestimatedfeesandexpensesrelatedtothisoffering,includinglegal,accountingandadvisoryfees.Theseestimatesaresubjecttochange.Theactualfeesandexpensesincurredaspartofthisofferingmaybegreaterorlessthanourcurrentestimates.

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CAPITALIZATION

ThefollowingtablesetsforthCNO'scashandinvestmentsandourconsolidatedtotalcapitalizationasofMarch31,2019:

• onanactualbasis;and

• onanasadjustedbasistogiveeffecttothisofferingandtheapplicationofthenetproceedstherefromtoredeemtheExisting2020NotesandrepayouroutstandingborrowingsundertheRevolvingCreditFacility,asifeachhadoccurredonMarch31,2019.

Thistableshouldbereadinconjunctionwiththeinformationsetforthunder"UseofProceeds"and"DescriptionofOtherIndebtedness"includedinthisprospectussupplementaswellasourQuarterlyReportonForm10-QforthequarterendedMarch31,2019,incorporatedhereinbyreference.

As of March 31, 2019 Actual As Adjusted (dollars in millions) CNO'scashandinvestments(1) $ 229.8 $ 219.1Debt: RevolvingCreditAgreement(2) $ 100.0 $ —4.500%SeniorNotesdue2020(3) 325.0 —5.250%SeniorNotesdue2025 500.0 500.0Notesofferedhereby — 425.0Unamortizeddebtissuecosts (7.7) (11.3)Totaldebt 917.3 913.7

Shareholders'equity: Commonstock($0.01parvalue,8,000,000,000sharesauthorized;162,201,692sharesissuedandoutstanding) 1.6 1.6

Additionalpaid-incapital 2,952.2 2,952.2Accumulatedothercomprehensiveincome 654.9 654.9Retainedearnings(4) 229.2 224.1Totalshareholders'equity 3,837.9 3,832.8Totalcapitalization $ 4,755.2 $ 4,746.5

(1) Onanactualbasis,includes$229.8millionofcashandcashequivalents.Onanasadjustedbasis,reflectstheuseof$10.7millionofcashonhand.

(2) Onanactualbasis,wehad$150.0millionofavailabilityundertheRevolvingCreditFacilitywhichprovidedforanaggregateof$250.0millionofrevolvingcommitments.Onanasadjustedbasis,wewillhave$250.0millionofavailabilityundertheRevolvingCreditFacility.

(3) TheassumedredemptionofalloutstandingExisting2020Noteswouldresultinanafter-taxdebtextinguishmentchargeof$5.1millionifsuchrepaymentshadbeencompletedonMarch31,2019.TheExisting2020Noteswillberedeemedinfullinconnectionwiththisoffering.

(4) Onanasadjustedbasis,retainedearningsreflectsa$5.1millionreductionforthelossontheextinguishmentoftheExisting2020Notes.

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DESCRIPTION OF OTHER INDEBTEDNESS

Revolving Credit Facility

OnMay19,2015,weenteredintoa$150.0millionfour-yearunsecuredrevolvingcreditagreement(the"RevolvingCreditAgreement")withKeyBankNationalAssociation,asadministrativeagent(the"Agent"),andthelendersfromtimetotimepartythereto.OnOctober13,2017,weamendedtheRevolvingCreditAgreementtoincreasethetotalcommitmentsavailableundertheRevolvingCreditFacilityfrom$150.0millionto$250.0million,increasetheaggregateamountofadditionalincrementalloanstheCompanymayincurfrom$50.0millionto$100.0million,andextendedthematuritydateoftheRevolvingCreditFacilityfromMay19,2019totheearlierofOctober13,2022andthedatethatissixmonthspriortothematuritydateoftheExisting2020Notes,whichisNovember30,2019.

TheinterestrateswithrespecttoloansundertheRevolvingCreditAgreementarebasedon,attheCompany'soption,afloatingbaserate(definedasaperannumrateequaltothehighestof:(i)thefederalfundsrateplus0.50%;(ii)the"primerate"oftheAgent;and(iii)theeurodollarrateforaone-monthinterestperiodplusanapplicablemarginbasedontheCompany'sunsecureddebtrating),oraeurodollarrateplusanapplicablemarginbasedontheCompany'sunsecureddebtrating.ThemarginsundertheRevolvingCreditAgreementrangefrom1.375percentto2.125percent,inthecaseofloansattheeurodollarrate,and0.375percentto1.125percent,inthecaseofloansatthebaserate.AtMarch31,2019,theinterestrateontheamountsoutstandingundertheRevolvingCreditAgreementwas4.12percent.Inaddition,thedailyaverageundrawnportionoftheRevolvingCreditAgreementaccruesacommitmentfeepayablequarterlyinarrears.Theapplicablemarginfor,andthecommitmentfeeapplicableto,theRevolvingCreditAgreement,isadjustedfromtimetotimepursuanttoaratings-basedpricinggrid.

TheRevolvingCreditAgreementcontainscertainfinancial,affirmativeandnegativecovenants.ThenegativecovenantsintheRevolvingCreditAgreementincluderestrictionsthatrelateto,amongotherthingsandsubjecttocustomarybaskets,exceptionsandlimitationsforfacilitiesofthistype:(i)subsidiarydebt;(ii)liens;(iii)restrictiveagreements;(iv)restrictedpaymentsduringthecontinuanceofaneventofdefault;(v)dispositionofassetsandsaleandleasebacktransactions;(vi)transactionswithaffiliates;(vii)changeinbusiness;(viii)fundamentalchanges;(ix)modificationofcertainagreements;and(x)changestofiscalyear.

TheRevolvingCreditAgreementrequirestheCompanytomaintain(eachascalculatedinaccordancewiththeRevolvingCreditAgreement):(i)adebttototalcapitalizationratioofnotmorethan35.0percent(suchratiowas22.8percentatMarch31,2019);(ii)anaggregateratiooftotaladjustedcapitaltocompanyactionlevelrisk-basedcapitalfortheCompany'sinsurancesubsidiariesofnotlessthan250percent(suchratiowasapproximately416percentatMarch31,2019);and(iii)aminimumconsolidatednetworthofnotlessthanthesumof(x)$2,674millionplus(y)50.0percentofthenetequityproceedsreceivedbytheCompanyfromtheissuanceandsaleofequityinterestsintheCompany(theCompany'sconsolidatednetworthwas$3,183.0millionatMarch31,2019,comparedtotheminimumrequirementof$2,688.8million).

TheRevolvingCreditAgreementprovidesforcustomaryeventsofdefault(subjectincertaincasestocustomarygraceandcureperiods),whichinclude,withoutlimitation,thefollowing:(i)non-payment;(ii)breachofrepresentations,warrantiesorcovenants;(iii)cross-defaultandcross-acceleration;(iv)bankruptcyandinsolvencyevents;(v)judgmentdefaults;(vi)actualorassertedinvalidityofdocumentationwithrespecttotheRevolvingCreditAgreement;(vii)changeofcontrol;and(viii)customaryERISAdefaults.

IfaneventofdefaultundertheRevolvingCreditAgreementoccursandiscontinuing,theAgentmayacceleratetheamountsandterminateallcommitmentsoutstandingundertheRevolvingCreditAgreement.

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WeintendtousetouseaportionofthenetproceedsfromthisofferingtorepayamountsoutstandingundertheRevolvingCreditFacility.AsofMarch31,2019,onanasadjustedbasisaftergivingeffecttothisofferingandtheuseofproceedstherefrom,wewillhave$250.0millionofavailabilityundertheRevolvingCreditFacility.

Existing 2020 Notes and Existing 2025 Notes

OnMay19,2015,theCompanyexecutedtheIndenture,datedasofMay19,2015(the"ExistingBaseIndenture")andtheFirstSupplementalIndenture,datedasofMay19,2015(togetherwiththeExistingBaseIndenture,the"ExistingIndenture"),betweentheCompanyandWilmingtonTrust,NationalAssociation,astrustee("Wilmington"),pursuanttowhichtheCompanyissued$325.0millionaggregateprincipalamountoftheExisting2020Notesand$500.0millionaggregateprincipalamountoftheExisting2025Notes(togetherwiththeExisting2020Notes,the"ExistingNotes").

TheExisting2020NotesmatureonMay30,2020,andtheExisting2025NotesmatureonMay30,2025.InterestontheExisting2020Notesispayableat4.500%perannum.InterestontheExisting2025Notesispayableat5.250%perannum.InterestontheExistingNotesispayablesemi-annuallyincashinarrearsonMay30andNovember30ofeachyear,commencingonNovember30,2015.

TheExistingNotesaretheCompany'sseniorunsecuredobligationsandrankequallywiththeCompany'sotherseniorunsecuredandunsubordinateddebtfromtimetotimeoutstanding,includingobligationsundertheRevolvingCreditAgreement.TheExistingNotesareeffectivelysubordinatedtoalloftheCompany'sfuturesecuredindebtednesstotheextentofthevalueoftheassetssecuringsuchindebtedness.TheExistingNotesarestructurallysubordinatedtoallexistingandfutureindebtednessandotherliabilitiesoftheCompany'ssubsidiaries.

TheCompanymayredeemsomeoralloftheExisting2020Notesatanytimeorfromtimetotimeata"make-whole"redemptionpriceplusaccruedandunpaidinterestto,butnotincluding,theredemptiondate.See"—RedemptionofExisting2020Notes"below.

PriortoFebruary28,2025,theCompanymayredeemsomeoralloftheExisting2025Notesatanytimeorfromtimetotimeata"make-whole"redemptionpriceplusaccruedandunpaidinterestto,butnotincluding,theredemptiondate.OnandafterFebruary28,2025,theCompanymayredeemsomeoralloftheExisting2025Notesatanytimeorfromtimetotimeataredemptionpriceequalto100%oftheprincipalamountthereofplusaccruedandunpaidinterestto,butnotincluding,theredemptiondate.

UpontheoccurrenceofaChangeofControlRepurchaseEvent(asdefinedintheExistingIndenture),theCompanywillberequiredtomakeanoffertorepurchasetheNotesatapriceequalto101%oftheprincipalamountthereof,plusaccruedandunpaidinterest,ifany,to,butnotincluding,thedateofrepurchase.

TheExistingIndenturecontainscovenantsthatrestricttheCompany'sability,withcertainexceptions,to:(i)incurcertainsubsidiaryindebtednesswithoutalsoguaranteeingtheExistingNotes;(ii)createliens;(iii)enterintosaleandleasebacktransactions;(iv)issue,sell,transferorotherwisedisposeofanysharesofcapitalstockofanyInsuranceSubsidiary(asdefinedintheExistingIndenture);and(v)consolidateormergewithorintoothercompaniesortransferallorsubstantiallyalloftheCompany'sassets.

TheExistingIndentureprovidesforcustomaryeventsofdefault(subjectincertaincasestocustomarygraceandcureperiods),whichincludenonpayment,breachofcovenantsintheExistingIndenture,failuretopayatmaturityoraccelerationofotherindebtedness,afailuretopaycertainjudgmentsandcertaineventsofbankruptcyandinsolvency.Generally,ifaneventofdefaultoccurs,Wilmingtonorholdersofatleast25%inprincipalamountofthethenoutstandingExistingNotesmay

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declaretheprincipalofandaccruedbutunpaidinterest,includinganyadditionalinterest,onalloftheExistingNotestobedueandpayable.

RedemptionofExisting2020Notes

WeintendtousetouseaportionofthenetproceedsfromthisofferingtoredeemalloftheoutstandingExisting2020Notes.OnMay28,2019,weissuedtotheholdersoftheExisting2020Notesaconditionalnoticeofredemptionofall$325.0millionaggregateprincipalamountoftheExisting2020Notesataredemptionpriceequaltothegreaterof(i)100%oftheprincipalamountoftheExisting2020Notesand(ii)thepresentvalueoftheRemainingScheduledPayments(asdefinedintheExistingIndenture)ontheExisting2020Notes,discountedtothedateofredemption,onasemiannualbasis,attheTreasuryRate(asdefinedintheExistingIndenture)plus50basispoints,plusaccruedandunpaidinterestto,butnotincluding,theredemptiondate.TheredemptionoftheExisting2020Notesisconditioneduponthereceiptofnetproceedsfromadebtfinancingtransactioninanaggregateamountatleastequaltotheamountrequiredtopaytheredemptionprice.

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DESCRIPTION OF NOTES

CNOFinancialGroup,Inc.(the"Company")willissuetheNotes(asdefinedbelow)underanindenturedated,2019,betweenitselfandU.S.BankNationalAssociation,anationalbankingassociation,astrustee(the"BaseIndenture"),assupplementedbyasupplementalindenture(the"SupplementalIndenture"and,togetherwiththeBaseIndenture,the"Indenture"),betweenitselfandU.S.BankNationalAssociation,astrusteeoftheNotes(the"Trustee").ThetermsoftheNotesincludethoseexpresslysetforthintheIndentureandthosemadepartoftheIndenturebyreferencetotheTrustIndentureActof1939,asamended(the"TrustIndentureAct").

ThisdescriptionofNotesisintendedtobeanoverviewofthematerialprovisionsoftheNotesandtheIndenture.SincethisdescriptionofNotesisonlyasummary,youshouldrefertotheIndentureforacompletedescriptionoftheobligationsoftheCompanyandyourrights.AcopyoftheIndentureisavailableuponrequestfromtheCompany.

Thedefinitionsofcertaincapitalizedtermsusedinthefollowingsummaryaresetforthbelowunder"—CertainDefinitions."Whenusedinthissection,theterms"CNO,""theCompany""we,""our"and"us"refersolelytoCNOFinancialGroup,Inc.andnottoitsSubsidiaries.

General

TheinitialofferingoftheNoteswillbefor$425,000,000inaggregateprincipalamountof%seniornotesdue2029(the"Notes").WemayissueanunlimitedprincipalamountofadditionalnoteshavingidenticaltermsandconditionsastheNotes(the"AdditionalNotes"),providedthatanysuchAdditionalNotesthatarenotfungiblewiththeNoteswearecurrentlyofferingforUnitedStatesfederalincometaxpurposeswillbeissuedwithadifferentCUSIPNumberthantheCUSIPNumberissuedwithrespecttotheNoteswearecurrentlyoffering.AnyAdditionalNoteswillbepartofthesameissueastheNotesthatwearecurrentlyofferingandwillvoteonallmatterswiththeholdersoftheNotes.TheNotes(andanyAdditionalNotes)willconstituteaseriesofdebtsecuritiesundertheBaseIndenture.WemayissueanunlimitedamountofotherseriesofdebtsecuritiesundertheBaseIndenture.

Principal, Maturity and Interest

InterestontheNoteswillbepayableat%perannum.InterestontheNoteswillbepayablesemi-annuallyincashinarrearsonandofeachyear,commencingon,2020.TheCompanywillmakeeachinterestpaymenttotheHoldersofrecordoftheNotesontheimmediatelyprecedingand.InterestontheNoteswillaccruefromthemostrecentdatetowhichinteresthasbeenpaidor,ifnointeresthasbeenpaid,fromandincludingtheIssueDate.Interestwillbecomputedonthebasisofa360-dayyearcomprisedoftwelve30-daymonths.

Principalofandpremium,ifany,andinterestontheNoteswillbepayable,andtheNoteswillbeexchangeableandtransferable,attheofficeoragencyoftheCompanymaintainedforsuchpurposes,which,initially,willbethecorporatetrustofficeoftheTrusteelocatedat100WallStreet,Suite1600,NewYorkNY10005;provided,however,thatpaymentofinterestmaybemadeattheoptionoftheCompanybycheckmailedtothePersonentitledtheretoasshownonthesecurityregister.TheNoteswillbeissuedonlyinfullyregisteredformwithoutcoupons,inminimumdenominationsof$2,000andanyintegralmultipleof$1,000inexcessthereof.Noservicechargewillbemadeforanyregistrationoftransfer,exchangeorredemptionofNotes,exceptincertaincircumstancesforanytaxorothergovernmentalchargethatmaybeimposedinconnectiontherewith.

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Ranking

TheNoteswillbegeneralunsecuredobligationsoftheCompany.Asaresult,theNoteswillrank:

• equallyinrightofpaymentwithallexistingandfutureseniorandunsubordinatedindebtednessoftheCompany,includingobligationsunderourRevolvingCreditAgreement;

• seniorinrightofpaymenttoallfutureindebtednessoftheCompanythatisbyitstermsexpresslysubordinatedtotheNotes,ifany;

• beeffectivelysubordinatedtoallfuturesecuredindebtednessoftheCompanytotheextentofthevalueoftheassetssecuringsuchindebtedness;and

• bestructurallysubordinatedtoanyindebtednessorobligationsofourSubsidiaries.

AsofMarch31,2019,onanasadjustedbasisaftergivingeffecttothisoffering:

• theCompanywouldhavehad$925.0millioninaggregateprincipalamountoftotalIndebtedness,noneofwhichwouldhavebeensecuredindebtednessthatwouldhavebeeneffectivelyseniortotheNotes;and

• ourSubsidiarieswouldhavehadapproximately$25.9billionofinvestmentborrowings,policyholderobligationsandotherliabilities(excludingintercompanyliabilities)thatwouldhavebeenstructurallyseniortotheNotes.

OntheIssueDate,theNoteswillnotbeGuaranteedbyanySubsidiaryoftheCompany.TheNoteswillbestructurallysubordinatedtoallliabilitiesandobligationsofourSubsidiaries.ClaimsofcreditorsofourSubsidiaries,includingtradecreditors,securedcreditorsandcreditorsholdingdebtandguaranteesissuedbythoseSubsidiaries,claimsofpolicyholdersandclaimsofpreferredstockholders(ifany)ofourSubsidiariesgenerallywillhaveprioritywithrespecttotheassetsandearningsofthoseSubsidiariesovertheclaimsofcreditorsoftheCompany,includingHoldersoftheNotes.See"RiskFactors—RisksRelatingtoOurIndebtednessandtheNotes—TheNoteswillnotbeguaranteedbyoursubsidiariesand,asaresult,theNoteswillbestructurallysubordinatedtoallliabilitiesofoursubsidiaries."

Sinking Fund

TherearenomandatorysinkingfundpaymentobligationswithrespecttotheNotes.

Optional Redemption

Priorto,2029(threemonthspriorthematuritydateoftheNotes),wemayredeemtheNotesinwholeatanytimeorinpartfromtimetotime,atouroption,onatleast15butnotmorethan60dayspriornotice,ataredemptionpriceequaltothegreaterof(i)100%oftheprincipalamountoftheNotesbeingredeemedand(ii)thepresentvalueoftheRemainingScheduledPaymentsontheNotesbeingredeemedontheredemptiondate,discountedtothedateofredemption,onasemiannualbasis,attheTreasuryRateplusbasispoints,plusaccruedandunpaidinterestonsuchNotesbeingredeemedto,butnotincluding,theredemptiondate.Onorafter,2029(threemonthspriorthematuritydateoftheNotes),wemayonanyoneormoreoccasionsredeemallorapartoftheNotes,atouroption,onatleast15butnotmorethan60dayspriornotice,ataredemptionpriceequalto100%oftheprincipalamountoftheNotesbeingredeemed,plusaccruedandunpaidinterestonsuchNotesbeingredeemedto,butnotincluding,theredemptiondate.

Ifanoptionalredemptiondateisonorafteraninterestrecorddateandonorbeforetherelatedinterestpaymentdate,anyaccruedandunpaidinterestwillbepaidtothePersoninwhosenametheNoteisregisteredatthecloseofbusinessonsuchrecorddate.

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Indeterminingtheredemptionpriceandaccruedinterest,interestshallbecalculatedonthebasisofa360-dayyearconsistingoftwelve30-daymonths.

Unlesswedefaultinpaymentoftheredemptionprice,onandaftertheredemptiondateinterestwillceasetoaccrueontheNotesorportionsoftheNotescalledforredemptionandthoseNoteswillceasetobeoutstanding.

"ComparableTreasuryIssue"meanstheUnitedStatesTreasurysecurityselectedbyanIndependentInvestmentBankerashavingamaturitycomparabletotheremainingtermoftheNotesthatwouldbeutilized,atthetimeofselectionandinaccordancewithcustomaryfinancialpractice,inpricingnewissuesofcorporatedebtsecuritiesofcomparablematuritytotheremainingtermofsuchNotes.

"ComparableTreasuryPrice"means,withrespecttoanyredemptiondate,(1)theaverageoftheReferenceTreasuryDealerQuotationsforsuchredemptiondate,afterexcludingthehighestandlowestsuchReferenceTreasuryDealerQuotationsor(2)ifweobtainfewerthanfoursuchReferenceTreasuryDealerQuotations,theaverageofallsuchQuotations.

"IndependentInvestmentBanker"meansGoldmanSachs&Co.LLCanditsrespectivesuccessors,and,atouroption,anotherinvestmentbankingfirmofnationalstandingselectedbyus.

"ReferenceTreasuryDealer"meansGoldmanSachs&Co.LLC,BarclaysCapitalInc.,KeyBancCapitalMarketsInc.andRBCCapitalMarkets,LLC,BofASecurities,Inc.andtheirrespectivesuccessors,and,atouroption,otherprimaryU.S.governmentsecuritiesdealersinNewYorkCityselectedbyus.

"ReferenceTreasuryDealerQuotations"means,withrespecttoeachReferenceTreasuryDealerandanyredemptiondate,theaverage,asdeterminedbyus,ofthebidandaskedpricesfortheComparableTreasuryIssue(expressedineachcaseasapercentageofitsprincipalamount)quotedinwritingtousbysuchReferenceTreasuryDealerat5:00p.m.,NewYorkCitytime,onthethirdbusinessdayprecedingsuchredemptiondate.

"RemainingScheduledPayments"means,withrespecttoanyNote,theremainingscheduledpaymentsoftheprincipalandinterestthereonthatwouldbedueaftertherelatedredemptiondatebutforsuchredemption(excludingaccruedbutunpaidinteresttotherelatedredemptiondate).

"TreasuryRate"means,withrespecttoanyredemptiondate,therateperyearequaltothesemi-annualequivalentyieldtomaturityoftheComparableTreasuryIssue,calculatedonthethirdbusinessdayprecedingsuchredemptiondate,assumingapricefortheComparableTreasuryIssue(expressedasapercentageofitsprincipalamount)equaltotheComparableTreasuryPriceforsuchredemptiondate.

TheTrusteeshallhavenoobligationtocalculateorverifythecalculationofthepresentvaluesoftheRemainingScheduledPayments,theTreasuryRateoranyaspectofsuchcalculations.

IflessthanalloftheNotesaretoberedeemedatanytime,theTrusteewillselecttheNotesforredemptionincompliancewiththerequirementsofDTC,oriftheNotesarenotheldthroughDTCorDTCprescribesnomethodofselection,onaproratabasisorbylot,inaccordancewiththeTrustee'scustomaryprocedures,subjecttoadjustmentssothatnoNoteinanunauthorizeddenominationremainsoutstandingaftersuchredemptionorpurchase;provided,however,thatnoNoteof$2,000inaggregateprincipalamountoflessshallberedeemedinpart.Noticesofredemptionwillbesentbyelectronicsubmission(forNotesheldinbook-entryform)orfirstclassmailatleast15but(exceptassetforthinthenextparagraph)notmorethan60daysbeforetheredemptiondatetoeachholderofNotestoberedeemedatitsregisteredaddress,exceptthatredemptionnoticesmaybesentmorethan60dayspriortoaredemptiondateifthenoticeisissuedinconnectionwithadefeasanceoftheNotesorasatisfactionanddischargeoftheIndenture.

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Noticesofredemptionmay,attheCompany'sdiscretion,beconditionedonthesatisfactionofoneormoreconditions,including,butnotlimitedto,theconsummationofanacquisitionorfinancingtransactionorequityoffering.Inaddition,ifsuchredemptionissubjecttosatisfactionofoneormoreconditions,suchnoticeshallstatethat,intheCompany'sdiscretion,theredemptiondatemaybedelayeduntilsuchtimeasanyorallsuchconditionsshallbesatisfied,orsuchredemptionmaynotoccurandsuchnoticemayberescindedintheeventthatanyorallsuchconditionsshallnothavebeensatisfiedbytheredemptiondate,orbytheredemptiondatesodelayed.Inaddition,theCompany'smayprovideinsuchnoticethatpaymentoftheredemptionpriceandperformanceoftheCompany'sobligationswithrespecttosuchredemptionmaybeperformedbyanotherPerson.

IfanyNoteistoberedeemedinpartonly,thenoticeofredemptionthatrelatestothatNotewillstatetheportionoftheprincipalamountofthatNotethatistoberedeemed.AnewNoteinprincipalamountequaltotheunredeemedportionoftheoriginalNotewillbeissuedinthenameoftheholderofNotesuponcancellationoftheoriginalNoteifsuchNotesareheldinphysicalform.Notescalledforredemptionbecomedueonthedatefixedforredemption.Onandaftertheredemptiondate,interestceasestoaccrueonNotesorportionsofNotescalledforredemption.

TheCompanyanditsaffiliatesmayatanytimeandfromtimetotimepurchaseNotesintheopenmarket,bytenderoffer,negotiatedtransactionsorotherwise.

Repurchase at the Option of Holders—Change of Control Repurchase Event

IfaChangeofControlRepurchaseEventoccurs,unlesstheCompanyatsuchtimehasgivennoticeofredemptionasdescribedaboveunderthecaption"OptionalRedemption"withrespecttoalloutstandingNotesandallconditionstosuchredemptionhaveeitherbeensatisfiedorwaived,eachholderofNoteswillhavetherighttorequiretheCompanytorepurchasealloranypart(equalto$2,000oranintegralmultipleof$1,000inexcessthereof)ofthatholder'sNotespursuanttoaChangeofControlOfferonthetermssetforthintheIndenture.IntheChangeofControlOffer,theCompanywillofferapaymentincashequalto101%oftheaggregateprincipalamountofNotesrepurchased,plusaccruedandunpaidinterest,ifany,ontheNotesrepurchasedto,butnotincluding,thedateofpurchase(the"ChangeofControlPayment").

Within30daysfollowinganyChangeofControlRepurchaseEvent,unlesstheCompanyatsuchtimehasgivennoticeofredemptionasdescribedunderthecaption"OptionalRedemption"withrespecttoalloutstandingNotes,theCompanywillsendanoticetoeachholderandtheTrusteedescribingthetransactionortransactionsthatconstitutetheChangeofControlandofferingtorepurchaseallNotesonthedatespecifiedinthenotice(the"ChangeofControlPaymentDate"),whichdatewillbenoearlierthan15daysandnolaterthan60daysfromthedatesuchnoticeissent,pursuanttotheproceduresrequiredbytheIndentureanddescribedinsuchnotice.IfaChangeofControlPaymentDateisonorafteraninterestrecorddateandonorbeforetherelatedinterestpaymentdate,anyaccruedandunpaidinterestwillbepaidtothePersoninwhosenametheNoteisregisteredatthecloseofbusinessonsuchrecorddate.TheCompanywillcomplywiththerequirementsofRule14e-1undertheExchangeActandanyothersecuritieslawsandregulationsthereundertotheextentthoselawsandregulationsareapplicableinconnectionwiththerepurchaseoftheNotesasaresultofaChangeofControlRepurchaseEvent.TotheextentthattheprovisionsofanysecuritieslawsorregulationsconflictwiththeChangeofControlprovisionsoftheIndenture,theCompanywillcomplywiththeapplicablesecuritieslawsandregulationsandwillnotbedeemedtohavebreacheditsobligationsundertheChangeofControlprovisionsoftheIndenturebyvirtueofsuchcompliance.

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OntheChangeofControlPaymentDate,theCompanywill,totheextentlawful:

(1) acceptforpaymentallNotesorportionsofNotes(equalto$2,000oranintegralmultipleof$1,000inexcessthereof)properlytenderedandnotwithdrawnpursuanttotheChangeofControlOffer;

(2) depositwiththepayingagentanamountequaltotheChangeofControlPaymentinrespectofallNotesorportionsofNotesproperlytenderedandnotwithdrawn;and

(3) deliverorcausetobedeliveredtotheTrusteetheNotesproperlyacceptedtogetherwithanOfficer'sCertificatestatingtheaggregateprincipalamountofNotesorportionsofNotesbeingpurchasedbytheCompany.

ThepayingagentwillpromptlymailtoeachholderofNotesproperlytenderedandnotwithdrawntheChangeofControlPaymentforsuchNotes,andtheTrusteewillpromptlyauthenticateandmail(orcausetobetransferredbybookentry)toeachholderanewNoteequalinprincipalamounttoanyunpurchasedportionoftheNotessurrendered,ifany;provided,thateachsuchnewNotewillbeinaminimumprincipalamountof$2,000oranintegralmultipleof$1,000inexcessthereof.TheCompanywillpubliclyannouncetheresultsoftheChangeofControlOfferonorassoonaspracticableaftertheChangeofControlPaymentDate.

TheCompanywillnotberequiredtomakeaChangeofControlOfferwithrespecttotheNotesuponaChangeofControlRepurchaseEventif(1)athirdpartymakestheChangeofControlOfferwithrespecttosuchNotesinthemanner,atthetimesandotherwiseincompliancewiththerequirementssetforthintheIndentureapplicabletoaChangeofControlOffermadebytheCompanyandpurchasesalloftheNotesproperlytenderedandnotwithdrawnundertheChangeofControlOffer,or(2)anoticeofredemptionhasbeengivenpursuanttotheIndenturewithrespecttotheNotesasdescribedaboveunderthecaption"OptionalRedemption"atanytimepriorto30daysfollowinganyChangeofControlRepurchaseEvent,unlessanduntilthereisadefaultinpaymentoftheapplicableredemptionprice.Notwithstandinganythingtothecontrarycontainedherein,aChangeofControlOffermaybemadeinadvanceofaChangeofControlRepurchaseEvent,conditionedupontheconsummationofsuchChangeofControl,ifadefinitiveagreementisinplacefortheChangeofControlatthetimetheChangeofControlOfferismade.TheChangeofControlPaymentDatemay,attheCompany'sdiscretion,bedelayeduntilsuchtimeasanyconditionshallbesatisfied,orthatsuchChangeofControlRepurchaseEventmaynotoccurandsuchnoticemayberescindedintheeventthatsuchconditionshallnothavebeensatisfiedbytheChangeofControlPaymentDate,orbytheChangeofControlPaymentDateassodelayed.

"ChangeofControl"meanstheoccurrenceofanyofthefollowing:

(1) any"person"or"group"ofrelatedpersons(assuchtermsareusedinSections13(d)and14(d)oftheExchangeAct)becomesthebeneficialowner(asdefinedinRules13d-3and13d-5undertheExchangeAct),directlyorindirectly,ofamajorityofthetotalvotingpoweroftheVotingStockoftheCompany(oritssuccessorsbymerger,consolidationorpurchaseofallorsubstantiallyallofitsassets);

(2) thesale,assignment,lease,transfer,conveyanceorotherdisposition(otherthanbywayofmergerorconsolidation),inoneoraseriesofrelatedtransactions,ofallorsubstantiallyalloftheassetsoftheCompanyanditsSubsidiariestakenasawholetoany"person"(assuchtermisusedinSections13(d)and14(d)oftheExchangeAct)otherthanaSubsidiaryoftheCompany;or

(3) theadoptionbythestockholdersoftheCompanyofaplanorproposalfortheliquidationordissolutionoftheCompany.

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"ChangeofControlOffer"hasthemeaningassignedtothattermintheIndenturegoverningtheNotes.

"ChangeofControlRepurchaseEvent"meanstheoccurrenceofbothaChangeofControlandaRatingsEvent.

"InvestmentGrade"means(1)BBB-(withastableoutlook)orabove,inthecaseofS&P(oritsequivalentunderanysuccessorratingcategoriesofS&P)andBaa3(withastableoutlook)orabove,inthecaseofMoody's(oritsequivalentunderanysuccessorratingcategoriesofMoody's),or(2)theequivalentinrespectoftheRatingCategoryofanyRatingAgencies.

"Moody's"meansMoody'sInvestorsService,Inc.

"RatingAgencies"means(1)S&PandMoody'sor(2)ifS&PorMoody'sorbothofthemarenotmakingratingspubliclyavailable,anationallyrecognizedstatisticalratingorganizationwithinthemeaningofRule15c3-1(c)(2)undertheExchangeAct,asthecasemaybe,selectedbytheCompany,whichwillbesubstitutedforS&PorMoody'sorboth,asthecasemaybe.

"RatingCategory"means(1)withrespecttoS&P,anyofthefollowingcategories:AAA,AA,A,BBB,BB,B,CCC,CC,CandD(orequivalentsuccessorcategories);(ii)withrespecttoMoody's,anyofthefollowingcategories:Aaa,Aa,A,Baa,Ba,B,Caa,Ca,CandD(orequivalentsuccessorcategories);and(iii)theequivalentofanysuchcategoryofS&PorMoody'susedbyanotherRatingAgency.IndeterminingwhethertheratingoftheNoteshasdecreasedbyoneormoregradations,gradationswithinRatingCategories(+and-forS&P;1,2and3forMoody's;ortheequivalentgradationsforanotherRatingAgency)shallbetakenintoaccount(e.g.,withrespecttoS&P,adeclineinratingfromBB+toBB,aswellasfromBB-toB+,willconstituteadecreaseofonegradation).

"RatingsEvent"means(i)iftheNotesareratedbyoneorbothRatingAgenciesasInvestmentGrade,adecreaseintheratingoftheNotessothattheNotesareratedbelowInvestmentGradebybothRatingAgencies,(ii)iftheNotesareratedbelowInvestmentGradebybothRatingAgencies,adecreaseofoneormoregradations(includinggradationswithinRatingCategoriesaswellasbetweenRatingCategories)intheratingoftheNotesbybothRatingAgenciesor(iii)awithdrawaloftheratingoftheNotesbybothRatingAgencies,ineachcase,directlyasaresultofaChangeofControl;provided,however,thatsuchdecreaseorwithdrawaloccurson,orwithin30daysfollowing,theearlierof(x)theoccurrenceofaChangeofControlor(y)thedateofpublicnoticeoftheoccurrenceofaChangeofControloroftheintentionbytheCompany,orastockholderoftheCompany,asapplicable,toeffectaChangeofControl,whichperiodshallbeextendedsolongastheratingoftheNotesrelatingtotheChangeofControlasnotedbytheRatingAgencyisunderpubliclyannouncedconsiderationfordowngradebytheapplicableRatingAgency.

"S&P"meansStandard&Poor'sRatingsGroup.

TheprovisionsdescribedabovethatrequiretheCompanytomakeaChangeofControlOfferfollowingaChangeofControlRepurchaseEventwillbeapplicablewhetherornotanyotherprovisionsoftheIndentureareapplicable.ExceptasdescribedabovewithrespecttoaChangeofControlRepurchaseEvent,theIndenturedoesnotcontainprovisionsthatpermittheholdersoftheNotestorequirethattheCompanyrepurchaseorredeemtheNotesintheeventofatakeover,recapitalizationorsimilartransaction.

ThedefinitionofChangeofControlincludesaphraserelatingtothedirectorindirectsale,lease,transfer,conveyanceorotherdispositionof"allorsubstantiallyall"ofthepropertiesorassetsoftheCompanyanditsSubsidiariestakenasawhole.Althoughthereisalimitedbodyofcaselawinterpretingthephrase"substantiallyall,"thereisnopreciseestablisheddefinitionofthephraseunderapplicablelaw.Accordingly,theabilityofaholderofNotestorequiretheCompanytorepurchaseits

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Notesasaresultofasale,lease,transfer,conveyanceorotherdispositionoflessthanalloftheassetsoftheCompanyanditsSubsidiariestakenasawholetoanotherPersonorgroupmaybeuncertain.

TheagreementsgoverningtheCompany'sotherIndebtednesscontain,andfutureagreementsmaycontain,prohibitionsofcertainevents,includingeventsthatwouldconstituteaChangeofControlandrepurchasesoforotherprepaymentsinrespectoftheNotes.TheexercisebytheholdersofNotesoftheirrighttorequiretheCompanytorepurchasetheNotesuponaChangeofControlRepurchaseEventcouldcauseadefaultundertheseotheragreements,eveniftheChangeofControlRepurchaseEventitselfdoesnot,duetothefinancialeffectofsuchrepurchasesontheCompany.IntheeventaChangeofControlRepurchaseEventoccursatatimewhentheCompanyisprohibitedfrompurchasingNotes,theCompanycouldattempttorefinancetheborrowingsthatcontainsuchprohibition.IftheCompanydoesnotrepaythoseborrowings,theCompanywillremainprohibitedfrompurchasingNotes.Inthatcase,theCompany'sfailuretopurchasetenderedNoteswouldconstituteanEventofDefaultundertheIndenturewhichcould,inturn,constituteadefaultundertheotherindebtedness.Finally,theCompany'sabilitytopaycashtotheholdersofNotesuponarepurchasemaybelimitedbytheCompany'sthenexistingfinancialresources.See"RiskFactors—RisksRelatingtoOurIndebtednessandtheNotes—WemaynothavesufficientfundstorepurchasetheNotesoranyofourothersecuritiesuponachangeofcontrolrepurchaseevent."

Ifholdersofnotlessthan90%inaggregateprincipalamountoftheoutstandingNotestenderanddonotwithdrawsuchNotesinaChangeofControlOfferandtheCompany,oranythirdpartymakingaChangeofControlOfferinlieuoftheCompanyasdescribedabove,purchasesalloftheNotesvalidlytenderedandnotwithdrawnbysuchholders,theCompanyorsuchthirdpartywillhavetheright,uponnotlessthan15normorethan60days'priornotice,givennotmorethan30daysfollowingsuchpurchasepursuanttotheChangeofControlOfferdescribedabove,toredeemallNotesthatremainoutstandingfollowingsuchpurchaseatapriceincashequaltotheChangeofControlPaymentplus,totheextentnotincludedintheChangeofControlPayment,accruedandunpaidinterest,ifany,thereon,to,butnotincluding,theredemptiondate.

Certain Covenants

SetforthbelowaresummariesofcertaincovenantsapplicabletotheNotescontainedintheIndenture.

IfonanydatefollowingtheIssueDate,(i)theNotesareratedbybothoftheRatingAgenciesasInvestmentGradeand(ii)noDefaulthasoccurredandiscontinuingundertheIndenture(theoccurrenceoftheeventsdescribedintheforegoingclauses(i)and(ii)beingcollectivelyreferredtoasa"CovenantSuspensionEvent"andthedatethereofbeingreferredtoasthe"SuspensionDate"),then,thecovenantlistedunder"—RepurchaseattheOptionofHolders—ChangeofControlRepurchaseEvent"inthis"DescriptionofNotes"sectionofthisprospectussupplementwillnolongerbeapplicabletotheNotes(the"SuspendedCovenant")untiltheoccurrenceoftheReversionDate(asdefinedbelow).

IntheeventthatCompanyanditsSubsidiariesarenotsubjecttotheSuspendedCovenantundertheIndentureforanyperiodoftimeasaresultoftheforegoing,andonanysubsequentdate(the"ReversionDate")bothoftheRatingAgencieswithdrawtheirratingoftheNotesasInvestmentGradeordowngradetheratingassignedtotheNotesbelowInvestmentGrade(ineachcase,totheextentpreviouslyratedasInvestmentGradebysuchRatingAgency),thentheCompanyandtheSubsidiarieswillthereafteragainbesubjecttotheSuspendedCovenantundertheIndenturewithrespecttofutureevents.TheperiodoftimebetweentheSuspensionDateandtheReversionDateisreferredtointhisdescriptionasthe"SuspensionPeriod."

NotwithstandingthattheSuspendedCovenantmaybereinstatedaftertheReversionDate,(1)noDefault,EventofDefaultorbreachofanykindwillbedeemedtoexistortohaveoccurredunderthe

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IndentureortheNoteswithrespecttotheSuspendedCovenant,andnoneoftheCompanyoranyofitsSubsidiariesshallbearanyliabilityforanyactionstakenoreventsoccurringduringtheSuspensionPeriod,oranyactionstakenatanytimepursuanttoanycontractualobligationarisingduringanySuspensionPeriod,ineachcaseasaresultofafailuretocomplywiththeSuspendedCovenantduringtheSuspensionPeriod(or,uponterminationoftheSuspensionPeriodorafterthattimebasedsolelyonanyactiontakenoreventthatoccurredduringtheSuspensionPeriod),and(2)followingaReversionDate,theCompanyandeachSubsidiarywillbepermitted,withoutcausingaDefaultorEventofDefault,tohonor,complywithorotherwiseperformanycontractualcommitmentsorobligationsarisingduringanySuspensionPeriodandtoconsummatethetransactionscontemplatedthereby.

TherecanbenoassurancethattheNoteswilleverberatedInvestmentGradeormaintainsuchrating.PromptlyfollowingtheoccurrenceofanySuspensionDateorReversionDate,theCompanyshallprovideanOfficer'sCertificatetotheTrusteeregardingsuchoccurrence.TheTrusteeshallhavenodutyto(i)monitortheratingsoftheNotes,(ii)ascertainwhetheraCovenantSuspensionEventorReversionDatehaveoccurred,or(iii)notifytheHoldersofanyoftheforegoing.

LimitationonLiens

TheCompanywillnot,norwillitpermitanyofitsSubsidiariesto,create,incurorassumeanyLien(otherthanPermittedLiens)thatsecuresanyIndebtednessonanypropertiesorassetsoftheCompanyorsuchSubsidiary,withoutsecuringtheNotes(togetherwith,attheoptionoftheCompany,anyotherIndebtednessoftheCompanyorsuchSubsidiaryrankingequallyinrightofpaymentwiththeNotes)equallyandratablywithor,attheoptionoftheCompany,priorto,suchotherIndebtednessforsolongassuchotherIndebtednessissosecured.AnyLienthatisgrantedtosecuretheNotesunderthiscovenantshallbeautomaticallyreleasedanddischargedatthesametimeasthereleaseoftheLienthatgaverisetotheobligationtosecuretheNotesunderthiscovenant.

"Lien"meansanymortgage,deedoftrust,pledge,lien,securityinterestorotherencumbrance(including,withoutlimitation,anyconditionalsaleorothertitleretentionagreementorleaseinthenaturethereof,andanyfilingoragreementtogivealienorfileafinancingstatementasadebtorundertheUniformCommercialCodeoranysimilarstatute,otherthantoreflectownershipbyathirdpartyofpropertyleasedtotheCompanyunderaleasewhichisnotinthenatureofaconditionalsaleortitleretentionagreement).

"PermittedLiens"means:

(1) LienssecuringIndebtednessonanypropertiesorassetsoftheCompanyoranySubsidiaryusedorusefulinaRelatedBusinessexistingatthetimeofitsacquisitionandLienscreatedcontemporaneouslywithorwithin270daysafter(orcreatedpursuanttofirmcommitmentfinancingarrangementsobtainedwithinthatperiod)thelaterof(a)theacquisitionorcompletionofconstructionorcompletionofreconstruction,renovation,remodeling,expansionorimprovement(each,an"improvement")ofsuchpropertiesorassetsor(y)theplacinginoperationofsuchpropertiesorassetsaftertheacquisitionorcompletionofanysuchconstructionorimprovement;

(2) LiensonpropertiesorassetsorsharesofCapitalStockorIndebtednessofaPersonexistingatthetimeitismerged,combinedoramalgamatedwithorintoorconsolidatedwith,oritsassetsorCapitalStockareacquiredby,theCompanyoranyofitsSubsidiariesoritotherwisebecomesaSubsidiaryoftheCompany;provided,however,thatineachcase(a)theIndebtednesssecuredbysuchLienwasnotincurredincontemplationofsuchmerger,combination,amalgamation,consolidation,acquisitionortransactioninwhichsuchPersonbecomesaSubsidiaryoftheCompanyand(b)suchLienextendsonlytothepropertiesor

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assetsorsharesofCapitalStockorIndebtednessofsuchPerson(andSubsidiariesofsuchPerson);

(3) LienssecuringIndebtednessinfavoroftheCompanyand/oroneormoreofitsSubsidiaries;

(4) Liensinfavoroforrequiredbyagovernmentalunitinanyrelevantjurisdiction,includinganydepartmentsorinstrumentalitythereof,tosecurepaymentsunderanycontractorstatute,ortosecuredebtsincurredinfinancingtheacquisitionorconstructionoforimprovementsoralterationstopropertysubjectthereto;

(5) Liensinfavorofanycustomerarisinginrespectofandnotexceedingtheamountofperformancedepositsandpartial,progress,advanceorotherpaymentsbythatcustomerforgoodsproducedorservicesrenderedtothatcustomerintheordinarycourseofbusinessandconsignmentarrangements(whetherasconsignororasconsignee)orsimilararrangementsforthesaleorpurchaseofgoodsintheordinarycourseofbusiness;

(6) LiensexistingontheIssueDate;

(7) Lienstosecureanyextension,renewal,refinancing,refundingorreplacement(orsuccessiveextensions,renewals,refinancings,refundingsorreplacements),inwholeorinpart,ofanyIndebtednesssecuredbyLiensreferredtoinclauses(1)through(6)aboveorLienscreatedinconnectionwithanyamendment,consentorwaiverrelatingtosuchIndebtedness,solongas(a)suchLienislimitedtoallorpartofsubstantiallythesamepropertyorassetswhichsecuredtheLienextended,renewed,refinanced,refundedorreplacedand(b)theamountofIndebtednesssecuredisnotincreased(otherthanbytheamountequaltoanycosts,expenses,premiums,feesorprepaymentpenaltiesincurredinconnectionwithanyextension,renewal,refinancing,refundingorreplacement);

(8) LiensinrespectofcashinconnectionwiththeoperationofcashmanagementprogramsandLiensassociatedwiththediscountingorsaleoflettersofcreditandcustomaryrightsofsetoff,banker'sLien,revocation,refundorchargebackorsimilarrightsunderdepositdisbursement,concentrationaccountagreementsorundertheUniformCommercialCodeorarisingbyoperationoflaw;

(9) LiensresultingfromthedepositoffundsorevidencesofIndebtednessintrustforthepurposeofdefeasingoreffectingasatisfactionanddischargeofanyIndebtednessoftheCompanyoranyofitsSubsidiaries,andlegalorequitableencumbrancesdeemedtoexistbyreasonofnegativepledges;

(10) LienssecuringIndebtednessnottoexceedanaggregateprincipalamountof$250.0million,asofthedatesuchIndebtednessisincurred;

(11) Liensimposedbylaw,suchascarriers',warehousemen'sandmechanic'sLiensandothersimilarLiensarisingintheordinarycourseofbusiness,LiensinconnectionwithlegalproceedingsandLiensarisingsolelybyvirtueofanystatutoryorcommonlawprovisionrelatingtobanker'sLiens,rightsofset-offorsimilarrightsandremediesastodepositaccountsorotherfundsmaintainedwithacreditordepositoryinstitution;

(12) Liensfortaxes,assessmentsorothergovernmentalchargesnotyetoverdueforaperiodofmorethan90daysorsubjecttopenaltiesfornon-paymentorwhicharebeingcontestedingoodfaithbyappropriateproceedings;

(13) Lienstosecuretheperformanceofbids,tradeorcommercialcontracts,governmentcontracts,purchase,construction,salesandservicingcontracts(includingutilitycontracts),leases,statutoryobligations,surety,stay,customs,revenueandappealbonds,performancebondsandotherobligationsofalikenature,ineachcaseintheordinarycourseofbusinessandto

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securelettersofcredit,Guarantees,bondsorothersuretiesgiveninconnectionwiththeforegoingorinconnectionwithworkers'compensation,unemploymentinsurance,generalinsuranceandotherinsurancelawsandoldagepensionsandorothertypesofsocialsecurityorretirementorsimilarlawsandregulations;

(14) Liensonstock,partnershiporotherequityinterestsinanyjointventureoftheCompanyoranyofitsSubsidiariesorinanySubsidiaryoftheCompanythatownsanequityinterestinajointventuretosecureIndebtednesscontributedoradvancedsolelytothatjointventure;providedthat,ineachcase,theIndebtednesssecuredbysuchLienisnotsecuredbyaLienonanyotherpropertyoftheCompanyoranySubsidiaryoftheCompany;

(15) Liensanddepositssecuringnettingservices,businesscreditcardprograms,overdraftprotectionandothertreasury,depositoryandcashmanagementservicesorincurredinconnectionwithanyautomatedclearing-housetransfersoffundsorotherfundtransferorpaymentprocessingservices;

(16) minorsurveyexceptions,groundleases,easements,rightsofway,minorencroachments,protrusions,municipalandzoningandbuildingordinancesandsimilarcharges,encumbrances,titledefectsorotherirregularities,governmentalrestrictionsontheuseofpropertyorconductofbusiness,andLiensinfavorofgovernmentalauthoritiesandpublicutilities,thatdonotmateriallyinterferewiththeordinarycourseofbusinessoftheCompanyanditsSubsidiaries,takenasawhole;

(17) Liensencumberingcustomaryinitialdepositsandmargindeposits,andotherLiensthatareincurredintheordinarycourseofbusiness,ineachcase,securingIndebtednessunderHedgingObligationsnotenteredintoforspeculativeinvestmentpurposesanddesignedtoprotecttheCompanyoranyofitsSubsidiariesfromfluctuationsininterestrates,currenciesorthepriceofcommoditiesorsecurities;

(18) leases,licenses,subleasesandsublicensesofassets(including,withoutlimitationrealpropertyandintellectualpropertyrights)thatdonotmateriallyinterferewiththeordinaryconductofbusinessoftheCompanyoranyofitsSubsidiaries;

(19) judgmentLiensnotgivingrisetoanEventofDefault,andLienssecuringappealorsuretybondsrelatedtosuchjudgment,solongasanyappropriatelegalproceedingsthatmayhavebeendulyinitiatedforthereviewofsuchjudgmenthavenotbeenfinallyterminatedortheperiodwithinwhichsuchproceedingsmaybeinitiatedhasnotexpired;

(20) LiensarisingfromUniformCommercialCodefinancingstatementfilingsregardingoperatingleasesenteredintobytheCompanyanditsSubsidiariesintheordinarycourseofbusiness;

(21) LiensonspecificitemsofinventoryorothergoodsandproceedsofanyPersonsecuringsuchPerson'sobligationsinrespectofbankers'acceptancesissuedorcreatedfortheaccountofsuchPersontofacilitatethepurchase,shipmentorstorageofsuchinventoryorothergoods;

(22) Liensinfavorofcustomsandrevenueauthoritiesarisingasamatteroflawtosecurepaymentofcustomsdutiesinconnectionwithimportationofgoods;

(23) Liensarisingoutofconditionalsale,titleretention,consignmentorsimilararrangementsforthesaleorpurchaseofgoodsenteredintobytheCompanyoranyofitsSubsidiariesintheordinarycourseofbusiness;

(24) LiensonfundsoftheCompanyoranySubsidiaryheldindepositaccountswiththirdpartyprovidersofpaymentservicessecuringcreditcardcharge-backreimbursementandsimilarcashmanagementobligationsoftheCompanyortheSubsidiaries;

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(25) LiensofacollectingbankarisingintheordinarycourseofbusinessunderSection4-208oftheUniformCommercialCodeineffectintherelevantjurisdictioncoveringonlytheitemsbeingcollectedupon;

(26) Liensarisingbyoperationoflaworcontractoninsurancepoliciesandtheproceedsthereoftosecurepremiumsthereunder;

(27) Liensoninsurancepoliciesandproceedsofinsurancepolicies(includingrebatesofpremiums)securingIndebtednessincurredtofinancethepaymentofpremiumsontheinsurancepoliciessubjecttosuchLiens;

(28) statutory,commonlaworcontractualLiensoflandlords;

(29) LiensonanycashearnestmoneydepositmadebytheCompanyoranySubsidiaryinconnectionwithanyletterofintentoracquisitionagreement;

(30) Liensinfavorofcreditcardprocessorsgrantedintheordinarycourseofbusiness;

(31) Lienssecuringcashmanagementobligationsincurredintheordinarycourseofbusiness;or

(32) LiensonassetsofanyInsuranceSubsidiariessecuringobligationsundertransactionsenteredintoinconnectionwithPermittedPortfolioInvestments.

AnyLienpermittedunderclauses(1)through(32)abovethatsecuresIndebtednessshallalsobepermittedtosecureanyprincipal,interest,penalties,fees,indemnifications,reimbursements(including,withoutlimitation,reimbursementobligationswithrespecttolettersofcredit),damagesandotherliabilities,andguaranteesofpaymentofsuchprincipal,interest,penalties,fees,indemnifications,reimbursements,damagesandotherliabilities,payableunderthedocumentationgoverninganyIndebtednessassociatedwithsuchIndebtedness.

LimitationonDispositionofStock

AslongasanyNotesareoutstanding,theCompanywillnot,anditwillnotpermitanySubsidiarytoissue,sell,transferorotherwisedisposeofanysharesofCapitalStockofanyInsuranceSubsidiary,oranysecuritiesconvertibleintoorexercisableorexchangeableforsharesofCapitalStockofanyInsuranceSubsidiary,orwarrants,rightsoroptionstosubscribefororpurchasesharesofCapitalStockofanyInsuranceSubsidiary,unlesssuchissuance,sale,transferorotherdispositionis:(i)foratleastfairvalue(asdeterminedbytheBoardofDirectorsoftheCompanyactingingoodfaith),(ii)totheCompanyoranywholly-ownedSubsidiaryoftheCompany,(iii)requiredbyanyregulationororderoranygovernmentalregulatoryauthorityor(iv)forthepurposeofqualifyingdirectors.

Notwithstandinganythingtothecontraryabove,theCompanymay(i)mergeorconsolidateanyofitsSubsidiaries(includinganyInsuranceSubsidiary)intoorwithanotheroftheCompany'swholly-ownedSubsidiariesand(ii)sell,transferorotherwisedisposeoftheCompany'sbusinessinaccordancewith"—Consolidation,Merger,Conveyance,TransferorLease"below.

ProvisionofFinancialInformation

TheIndenturewillprovidethattheCompanyshallfilewiththeTrusteeandtransmittoHoldersoftheNotessuchinformation,documentsandotherreports,andsuchsummariesthereof,asmayberequiredpursuanttotheTrustIndentureActatthetimeandinthemannerprovidedpursuanttosuchAct.

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Consolidation,Merger,Conveyance,TransferorLease

TheIndentureprovidesthattheCompanymaynotmergeorconsolidatewith,orsell,convey,assign,transfer,leaseorotherwisedisposeofallorsubstantiallyallofthepropertiesorassetsofitanditsSubsidiariestakenasawhole,inoneormorerelatedtransactions,toanotherPerson,unless:

(1) (A)theCompanyisthecontinuingcorporationor(B)theentity(ifotherthantheCompany)formedbytheconsolidationorintowhichtheCompanyismergedortheentitythatacquiresallorsubstantiallyallofthepropertiesandassetsoftheCompanyisacorporation,partnership,limitedliabilitycompany,trustorotherentityorganizedandvalidlyexistingunderthelawsoftheUnitedStatesoranystatethereofortheDistrictofColumbia,andexpresslyassumes,bysupplementalindentureinformreasonablysatisfactorytotheTrustee,paymentoftheprincipalofandanypremiumandinterestonalltheNotesandtheperformanceofalltheCompany'sobligationsundertheNotesandtheIndenture;

(2) immediatelythereafter,noEventofDefault(andnoeventthat,afternoticeorlapseoftime,orboth,wouldbecomeanEventofDefault)hasoccurredandiscontinuing;and

(3) theCompanyhasdeliveredtotheTrusteeanOfficer'sCertificateandanopinionofcounselthatsuchtransactioncomplieswiththeapplicableprovisionsoftheIndenture.

ThepredecessorcompanywillbereleasedfromitsobligationsundertheIndentureandthePersonformedbyorsurvivinganysuchconsolidationormerger(ifotherthanCompany,asapplicable)ortowhichsuchsale,assignment,transfer,conveyanceorotherdispositionhasbeenmadewillsucceedto,andbesubstitutedfor,andmayexerciseeveryrightandpoweroftheCompanyundertheIndenture,but,inthecaseofaleaseofallorsubstantiallyallitsassets,thepredecessorwillnotbesoreleased.

Althoughthereisalimitedbodyofcaselawinterpretingthephrase"substantiallyall,"thereisnopreciseestablisheddefinitionofthephraseunderapplicablelaw.Accordingly,incertaincircumstancestheremaybeadegreeofuncertaintyastowhetheraparticulartransactionwouldinvolve"allorsubstantiallyall"ofthepropertyorassetsofaPerson.

This"Consolidation,Merger,Conveyance,TransferorLease"covenantwillnotapplytoanysale,assignment,transfer,conveyance,leaseorotherdispositionofassetsbetweenoramongtheCompanyanditsSubsidiaries.Clause(2)ofthefirstparagraphofthiscovenantwillnotapplyto(a)theCompanyconsolidatingwith,mergingintoorselling,assigning,transferring,conveying,leasingorotherwisedisposingofallorpartofitspropertiesandassetstooneoftheCompany'sSubsidiariesforanypurpose,(b)anySubsidiaryconsolidatingwith,mergingintoorselling,assigning,transferring,conveying,leasingorotherwisedisposingofallorpartofitspropertiesandassetstotheCompanyortoanotherSubsidiaryforanypurposeor(c)theCompanymergingwithorintoanAffiliatesolelyforthepurposeofreincorporatinginanotherjurisdiction.

Events of Default

Eachofthefollowingisan"EventofDefault":

(1) defaultinanypaymentofinterestonanyNotewhendue,andthecontinuanceofsuchdefaultfor30days;

(2) defaultinthepaymentofprincipaloforpremium,ifany,onanyNotewhendueatitsStatedMaturity,uponoptionalredemption,uponrequiredrepurchase,ifany,upondeclarationofaccelerationorotherwise;

(3) failurebytheCompanytocomplywithitsobligationsunder"CertainCovenants—Consolidation,Merger,Conveyance,TransferorLease"or,ifapplicable,"RepurchaseattheOptionofHolders—ChangeofControlRepurchaseEvent";

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(4) defaultintheperformance,orbreach,ofanycovenantoragreementoftheCompanycontainedintheIndentureorundertheNotesandcontinuanceofsuchdefaultorbreachforaperiodof60daysafternoticeasprovidedbelow(ineachcase,otherthanmattersthatwouldconstituteanEventofDefaultunderclauses(1)through(3)above);

(5) defaultunderanymortgage,indentureorinstrumentunderwhichthereisissuedorbywhichthereissecuredorevidencedanyIndebtednessformoneyborrowedbytheCompanyoranyofitsSubsidiaries(orthepaymentofwhichisguaranteedbytheCompanyoranyofitsSubsidiaries),otherthanIndebtednessowedtotheCompanyoraSubsidiary,whethersuchIndebtednessorGuaranteenowexists,oriscreatedaftertheIssueDate,whichdefault:

(a) iscausedbyafailuretopayprincipalonsuchIndebtednessatitsfinalstatedmaturitywithinthegraceperiodprovidedintheagreementsorinstrumentsgoverningsuchIndebtedness("paymentdefault");or

(b) resultsintheaccelerationofsuchIndebtednesspriortoitsstatedfinalmaturity(the"cross-accelerationprovision");

and,ineachcase,theprincipalamountofanysuchIndebtedness,togetherwiththeprincipalamountofanyothersuchIndebtednessunderwhichtherehasbeenapaymentdefaultorthematurityofwhichhasbeensoaccelerated,aggregates$100.0millionormore(oritsforeigncurrencyequivalent);

(6) certaineventsofbankruptcy,insolvencyorreorganizationoftheCompanyoraSignificantSubsidiaryorgroupofSubsidiariesthat,takentogether(asofthedateofthelatestauditedconsolidatedfinancialstatementsfortheCompanyanditsSubsidiaries),wouldconstituteaSignificantSubsidiary(the"bankruptcyprovisions");

(7) failurebytheCompanyoranySignificantSubsidiaryorgroupofSubsidiariesthat,takentogether(asofthedateofthelatestauditedconsolidatedfinancialstatementsfortheCompanyanditsSubsidiaries),wouldconstituteaSignificantSubsidiarytopayfinalandnon-appealablejudgmentsaggregatinginexcessof$100.0million(oritsforeigncurrencyequivalent)(netofanyamountsthatarecoveredbyinsurance),whichjudgmentsremainunsatisfiedorundischargedforanyperiodof60consecutivedaysduringwhichastayofenforcementofsuchjudgmentsshallnotbeineffect(the"judgmentdefaultprovision").

However,adefaultunderclause(4)ofthisparagraphwillnotconstituteanEventofDefaultuntiltheTrusteeortheHoldersofatleast25%inprincipalamountofthethenoutstandingNotesnotifytheCompany(withcopytotheTrustee)ofthedefaultandtheCompanydoesnotcuresuchdefaultwithinthetimespecifiedinclause(4)ofthisparagraphafterreceiptofsuchnotice.

IfanEventofDefault(otherthananEventofDefaultdescribedinclause(6)abovewithrespecttotheCompany)occursandiscontinuing,theTrusteebynoticeinwritingspecifyingtheEventofDefaulttotheCompany,ortheHoldersofatleast25%inprincipalamountofthethenoutstandingNotesbynoticetotheCompanyandtheTrustee,maydeclaretheprincipalof,premium,ifany,andaccruedandunpaidinterest,ifany,onalltheNotestobedueandpayable.Uponsuchadeclaration,suchprincipal,premium,ifany,andaccruedandunpaidinterest,ifany,willbedueandpayableimmediately.IntheeventofadeclarationofaccelerationoftheNotesbecauseanEventofDefaultdescribedinclause(5)abovehasoccurredandiscontinuing,thedeclarationofaccelerationoftheNotesshallbeautomaticallyrescindedandannulledifthedefaulttriggeringsuchEventofDefaultpursuanttoclause(5)shallberemediedorcuredbytheCompanyoraSubsidiaryorwaivedbytherequisiteholdersoftherelevantIndebtednesswithin30daysafterthedeclarationofaccelerationwithrespecttheretoandif(1)theannulmentoftheaccelerationoftheNoteswouldnotconflictwithanyjudgmentordecreeofacourtofcompetentjurisdictionand(2)allexistingEventsofDefault,except

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nonpaymentofprincipal,premiumorinterestontheNotesthatbecameduesolelybecauseoftheaccelerationoftheNotes,havebeencuredorwaived.

IfanEventofDefaultdescribedinclause(6)aboveoccursandiscontinuingwithrespecttotheCompany,theprincipalof,premium,ifany,andaccruedandunpaidinterest,ifany,onalltheNoteswillbecomeandbeimmediatelydueandpayablewithoutanydeclarationorotheractonthepartoftheTrusteeoranyHolders.TheHoldersofamajorityinprincipalamountoftheoutstandingNotesmaywaiveallpastdefaults(exceptwithrespecttononpaymentofprincipal,premiumorinterest)andrescindanysuchaccelerationwithrespecttotheNotesanditsconsequencesif(1)rescissionwouldnotconflictwithanyjudgmentordecreeofacourtofcompetentjurisdictionand(2)allexistingEventsofDefault,otherthanthenonpaymentoftheprincipalof,premium,ifany,andinterestontheNotesthathavebecomeduesolelybysuchdeclarationofacceleration,havebeencuredorwaived.

IfanEventofDefaultoccursandiscontinuing,theTrusteewillbeundernoobligationtoexerciseanyoftherightsorpowersundertheIndentureortheNotesattherequestordirectionofanyoftheHoldersunlesssuchHoldershaveofferedtotheTrusteeindemnityorsecuritysatisfactorytoitagainstanyloss,liabilityorexpense.Excepttoenforcetherighttoreceivepaymentofprincipal,premium,ifany,orinterestwhendue,noHoldermaypursueanyremedywithrespecttotheIndentureortheNotesunless:

(1) suchHolderhaspreviouslygiventheTrusteenoticethatanEventofDefaultiscontinuing;

(2) theHoldersofatleast25%inprincipalamountofthethenoutstandingNoteshaverequestedtheTrusteetopursuetheremedy;

(3) suchHoldershaveofferedtheTrusteesecurityorindemnitysatisfactorytotheTrusteeagainstanyloss,liabilityorexpense;

(4) theTrusteehasnotcompliedwithsuchrequestwithin60daysafterthereceiptoftherequestandtheofferofsecurityorindemnity;and

(5) theHoldersofamajorityinprincipalamountofthethenoutstandingNoteshavenotgiventheTrusteeadirectionthatisinconsistentwithsuchrequestwithinsuch60-dayperiod.

Subjecttocertainrestrictions,theHoldersofamajorityinprincipalamountofthethenoutstandingNotesaregiventherighttodirectthetime,methodandplaceofconductinganyproceedingforanyremedyavailabletotheTrusteeorofexercisinganytrustorpowerconferredontheTrustee.TheIndentureprovidesthatintheeventanEventofDefaulthasoccurredandiscontinuing,theTrusteewillberequiredintheexerciseofitspowerstousethedegreeofcarethataprudentpersonwoulduseunderthecircumstancesintheconductofhisorherownaffairs.TheTrustee,however,mayrefusetofollowanydirectionthatconflictswithlawortheIndentureortheNotesorthattheTrusteedeterminesingoodfaithisundulyprejudicialtotherightsofanyotherHolder(itbeingunderstoodthattheTrusteedoesnothaveanaffirmativedutytoascertainwhetherornotsuchdirectionsareundulyprejudicialtosuchHolders)orthatwouldinvolvetheTrusteeinpersonalliability.PriortotakinganyactionundertheIndenture,theTrusteewillbeentitledtosecurityorindemnificationsatisfactorytoitinitssolediscretionagainstalllosses,liabilitiesandexpensescausedbytakingornottakingsuchaction.

TheIndentureprovidesthatifaDefaultoccursandiscontinuingandisactuallyknowntoaresponsibleofficeroftheTrustee,theTrusteewillsendtoeachHoldernoticeoftheDefaultwithin90daysaftertheTrusteeobtainssuchknowledge.ExceptinthecaseofaDefaultinthepaymentofprincipalof,premium,ifany,orinterestonanyNote,theTrusteemaywithholdfromtheHoldersnoticeofanycontinuingDefaultiftheTrusteedeterminesingoodfaiththatwithholdingthenoticeisintheinterestsoftheHolders.Inaddition,theCompanyisrequiredtodelivertotheTrustee,within120daysaftertheendofeachfiscalyear(commencingwiththefiscalyearendingDecember31,2019),

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acertificateindicatingwhetherthesignersthereofknowofanyDefaultthatoccurredduringthepreviousyear.TheCompanyalsoisrequiredtodelivertotheTrustee,within30daysaftertheknowledgethereofifsucheventisstillcontinuing,writtennoticeofanyeventswhichwouldconstitutecertainDefaults,theirstatusandwhatactiontheCompanyistakingorproposingtotakeinrespectthereof.

Amendment, Supplement and Waiver

WithouttheconsentofanyHolders,theCompanyortheTrustee,atanytimeandfromtimetotime,mayenterintooneormoreindenturessupplementaltotheIndenturewithrespecttotheNotesforanyofthefollowingpurposes:

(1) toevidencethesuccessionofanotherPersontotheCompanyandtheassumptionbyanysuchsuccessorofthecovenantsoftheCompany,asapplicable,intheIndentureandtheNotes;

(2) toaddtothecovenantsoftheCompanyforthebenefitoftheHolders,ortosurrenderanyrightorpowerhereinconferredupontheCompany;

(3) toaddadditionalEventsofDefault;

(4) toprovideforuncertificatedNotesinadditiontoorinplaceofthecertificatedNotes;provided,thatsuchuncertificatedNotesareissuedinregisteredformforpurposesofSection163(f)oftheInternalRevenueCodeof1986,asamended;

(5) toevidenceandprovidefortheacceptanceofappointmentundertheIndenturebyasuccessorTrustee;

(6) toprovidefororconfirmtheissuanceofadditionaldebtsecuritiesinaccordancewiththetermsoftheIndenture;

(7) tocureanyambiguity,defect,omission,mistakeorinconsistency;

(8) tomakeanyotherprovisionswithrespecttomattersorquestionsarisingundertheIndenture;provided,however,thatsuchactionspursuanttothisclause(8)shallnotadverselyaffecttheinterestsoftheHoldersoftheNotesinanymaterialrespect,asdeterminedingoodfaithbytheBoardofDirectorsoftheCompany;

(9) toconformthetextoftheIndentureortheNotestoanyprovisionofthis"DescriptionofNotes";or

(10) toeffectormaintainthequalificationoftheIndentureundertheTrustIndentureAct.

WiththeconsentoftheHoldersofnotlessthanamajorityinaggregateprincipalamountoftheoutstandingNotes,theCompanyandtheTrusteemayenterintoanindentureorindenturessupplementaltotheIndentureforthepurposeofaddinganyprovisionstoorchanginginanymanneroreliminatinganyoftheprovisionsoftheIndentureapplicabletotheNotesorofsuchNotesorofmodifyinginanymannertherightsoftheHoldersoftheNotesundertheIndenture,includingthedefinitionstherein;provided,however,thatnosuchsupplementalindentureshall,withouttheconsentoftheHolderofeachoutstandingNoteaffectedthereby:

(1) changethefixedmaturityofanyNoteorofanyinstallmentofinterestonanyNote,orreducetheamountpayableinrespectoftheprincipalthereofortherateofinterestthereonoranypremiumpayablethereon,orreducetheamountthatwouldbedueandpayableonaccelerationofthematuritythereof,orchangetheplaceofpaymentwhere,orthecoinorcurrencyinwhich,anyNoteoranypremiumorinterestthereonispayable,orimpairtherighttoinstitutesuitfortheenforcementofanysuchpaymentonorafterthefixedmaturitythereof,orchangethedateonwhichanyNotesmaybesubjecttoredemption(exceptthose

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provisionsrelatingtothecovenantsdescribedaboveunderthecaption"RepurchaseattheOptionofHolders—ChangeofControlRepurchaseEvent")orreducetheredemptionpricetherefor,

(2) reducethepercentageinaggregateprincipalamountoftheoutstandingNotes,theconsentofwhoseHoldersisrequiredforanysuchsupplementalindenture,ortheconsentofwhoseHoldersisrequiredforanywaiver(ofcompliancewithcertainprovisionsoftheIndentureorcertaindefaultsthereunderandtheirconsequences)providedforintheIndenture,

(3) modifyorchangeanyprovisionoftheIndentureaffectingtherankingoftheNotesinamanneradversetotheHoldersoftheNotes,or

(4) modifyanyoftheprovisionsofthisparagraphorprovisionsrelatingtowaiverofdefaultsorcertaincovenants,excepttoincreaseanysuchpercentagerequiredforsuchactionsortoprovidethatcertainotherprovisionsoftheIndenturecannotbemodifiedorwaivedwithouttheconsentoftheHolderofeachoutstandingNoteaffectedthereby.

TheHoldersofnotlessthanamajorityinaggregateprincipalamountoftheoutstandingNotesmayonbehalfoftheHoldersofalltheNoteswaiveanypastdefaultundertheIndentureanditsconsequences,exceptadefault:

(1) inanypaymentinrespectoftheprincipalof(orpremium,ifany)orinterestonanyNotes,or

(2) inrespectofacovenantorprovisionhereofwhichundertheIndenturecannotbemodifiedoramendedwithouttheconsentoftheHolderofeachoutstandingNoteaffected.

Satisfaction and Discharge of the Indenture; Defeasance

TheCompanymayterminateitsobligationsundertheIndenturewithrespecttotheNoteswhen:

(1) either:(A)allNotestheretoforeauthenticatedanddeliveredhavebeendeliveredtotheTrusteeforcancellationor(B)allsuchNotesnottheretoforedeliveredtotheTrusteeforcancellation(i)havebecomedueandpayableor(ii)willbecomedueandpayablewithinoneyearoraretobecalledforredemptionwithinoneyear(a"Discharge")underirrevocablearrangementsforthegivingofnoticeofredemptionbytheTrusteeinthename,andattheexpense,oftheCompany,andtheCompanyhasirrevocablydepositedorcausedtobedepositedwiththeTrusteefundsinanamountsufficienttopayanddischargetheentireindebtednessontheNotes,nottheretoforedeliveredtotheTrusteeforcancellation,forprincipalof,premium,ifany,andinteresttotheStatedMaturityordateofredemption;

(2) theCompanyhaspaidorcausedtobepaidallothersumsthendueandpayableundertheIndenturebytheCompanywithrespecttotheNotes;

(3) thedepositwillnotresultinabreachorviolationof,orconstituteadefaultunder,anyothermaterialinstrumenttowhichtheCompanyisapartyorbywhichtheCompanyisbound;

(4) theCompanyhasdeliveredirrevocableinstructionstotheTrusteeundertheIndenturetoapplythedepositedmoneytowardthepaymentoftheNotesatmaturityorontheredemptiondate,asthecasemaybe;and

(5) theCompanyhasdeliveredtotheTrusteeanOfficer'sCertificateandanopinionofcounselreasonablyacceptabletotheTrustee,eachstatingthatallconditionsprecedentundertheIndenturerelatingtotheDischargeoftheNoteshavebeencompliedwith.

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TheCompanymayelect,atitsoption,tohaveitsobligationswithrespecttotheoutstandingNotesdischarged("defeasance").SuchdefeasancemeansthattheCompanywillbedeemedtohavepaidanddischargedtheentireindebtednessrepresentedbytheoutstandingNotes,exceptfor:

(1) therightsofHoldersofsuchNotestoreceivepaymentsinrespectoftheprincipalofandanypremiumandinterestonsuchNoteswhenpaymentsaredue,

(2) theCompany'sobligationswithrespecttosuchNotesconcerningissuingtemporaryNotes,registrationofNotes,mutilated,destroyed,lostorstolenNotesandthemaintenanceofanofficeoragencyforpaymentandmoneyforsecuritypaymentsheldintrust,

(3) therights,powers,trusts,dutiesandimmunitiesoftheTrusteeandtheCompany'sobligationsinconnectionwiththeIndenture,

(4) theCompany'srightofoptionalredemption,and

(5) thedefeasanceprovisionsoftheIndenture.

Inaddition,theCompanymayelect,atitsoption,tohavetheobligationsoftheCompanyreleasedwithrespecttocertaincovenantsintheIndenture("covenantdefeasance")andanyomissiontocomplywithsuchobligationshallnotconstituteaDefaultwithrespecttotheNotes.Intheeventcovenantdefeasanceoccurs,certainevents(notincludingnon-paymentandbankruptcyandinsolvencyeventswithrespecttotheCompany)describedunder"EventsofDefault"willnolongerconstituteanEventofDefaultwithrespecttotheNotes.

InordertoexerciseeitherdefeasanceorcovenantdefeasancewithrespecttotheoutstandingNotes:

(1) theCompanymustirrevocablyhavedepositedorcausedtobedepositedwiththeTrusteeastrustfundsintrustforthepurposeofmakingthefollowingpayments,specificallypledgedassecurityfor,anddedicatedsolelytothebenefitsoftheHoldersofsuchNotes:(A)moneyinanamountor(B)U.S.governmentobligations,whichthroughthescheduledpaymentofprincipalandinterestinrespectthereofinaccordancewiththeirtermswillprovide,notlaterthantheduedateofanypayment,moneyinanamountor(C)acombinationthereof,ineachcasesufficientwithoutreinvestment,intheopinionofanationallyrecognizedfirmofindependentpublicaccountantsexpressedinawrittencertificationthereofdeliveredtotheTrustee,topayanddischarge,andwhichshallbeappliedbytheTrusteetopayanddischarge,theentireindebtednessinrespectoftheprincipalofandpremium,ifany,andinterestonsuchNotesontheStatedMaturitythereofor(iftheCompanyhasmadeirrevocablearrangementssatisfactorytotheTrusteeforthegivingofnoticeofredemptionbytheTrusteeinthenameandattheexpenseoftheCompany)theredemptiondatethereof,asthecasemaybe,inaccordancewiththetermsoftheIndentureandsuchNotes;

(2) inthecaseofdefeasance,theCompanyshallhavedeliveredtotheTrusteeanopinionofcounselstatingthat(A)theCompanyhasreceivedfrom,ortherehasbeenpublishedby,theInternalRevenueServicearulingor(B)sincetheIssueDate,therehasbeenachangeintheapplicableUnitedStatesfederalincometaxlaw,ineithercase(A)or(B)totheeffectthat,andbasedthereonsuchopinionshallconfirmthat,theHoldersandbeneficialownersofsuchoutstandingNoteswillnotrecognizegainorlossforUnitedStatesfederalincometaxpurposesasaresultofthedeposit,defeasanceanddischargetobeeffectedwithrespecttosuchNotesandwillbesubjecttoUnitedStatesfederalincometaxonthesameamount,inthesamemannerandatthesametimesaswouldbethecaseifsuchdeposit,defeasanceanddischargewerenottooccur;

(3) inthecaseofcovenantdefeasance,theCompanyshallhavedeliveredtotheTrusteeanopinionofcounseltotheeffectthattheHoldersandbeneficialownersofsuchoutstanding

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NoteswillnotrecognizegainorlossforUnitedStatesfederalincometaxpurposesasaresultofthedepositandcovenantdefeasancetobeeffectedwithrespecttosuchNotesandwillbesubjecttoUnitedStatesfederalincometaxonthesameamount,inthesamemannerandatthesametimesaswouldbethecaseifsuchdepositandcovenantdefeasancewerenottooccur;

(4) noDefaultwithrespecttotheoutstandingNotesshallhaveoccurredandbecontinuingatthetimeofsuchdepositaftergivingeffectthereto(otherthanaDefaultresultingfromtheborrowingoffundstobeappliedtosuchdepositandthegrantofanyLientosecuresuchborrowing);

(5) suchdefeasanceorcovenantdefeasanceshallnotresultinabreachorviolationof,orconstituteadefaultunder,anymaterialagreementormaterialinstrument(otherthantheIndenture)towhichtheCompanyoranyofitsSubsidiariesisapartyorbywhichtheCompanyoranyofitsSubsidiariesisapartyisbound;and

(6) theCompanyshallhavedeliveredtotheTrusteeanOfficer'sCertificateandanopinionofcounsel,eachstatingthatallconditionsprecedentwithrespecttosuchdefeasanceorcovenantdefeasancehavebeencompliedwith.

Notwithstandingtheforegoing,theopinionofcounselrequiredbyclause(2)or(3)abovewithrespecttoadefeasanceorcovenantdefeasanceneednottobedeliveredifallNotesnotthereforedeliveredtotheTrusteeforcancellation(x)havebecomedueandpayableor(y)willbecomedueandpayableatStatedMaturitywithinoneyearoraretobecalledforredemptionwithinoneyearunderirrevocablearrangementssatisfactorytotheTrusteeforthegivingofnoticeofredemptionbytheTrusteeinthename,andattheexpense,oftheCompany.

The Trustee

U.S.BankNationalAssociation,theTrusteeoftheNotesundertheIndenture,willbetheinitialpayingagentandregistrarfortheNotes.TheTrusteeoritsaffiliatesfromtimetotimemayextendcredittoandtransactotherbusinesswiththeCompanyinthenormalcourseofbusiness.ExceptduringthecontinuanceofanEventofDefault,theTrusteewillperformonlysuchdutiesasarespecificallysetforthintheIndenture.DuringthecontinuanceofanEventofDefaultthathasnotbeencuredorwaived,theTrusteewillexercisesuchoftherightsandpowersvestedinitbytheIndentureandusethesamedegreeofcareandskillintheirexercise,asaprudentpersonwouldexerciseoruseunderthecircumstancesintheconductofsuchperson'sownaffairs.

TheIndentureandtheTrustIndentureActcontaincertainlimitationsontherightsoftheTrustee,shoulditbecomeacreditoroftheCompany,toobtainpaymentofclaimsincertaincasesortorealizeoncertainpropertyreceivedinrespectofanysuchclaimassecurityorotherwise.TheTrusteewillbepermittedtoengageinothertransactions;however,ifitacquiresany"conflictinginterest"(asdefinedintheTrustIndentureAct)itmusteliminatesuchconflictwithin90days,applytotheCommissionforpermissiontocontinueorresign.

TheHoldersofamajorityinprincipalamountoftheoutstandingNoteswillhavetherighttodirectthetime,methodandplaceofconductinganyproceedingforanyremedyavailabletotheTrusteewithrespecttotheNotesorexercisinganytrustorpowerconferredontheTrusteewithrespecttosuchNotes,subjecttocertainexceptions.TheIndentureprovidesthatincaseanEventofDefaulthasoccurredandiscontinuing,theTrusteeshallexercisesuchoftherightsandpowersvestedinitbytheIndenture,andusethesamedegreeofcareandskillintheirexercise,asaprudentpersonwouldexerciseoruseunderthecircumstancesintheconductofsuchperson'sownaffairs.Subjecttosuchprovisions,theTrusteeshallbeundernoobligationtoexerciseanyoftherightsorpowersvestedinitbytheIndenturewithrespecttotheNotesattherequestordirectionofanyoftheholdersoftheNotespursuanttotheIndenture,unlesssuchholdersshallhaveprovidedtotheTrusteesecurityorindemnitysatisfactorytotheTrusteeagainstthelosses,liabilitiesandexpenseswhichmightbeincurredbyitincompliancewithsuchrequestordirection.

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Norecoursemay,tothefullextentpermittedbyapplicablelaw,betaken,directlyorindirectly,withrespecttotheobligationsoftheCompanyorundertheIndentureoranyrelateddocuments,anycertificateorotherwritingdeliveredinconnectiontherewith,against(i)theTrusteeinitsindividualcapacity,(ii)anypartner,owner,beneficiary,agent,officer,director,employee,agent,successororassignoftheTrustee,eachinitsindividualcapacityor(iii)anyholderofequityintheTrustee.

No Personal Liability of Stockholders, Partners, Officers or Directors

Nodirector,officer,employee,stockholder,generalorlimitedpartnerorincorporator,past,presentorfuture,oftheCompanyoranyofitsSubsidiaries,assuchorinsuchcapacity,shallhaveanypersonalliabilityforanyobligationsoftheCompanyundertheNotesortheIndenturebyreasonofhis,heroritsstatusassuchdirector,officer,employee,stockholder,generalorlimitedpartnerorincorporator.EachHolderofNotesbyacceptingaNotewaivesandreleasesallsuchliability.ThewaiverandreleasearepartoftheconsiderationfortheissuanceoftheNotes.

Governing Law

TheIndentureandtheNoteswillbegovernedby,andconstruedinaccordancewith,thelawsoftheStateofNewYork.

Certain Definitions

SetforthbelowisasummaryofcertainofthedefinedtermsusedintheIndenture.ReferenceismadetotheIndentureforthefulldefinitionofallsuchterms,aswellasanycapitalizedtermusedhereinforwhichnodefinitionisprovided.

"BoardofDirectors"means(i)withrespecttotheCompanyoranySubsidiary,itsboardofdirectorsoranydulyauthorizedcommitteethereoforspecifiedofficersandemployeesoftheCompanytowhichthepowersofsuchboardhavebeenlawfullydelegated;(ii)withrespecttoacorporation,theboardofdirectorsofsuchcorporationoranydulyauthorizedcommitteethereof;and(iii)withrespecttoanyotherentity,theboardofdirectorsorsimilarbodyofthegeneralpartnerormanagersofsuchentityoranydulyauthorizedcommitteethereof.

"CapitalLeaseObligation"means,atthetimeanydeterminationistobemade,theamountoftheliabilityinrespectofacapitalleasethatwouldatthattimeberequiredtobecapitalizedandreflectedasaliabilityonabalancesheet(excludingthefootnotesthereto)preparedinaccordancewithGAAP,andtheStatedMaturitythereofshallbethedateofthelastpaymentofrentoranyotheramountdueundersuchleasepriortothefirstdateuponwhichsuchleasemaybeprepaidbythelesseewithoutpaymentofapenalty.

"CapitalStock"meansanyandallshares,interests,participationsorotherequivalents(howeverdesignated)ofcapitalstockofacorporation,anyandallequivalentownershipinterestsinaPerson(otherthanacorporation)andanyandallwarrantsoroptionstopurchaseanyoftheforegoing.

"CashEquivalents"means(a)marketabledirectobligationsissuedby,orunconditionallyguaranteedby,theUnitedStatesgovernmentorissuedbyanyagencythereofandbackedbythefullfaithandcreditoftheUnitedStates,ineachcasematuringwithinoneyearfromthedateofacquisition;(b)certificatesofdeposit,timedeposits,eurodollartimedepositsorovernightbankdepositshavingmaturitiesoftwelvemonthsorlessfromthedateofacquisitionissuedbyanycommercialbankorganizedunderthelawsoftheUnitedStatesoranystatethereofhavingcombinedcapitalandsurplusofnotlessthan$500,000,000andashorttermdepositratingofatleastA-1byS&PandP-1byMoody's,orcarryinganequivalentratingbyanationallyrecognizedratingagency,ifbothofthetwonamedratingagenciesceasepublishingratingsofcommercialpaperissuersgenerally;(c)commercialpaperofanissuerratedatleastA-2byS&PandP-2byMoody'satthetimeof

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acquisitionthereof,orcarryinganequivalentratingbyanationallyrecognizedratingagency,ifbothofthetwonamedratingagenciesceasepublishingratingsofcommercialpaperissuersgenerally,andmaturingwithinninemonthsfromthedateofacquisition;(d)repurchaseobligationsofanyLenderorofanycommercialbanksatisfyingtherequirementsofclause(b)ofthisdefinition,havingatermofnotmorethan30days,withrespecttosecuritiesissuedorfullyguaranteedorinsuredbytheUnitedStatesgovernment;(e)securitieswithmaturitiesofoneyearorlessfromthedateofacquisitionissuedorfullyguaranteedbyanystate,commonwealthorterritoryoftheUnitedStates,byanypoliticalsubdivisionortaxingauthorityofanysuchstate,commonwealthorterritoryorbyanyforeigngovernment,thesecuritiesofwhichstate,commonwealth,territory,politicalsubdivision,taxingauthorityorforeigngovernment(asthecasemaybe)areratedatleastAbyS&PandA2byMoody's;(f)securitieswithmaturitiesofoneyearorlessfromthedateofacquisitionbackedbystandbylettersofcreditissuedbyanyLenderoranycommercialbanksatisfyingtherequirementsofclause(b)ofthisdefinition;or(g)sharesofmoneymarketmutualorsimilarfundsthatinvestexclusivelyinassetssatisfyingtherequirementsofclauses(a)through(f)ofthisdefinition.

"Commission"meanstheSecuritiesandExchangeCommission.

"Company"meansCNOFinancialGroup,Inc.,andanysuccessorthereto.

"continuing"means,withrespecttoanyDefaultorEventofDefault,thatsuchDefaultorEventofDefaulthasnotbeencuredorwaived.

"Default"meansanyeventthatis,orafternoticeorpassageoftime,orboth,wouldbe,anEventofDefault.

"ExchangeAct"meanstheSecuritiesExchangeActof1934,asamended.

"GAAP"meansgenerallyacceptedaccountingprinciplesintheUnitedStatesofAmericaasineffectasoftheIssueDate,includingthosesetforthintheopinionsandpronouncementsoftheAccountingPrinciplesBoardoftheAmericanInstituteofCertifiedPublicAccountantsandstatementsandpronouncementsoftheFinancialAccountingStandardsBoardorinsuchotherstatementsbysuchotherentityasapprovedbyasignificantsegmentoftheaccountingprofession.AllratiosandcomputationsbasedonGAAPcontainedintheIndenturewillbecomputedinconformitywithGAAP,exceptthatintheeventtheCompanyisacquiredinatransactionthatisaccountedforusingpurchaseaccounting,theeffectsoftheapplicationofpurchaseaccountingshallbedisregardedinthecalculationofsuchratiosandothercomputationscontainedintheIndenture.

"Guarantee"meansaguaranteeotherthanbyendorsementofnegotiableinstrumentsforcollectionintheordinarycourseofbusiness,directorindirect,inanymannerincluding,withoutlimitation,bywayofapledgeofassetsorthroughlettersofcreditorreimbursementagreementsinrespectthereof,ofalloranypartofanyIndebtedness(whetherarisingbyvirtueofpartnershiparrangements,orbyagreementstokeep-well,topurchaseassets,goods,securitiesorservices,totakeorpayortomaintainfinancialstatementconditionsorotherwise).

"HedgingObligations"means,withrespecttoanyspecifiedPerson,theobligationsofsuchPersonunder:

(1) currencyexchange,interestrateorcommodityswapagreements(whetherfromfixedtofloatingorfromfloatingtofixed),currencyexchange,interestrateorcommoditycapagreementsandcurrencyexchange,interestrateorcommoditycollaragreements;

(2) otheragreementsorarrangementsdesignedtomanageinterestratesorinterestraterisk;and

(3) otheragreementsorarrangementsdesignedtomanage,hedgeorprotectsuchPersonagainstfluctuationsincurrencyexchange,interestratesorcommodityprices.

"Holder"meansaPersoninwhosenameaNoteisregisteredinthesecurityregister.

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"Indebtedness"means,withrespecttoanyspecifiedPerson,anyindebtedness(includingprincipalandpremium)ofsuchPerson(excludingaccruedexpensesandtradepayables),whetherornotcontingent:

(1) inrespectofborrowedmoney;

(2) evidencedbybonds,notes,debenturesorsimilarinstrumentsorlettersofcredit(orreimbursementagreementsinrespectthereof);

(3) inrespectofbanker'sacceptances;

(4) representingCapitalLeaseObligations;

(5) representingthedeferredandunpaidbalanceofthepurchasepriceofanypropertyorservicesduemorethansixmonthsaftersuchpropertyisacquiredorsuchservicesarecompleted;or

(6) representinganyinterestrateHedgingObligations,

ifandtotheextentanyoftheprecedingitems(otherthanlettersofcreditandHedgingObligations)wouldappearasaliabilityuponabalancesheetofthespecifiedPersonpreparedinaccordancewithGAAP.Inaddition,theterm"Indebtedness"includesallIndebtednessofotherssecuredbyaLienonanyassetownedbythespecifiedPerson(whetherornotsuchIndebtednessisassumedbythespecifiedPerson)and,totheextentnototherwiseincluded,theGuaranteebythespecifiedPersonofanyIndebtednessofanyotherPerson(otherthanbyendorsementofnegotiableinstrumentsforcollectionintheordinarycourseofbusiness).IndebtednessshallbecalculatedwithoutgivingeffecttotheeffectsofStatementofFinancialAccountingStandardsNo.133andrelatedinterpretationstotheextentsucheffectswouldotherwiseincreaseordecreaseanamountofIndebtednessforanypurposeundertheIndentureasaresultofaccountingforanyembeddedderivativescreatedbythetermsofsuchIndebtedness;provided,however,thatnotwithstandingtheforegoing,Indebtednessshallbedeemednottoincludecontingentobligationsincurredinthenormalcourseofbusinessandnotinrespectofborrowedmoney.

"InsuranceSubsidiary"meansanySubsidiaryoftheCompanythatisrequiredtobelicensedasaninsurerorreinsurer.

"IssueDate"means,2019.

"Officer"meanstheChairmanoftheBoardofDirectors,theChiefExecutiveOfficer,thePresident,anyExecutiveVicePresident,anySeniorVicePresident,anyotherVicePresident,theSecretaryortheTreasureroftheCompany.

"Officer'sCertificate"meansacertificatesignedbyanOfficeroftheCompany.

"Person"meansanyindividual,corporation,limitedliabilitycompany,partnership,jointventure,trust,unincorporatedorganizationorgovernmentoranyagencyorpoliticalsubdivisionthereof.

"RelatedBusiness"meansanybusinessthatisthesameasorrelated,ancillaryorcomplementarytoanyofthebusinessesoftheCompanyanditsSubsidiariesontheIssueDateandanyreasonableextensionorevolutionofanyoftheforegoing.

"SignificantSubsidiary"meansanySubsidiarythatwouldbea"significantsubsidiary"asdefinedinArticle1,Rule1-02ofRegulationS-X,promulgatedpursuanttotheSecuritiesAct,assuchRegulationisineffectontheIssueDate.

"StatedMaturity,"whenusedwithrespecttoanyNoteoranyinstallmentofinterestthereon,meansthedatespecifiedinsuchNoteasthefixeddateonwhichtheprincipalamountofsuchNoteorsuchinstallmentofinterestisdueandpayableand,whenusedwithrespecttoanyinstallmentofinterestorprincipalonanyseriesofIndebtedness,thedateonwhichthepaymentofinterestor

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principalwasscheduledtobepaidinthedocumentationgoverningsuchIndebtednessasoftheIssueDate,andwillnotincludeanycontingentobligationstorepay,redeemorrepurchaseanysuchinterestorprincipalpriortothedateoriginallyscheduledforthepaymentthereof.

"Subsidiary"meansanycorporation,associationorotherbusinessentityofwhichmorethan50%,bynumberofvotes,oftheVotingStockisatthetimedirectlyorindirectlyownedbyusprovidedthat(i)WendoverLimited,(ii)RiskGridTechnologiesInc.,(iii)AITBioscienceLLC,(iv)CreekSourceLLCand(v)fortheavoidanceofdoubt,MillCreekCLOIILtd.,SilverCreekCLOLtd.,ClearCreekCLOLtd.,BeanCreekCLOLtd.,DeerCreekCLOLtd.andanyothervariableinterestentityformedaftertheIssueDateshallnotbeconsideredaSubsidiaryforanypurposeoftheIndenture.

"VotingStock"ofapersonmeansallclassesofCapitalStockofsuchpersonthenoutstandingandnormallyentitled(withoutregardtotheoccurrenceofanycontingency)tovoteintheelectionofdirectors(orpersonsperformingsimilarfunctions).

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CERTAIN UNITED STATES FEDERAL INCOME AND ESTATE TAX CONSEQUENCES TO NON-U.S. HOLDERS

ThefollowingisasummaryofcertainU.S.federalincomeandestatetaxconsequencesofthepurchase,ownershipanddispositionoftheNotesasofthedatehereof.Exceptwherenoted,thissummarydealsonlywithNotesthatareheldascapitalassetsforU.S.federalincometaxpurposesbyanon-U.S.holder(asdefinedbelow)whoacquirestheNotesuponoriginalissuanceattheirinitialissueprice.

A"non-U.S.holder"meansabeneficialowneroftheNotes(otherthananentitytreatedasapartnershipforU.S.federalincometaxpurposes)thatisnotforU.S.federalincometaxpurposesanyofthefollowing:

• acitizenorindividualresidentoftheUnitedStates;

• acorporation(oranyotherentitytreatedasacorporationforU.S.federalincometaxpurposes)createdororganizedinorunderthelawsoftheUnitedStates,anystatethereofortheDistrictofColumbia;

• anestatetheincomeofwhichissubjecttoU.S.federalincometaxationregardlessofitssource;or

• atrustifit(1)issubjecttotheprimarysupervisionofacourtwithintheUnitedStatesandoneormoreU.S.personshavetheauthoritytocontrolallsubstantialdecisionsofthetrustor(2)hasavalidelectionineffectunderapplicableU.S.TreasuryregulationstobetreatedasaU.S.person.

ThissummaryisbaseduponprovisionsoftheInternalRevenueCodeof1986,asamended(the"Code"),andregulations,rulingsandjudicialdecisionsasofthedatehereof.Thoseauthoritiesmaybechanged,perhapsretroactively,soastoresultinU.S.federalincomeandestatetaxconsequencesdifferentfromthosesummarizedbelow.ThissummarydoesnotaddressallaspectsofU.S.federalincomeandestatetaxes(includingtheMedicarecontributiontax)anddoesnotdealwithforeign,state,localorothertaxconsiderationsthatmayberelevanttonon-U.S.holdersinlightoftheirpersonalcircumstances.Inaddition,itdoesnotrepresentadetaileddescriptionoftheU.S.federalincomeandestatetaxconsequencesapplicabletoyouifyouaresubjecttospecialtreatmentundertheU.S.federalincometaxlaws(includingifyouareaU.S.expatriate,a"controlledforeigncorporation,"a"passiveforeigninvestmentcompany"orapartnershiporotherpass-throughentityforU.S.federalincometaxpurposes),and,inparticular,doesnotaddresstaxconsiderationsthatmaybeapplicabletoholdersofExisting2020Notesthatareredeemedinasubstantiallycontemporaneoustransaction.Wecannotassureyouthatachangeinlawwillnotaltersignificantlythetaxconsiderationsthatwedescribeinthissummary.

Ifapartnership(orotherentitytreatedasapartnershipforU.S.federalincometaxpurposes)holdstheNotes,thetaxtreatmentofapartnerwillgenerallydependuponthestatusofthepartnerandtheactivitiesofthepartnership.IfyouareapartnershiporapartnerofapartnershipholdingtheNotes,youshouldconsultyourtaxadvisors.

If you are considering the purchase of Notes, you should consult your own tax advisors concerning the particular U.S. federal income and estate taxconsequences to you of the purchase, ownership and disposition of the Notes, as well as the consequences to you arising under other U.S. federal tax lawsand the laws of any other taxing jurisdiction.

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U.S. Federal Withholding Tax

SubjecttothediscussionsofbackupwithholdingandFATCAbelow,U.S.federalwithholdingtaxwillnotapplytoanypaymentofinterestontheNotesunderthe"portfoliointerestrule,"providedthat:

• interestpaidontheNotesisnoteffectivelyconnectedwithyourconductofatradeorbusinessintheUnitedStates;

• youdonot(actuallyorconstructively)own10%ormoreofthetotalcombinedvotingpowerofallclassesofourvotingstockwithinthemeaningoftheCodeandapplicableU.S.Treasuryregulations;

• youarenotacontrolledforeigncorporationthatisrelated(directlyorindirectly)tousthroughstockownership;

• youarenotabankwhosereceiptofinterestontheNotesisdescribedinSection881(c)(3)(A)oftheCode;and

• either(a)youprovideyournameandaddressonaproperlyexecutedInternalRevenueService("IRS")FormW-8BENorW-8BEN-E(orotherapplicableform)andcertify,underpenaltiesofperjury,thatyouarenotaUnitedStatespersonasdefinedundertheCodeor(b)youholdyourNotesthroughcertainintermediariesandsatisfythecertificationrequirementsofapplicableU.S.Treasuryregulations.Specialcertificationrulesapplytonon-U.S.holdersthatarepass-throughentitiesratherthancorporationsorindividuals.

Ifyoucannotsatisfytherequirementsdescribedabove,paymentsofinterestmadetoyouwillbesubjecttoa30%U.S.federalwithholdingtax,unlessyouprovidetheapplicablewithholdingagentwithaproperlyexecuted:

• IRSFormW-8BENorW-8BEN-E(orotherapplicableform)claiminganexemptionfromorreductioninwithholdingunderthebenefitofanapplicableincometaxtreaty;or

• IRSFormW-8ECI(orotherapplicableform)statingthatinterestpaidontheNotesisnotsubjecttowithholdingtaxbecauseitiseffectivelyconnectedwithyourconductofatradeorbusinessintheUnitedStates(asdiscussedbelowunder"U.S.FederalIncomeTax").

The30%U.S.federalwithholdingtaxgenerallywillnotapplytoanypaymentofprincipalorgainthatyourealizeonthesale,exchange,retirementorotherdispositionofaNote.

U.S. Federal Income Tax

IfyouareengagedinatradeorbusinessintheUnitedStatesandinterestontheNotesiseffectivelyconnectedwiththeconductofthattradeorbusiness(and,ifrequiredbyanapplicableincometaxtreaty,isattributabletoaU.S.permanentestablishment),thenyouwillbesubjecttoU.S.federalincometaxonthatinterestonanetincomebasis(althoughyouwillbeexemptfromthe30%U.S.federalwithholdingtax,providedthecertificationrequirementsdiscussedabovein"U.S.FederalWithholdingTax"aresatisfied)inthesamemannerasifyouwereaUnitedStatespersonasdefinedundertheCode.Inaddition,ifyouareaforeigncorporation,youmaybesubjecttoabranchprofitstaxequalto30%(orlowerapplicableincometaxtreatyrate)ofyoureffectivelyconnectedearningsandprofits,subjecttoadjustments.

SubjecttothediscussionsofbackupwithholdingandFATCAbelow,anygainrealizedonthedispositionofaNotegenerallywillnotbesubjecttoU.S.federalincometaxunless:

• thegainiseffectivelyconnectedwithyourconductofatradeorbusinessintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,isattributabletoaU.S.permanent

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establishment),inwhichcasesuchgainwillgenerallybesubjecttoU.S.federalincometax(andpossiblybranchprofitstax)inthesamemanneraseffectivelyconnectedinterestasdescribedabove;or

• youareanindividualwhoispresentintheUnitedStatesfor183daysormoreinthetaxableyearofthatdisposition,andcertainotherconditionsaremet,inwhichcase,unlessanapplicableincometaxtreatyprovidesotherwise,youwillgenerallybesubjecttoa30%U.S.federalincometaxonanygainrecognized,whichmaybeoffsetbycertainU.S.sourcelosses.

U.S. Federal Estate Tax

IfyouareanindividualandarenotaU.S.citizenoraresidentoftheUnitedStates(asspecificallydefinedforU.S.federalestatetaxpurposes),yourestatewillnotbesubjecttoU.S.federalestatetaxontheNotesbeneficiallyownedbyyouatthetimeofyourdeath,providedthatanypaymenttoyouofinterestontheNotes,ifreceivedatsuchtime,wouldbeeligibleforexemptionfromthe30%U.S.federalwithholdingtaxunderthe"portfoliointerestrule"describedaboveunder"U.S.FederalWithholdingTax"withoutregardtothestatementrequirementdescribedinthefifthbulletpointofthatsection.

Information Reporting and Backup Withholding

Interestpaidtoyouandtheamountoftax,ifany,withheldwithrespecttothosepaymentsgenerallywillbereportedtotheIRS.Copiesoftheinformationreturnsreportingsuchinterestpaymentsandanywithholdingmayalsobemadeavailabletothetaxauthoritiesinthecountryinwhichyouresideundertheprovisionsofanapplicableincometaxtreaty.

Ingeneral,youwillnotbesubjecttobackupwithholdingwithrespecttopaymentsontheNotesthatwemaketoyouprovidedthattheapplicablewithholdingagentdoesnothaveactualknowledgeorreasontoknowthatyouareaUnitedStatespersonasdefinedundertheCode,andsuchwithholdingagenthasreceivedfromyouthestatementdescribedaboveinthefifthbulletpointunder"U.S.FederalWithholdingTax."

Informationreportingand,dependingonthecircumstances,backupwithholdingwillapplytotheproceedsofasaleorotherdisposition(includingaretirementorredemption)oftheNoteswithintheUnitedStatesorconductedthroughcertainU.S.-relatedfinancialintermediaries,unlessyoucertifyunderpenaltiesofperjurythatyouarenotaUnitedStatespersonasdefinedundertheCode(andthepayordoesnothaveactualknowledgeorreasontoknowthatyouareaUnitedStatespersonasdefinedundertheCode),oryouotherwiseestablishanexemption.

Backupwithholdingisnotanadditionaltax.AnyamountswithheldunderthebackupwithholdingruleswillbeallowedasarefundoracreditagainstyourU.S.federalincometaxliabilityprovidedtherequiredinformationistimelyfurnishedtotheIRS.

Additional Withholding Requirements

UnderSections1471through1474oftheCode(suchSectionscommonlyreferredtoas"FATCA"),a30%U.S.federalwithholdingtaxmayapplytoanyinterestontheNotesthatispaidto(i)a"foreignfinancialinstitution"(asspecificallydefinedintheCode)whichdoesnotprovidesufficientdocumentation,typicallyonIRSFormW-8BEN-E,evidencingeither(x)anexemptionfromFATCA,or(y)itscompliance(ordeemedcompliance)withFATCA(whichmayalternativelybeintheformofcompliancewithanintergovernmentalagreementwiththeUnitedStates)inamannerwhichavoidswithholding,or(ii)a"non-financialforeignentity"(asspecificallydefinedintheCode)whichdoesnotprovidesufficientdocumentation,typicallyonIRSFormW-8BEN-E,evidencingeither(x)anexemptionfromFATCA,or(y)adequateinformationregardingcertainsubstantialUnitedStates

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beneficialownersofsuchentity(ifany).IfaninterestpaymentisbothsubjecttowithholdingunderFATCAandsubjecttothewithholdingtaxdiscussedaboveunder"U.S.FederalWithholdingTax,"thewithholdingunderFATCAmaybecreditedagainst,andthereforereduce,suchotherwithholdingtax.

WhilewithholdingunderFATCAwouldalsohaveappliedtopaymentsofgrossproceedsfromthesaleorotherdispositionoftheNotesonorafterJanuary1,2019,recentlyproposedU.S.TreasuryregulationseliminateFATCAwithholdingonpaymentsofgrossproceedsentirely.AlthoughtheserecentlyproposedU.S.Treasuryregulationsarenotfinal,taxpayersgenerallymayrelyonthemuntilfinalU.S.Treasuryregulationsareissued.

YoushouldconsultyourowntaxadvisorsregardingtheserulesandwhethertheymayberelevanttoyourownershipanddispositionofNotes.

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CERTAIN ERISA CONSIDERATIONS

ThefollowingisasummaryofcertainconsiderationsassociatedwiththepurchaseandholdingoftheNotesby(i)employeebenefitplansthataresubjecttoTitleIoftheU.S.EmployeeRetirementIncomeSecurityActof1974,asamended("ERISA"),(ii)plans,individualretirementaccounts("IRAs")andotherarrangementsthataresubjecttoSection4975oftheU.S.InternalRevenueCodeof1986,asamended(the"Code"),(iii)provisionsunderanyotherU.S.ornon-U.S.federal,state,localorotherlawsorregulationsthataresimilartosuchprovisionsofERISAortheCode(collectively,"SimilarLaws"),and(iv)entitieswhoseunderlyingassetsareconsideredtoincludeplanassetswithinthemeaningof29C.F.R.Section2510.3-101(asmodifiedbySection3(42)ofERISA),orotherwise,ofanysuchplans,accountsandarrangementsdescribedinclauses(i),(ii)and(iii)(andeachsuchplan,accountandarrangementasdescribedinclauses(i)–(iv)referredtoasa"Plan").

General Fiduciary Matters

ERISAandtheCodeimposecertaindutiesonpersonswhoarefiduciariesofaPlansubjecttoTitleIofERISAorSection4975oftheCode(a"CoveredPlan")andprohibitcertaintransactionsinvolvingtheassetsofaCoveredPlananditsfiduciariesorotherinterestedparties.UnderERISAandtheCode,anypersonwhoexercisesanydiscretionaryauthorityorcontrolovertheadministrationofsuchaCoveredPlanorthemanagementordispositionoftheassetsofsuchaCoveredPlan,orwhorendersinvestmentadviceforafeeorothercompensationtosuchaCoveredPlan,isgenerallyconsideredtobeafiduciaryoftheCoveredPlan.

InconsideringaninvestmentintheNotesofaportionoftheassetsofanyPlan,afiduciaryshoulddeterminewhethertheinvestmentisinaccordancewiththedocumentsandinstrumentsgoverningthePlanandtheapplicableprovisionsofERISA,theCodeoranySimilarLawandtheavailability,ifnecessary,ofanyexemptivereliefunderanysuchlawsorregulations.Inaddition,afiduciaryofaPlanshouldconsultwithitscounselinordertodetermineiftheinvestmentsatisfiesthefiduciary'sdutiestothePlanincluding,withoutlimitation,theprudence,diversification,delegationofcontrolandprohibitedtransactionprovisionsofERISA,theCodeandanyotherapplicableSimilarLaws.

EachCoveredPlanshouldconsiderthefactthatnoneoftheCompany,theunderwritersoranyoftheirrespectiveaffiliates(the"TransactionParties")hasactedasaCoveredPlan'sfiduciary,orhasbeenrelieduponforanyadvice,withrespecttotheCoveredPlan'sdecisiontopurchaseorholdtheNotes.Allcommunications,correspondenceandmaterialsfromtheTransactionPartieswithrespecttotheNotesareintendedtobegeneralinnatureandarenotdirectedatanyspecificpurchaseroftheNotes,anddonotconstituteadviceregardingtheadvisabilityofinvestmentintheNotesforanyspecificpurchaser.ThedecisiontopurchaseandholdtheNotesmustbemadesolelybyeachprospectiveCoveredPlanpurchaseronanarm'slengthbasis.

Prohibited Transaction Issues

Section406ofERISAandSection4975oftheCodeprohibitCoveredPlansfromengaginginspecifiedtransactionsinvolvingplanassetswithpersonsorentitieswhoare"partiesininterest,"withinthemeaningofERISA,or"disqualifiedpersons,"withinthemeaningofSection4975oftheCode,unlessanexemptionisavailable.Apartyininterestordisqualifiedpersonwhoengagedinanon-exemptprohibitedtransactionmaybesubjecttoexcisetaxesandotherpenaltiesandliabilitiesunderERISAandtheCode.Inaddition,thefiduciaryoftheCoveredPlanthatengagedinsuchanon-exemptprohibitedtransactionmaybesubjecttopenaltiesandliabilitiesunderERISAandtheCode.Theacquisitionand/orholdingofNotesbyaCoveredPlanwithrespecttowhichaTransactionPartyisconsideredapartyininterestoradisqualifiedpersonmayconstituteorresultinadirectorindirectprohibitedtransactionunderSection406ofERISAand/orSection4975oftheCode,unlesstheinvestmentisacquiredandisheldinaccordancewithanapplicablestatutoryoradministrative

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exemption.Inthisregard,theU.S.DepartmentofLaborhasissuedprohibitedtransactionclassexemptions,or"PTCEs,"thatmayapplytothepurchaseandholdingoftheNotes.Theseclassexemptionsinclude,withoutlimitation,PTCE84-14respectingtransactionsdeterminedbyindependentqualifiedprofessionalassetmanagers,PTCE90-1respectinginsurancecompanypooledseparateaccounts,PTCE91-38respectingbankcollectiveinvestmentfunds,PTCE95-60respectinglifeinsurancecompanygeneralaccountsandPTCE96-23respectingtransactionsdeterminedbyin-houseassetmanagers.Inaddition,Section408(b)(17)ofERISAandSection4975(d)(20)oftheCodeproviderelieffromtheprohibitedtransactionprovisionsofERISAandSection4975oftheCodeforcertaintransactions,providedthatneithertheissuerofthesecuritiesnoranyofitsaffiliates(directlyorindirectly)haveorexerciseanydiscretionaryauthorityorcontrolorrenderanyinvestmentadvicewithrespecttotheassetsofanyCoveredPlaninvolvedinthetransactionandprovidedfurtherthattheCoveredPlanpaysnomorethanadequateconsiderationinconnectionwiththetransaction.Eachoftheabove-notedexemptionscontainsconditionsandlimitationsonitsapplication.FiduciariesofCoveredPlansconsideringacquiringand/orholdingtheNotesinrelianceontheseoranyotherexemptionshouldcarefullyreviewtheexemptioninconsultationwithcounseltoassureitisapplicable.Therecanbeno,andwedonotprovideany,assurancethatalloftheconditionsofanysuchexemptionswillbesatisfied.

Becauseoftheforegoing,theNotesshouldnotbepurchasedorheldbyanypersoninvesting"planassets"ofanyPlan,unlesssuchpurchaseandholdingwillnotconstituteanon-exemptprohibitedtransactionunderERISAandtheCodeorasimilarviolationofanyapplicableSimilarLaws.

Representation

ByacceptanceoftheNotes,eachpurchaserandsubsequenttransfereeoftheNoteswillbedeemedtohaverepresentedandwarrantedthateither(i)noportionoftheassetsusedbysuchpurchaserortransfereetopurchaseorholdtheNotesconstitutesassetsofanyPlanor(ii)(A)thepurchaseandholdingoftheNotesbysuchpurchaserortransfereewillnotconstituteanon-exemptprohibitedtransactionunderSection406ofERISAorSection4975oftheCodeorasimilarviolationunderanyapplicableSimilarLaws,and(B)noneoftheTransactionPartieshaveactedasafiduciarytoanyPlanwithrespecttothedecisiontopurchaseorholdtheNotesorbeenrelieduponforanyadvicewithrespecttothedecisiontopurchaseorholdtheNotes.

Theforegoingdiscussionisgeneralinnatureandisnotintendedtobeallinclusive.Duetothecomplexityoftheserulesandthepenaltiesthatmaybeimposeduponpersonsinvolvedinnon-exemptprohibitedtransactions,itisparticularlyimportantthatfiduciaries,orotherpersonsconsideringpurchasingorholdingtheNotesonbehalfof,orwiththeassetsof,anyPlan,consultwiththeircounselregardingthepotentialapplicabilityofERISA,Section4975oftheCodeandanySimilarLawstosuchinvestmentandwhetheranexemptionwouldbeapplicabletothepurchaseandholdingoftheNotes.PurchasersoftheNoteshaveexclusiveresponsibilityforensuringthattheirpurchaseandholdingoftheNotesdonotviolatethefiduciaryorprohibitedtransactionrulesofERISA,theCodeoranySimilarLaws.ThesaleofanyNotestoaPlanisinnorespectarepresentationbytheissueroranyofitsaffiliatesorrepresentativesthatsuchaninvestmentmeetsallrelevantlegalrequirementswithrespecttoinvestmentsbyanysuchPlangenerallyoranyparticularPlan,orthatsuchinvestmentisappropriateforsuchPlansgenerallyoranyparticularPlan.

NeitherthisdiscussionnoranythingprovidedinthisprospectussupplementisorisintendedtobeinvestmentadvicedirectedatanypotentialPlanpurchasersoratPlanpurchasersgenerallyandsuchpurchasersofanyNotes(orbeneficialintereststherein)shouldconsultandrelyontheirowncounselandadvisersastowhetheraninvestmentintheNotesissuitableforthePlan.

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UNDERWRITING

ThecompanyandtheunderwritersfortheofferingnamedbelowhaveenteredintoanunderwritingagreementwithrespecttotheNotes.Subjecttocertainconditions,eachunderwriternamedbelow,forwhomGoldmanSachs&Co.LLC,BarclaysCapitalInc.,KeyBancCapitalMarketsInc.andRBCCapitalMarkets,LLCareactingasrepresentatives,hasseverallyagreedtopurchasetheprincipalamountofNotesindicatedinthefollowingtable.

TheunderwritersarecommittedtotakeandpayforalloftheNotesbeingoffered,ifanyaretaken.

Notessoldbytheunderwriterstothepublicwillinitiallybeofferedatthepublicofferingpricesetforthonthecoverofthisprospectussupplement.AnyNotessoldbytheunderwriterstosecuritiesdealersmaybesoldatadiscountfromthepublicofferingpriceofuptooftheprincipalamountoftheNotes.AnysuchsecuritiesdealersmayresellanysuchNotespurchasedfromtheunderwriterstocertainotherbrokersordealersatadiscountfromthepublicofferingpriceofuptooftheprincipalamountoftheNotes.IfallsuchNotesarenotsoldattheofferingprice,theunderwritersmaychangetheofferingpriceandtheothersellingterms.TheofferingoftheNotesbytheunderwritersissubjecttoreceiptandacceptanceandsubjecttotheunderwriters'righttorejectanyorderinwholeorinpart.

TheNotesareanewissueofsecuritieswithnoestablishedtradingmarket.CNOhasbeenadvisedbytheunderwritersthatoneormoreoftheunderwritersintendtomakeamarketintheNotesbutarenotobligatedtodosoandmaydiscontinuemarketmakingatanytimewithoutnotice.NoassurancecanbegivenastotheliquidityofthetradingmarketfortheNotes.

WehaveagreedforaperiodfromthedateofthisprospectussupplementthroughandincludingtheissuedateoftheNotes,withoutthepriorwrittenconsentoftherepresentatives,nottooffer,sell,contracttosellorotherwisedisposeofanydebtsecuritiesthatareissuedorguaranteedbyusandthathaveatenorofmorethanoneyear.

ItisexpectedthatdeliveryoftheNoteswillbemadeagainstpaymentthereforonorabout,2019,whichwillbethebusinessdayfollowingthedateofpricingoftheNotes(suchsettlementperiodbeinghereinreferredtoasT+).PurchasersofNotesshouldbeawarethattheabilitytosettlesecondarymarkettradesoftheNoteseffectedonthedateofpricingmaybeaffectedbytheT+settlement.

Inconnectionwiththeoffering,theunderwritersmaypurchaseandsellNotesintheopenmarket.Thesetransactionsmayincludeshortsales,stabilizingtransactionsandpurchasestocoverpositionscreatedbyshortsales.ShortsalesinvolvethesalebytheunderwritersofagreaternumberofNotesthantheyarerequiredtopurchaseintheoffering.StabilizingtransactionsconsistofcertainbidsorpurchasesmadeforthepurposeofpreventingorretardingadeclineinthemarketpriceoftheNoteswhiletheofferingisinprogress.

Underwriters Principal Amount

of Notes GoldmanSachs&Co.LLC $ BarclaysCapitalInc. KeyBancCapitalMarketsInc. RBCCapitalMarkets,LLC BofASecurities,Inc. DeutscheBankSecuritiesInc. Total $ 425,000,000

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Theunderwritersalsomayimposeapenaltybid.ThisoccurswhenaparticularunderwriterrepaystotheunderwritersaportionoftheunderwritingdiscountreceivedbyitbecausetherepresentativeshaverepurchasedNotessoldbyorfortheaccountofsuchunderwriterinstabilizingorshortcoveringtransactions.

Theseactivitiesbytheunderwriters,aswellasotherpurchasesbytheunderwritersfortheirownaccounts,maystabilize,maintainorotherwiseaffectthemarketpriceoftheNotes.Asaresult,thepriceoftheNotesmaybehigherthanthepricethatotherwisemightexistintheopenmarket.Iftheseactivitiesarecommenced,theymaybediscontinuedbytheunderwritersatanytime.Thesetransactionsmaybeeffectedintheover-the-countermarketorotherwise.

CNOestimatesthatitsshareofthetotalexpensesoftheoffering,excludingunderwritingdiscounts,willbeapproximately$million.Wehavealsoagreedtoreimbursetheunderwritersforcertainoftheirexpenses.

CNOhasagreedtoindemnifytheseveralunderwritersagainstcertainliabilities,includingliabilitiesundertheSecuritiesActof1933,ortocontributetopaymentswhichtheunderwritersmayberequiredtomakeinrespectofanysuchliabilities.

Theunderwritersandtheirrespectiveaffiliatesarefullservicefinancialinstitutionsengagedinvariousactivities,whichmayincludesalesandtrading,commercialandinvestmentbanking,advisory,investmentmanagement,investmentresearch,principalinvestment,hedging,marketmaking,brokerageandotherfinancialandnon-financialactivitiesandservices.Certainoftheunderwritersandtheirrespectiveaffiliateshaveprovided,andmayinthefutureprovide,avarietyoftheseservicestotheissuerandtopersonsandentitieswithrelationshipswiththeissuer,forwhichtheyreceivedorwillreceivecustomaryfeesandexpenses.WeintendtousethenetproceedsfromthisofferingtoredeemouroutstandingExisting2020NotesandtorepayallamountsoutstandingunderourRevolvingCreditFacility.Affiliatesofcertainoftheunderwritersactasagentsand/orlendersunderourRevolvingCreditFacilityandholdcertainofourExisting2020Notes,andwillreceiveaportionofthenetproceedsofthisofferinginconnectionwiththerepaymentofamountsunderourRevolvingCreditFacilityandtheredemptionoftheExisting2020Notes.

Intheordinarycourseoftheirvariousbusinessactivities,theunderwritersandtheirrespectiveaffiliates,officers,directorsandemployeesmaypurchase,sellorholdabroadarrayofinvestmentsandactivelytradesecurities,derivatives,loans,commodities,currencies,creditdefaultswapsandotherfinancialinstrumentsfortheirownaccountandfortheaccountsoftheircustomers,andsuchinvestmentandtradingactivitiesmayinvolveorrelatetoassets,securitiesand/orinstrumentsoftheissuer(directly,ascollateralsecuringotherobligationsorotherwise)and/orpersonsandentitieswithrelationshipswiththeissuer.Theunderwritersandtheirrespectiveaffiliatesmayalsocommunicateindependentinvestmentrecommendations,marketcolorortradingideasand/orpublishorexpressindependentresearchviewsinrespectofsuchassets,securitiesorinstrumentsandmayatanytimehold,orrecommendtoclientsthattheyshouldacquire,longand/orshortpositionsinsuchassets,securitiesandinstruments.

European Economic Area

PRIIPs Regulation / Prohibition of sales to EEA retail investors —TheNotesarenotintendedtobeoffered,soldorotherwisemadeavailabletoandshouldnotbeoffered,soldorotherwisemadeavailabletoanyretailinvestorintheEuropeanEconomicArea("EEA").Forthesepurposes,aretailinvestormeansapersonwhoisone(ormore)of:(i)aretailclientasdefinedinpoint(11)ofArticle4(1)ofDirective2014/65/EU(asamended,"MiFIDII");or(ii)acustomerwithinthemeaningofDirective2016/97/EU(the"InsuranceDistributionDirective"),wherethatcustomerwouldnotqualifyasaprofessionalclientasdefinedinpoint(10)ofArticle4(1)ofMiFIDII;or(iii)notaqualifiedinvestorasdefinedinDirective2003/71/EC(asamended,the"ProspectusDirective").

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ConsequentlynokeyinformationdocumentrequiredbyRegulation(EU)No1286/2014(asamended,the"PRIIPsRegulation")forofferingorsellingtheNotesorotherwisemakingthemavailabletoretailinvestorsintheEEAhasbeenpreparedandthereforeofferingorsellingtheNotesorotherwisemakingthemavailabletoanyretailinvestorintheEEAmaybeunlawfulunderthePRIIPSRegulation.

ThisProspectusSupplementhasbeenpreparedonthebasisthatanyofferofNotesinanymemberstateoftheEuropeanEconomicAreawhichhasimplementedtheProspectusDirective(each,a"RelevantMemberState")willbemadepursuanttoanexemptionundertheProspectusDirective,asimplementedinthatRelevantMemberState,fromtherequirementtoproduceaprospectusforoffersoftheNotes.Accordingly,anypersonmakingorintendingtomakeanyofferwithinthatRelevantMemberStateofNotes,whicharethesubjectoftheofferingcontemplatedinthisProspectusSupplement,mayonlydosoincircumstancesinwhichnoobligationarisesfortheIssuerortheunderwriterstoproduceaprospectusforsuchoffer.NeithertheIssuernortheunderwritershaveauthorized,nordotheyauthorize,themakingofanyofferofNotesincircumstancesinwhichanobligationarisesfortheIssuerortheunderwriterstopublishaprospectusforsuchoffer.NeithertheIssuernortheunderwritershaveauthorized,nordotheyauthorize,themakingofanyofferofNotesthroughanyfinancialintermediary,otherthanoffersmadebytheunderwriters,whichconstitutethefinalplacementofNotescontemplatedinthisProspectusSupplement.Theexpression"ProspectusDirective"meansDirective2003/71/EC(andamendmentsthereto,includingthe2010PDAmendingDirective,totheextentimplementedintheRelevantMemberState),andincludesanyrelevantimplementingmeasureintheRelevantMemberStateandtheexpression"2010PDAmendingDirective"meansDirective2010/73/EU.

United Kingdom

EachUnderwriterhasrepresentedandagreedthat:

(a) ithasonlycommunicatedorcausedtobecommunicatedandwillonlycommunicateorcausetobecommunicatedaninvitationorinducementtoengageininvestmentactivity(withinthemeaningofSection21oftheFinancialServicesandMarketsAct2000(FSMA))receivedbyitinconnectionwiththeissueorsaleoftheOfferedNotesincircumstancesinwhichSection21(1)oftheFSMAdoesnotapplytotheIssuersortheGuarantors;and

(b) ithascompliedandwillcomplywithallapplicableprovisionsoftheFSMAwithrespecttoanythingdonebyitinrelationtotheOfferedNotesin,fromorotherwiseinvolvingtheUnitedKingdom.

Hong Kong

TheNotesmaynotbeofferedorsoldinHongKongbymeansofanydocumentotherthan(i)incircumstanceswhichdonotconstituteanoffertothepublicwithinthemeaningoftheCompanies(WindingUpandMiscellaneousProvisions)Ordinance(Cap.32oftheLawsofHongKong)("Companies(WindingUpandMiscellaneousProvisions)Ordinance")orwhichdonotconstituteaninvitationtothepublicwithinthemeaningoftheSecuritiesandFuturesOrdinance(Cap.571oftheLawsofHongKong)("SecuritiesandFuturesOrdinance"),or(ii)to"professionalinvestors"asdefinedintheSecuritiesandFuturesOrdinanceandanyrulesmadethereunder,or(iii)inothercircumstanceswhichdonotresultinthedocumentbeinga"prospectus"asdefinedintheCompanies(WindingUpandMiscellaneousProvisions)Ordinance,andnoadvertisement,invitationordocumentrelatingtotheNotesmaybeissuedormaybeinthepossessionofanypersonforthepurposeofissue(ineachcasewhetherinHongKongorelsewhere),whichisdirectedat,orthecontentsofwhicharelikelytobeaccessedorreadby,thepublicinHongKong(exceptifpermittedtodosounderthesecuritieslawsofHongKong)otherthanwithrespecttoNoteswhichareorareintendedtobe

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disposedofonlytopersonsoutsideHongKongoronlyto"professionalinvestors"inHongKongasdefinedintheSecuritiesandFuturesOrdinanceandanyrulesmadethereunder.

Singapore

ThisprospectussupplementhasnotbeenregisteredasaprospectuswiththeMonetaryAuthorityofSingapore.Accordingly,thisprospectussupplementandanyotherdocumentormaterialinconnectionwiththeofferorsale,orinvitationforsubscriptionorpurchase,oftheNotesmaynotbecirculatedordistributed,normaytheNotesbeofferedorsold,orbemadethesubjectofaninvitationforsubscriptionorpurchase,whetherdirectlyorindirectly,topersonsinSingaporeotherthan(i)toaninstitutionalinvestor(asdefinedinSection4AoftheSecuritiesandFuturesAct,Chapter289ofSingapore(the"SFA"))underSection274oftheSFA,(ii)toarelevantperson(asdefinedinSection275(2)oftheSFA)pursuanttoSection275(1)oftheSFA,oranypersonpursuanttoSection275(1A)oftheSFA,andinaccordancewiththeconditionsspecifiedinSection275oftheSFAor(iii)otherwisepursuantto,andinaccordancewiththeconditionsof,anyotherapplicableprovisionoftheSFA,ineachcasesubjecttoconditionssetforthintheSFA.

WheretheNotesaresubscribedorpurchasedunderSection275oftheSFAbyarelevantpersonwhichisacorporation(whichisnotanaccreditedinvestor(asdefinedinSection4AoftheSFA))thesolebusinessofwhichistoholdinvestmentsandtheentiresharecapitalofwhichisownedbyoneormoreindividuals,eachofwhomisanaccreditedinvestor,thesecurities(asdefinedinSection239(1)oftheSFA)ofthatcorporationshallnotbetransferablefor6monthsafterthatcorporationhasacquiredtheNotesunderSection275oftheSFAexcept:(1)toaninstitutionalinvestorunderSection274oftheSFAortoarelevantperson(asdefinedinSection275(2)oftheSFA),(2)wheresuchtransferarisesfromanofferinthatcorporation'ssecuritiespursuanttoSection275(1A)oftheSFA,(3)wherenoconsiderationisorwillbegivenforthetransfer,(4)wherethetransferisbyoperationoflaw,(5)asspecifiedinSection276(7)oftheSFA,or(6)asspecifiedinRegulation32oftheSecuritiesandFutures(OffersofInvestments)(SharesandDebentures)Regulations2005ofSingapore("Regulation32").

WheretheNotesaresubscribedorpurchasedunderSection275oftheSFAbyarelevantpersonwhichisatrust(wherethetrusteeisnotanaccreditedinvestor(asdefinedinSection4AoftheSFA))whosesolepurposeistoholdinvestmentsandeachbeneficiaryofthetrustisanaccreditedinvestor,thebeneficiaries'rightsandinterest(howsoeverdescribed)inthattrustshallnotbetransferablefor6monthsafterthattrusthasacquiredtheNotesunderSection275oftheSFAexcept:(1)toaninstitutionalinvestorunderSection274oftheSFAortoarelevantperson(asdefinedinSection275(2)oftheSFA),(2)wheresuchtransferarisesfromanofferthatismadeontermsthatsuchrightsorinterestareacquiredataconsiderationofnotlessthanS$200,000(oritsequivalentinaforeigncurrency)foreachtransaction(whethersuchamountistobepaidforincashorbyexchangeofsecuritiesorotherassets),(3)wherenoconsiderationisorwillbegivenforthetransfer,(4)wherethetransferisbyoperationoflaw,(5)asspecifiedinSection276(7)oftheSFA,or(6)asspecifiedinRegulation32.

Solelyforthepurposesofitsobligationspursuanttosections309B(1)(a)and309B(1)(c)oftheSecuritiesandFuturesAct(Chapter289ofSingapore)(the"SFA"),theIssuerhasdetermined,andherebynotifiesallrelevantpersons(asdefinedinSection309AoftheSFA)thattheNotesare"prescribedcapitalmarketsproducts"(asdefinedintheSecuritiesandFutures(CapitalMarketsProducts)Regulations2018)andExcludedInvestmentProducts(asdefinedinMASNoticeSFA04-N12:NoticeontheSaleofInvestmentProductsandMASNoticeFAA-N16:NoticeonRecommendationsonInvestmentProducts).

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ThesecuritieshavenotbeenandwillnotberegisteredundertheFinancialInstrumentsandExchangeActofJapan(ActNo.25of1948,asamended),ortheFIEA.Thesecuritiesmaynotbeofferedorsold,directlyorindirectly,inJapanortoorforthebenefitofanyresidentofJapan(includinganypersonresidentinJapanoranycorporationorotherentityorganizedunderthelawsofJapan)ortoothersforreofferingorresale,directlyorindirectly,inJapanortoorforthebenefitofanyresidentofJapan,exceptpursuanttoanexemptionfromtheregistrationrequirementsoftheFIEAandotherwiseincompliancewithanyrelevantlawsandregulationsofJapan.

Canada

TheNotesmaybesoldinCanadaonlytopurchaserspurchasing,ordeemedtobepurchasing,asprincipalthatareaccreditedinvestors,asdefinedinNationalInstrument45-106ProspectusExemptionsorsubsection73.3(1)oftheSecuritiesAct(Ontario),andarepermittedclients,asdefinedinNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations.AnyresaleoftheNotesmustbemadeinaccordancewithanexemptionfrom,orinatransactionnotsubjectto,theprospectusrequirementsofapplicablesecuritieslaws.

SecuritieslegislationincertainprovincesorterritoriesofCanadamayprovideapurchaserwithremediesforrescissionordamagesifthisprospectussupplement(includinganyamendmentthereto)containsamisrepresentation,providedthattheremediesforrescissionordamagesareexercisedbythepurchaserwithinthetimelimitprescribedbythesecuritieslegislationofthepurchaser'sprovinceorterritory.Thepurchasershouldrefertoanyapplicableprovisionsofthesecuritieslegislationofthepurchaser'sprovinceorterritoryforparticularsoftheserightsorconsultwithalegaladvisor.

Pursuanttosection3A.3ofNationalInstrument33-105UnderwritingConflicts(NI33-105),theunderwritersarenotrequiredtocomplywiththedisclosurerequirementsofNI33-105regardingunderwriterconflictsofinterestinconnectionwiththisoffering.

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VALIDITY OF SECURITIES

ThevalidityoftheNotesofferedherebywillbepasseduponforusbySimpsonThacher&BartlettLLP,NewYork,NewYork.CertainlegalmatterswithrespecttotheofferingoftheNoteswillbepasseduponfortheunderwritersbyLatham&WatkinsLLP,NewYork,NewYork.

EXPERTS

Thefinancialstatementsandmanagement'sassessmentoftheeffectivenessofinternalcontroloverfinancialreporting(whichisincludedinManagement'sReportonInternalControloverFinancialReporting)incorporatedinthisprospectussupplementbyreferencetotheAnnualReportonForm10-KfortheyearendedDecember31,2018havebeensoincorporatedinrelianceonthereportofPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,givenontheauthorityofsaidfirmasexpertsinauditingandaccounting.

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CNO Financial Group, Inc.Debt Securities Common Stock Preferred Stock

Depositary Shares Warrants

Purchase Contracts Units

Wemayofferandsell,fromtimetotime,inoneormoreofferings,anyofthefollowingsecurities:

• debtsecurities,inoneormoreseries,whichmaybeseniordebtsecurities,seniorsubordinateddebtsecuritiesorsubordinateddebtsecurities;

• sharesofourcommonstock;

• sharesofourpreferredstock;

• depositaryshares;

• warrantstopurchaseourdebt,commonorpreferredequitysecurities;

• purchasecontracts;

• units;or

• anycombinationofthesesecurities.

Inaddition,certainsellingstockholdersmay,fromtimetotime,offerandsellsharesofourcommonstockorpreferredstock,ineachcase,inamounts,atpricesandontermsthatwillbedeterminedatthetimeofanysuchoffering.

OurcommonstockislistedontheNewYorkStockExchangeunderthesymbol"CNO."Eachprospectussupplementwillindicateifthesecuritiesofferedtherebywillbelistedonasecuritiesexchange.

Thisprospectusprovidesageneraldescriptionofthesesecurities.Wewillprovidethespecifictermsofthesecurities,includingthenamesofanysellingstockholders,ifapplicable,inoneormoresupplementstothisprospectus.Thisprospectusmaynotbeusedtoofferandsellthesecuritiesunlessaccompaniedbyaprospectussupplement.Youshouldreadthisprospectusandtheapplicableprospectussupplement,aswellasthedocumentsincorporatedbyreferenceinthisprospectusandinanyapplicableprospectussupplement,carefullybeforeyouinvest.

Investing in these securities involves risks. See the information included and incorporated by reference in this prospectusand the applicable prospectus supplement for a discussion of the factors you should carefully consider before deciding topurchase these securities, including the information under "Risk Factors" in our most recent annual report on Form 10-K(as it may be updated in any subsequently filed quarterly reports on Form 10-Q) filed with the Securities and ExchangeCommission.

None of the Securities and Exchange Commission, any state securities commission or any other regulatory body has approved or disapproved ofthese securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

ThedateofthisprospectusisMay10,2018.

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Page ABOUTTHISPROSPECTUS 1WHEREYOUCANFINDMOREINFORMATION 3INCORPORATIONOFCERTAININFORMATIONBYREFERENCE 4FORWARD-LOOKINGSTATEMENTS 5OURCOMPANY 8RISKFACTORS 9RATIOSOFEARNINGSTOFIXEDCHARGES 10USEOFPROCEEDS 11DESCRIPTIONOFDEBTSECURITIES 12DESCRIPTIONOFCAPITALSTOCK 22DESCRIPTIONOFDEPOSITARYSHARES 29DESCRIPTIONOFWARRANTS 32DESCRIPTIONOFPURCHASECONTRACTS 34DESCRIPTIONOFUNITS 34PLANOFDISTRIBUTION 35VALIDITYOFTHESECURITIES 37EXPERTS 37

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ABOUT THIS PROSPECTUS

ThisprospectusisapartofaregistrationstatementthatwefiledwiththeSecuritiesandExchangeCommission(the"SEC")utilizinga"shelf"registrationprocess.Underthisshelfregistrationprocess,wemaysellanycombinationofthesecuritiesdescribedinthisprospectusinoneormoreofferingsfromtimetotime.Inaddition,certainsellingstockholdersmay,fromtimetotime,offerandsellsharesofourcommonstockorpreferredstock,ineachcase,inamounts,atpricesandontermsthatwillbedeterminedatthetimeofanysuchoffering.

Thisprospectusprovidesyouwithageneraldescriptionofthesecuritieswemayoffer.Eachtimewesellsecuritiesunderthisshelfregistrationstatement,wewillprovideaprospectussupplementthatwillcontainspecificinformationaboutthetermsofthatoffering,includingthenamesofanysellingstockholders,ifapplicable,andmayalsoprovideyouwithafreewritingprospectus.Theprospectussupplementandanyfreewritingprospectusmayalsoadd,updateorchangeinformationcontainedinthisprospectus.Wealsoincludeintheprospectussupplementoranyfreewritingprospectuswhereapplicable,informationaboutmaterialUnitedStatesfederalincometaxconsiderationsrelatingtothesecurities.Therefore,ifthereisanyinconsistencybetweentheinformationinthisprospectusandtheprospectussupplementandanyfreewritingprospectus,youshouldrelyontheinformationintheprospectussupplementandanyfreewritingprospectus.Youshouldreadboththisprospectusandanyprospectussupplementandanyfreewritingprospectustogetherwithadditionalinformationdescribedundertheheading"WhereYouCanFindMoreInformation"and"IncorporationofCertainInformationbyReference."

Theexhibitstotheregistrationstatementofwhichthisprospectusisapartcontainthefulltextofcertaincontractsandotherimportantdocumentswehavesummarizedinthisprospectus.Sincethesesummariesmaynotcontainalltheinformationthatyoumayfindimportantindecidingwhethertopurchasethesecuritieswemayoffer,youshouldreviewthefulltextofthesedocuments.TheregistrationstatementandtheexhibitscanbeobtainedfromtheSECasindicatedundertheheading"WhereYouCanFindMoreInformation"below.

Wehavenotauthorizedanydealer,salesmanorotherpersontogiveanyinformationortomakeanyrepresentationotherthanthosecontainedorincorporatedbyreferenceinthisprospectusandanyapplicableprospectussupplementoranyrelatedfreewritingprospectusfiledwiththeSEC.Youmustnotrelyuponanyinformationorrepresentationnotcontainedorincorporatedbyreferenceinthisprospectusortheapplicableprospectussupplement.Thisprospectusandtheapplicableprospectussupplementdonotconstituteanoffertosellorthesolicitationofanoffertobuyanysecuritiesotherthantheregisteredsecuritiestowhichtheyrelate,nordothisprospectusandtheapplicableprospectussupplementconstituteanoffertosellorthesolicitationofanoffertobuysecuritiesinanyjurisdictiontoanypersontowhomitisunlawfultomakesuchofferorsolicitationinsuchjurisdiction.

Youshouldnotassumethattheinformationcontainedinthisprospectusandtheapplicableprospectussupplementisaccurateonanydatesubsequenttothedatesetforthonthefrontofthedocumentorthatanyinformationwehaveincorporatedbyreferenceiscorrectonanydatesubsequenttothedateofthedocumentincorporatedbyreference,eventhoughthisprospectusandanyapplicableprospectussupplementisdeliveredorsecuritiesaresoldonalaterdate.Ourbusiness,financialcondition,resultsofoperationsandprospectsmayhavechangedsincethosedates.

Asusedinthisprospectus,unlessotherwisespecifiedorunlessthecontextindicatesotherwise,referencesinthisprospectusto:

• "CNO"orthe"holdingcompany"referonlytoCNOFinancialGroup,Inc.onanunconsolidatedbasis.PriortoitsnamechangeinMay2010,CNOwasformerlyknownasConseco,Inc.,aDelawarecorporation.CNObecamethesuccessortoConseco,Inc.,anIndiana

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corporation(our"Predecessor"),inconnectionwithourbankruptcyreorganizationwhichbecameeffectiveonSeptember10,2003;and

• "CNOFinancialGroup,"the"Company,""we,""us,"and"our"refertoCNOanditssubsidiariesonaconsolidatedbasisor,whenthecontextrequiresotherwise,ourPredecessoranditssubsidiariesonaconsolidatedbasis.

Referencesto"thisprospectus"refertothisprospectusandanyapplicableprospectussupplement.

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WHERE YOU CAN FIND MORE INFORMATION

CNOfilesreports,proxystatementsandotherinformationwiththeSEC.Thesereports,proxystatementsandotherinformationcanbereadandcopiedattheSEC'spublicreferenceroomat100FStreet,N.E.,Washington,D.C.20549.PleasecalltheSECat1-800-SEC-0330forfurtherinformationontheoperationofthepublicreferenceroom.TheSECmaintainsaninternetsiteatwww.sec.govthatcontainsreports,proxyandinformationstatementsandotherinformationregardingcompaniesthatfileelectronicallywiththeSEC,includingCNO.CNO'scommonstockislistedandtradingontheNewYorkStockExchange(the"NYSE")underthesymbol"CNO."Thesereports,proxystatementsandotherinformationcanalsobereadattheofficesoftheNYSE,11WallStreet,NewYork,NewYork10005.

WehavefiledwiththeSECaregistrationstatementonFormS-3withrespecttothesecuritiescoveredbythisprospectus.Thisprospectus,filedasapartoftheregistrationstatement,doesnotcontainalltheinformationsetforthintheregistrationstatementanditsexhibits,partsofwhichareomittedinaccordancewiththerulesandregulationsoftheSEC.Forfurtherinformationwithrespecttousandthesecuritiescoveredbythisprospectus,referenceismadetotheregistrationstatementandtotheexhibits.Statementsinthisprospectusaboutthecontentsofanycontract,agreementorotherdocumentarenecessarilynotcompleteand,ineachinstance,wereferyoutothecopyofsuchcontract,agreementordocumentfiledasanexhibittotheregistrationstatement,witheachsuchstatementbeingqualifiedinallrespectbyreferencetothedocumenttowhichitrefers.

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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

Inthisprospectus,CNO"incorporatesbyreference"theinformationthatitfileswiththeSEC,whichmeansthatCNOcandiscloseimportantinformationtoyoubyreferringyoutoadocumentthatitfiledwiththeSEC.Theinformationsoincorporatedbyreferenceisconsideredtobeapartofthisprospectus,andinformationthatCNOfileslaterwiththeSECwillautomaticallyupdateandsupersedethisinformation.Anyinformationcontainedinthisprospectusupdatesand,whereapplicable,supersedestheinformationinthedocumentsincorporatedbyreferencehereinlistedbelow.CNOincorporatesbyreferencethedocumentslistedbelowandanyfilingsmadewiththeSECunderSections13(a),13(c),14or15(d)oftheSecuritiesExchangeActof1934,asamended(the"ExchangeAct")(excludinganyCurrentReportsonForm8-KcontaininganydisclosurepursuanttoItem2.02orItem7.01unlessotherwiseindicated),afterthedateofthisprospectusanduntilthesettlementoftheoffering(s)towhichthisprospectusrelates:

• AnnualReportonForm10-KfortheyearendedDecember31,2017(includingportionsofourDefinitiveProxyStatementonSchedule14AfiledonMarch28,2018thatareincorporatedbyreferenceintoPartIIIofour2017Form10-K);

• QuarterlyReportonForm10-QforthequarterendedMarch31,2018;and

• CurrentReportonForm8-KfiledonMay9,2018(excludingItem7.01andrelatedExhibit99.1).

Anystatementcontainedinadocumentincorporatedordeemedtobeincorporatedbyreferenceinthisprospectuswillbedeemedtobemodifiedorsupersededtotheextentthatastatementcontainedhereinorinanyothersubsequentlyfileddocumentwhichalsoisorisdeemedtobeincorporatedbyreferenceinthisprospectusmodifiesorsupersedesthatstatement.Anystatementsomodifiedorsupersededwillnotbedeemed,exceptassomodifiedorsuperseded,toconstituteapartofthisprospectus.

CNOwillprovidewithoutchargeuponwrittenororalrequest,acopyofanyorallofthedocumentsthatareincorporatedbyreferenceintothisprospectus,otherthanexhibitstothosedocuments,unlessthoseexhibitsarespecificallyincorporatedbyreferenceintothosedocuments.RequestsshouldbedirectedtoCNOatInvestorRelations,CNOFinancialGroup,Inc.,11825N.PennsylvaniaStreet,Carmel,Indiana46032,phonenumber(317)817-2893.YoumayalsoobtainthedocumentsincorporatedbyreferenceintothisprospectusasofthedatehereofatCNO'swebsite,www.cnoinc.com.AllotherinformationcontainedonoraccessiblethroughCNO'swebsiteisnotapartofthisdocument.

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FORWARD-LOOKING STATEMENTS

Ourstatements,trendanalysesandotherinformationcontainedinthisprospectusandthedocumentsincorporatedbyreferencecontainforward-lookingstatementswithinthemeaningofthefederalsecuritieslawsandthePrivateSecuritiesLitigationReformActof1995.Forward-lookingstatementstypicallyareidentifiedbytheuseoftermssuchas"anticipate,""believe,""plan,""estimate,""expect,""project,""intend,""may,""will,""would,""contemplate,""possible,""attempt,""seek,""should,""could,""goal,""target,""ontrack,""comfortablewith,""optimistic,""guidance,""outlook"andsimilarwords,althoughsomeforward-lookingstatementsareexpresseddifferently.Youshouldconsiderstatementsthatcontainthesewordscarefullybecausetheydescribeourexpectations,plans,strategiesandgoalsandourbeliefsconcerningfuturebusinessconditions,ourresultsofoperations,financialposition,andourbusinessoutlookortheystateother"forward-looking"informationbasedoncurrentlyavailableinformation.The"RiskFactors"sectionofourAnnualReportonForm10-KfortheyearendedDecember31,2017,whichisincorporatedbyreferenceintothisprospectus,providesexamplesofrisks,uncertaintiesandeventsthatcouldcauseouractualresultstodiffermateriallyfromtheexpectationsexpressedinourforward-lookingstatements.Assumptionsandotherimportantfactorsthatcouldcauseouractualresultstodiffermateriallyfromthoseanticipatedinourforward-lookingstatementsinclude,amongotherthings:

• changesinorsustainedlowinterestratescausingreductionsininvestmentincome,themarginsofourfixedannuityandlifeinsurancebusinesses,andsalesof,anddemandfor,ourproducts;

• expectationsoflowerfutureinvestmentearningsmaycauseustoaccelerateamortization,writedownthebalanceofinsuranceacquisitioncostsorestablishadditionalliabilitiesforinsuranceproducts;

• generaleconomic,marketandpoliticalconditionsanduncertainties,includingtheperformanceandfluctuationsofthefinancialmarketswhichmayaffectthevalueofourinvestmentsaswellasourabilitytoraisecapitalorrefinanceexistingindebtednessandthecostofdoingso;

• theultimateoutcomeoflawsuitsfiledagainstusandotherlegalandregulatoryproceedingstowhichwearesubject;

• ourabilitytomakeanticipatedchangestocertainnon-guaranteedelementsofourlifeinsuranceproducts;

• ourabilitytoobtainadequateandtimelyrateincreasesonourhealthproducts,includingourlong-termcarebusiness;

• thereceiptofanyrequiredregulatoryapprovalsfordividendandsurplusdebentureinterestpaymentsfromourinsurancesubsidiaries;

• mortality,morbidity,theincreasedcostandusageofhealthcareservices,persistency,theadequacyofourpreviousreserveestimatesandotherfactorswhichmayaffecttheprofitabilityofourinsuranceproducts;

• changesinourassumptionsrelatedtodeferredacquisitioncostsorthepresentvalueoffutureprofits;

• therecoverabilityofourdeferredtaxassetsandtheeffectofpotentialownershipchangesandtaxratechangesontheirvalue;

• changestoourestimatesoftheimpactofcomprehensivefederaltaxlegislationrelatedtotheTaxCutsandJobsAct;

• ourassumptionthatthepositionswetakeonourtaxreturnfilingswillnotbesuccessfullychallengedbytheInternalRevenueService;

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• changesinaccountingprinciplesandtheinterpretationthereof;

• ourabilitytocontinuetosatisfythefinancialratioandbalancerequirementsandothercovenantsofourdebtagreements;

• ourabilitytoachieveanticipatedexpensereductionsandlevelsofoperationalefficienciesincludingimprovementsinclaimsadjudicationandcontinuedautomationandrationalizationofoperatingsystems;

• performanceandvaluationofourinvestments,includingtheimpactofrealizedlosses(includingother-than-temporaryimpairmentcharges);

• ourabilitytoidentifyproductsandmarketsinwhichwecancompeteeffectivelyagainstcompetitorswithgreatermarketshare,higherratings,greaterfinancialresourcesandstrongerbrandrecognition;

• ourabilitytogeneratesufficientliquiditytomeetourdebtserviceobligationsandothercashneeds;

• changesincapitaldeploymentopportunities;

• ourabilitytomaintaineffectivecontrolsoverfinancialreporting;

• ourabilitytocontinuetorecruitandretainproductiveagentsanddistributionpartners;

• customerresponsetonewproducts,distributionchannelsandmarketinginitiatives;

• ourabilitytoachieveadditionalupgradesofthefinancialstrengthratingsofCNOandourinsurancecompanysubsidiariesaswellastheimpactofourratingsonourbusiness,ourabilitytoaccesscapital,andthecostofcapital;

• regulatorychangesoractions,includingthoserelatingtoregulationofthefinancialaffairsofourinsurancecompanies,suchasthecalculationofrisk-basedcapitalandminimumcapitalrequirements,andpaymentofdividendsandsurplusdebentureinteresttous;regulationofthesale,underwritingandpricingofproducts;andhealthcareregulationaffectinghealthinsuranceproducts;

• changesintheFederalincometaxlawsandregulationswhichmayaffectoreliminatetherelativetaxadvantagesofsomeofourproductsoraffectthevalueofourdeferredtaxassets;

• availabilityandeffectivenessofreinsurancearrangements,aswellastheimpactofanydefaultsorfailureofreinsurerstoperform;

• theamountwemayneedtopaytoareinsurerandtheearningschargewemayincurinconnectionwithalong-termcarereinsurancetransaction;

• theperformanceofthirdpartyserviceprovidersandpotentialdifficultiesarisingfromoutsourcingarrangements;

• thegrowthrateofsales,collectedpremiums,annuitydepositsandassets;

• interruptionintelecommunication,informationtechnologyorotheroperationalsystemsorfailuretomaintainthesecurity,confidentialityorprivacyofsensitivedataonsuchsystems;

• eventsofterrorism,cyberattacks,naturaldisastersorothercatastrophicevents,includinglossesfromadiseasepandemic;

• ineffectivenessofriskmanagementpoliciesandproceduresinidentifying,monitoringandmanagingrisks;and

• theriskfactorsoruncertaintieslistedfromtimetotimeinourfilingswiththeSEC.

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Otherfactorsandassumptionsnotidentifiedabovearealsorelevanttotheforward-lookingstatements,andiftheyproveincorrect,couldalsocauseactualresultstodiffermateriallyfromthoseprojected.

Allwrittenororalforward-lookingstatementsattributabletousareexpresslyqualifiedintheirentiretybytheforegoingcautionarystatement.Ourforward-lookingstatementsspeakonlyasofthedatemade.Weassumenoobligationtoupdateortopubliclyannouncetheresultsofanyrevisionstoanyoftheforward-lookingstatementstoreflectactualresults,futureeventsordevelopments,changesinassumptionsorchangesinotherfactorsaffectingtheforward-lookingstatements.

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OUR COMPANY

CNOisaholdingcompanyforagroupofinsurancecompaniesoperatingthroughouttheUnitedStatesthatdevelop,marketandadministerhealthinsurance,annuity,individuallifeinsuranceandotherinsuranceproducts.

Wefocusonservingmiddle-incomepre-retireeandretiredAmericans,whichwebelieveareattractive,underserved,highgrowthmarkets.Wesellourproductsthroughthreedistributionchannels:careeragents,independentproducers(someofwhomselloneormoreofourproductlinesexclusively)anddirectmarketing.

TheCompanymanagesitsbusinessthroughthefollowingoperatingsegments:BankersLife,WashingtonNationalandColonialPenn,whicharedefinedonthebasisofproductdistribution;andcorporateoperations,comprisedofholdingcompanyactivitiesandcertainnoninsurancecompanybusinesses.Inthefourthquarterof2016,webeganreportingthelong-termcareblockrecapturedfromBeechwoodReLtd.effectiveSeptember30,2016,asanadditionalbusinesssegment.

Ourinsurancesegmentsaredescribedbelow:

• BankersLife,whichmarketsanddistributesMedicaresupplementinsurance,interest-sensitivelifeinsurance,traditionallifeinsurance,fixedannuitiesandlong-termcareinsuranceproductstothemiddle-incomeseniormarketthroughadedicatedfieldforceofcareeragents,financialandinvestmentadvisors,andsalesmanagerssupportedbyanetworkofcommunity-basedsalesoffices.TheBankersLifesegmentincludesprimarilythebusinessofBankersLifeandCasualtyCompany.BankersLifealsohasvariousdistributionandmarketingagreementswithotherinsurancecompaniestouseBankersLife'scareeragentstodistributeMedicareAdvantageandprescriptiondrugplanproductsinexchangeforafee.

• WashingtonNational,whichmarketsanddistributessupplementalhealth(includingspecifieddisease,accidentandhospitalindemnityinsuranceproducts)andlifeinsurancetomiddle-incomeconsumersathomeandattheworksite.TheseproductsaremarketedthroughPerformanceMattersAssociates,Inc.,awhollyownedsubsidiary,andthroughindependentmarketingorganizationsandinsuranceagenciesincludingworksitemarketing.TheproductsbeingmarketedareunderwrittenbyWashingtonNationalInsuranceCompany("WashingtonNational").Thissegment'sbusinessalsoincludescertainclosedblocksofannuitiesandMedicaresupplementpolicieswhicharenolongerbeingactivelymarketedbythissegmentandwereprimarilyissuedoracquiredbyWashingtonNational.

• ColonialPenn,whichmarketsprimarilygradedbenefitandsimplifiedissuelifeinsurancedirectlytocustomersintheseniormiddle-incomemarketthroughtelevisionadvertising,directmail,theinternetandtelemarketing.TheColonialPennsegmentincludesprimarilythebusinessofColonialPennLifeInsuranceCompany.

• Long-termcareinrun-offconsistsofthelong-termcarebusinessthatwasrecapturedduetotheterminationofcertainreinsuranceagreementseffectiveSeptember30,2016.ThisbusinessisnotactivelymarketedandwasissuedoracquiredbyWashingtonNationalandBankersConsecoLifeInsuranceCompany.

OurcommonstockispubliclytradedontheNewYorkStockExchangeunderthesymbol"CNO."

CNOisacorporationorganizedunderthelawsoftheStateofDelaware.Ourprincipalexecutiveofficesarelocatedat11825N.PennsylvaniaStreet,Carmel,Indiana46032,andourtelephonenumberis(317)817-6100.Ourwebsiteiswww.CNOinc.com.Informationonoraccessiblethroughourwebsiteisnotpartofthisprospectusoranyprospectussupplement.

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RISK FACTORS

Ourbusinessissubjecttouncertaintiesandrisks.Beforedecidingwhethertopurchaseanyofoursecurities,youshouldcarefullyconsiderandevaluatealloftheinformationincludedandincorporatedbyreferenceinthisprospectus,includingtheriskfactorsincorporatedbyreferencefromourmostrecentannualreportonForm10-K,asupdatedbyourquarterlyreportsonForm10-QandotherfilingswemakewiththeSEC.Ourbusiness,financialcondition,liquidity,resultsofoperationsorprospectscouldbemateriallyadverselyaffectedbyanyoftheserisksandcouldresultinapartialorcompletelossofyourinvestment.

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RATIOS OF EARNINGS TO FIXED CHARGES

Thefollowingtablesetsforthourratiosofearningstofixedchargesfortheperiodsindicated.Thisinformationshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsandtheaccompanyingnotesincorporatedbyreferenceinthisprospectus.Duringtheperiodsindicated,wehadnooutstandingsharesofpreferredstock,andaccordingly,ourratioofearningstofixedchargesisthesameasourratioofearningstofixedchargesandpreferreddividendsforallperiodsindicated.

Earningsavailableforfixedchargesconsistofpre-taxincomefromoperationsandfixedcharges.Fixedchargesconsistofinterestexpenseoncorporatedebt,interestexpenseoninvestmentborrowingsandborrowingsrelatedtovariableinterestentities,interestaddedtopolicyholderaccountbalancesandtheinterestportionofrentalexpense(whichisestimatedtobe33%ofrentalexpense).

Three Months Ended

March 31, 2018

2013 2014 2015 2016 2017 Ratioofearningstofixedcharges 1.87x 1.62x 2.59x 2.43x 2.94x 2.71x

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USE OF PROCEEDS

Unlessweotherwisestateintheapplicableprospectussupplement,weintendtousethenetproceedsfromthesaleofthesecuritiesforgeneralcorporatepurposes.Generalcorporatepurposesmayincluderepaymentofdebt,additionstoworkingcapital,capitalexpenditures,investmentsinoursubsidiaries,possibleacquisitionsandtherepurchase,redemptionorretirementofsecurities,includingsharesofourcommonstock.Thenetproceedsmaybetemporarilyinvestedorappliedtorepayshort-termorrevolvingdebtpriortouse.Inthecaseofasaleofourcommonstockbyanysellingstockholders,wewillnotreceiveanyoftheproceedsfromsuchasale.

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DESCRIPTION OF DEBT SECURITIES

Thefollowingisasummaryofthegeneraltermsofthedebtsecuritiesandthematerialprovisionsoftheindenturefiledasanexhibittotheregistrationstatementofwhichthisprospectusisapart.Wewillfileaprospectussupplementthatmaycontainadditionaltermswhenweissuedebtsecurities.Thetermspresentedhere,togetherwiththetermsinarelatedprospectussupplement,willbeadescriptionofthematerialtermsofthedebtsecurities.YoushouldalsoreadtheindenturebetweenusandU.S.BankNationalAssociation,astrusteeunderwhichthedebtsecuritieswillbeissued.WehavefiledtheindenturegoverningdebtsecuritieswiththeSECasanexhibittotheregistrationstatementofwhichthisprospectusisapart.Allcapitalizedtermshavethemeaningsspecifiedintheindenture.

Wemayissue,fromtimetotime,debtsecurities,inoneormoreseries,thatwillconsistofeitherourseniordebt,ourseniorsubordinateddebtoroursubordinateddebt.Werefertothesubordinateddebtsecuritiesandtheseniorsubordinateddebtsecuritiestogetherasthesubordinatedsecurities.Debtsecurities,whethersenior,seniorsubordinatedorsubordinated,maybeissuedasconvertibledebtsecuritiesorexchangeabledebtsecurities.

Foreachseriesofdebtsecurities,theapplicableprospectussupplementfortheseriesmaychangeandsupplementthesummarybelow.

General Terms of the Indenture

Theindenturedoesnotlimittheamountofdebtsecuritiesthatwemayissue.Itprovidesthatwemayissuedebtsecuritiesuptotheprincipalamountthatwemayauthorizeandmaybeinanycurrencyorcurrencyunitthatwemaydesignate.Exceptforthelimitationsonconsolidation,mergerandsaleofallorsubstantiallyallofourassetscontainedintheindenture(see"—Consolidation,MergerorSale"below),thetermsoftheindenturedonotcontainanycovenantsorotherprovisionsdesignedtogiveholdersofanydebtsecuritiesprotectionagainstchangesinouroperations,financialconditionortransactionsinvolvingus.Wemayissuethedebtsecuritiesissuedundertheindentureas"discountsecurities,"whichmeanstheymaybesoldatadiscountbelowtheirstatedprincipalamount.Thesedebtsecurities,aswellasotherdebtsecuritiesthatarenotissuedatadiscount,maybeissuedwith"originalissuediscount,"orOID,forU.S.federalincometaxpurposesbecauseofinterestpaymentandothercharacteristicsortermsofthedebtsecurities.CertainU.S.federalincometaxconsiderationsapplicabletodebtsecuritiesissuedwithOIDwillbedescribedinmoredetailinanyapplicableprospectussupplement.

Theapplicableprospectussupplementforaseriesofdebtsecuritiesthatweissuewilldescribe,amongotherthings,thefollowingtermsoftheoffereddebtsecurities:

• thetitleoftheseriesofdebtsecurities;

• thepriceorprices(expressedasapercentageoftheprincipalamount)atwhichwewillsellthedebtsecurities;

• anylimitontheaggregateprincipalamountoftheseriesofdebtsecurities;

• whetherthedebtsecuritiesrankasseniordebt,seniorsubordinateddebtorsubordinateddebtoranycombinationthereof,andthetermsofanysubordination;

• thetermsandconditions,ifany,uponwhichtheseriesofdebtsecuritieswillbeconvertibleintoorexchangeableforothersecurities;

• whethersecuritiesissuedbyuswillbesecuredorunsecured,andifsecured,whatthecollateralwillconsistof;

• thematuritydate(s);

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• therateorrates(whichmaybefixedorvariable)perannumorthemethodusedtodeterminetherateorrates(includinganycurrencyexchangerate,commodity,commodityindex,stockexchangeindexorfinancialindex)atwhichthedebtsecuritieswillbearinterest,thedateordatesfromwhichinterestwillaccrueorthemethodfordeterminingdatesfromwhichinterestwillaccrue,thedateordatesonwhichinterestwillcommenceandbepayableandanyregularrecorddatefortheinterestpayableonanyinterestpaymentdate;

• themannerinwhichtheamountsofpaymentofprincipalof,premium,ifany,orinterest,ifany,ontheseriesofdebtsecuritieswillbedetermined(ifsuchamountsmaybedeterminedbyreferencetoanindexbasedonacurrencyorcurrenciesorbyreferencetoacurrencyexchangerate,commodity,commodityindex,stockexchangeindexorfinancialindex);

• theplaceorplaceswhereprincipalof,premium,ifany,andinterest,ifany,onthedebtsecuritieswillbepayableandthemethodofsuchpayment,ifbywiretransfer,mailorothermeans;

• provisionsrelatedtoredemptionorearlyrepaymentofthedebtsecuritiesofouroption;

• provisionsrelatedtonoticeofredemption,whichsuchnoticemay,atourdiscretion,besubjecttosatisfactionofoneormoreconditionsprecedent(including,butnotlimitedto,thecompletionofatransactionoraneventsuchasanequityoffering,debtofferingorchangeofcontroloftheCompany);

• ourobligation,ifany,toredeemorpurchaseanyseriesofdebtsecuritiespursuanttoanysinkingfundoranalogousprovisionsorattheoptionofaholderthereofandtheperiodorperiodswithinwhich,thepriceorpricesatwhichandthetermsandconditionsuponwhichsuchdebtsecuritiesshallberedeemedorpurchased,inwholeorinpart,pursuanttosuchobligation;

• theauthorizeddenominations;

• theformofthedebtsecuritiesandwhetherthedebtsecuritieswillbeissuedindefinitiveorfullyregisteredform(andifinfullyregisteredform,whetherthedebtsecuritieswillbeissuable,inwholeorinpart,asglobaldebtsecurities);

• anydepositaries,interestratecalculationagents,bidsolicitationagents,conversionorexchangeagents,exchangeratecalculationagentsorotheragentswithrespecttothedebtsecurities;

• anychangesinthetrusteeforsuchdebtsecurities;

• theportionofprincipalamountofthedebtsecuritiespayableupondeclarationofaccelerationofthematuritydate,ifotherthantheprincipalamount;

• anychangesinoradditionstothecovenantsapplicabletotheparticulardebtsecuritiesbeingissued,including,amongothers,theconsolidation,mergerorsalecovenant;

• additionstoorchangesintheEventsofDefaultwithrespecttothesecuritiesandanychangeintherightofthetrusteeortheholderstodeclaretheprincipal,premium,ifany,andinterest,ifany,withrespecttosuchsecuritiestobedueandpayable;

• thecurrencyofdenominationofthedebtsecurities;

• thedesignationofthecurrency,currenciesorcurrencyunitsinwhichthepurchasepricefor,theprincipalofandanypremiumandanyintereston,suchsecuritieswillbepayable;

• ifpaymentsofprincipalof,premium,ifany,orinterest,ifany,onthedebtsecuritieswillbemadeinoneormorecurrenciesorcurrencyunitsotherthanthatorthoseinwhichthedebtsecuritiesaredenominated,themannerinwhichtheexchangeratewithrespecttothesepaymentswillbedetermined;

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• whetheranyunderwriter(s)willactasmarketmaker(s)forthedebtsecurities;

• theextenttowhichasecondarymarketforthedebtsecuritiesisexpectedtodevelop;

• additionstoorchangesinordeletionsoftheprovisionsrelatingtocovenantdefeasanceandlegaldefeasance;

• additionstoorchangesintheprovisionsrelatingtosatisfactionanddischargeoftheindenture;

• additionstoorchangesintheprovisionsrelatingtothemodificationoftheindenturebothwithandwithouttheconsentofholdersofdebtsecuritiesissuedundertheindenture;and

• anyothertermsofthedebtsecurities,whichmaymodify,supplementordeleteanyprovisionoftheindentureasitappliestothatseries.

TheapplicableprospectussupplementwilldiscusscertainU.S.federalincometaxconsiderationsforholdersofanydebtsecurities,ifany,andthesecuritiesexchangeorquotationsystemonwhichanydebtsecuritiesaretobelistedorquoted,ifany.

Conversion or Exchange Rights

Debtsecuritiesmaybeconvertibleintoorexchangeableforothersecurities,including,forexample,sharesofourequitysecurities.Thetermsandconditionsofconversionorexchangewillbestatedintheapplicableprospectussupplement.Thetermswillinclude,amongothers,thefollowing:

• theconversionorexchangerateandconversionorexchangeprice;

• theconversionorexchangeperiod;

• provisionsregardingtheabilityofusortheholdertoconvertorexchangethedebtsecurities;

• eventsrequiringadjustmenttotheconversionorexchangerate;and

• provisionsaffectingconversionorexchangeintheeventofourredemptionofthedebtsecurities.

Consolidation, Merger or Sale

Wecannotconsolidateormergewithorinto,orsell,lease,transferorotherwisedisposeofallorsubstantiallyallofourassetsto,anyperson,andwecannotpermitanyotherpersontoconsolidatewithormergeintous,unless(1)wewillbethecontinuingentityor(2)thesuccessorpersonisacorporation,trust,limitedliabilitycompany,partnershiporotherentityorganizedunderthelawsoftheUnitedStatesoranyStatethereofortheDistrictofColumbiathatexpresslyassumesourobligationsundereachseriesofdebtsecuritiesandtheindenture.Inaddition,wecannotcompletesuchtransactionunlessimmediatelyaftercompletingthetransaction,noEventofDefault(asdefinedbelow)undertheindenture,andnoeventwhich,afternoticeorlapseoftimeorboth,wouldbecomeanEventofDefaultundertheindenture,shallhaveoccurredandbecontinuing.Whenthesuccessorpersonhasassumedourobligationsunderthedebtsecuritiesandtheindenture,weshallnotbedischargedfromallourobligationsunderthedebtsecuritiesandtheindentureexceptinthecaseofthesaleofallofourassets.

Thiscovenantwouldnotapplytoanyrecapitalizationtransaction,achangeofcontrolofusorahighlyleveragedtransaction,unlessthetransactionorchangeofcontrolwerestructuredtoincludeamergerorconsolidationorsale,leaseortransferorotherdispositionofallorsubstantiallyallofourassets.

Theapplicableprospectussupplementwilldescribeanymodificationsofthiscovenant.

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Events of Default

Theterm"EventofDefault,"whenusedintheindenturewithrespecttoanyseriesofdebtsecurities,unlessotherwiseindicatedintheapplicableprospectussupplement,meansanyofthefollowing:

• failuretopayinterestfor30daysafterthedatepaymentisdueandpayable;

• failuretopayprincipalorpremium,ifany,onanydebtsecuritywhendue,eitheratmaturity,uponanyredemption,uponanyrepurchase,bydeclarationorotherwise;

• failuretomakesinkingfundpayments,ifany,whendueinrespectofthatseries;

• failuretoperformothercovenants(otherthanacovenantthathasbeenincludedintheindenturesolelyforthebenefitofaseriesofdebtsecuritiesotherthanthatseries)for60daysafternoticethatperformancewasrequired;

• certaineventsinbankruptcyorinsolvencyrelatingtous;or

• anyotherEventofDefaultprovidedintheapplicableofficers'certificate,resolutionofourboardofdirectorsorthesupplementalindentureunderwhichweissueaseriesofdebtsecurities.

AnEventofDefaultforaparticularseriesofdebtsecuritiesdoesnotnecessarilyconstituteanEventofDefaultforanyotherseriesofdebtsecuritiesissuedundertheindenture.

IfanEventofDefaultwithrespecttoanyseriesofdebtsecuritiesoccursandiscontinuing,theneitherthetrusteeforsuchseriesortheholdersofamajorityinaggregateprincipalamountoftheoutstandingdebtsecuritiesofsuchseries,bynoticeinwriting,maydeclaretheprincipalamount(or,ifthedebtsecuritiesarediscountsecurities,thatportionoftheprincipalamountasmaybespecifiedinthetermsofthatseries)ofandinterestonallofthedebtsecuritiesofsuchseriestobedueandpayableimmediately.WereferyoutotheapplicableprospectussupplementrelatingtoanyseriesofdebtsecuritiesthatarediscountsecuritiesfortheparticularprovisionsrelatingtoaccelerationofaportionoftheprincipalamountofsuchdiscountsecuritiesupontheoccurrenceofanEventofDefault.

Theholdersofnotlessthanamajorityinaggregateprincipalamountofthedebtsecuritiesofeachaffectedseriesmay,aftersatisfyingcertainconditions,rescindandannulanyoftheabove-describeddeclarationsandconsequencesinvolvingsuchseries.

IfanEventofDefaultrelatingtocertaineventsinourbankruptcyorinsolvencyoccursandiscontinuing,thentheprincipalamount(or,ifthedebtsecuritiesarediscountsecurities,thatportionoftheprincipalamountasmaybespecifiedinthetermsofthatseries)ofallofthedebtsecuritiesoutstanding,andanyaccruedinterest,willautomaticallybecomedueandpayableimmediately,withoutanydeclarationorotheractbythetrusteeoranyholder.

Theindentureimposeslimitationsonsuitsbroughtbyholdersofdebtsecuritiesagainstus.Exceptforactionsforpaymentofoverdueprincipalorinterest,noholderofdebtsecuritiesofanyseriesmayinstituteanyactionagainstusundertheindentureunless:

• theholderhaspreviouslygiventothetrusteewrittennoticeofdefaultandcontinuanceofsuchdefault;

• theholdersofnotlessthanamajorityinprincipalamountoftheoutstandingdebtsecuritiesofthatserieshaverequestedthatthetrusteeinstitutetheaction;

• therequestingholdershaveofferedthetrusteeindemnityandsecuritysatisfactorytoitforexpensesandliabilitiesthatmaybeincurredbybringingtheactionsatisfactorytothetrustee;

• thetrusteehasnotinstitutedtheactionwithin60daysoftherequest;and

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• thetrusteehasnotreceivedinconsistentdirectionbytheholdersofamajorityinprincipalamountofthatseriesofdebtsecurities.

Wewillberequiredtofileannuallywiththetrusteeacertificate,signedbyoneofourofficers,statingwhetherornottheofficerknowsofanydefaultbyusintheperformance,observanceorfulfillmentofanyconditionorcovenantoftheindenture.Inaddition,wewillberequiredtonotifythetrusteeinwritingwithin30daysfollowingknowledgeoftheoccurrenceofanysuchdefault.

Transfer and Exchange

Unlessotherwisestatedintheapplicableprospectussupplement,eachdebtsecuritywillberepresentedbyeitheroneormoreglobalsecuritiesregisteredinthenameofTheDepositoryTrustCompany,asdepositary,oranominee(wewillrefertoanydebtsecurityrepresentedbyaglobaldebtsecurityasa"book-entrydebtsecurity"),oracertificateissuedindefinitiveregisteredform(wewillrefertoanydebtsecurityrepresentedbyacertificatedsecurityasa"certificateddebtsecurity")assetforthintheapplicableprospectussupplement.Exceptassetforthunderthesubheading"—GlobalDebtSecuritiesandBook-EntrySystem"below,book-entrydebtsecuritieswillnotbeissuableincertificatedform.

GlobalDebtSecuritiesandBook-EntrySystem.Eachglobaldebtsecurityrepresentingbook-entrydebtsecuritieswillbedepositedwith,oronbehalfof,thedepositary,andregisteredinthenameofthedepositaryoranomineeofthedepositary.

Weanticipatethatthedepositarywillfollowthefollowingprocedureswithrespecttobook-entrydebtsecurities.

Ownershipofbeneficialinterestsinbook-entrydebtsecuritieswillbelimitedtopersonsthathaveaccountswiththedepositaryfortherelatedglobaldebtsecurity,whichwerefertoasparticipants,orpersonsthatmayholdintereststhroughparticipants.Upontheissuanceofaglobaldebtsecurity,thedepositarywillcredit,onitsbook-entryregistrationandtransfersystem,theparticipants'accountswiththerespectiveprincipalamountsofthebook-entrydebtsecuritiesrepresentedbysuchglobaldebtsecuritybeneficiallyownedbysuchparticipants.Theaccountstobecreditedwillbedesignatedbyanydealers,underwritersoragentsparticipatinginthedistributionofthebook-entrydebtsecurities.Ownershipofbook-entrydebtsecuritieswillbeshownon,andthetransferofsuchownershipinterestswillbeeffectedonlythrough,recordsmaintainedbythedepositaryfortherelatedglobaldebtsecurity(withrespecttointerestsofparticipants)andontherecordsofparticipants(withrespecttointerestsofpersonsholdingthroughparticipants).Thelawsofsomestatesmayrequirethatcertainpurchasersofsecuritiestakephysicaldeliveryofsuchsecuritiesindefinitiveform.Theselawsmayimpairtheabilitytoown,transferorpledgebeneficialinterestsinbook-entrydebtsecurities.

Solongasthedepositaryforaglobaldebtsecurity,oritsnominee,istheregisteredownerofthatglobaldebtsecurity,thedepositaryoritsnominee,asthecasemaybe,willbeconsideredthesoleownerorholderofthebook-entrydebtsecuritiesrepresentedbysuchglobaldebtsecurityforallpurposesundertheindenture.Exceptasdescribedbelow,beneficialownersofbook-entrydebtsecuritieswillnotbeentitledtohavesecuritiesregisteredintheirnames,willnotreceiveorbeentitledtoreceivephysicaldeliveryofacertificateindefinitiveformrepresentingsecuritiesandwillnotbeconsideredtheownersorholdersofthosesecuritiesundertheindenture.Accordingly,eachpersonbeneficiallyowningbook-entrydebtsecuritiesmustrelyontheproceduresofthedepositaryfortherelatedglobaldebtsecurityand,ifsuchpersonisnotaparticipant,ontheproceduresoftheparticipantthroughwhichsuchpersonownsitsinterest,toexerciseanyrightsofaholderundertheindenture.

Weunderstand,however,thatunderexistingindustrypractice,thedepositarywillauthorizethepersonsonwhosebehalfitholdsaglobaldebtsecuritytoexercisecertainrightsofholdersofdebtsecurities,andtheindentureprovidesthatwe,thetrusteeandourrespectiveagentswilltreatasthe

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holderofadebtsecuritythepersonsspecifiedinawrittenstatementofthedepositarywithrespecttothatglobaldebtsecurityforpurposesofobtaininganyconsentsordirectionsrequiredtobegivenbyholdersofthedebtsecuritiespursuanttotheindenture.

Wewillmakepaymentsofprincipalof,premium,ifany,andinterest,ifany,onbook-entrydebtsecuritiestothedepositaryoritsnominee,asthecasemaybe,astheregisteredholderoftherelatedglobaldebtsecurity.We,thetrusteeandanyotheragentofoursoragentofthetrusteewillnothaveanyresponsibilityorliabilityforanyaspectoftherecordsrelatingtoorpaymentsmadeonaccountofbeneficialownershipinterestsinaglobaldebtsecurityorformaintaining,supervisingorreviewinganyrecordsrelatingtobeneficialownershipinterests.

Weexpectthatthedepositary,uponreceiptofanypaymentofprincipalof,premium,ifany,orinterest,ifany,onaglobaldebtsecurity,willimmediatelycreditparticipants'accountswithpaymentsinamountsproportionatetotherespectiveamountsofbook-entrydebtsecuritiesheldbyeachparticipantasshownontherecordsofsuchdepositary.Wealsoexpectthatpaymentsbyparticipantstoownersofbeneficialinterestsinbook-entrydebtsecuritiesheldthroughthoseparticipantswillbegovernedbystandingcustomerinstructionsandcustomarypractices,asisnowthecasewiththesecuritiesheldfortheaccountsofcustomersinbearerformorregisteredin"streetname,"andwillbetheresponsibilityofthoseparticipants.

WewillissuecertificateddebtsecuritiesinexchangeforeachglobaldebtsecurityifthedepositaryisatanytimeunwillingorunabletocontinueasdepositaryorceasestobeaclearingagencyregisteredundertheExchangeAct,andasuccessordepositaryregisteredasaclearingagencyundertheExchangeActisnotappointedbyuswithin90days.Inaddition,wemayatanytimeandinoursolediscretiondeterminenottohavethebook-entrydebtsecuritiesofanyseriesrepresentedbyoneormoreglobaldebtsecuritiesand,inthatevent,willissuecertificateddebtsecuritiesinexchangefortheglobaldebtsecuritiesofthatseries.GlobaldebtsecuritieswillalsobeexchangeablebytheholdersforcertificateddebtsecuritiesifanEventofDefaultwithrespecttothebook-entrydebtsecuritiesrepresentedbythoseglobaldebtsecuritieshasoccurredandiscontinuing.Anycertificateddebtsecuritiesissuedinexchangeforaglobaldebtsecuritywillberegisteredinsuchnameornamesasthedepositaryshallinstructthetrustee.Weexpectthatsuchinstructionswillbebasedupondirectionsreceivedbythedepositaryfromparticipantswithrespecttoownershipofbook-entrydebtsecuritiesrelatingtosuchglobaldebtsecurity.

Wehaveobtainedtheforegoinginformationconcerningthedepositaryandthedepositary'sbook-entrysystemfromsourceswebelievetobereliable,butwetakenoresponsibilityfortheaccuracyofthisinformation.

CertificatedDebtSecurities.Youmaytransferorexchangecertificateddebtsecuritiesatanyofficewemaintainforthispurposeinaccordancewiththetermsoftheindenture.Noservicechargewillbemadeforanytransferorexchangeofcertificateddebtsecurities,butwemayrequirepaymentofasumsufficienttocoveranytaxorothergovernmentalchargepayableinconnectionwithatransferorexchange.

Youmayeffectthetransferofcertificateddebtsecuritiesandtherighttoreceivetheprincipalof,premium,ifany,andinterest,ifany,oncertificateddebtsecuritiesonlybysurrenderingthecertificaterepresentingthosecertificateddebtsecuritiesandeitherreissuancebyusorthetrusteeofthecertificatetothenewholderortheissuancebyusorthetrusteeofanewcertificatetothenewholder.

Discharge, Defeasance and Covenant Defeasance

Discharge.Theindentureprovidesthatwemaybedischargedfromanyandallobligationsinrespectofthedebtsecuritiesofanyseries.Wewillbesodischargediftheapplicableseriesofdebtsecuritieseitherhasbecomedueandpayablebyreasonofthemailingofanoticeofredemptionor

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otherwiseorwillbecomedueandpayablewithinoneyear,uponthedepositwiththetrustee,intrust,ofmoneyand/orU.S.governmentobligationsor,inthecaseofdebtsecuritiesdenominatedinasinglecurrencyotherthanU.S.dollars,foreigngovernmentobligations,thatwillprovidemoneyinanamountsufficient,withoutconsiderationofanyreinvestmentofinterest,topayanddischargetheentireindebtednessonsuchdebtsecuritiesnotdeliveredtothetrusteeforcancellationforprincipal,premium,ifany,andaccruedinteresttothedateofmaturityorredemption,inaccordancewiththetermsoftheindentureandthosedebtsecurities.

LegalDefeasance.Theindentureprovidesthat,unlessotherwiseprovidedbythetermsoftheapplicableseriesofdebtsecurities,whichwillbedescribedintheapplicableprospectussupplement,wemaybedischargedfromanyandallobligationsinrespectofthedebtsecuritiesofanyseries(exceptforcertainobligationstoregisterthetransferorexchangeofdebtsecuritiesofsuchseries,toreplacestolen,lostormutilateddebtsecuritiesofsuchseries,andtomaintainpayingagenciesandcertainprovisionsrelatingtothetreatmentoffundsheldbypayingagents).Wewillbesodischargeduponthedepositwiththetrustee,intrust,ofmoneyand/orU.S.governmentobligationsor,inthecaseofdebtsecuritiesdenominatedinasinglecurrencyotherthanU.S.dollars,foreigngovernmentobligations,that,throughthepaymentofinterestandprincipalinaccordancewiththeirterms,willprovidemoneyinanamountsufficientintheopinionofanationallyrecognizedinvestmentbank,appraisalfirmorfirmofindependentpublicaccountantstopayanddischargeeachinstallmentofprincipal,premium,ifany,andinterest,ifany,onandanymandatorysinkingfundpaymentsinrespectofthedebtsecuritiesofthatseriesonthestatedmaturityofthosepaymentsinaccordancewiththetermsoftheindentureandthosedebtsecurities.

Thisdefeasancemayoccuronlyif,amongotherthings,wehavedeliveredtothetrusteeanopinionofcounselstatingthatwehavereceivedfrom,ortherehasbeenpublishedby,theUnitedStatesInternalRevenueServicearulingor,sincethedateofexecutionoftheindenture,therehasbeenachangeintheapplicableUnitedStatesfederalincometaxlaw,ineithercasetotheeffectthat,andbasedthereonsuchopinionshallconfirmthat,theholdersandbeneficialownersofthedebtsecuritiesofthatserieswillnotrecognizeincome,gainorlossforUnitedStatesfederalincometaxpurposesasaresultofthedepositanddefeasanceandwillbesubjecttoUnitedStatesfederalincometaxonthesameamountsandinthesamemannerandatthesametimesaswouldhavebeenthecaseifthedepositanddefeasancehadnotoccurred.

DefeasanceofCertainCovenants.Theindentureprovidesthat,unlessotherwiseprovidedbythetermsoftheapplicableseriesofdebtsecurities,whichwillbedescribedintheapplicableprospectussupplement,uponcompliancewithcertainconditions:

• wemayomittocomplywiththecovenantdescribedundertheheading"Consolidation,MergerorSale"andcertainothercovenantssetforthintheindenture,aswellasanyadditionalcovenantswhichmaybesetforthintheapplicableprospectussupplement;and

• anyomissiontocomplywiththosecovenantswillnotconstituteadefaultoranEventofDefaultwithrespecttothedebtsecuritiesofthatseries,orcovenantdefeasance.

Theconditionsinclude:

• depositingwiththetrusteemoneyand/orU.S.governmentobligationsor,inthecaseofdebtsecuritiesdenominatedinasinglecurrencyotherthanU.S.dollars,foreigngovernmentobligations,that,throughthepaymentofinterestandprincipalinaccordancewiththeirterms,willprovidemoneyinanamountsufficientintheopinionofanationallyrecognizedinvestmentbank,appraisalfirmorfirmofindependentpublicaccountantstopayanddischargeeachinstallmentofprincipalof,premium,ifany,andinterest,ifany,on,andanymandatorysinkingfundpaymentsinrespectofthedebtsecuritiesofthatseriesonthestatedmaturityofthosepaymentsinaccordancewiththetermsoftheindentureandthosedebtsecurities;and

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• deliveringtothetrusteeanopinionofcounseltotheeffectthattheholdersandbeneficialownersofthedebtsecuritiesofthatserieswillnotrecognizeincome,gainorlossforUnitedStatesfederalincometaxpurposesasaresultofthedepositandrelatedcovenantdefeasanceandwillbesubjecttoUnitedStatesfederalincometaxonthesameamountsandinthesamemannerandatthesametimesaswouldhavebeenthecaseifthedepositandrelatedcovenantdefeasancehadnotoccurred.

CovenantDefeasanceandEventsofDefault.IntheeventweexerciseouroptiontoeffectcovenantdefeasancewithrespecttoanyseriesofdebtsecuritiesandthedebtsecuritiesofthatseriesaredeclareddueandpayablebecauseoftheoccurrenceofanyEventofDefault,theamountofmoneyand/orU.S.governmentobligationsorforeigngovernmentobligationsondepositwiththetrusteewillbesufficienttopayamountsdueonthedebtsecuritiesofthatseriesatthetimeoftheirstatedmaturitybutmaynotbesufficienttopayamountsdueonthedebtsecuritiesofthatseriesatthetimeoftheaccelerationresultingfromtheEventofDefault.However,weshallremainliableforthosepayments.

Modification of the Indenture

Theindentureprovidesthatweandthetrusteemayenterintosupplementalindentureswithouttheconsentoftheholdersofdebtsecuritiesto:

• secureanydebtsecurities(orprovideadditionalcollateral)andprovidethetermsandconditionsforthereleaseorsubstitutionofthesecurity(oradditionalcollateral);

• evidencetheassumptionbyasuccessorpersonofourobligations;

• makeanychangethatwouldprovideanyadditionalrightsorbenefitstotheholdersofthedebtsecuritiesorthatdoesnotadverselyaffecttheholders'rightsthereunderinanymaterialrespectortosurrenderanyrightorpowerconferreduponusundertheindenture;

• provideforadditionofguaranteesforthebenefitofdebtsecuritiesofanyseriesoraddaguarantororanadditionalobligorundertheindenture;

• addanyadditionalEventsofDefault;

• cureanyambiguityorcorrectanyinconsistencyordefectintheindenture;

• addto,changeoreliminateanyoftheprovisionsoftheindentureinamannerthatwillbecomeeffectiveonlywhenthereisnooutstandingdebtsecuritywhichisentitledtothebenefitoftheprovisionastowhichthemodificationwouldapply;

• provideforuncertificatedsecuritiesinadditiontoorinplaceofcertificatedsecurities;

• complywithrequirementsoftheSECinordertoeffectormaintainthequalificationoftheindentureundertheTrustIndentureActof1939,asamended(the"TrustIndentureAct");

• eliminateanyconflictbetweenthetermsoftheindentureandtheTrustIndentureAct;

• providefortheissuanceofandestablishtheformandtermsandconditionsofsecuritiesofanyseriesaspermitted;

• evidenceandprovidefortheacceptanceofappointmentbyasuccessortrusteeandaddtoorchangeanyoftheprovisionsoftheindentureasisnecessaryfortheadministrationofthetrustsbymorethanonetrustee;and

• conformanyprovisionoftheindenture,thesecuritiesofanyseriesoranyrelatedsecuritydocumentstothedescriptionofsuchsecuritiescontainedintheprospectus,theapplicable

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prospectussupplement,offeringmemorandumorsimilardocumentwithrespecttotheofferingofthesecuritiesofsuchseries.

• Theindenturealsoprovidesthatweandthetrusteemay,withtheconsentoftheholdersofnotlessthanamajorityinaggregateprincipalamountofdebtsecuritiesofeachseriesthenoutstandingandaffectedaddanyprovisionsto,orchangeinanymanner,eliminateormodifyinanywaytheprovisionsof,theindentureormodifyinanymannertherightsoftheholdersofthedebtsecurities.Weandthetrusteemaynot,however,withouttheconsentoftheholderofeachoutstandingdebtsecurityaffectedthereby:

• reducetheamountofdebtsecuritieswhoseholdersmustconsenttoanamendment,supplementorwaiver;

• reducetherateoforextendthetimeforpaymentofinterest(includingdefaultinterest)onanydebtsecurity;

• reducetheprincipaloforpremium,ifany,onorchangethefixedmaturityofanydebtsecurityorreducetheamountof,orpostponethedatefixedfor,thepaymentofanysinkingfundoranalogousobligationwithrespecttoanyseriesofdebtsecurities;

• reducetheprincipalamountofdiscountsecuritiespayableuponaccelerationofmaturity;

• waiveadefaultinthepaymentoftheprincipalof,premium,ifany,orinterest,ifany,onanydebtsecurity(exceptarescissionofaccelerationofthedebtsecuritiesofanyseriesbytheholdersofatleastamajorityinaggregateprincipalamountofthethenoutstandingdebtsecuritiesofthatseriesandawaiverofthepaymentdefaultthatresultedfromsuchacceleration);

• maketheprincipaloforpremium,ifany,orinterest,ifany,onanydebtsecuritypayableincurrencyotherthanthatstatedinthedebtsecurity;

• makeanychangetocertainprovisionsoftheindenturerelatingto,amongotherthings,therightofholdersofdebtsecuritiestoreceivepaymentoftheprincipalof,premium,ifany,andinterest,ifany,onthosedebtsecuritiesandtoinstitutesuitfortheenforcementofanysuchpaymentandtowaiversoramendments;or

• waivearedemptionpaymentwithrespecttoanydebtsecurityorchangeanyoftheprovisionswithrespecttotheredemptionofanydebtsecurities.

Exceptforcertainspecifiedprovisions,theholdersofatleastamajorityinprincipalamountoftheoutstandingdebtsecuritiesofanyseriesmayonbehalfoftheholdersofalldebtsecuritiesofthatserieswaiveourcompliancewithprovisionsoftheindenture.Theholdersofamajorityinprincipalamountoftheoutstandingdebtsecuritiesofanyseriesmayonbehalfoftheholdersofallthedebtsecuritiesofsuchserieswaiveanypastdefaultundertheindenturewithrespecttothatseriesanditsconsequences,exceptadefaultinthepaymentoftheprincipalof,premium,ifany,oranyinterest,ifany,onanydebtsecurityofthatseries;provided,however,thattheholdersofamajorityinprincipalamountoftheoutstandingdebtsecuritiesofanyseriesmayrescindanaccelerationanditsconsequences,includinganyrelatedpaymentdefaultthatresultedfromtheacceleration.

No Individual Liability of Incorporators, Stockholders, Officers or Directors

Theindentureprovidesthatnoincorporatorandnopast,presentorfuturestockholder,officerordirectorofoursoranysuccessorcorporationintheircapacityassuchshallhaveanyindividualliabilityforanyofourobligations,covenantsoragreementsunderthedebtsecuritiesortheindenture.

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Governing Law

Theindentureandthedebtsecuritieswillbegovernedby,andconstruedinaccordancewith,thelawsoftheStateofNewYork.

Concerning our Relationship with the Trustee

Fromtimetotime,weandoursubsidiariesmaymaintainordinarybankingandcreditrelationshipswithU.S.BankNationalAssociationanditsaffiliates.

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DESCRIPTION OF CAPITAL STOCK

Ouramendedandrestatedcertificateofincorporationauthorizesustoissue8,000,000,000sharesofcommonstock,parvalue$0.01pershare,and265,000,000sharesofpreferredstock,parvalue$0.01pershare.Oftheauthorizedpreferredshares,2,000,000aredesignatedasSeriesDJuniorParticipatingPreferredStock,parvalue$0.01pershare("SeriesDPreferredStock").See"—PreferredStock"and"—ThirdAmendedRightsAgreement"below.

Thefollowingdescriptionofourcapitalstockisasummary.Youshouldkeepinmind,however,thatitisouramendedandrestatedcertificateofincorporation,includinganycertificatesofdesignationsthatareapartofouramendedandrestatedcertificateofincorporation,andouramendedandrestatedby-lawsandDelawarelaw,andnotthissummary,whichdefineyourrightsasasecurityholder.Theremaybeotherprovisionsinthesedocumentsthatarealsoimportanttoyou.Youshouldreadthesedocumentsforafulldescriptionofthetermsofourcapitalstock.

Common Stock

OurcommonstockislistedontheNYSEunderthesymbol"CNO."AmericanStockTransferandTrustCompany,LLCisthetransferagentandregistrarforourcommonstock.Alloutstandingsharesofcommonstockarefullypaidandnon-assessable.

InaccordancewithourThirdAmendedRightsAgreement(definedbelow),eachofouroutstandingsharesofcommonstockhasassociatedwithittherighttopurchaseaoneone-thousandthofashareofourSeriesDPreferredStockandeachshareofcommonstockthatweissuepriortotheearlierof(i)thedatethepreferredsharepurchaserightsbecomeexercisableand(ii)theexpirationdateoftheThirdAmendedRightsAgreement,willbeissuedwithanassociatedpreferredsharepurchaseright.See"—ThirdAmendedRightsAgreement"below.

Dividends.ExceptasotherwiseprovidedbyDelawarelaworouramendedandrestatedcertificateofincorporation,andsubjecttoallrightsandpreferencesofholdersofanyoutstandingsharesofpreferredstock,holdersofcommonstockshareratablyinalldividendsanddistributions,whetheruponliquidationordissolutionorotherwise.

Voting.ExceptasotherwiseprovidedbyDelawarelaworouramendedandrestatedcertificateofincorporationandsubjecttotherightsofholdersofanyoutstandingsharesofpreferredstock,allofthevotingpowerofourstockholdersisvestedintheholdersofourcommonstock,andeachholderofcommonstockhasonevoteforeachshareheldbysuchholderonallmattersvoteduponbyourstockholders.

Notwithstandingthevotingrightsgrantedtoholdersofcommonstockandpreferredstockinouramendedandrestatedcertificateofincorporationorinanycertificateofdesignationsrelatingtoanypreferredstock,thevotingrightsofanystockheldbyanyholderasofSeptember10,2003,theeffectivedateofourpredecessorcompany'splanofreorganization,areautomaticallyreducedwithrespecttoanyparticularstockholdervoteoractionbywrittenconsenttotheextent,ifany,requiredtoavoidapresumptionofcontrolarisingfromthebeneficialownershipofvotingsecuritiesundertheinsurancestatutesorregulationsapplicabletoanyofourdirectorindirectinsurancecompanysubsidiaries,providedthatnosuchreductionreducessuchvotingrights,withoutsuchholder'swrittenconsent:

• bymorethantheminimumamountrequiredtoreducesuchvotingrightstolessthan10%oftheaggregatevotingrightsofallstockentitledtovoteorconsentwithrespecttosuchvoteoraction,or

• totheextentthatsuchholder'sacquisitionofcontrolordeemedacquisitionofcontrolofourdirectandindirectinsurancecompanysubsidiarieshasbeenapprovedunder,orisexemptfrom

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theapprovalrequirementsof,allinsurancestatutesandregulationsapplicabletoourdirectandindirectinsurancecompanysubsidiaries.

BoardofDirectors.Exceptasotherwiseprovidedinouramendedandrestatedcertificateofincorporationoranydulyauthorizedcertificateofdesignationsofanyseriesofpreferredstock,directorsareelectedinaccordancewiththeproceduresandrequirementsprescribedbyouramendedandrestatedby-laws.Ouramendedandrestatedby-lawsprovidethat,exceptinthecaseofvacanciesandnewlycreateddirectorshipsresultingfromanyincreaseinthetotalnumberofdirectors,eachdirectorshallbeelectedbythevoteofthemajorityofthevotescast(wherethenumberofvotescast"for"adirectorexceedsthenumberofvotescast"against"thatdirector)withrespecttothedirectorsatanymeetingfortheelectionofdirectorsatwhichaquorumispresent,providedthat,ifthenumberofnomineesexceedsthenumberofdirectorstobeelected,thedirectorsshallbeelectedbyapluralityofthesharesrepresentedinpersonorbyproxyatanysuchmeetingandentitledtovoteontheelectionofdirectors.

Other.Ourcommonstockisnotconvertibleinto,orexchangeablefor,anyotherclassorseriesofourcapitalstock.ExceptascontemplatedbyourThirdAmendedRightsAgreement,holdersofcommonstockhavenopreemptiveorotherrightstosubscribefororpurchaseadditionalsecuritiesofours.Sharesofourcommonstockarenotsubjecttocallsorassessments.

Preferred Stock

Eachofouroutstandingsharesofcommonstockhasassociatedwithittherighttopurchaseaoneone-thousandthofashareofourSeriesDPreferredStockandeachshareofcommonstockthatweissuepriortotheearlierofthedatesuchpreferredsharepurchaserightsbecomeexercisableandtheexpirationdateoftheThirdAmendedRightsAgreementwillbeissuedwithanassociatedpreferredsharepurchaseright.See"—ThirdAmendedRightsAgreement"below.

Third Amended Rights Agreement

OnOctober3,2017CNOenteredintoaThirdAmendedandRestatedSection382RightsAgreement,datedasofOctober3,2017(asamended,the"ThirdAmendedRightsAgreement")withAmericanStockTransfer&TrustCompany,LLC,asrightsagent(the"RightsAgent"),whichbecameeffectiveonNovember13,2017.Ourboardofdirectorshadpreviouslydeclaredadividendofonepreferredsharepurchaseright(a"Right")foreachoutstandingshareofcommonstockthatwaspaidtothestockholdersofrecordasofthecloseofbusinessonJanuary30,2009pursuanttothatcertainSection382RightsAgreement,datedasofJanuary20,2009(the"OriginalRightsAgreement"),whichwasamendedandrestatedbythatcertainAmendedandRestatedSection382RightsAgreement,datedDecember6,2011(the"FirstAmendedRightsAgreement"),asfurtheramendedbytheSecondAmendedandRestatedSection382RightsAgreement,datedNovember13,2014(the"SecondAmendedRightsAgreement"),eachbetweentheCompanyandtheRightsAgent.ThefollowingsummaryoftheThirdAmendedRightsAgreementandtheRightsisnotcomplete.YoushouldreadtheThirdAmendedRightsAgreement,whichisanExhibittoourCurrentReportonForm8-KfiledonOctober4,2017forafulldescriptionofitsterms.

TheThirdAmendedRightsAgreementisintendedtohelpprotecttheCompany'staxnetoperatinglosscarryforwards("NOLs").OurboardofdirectorsmayredeemtheRights,asdiscussedmorefullybelow.TheThirdAmendedRightsAgreementisintendedtoactasadeterrenttoanyperson(otherthananExemptedPerson(asdefinedbelow)oranypersonwhohasthestatusofaThresholdHolder(asdefinedbelow)onthedateoftheThirdAmendedRightsAgreementsolongassuchpersondoesnotincreaseitsownershipaboveanadditional1%ofCompany382Securities(asdefinedbelow)thenoutstanding)frombecomingorobtainingtherighttobecome,apersonwhoorwhich,togetherwithallaffiliatesandassociatesofsuchperson,isthebeneficialownerof4.99%or

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moreofthesharesofourcommonstockoranyotherclassofCompany382Securitiesthenoutstanding(eachsuchperson,a"ThresholdHolder"),withouttheapprovalofourboardofdirectors.

TheRights.PursuanttotheThirdAmendedRightsAgreement,eachRightentitlestheregisteredholdertopurchasefromtheCompanyoneone-thousandthofashareofSeriesDPreferredStockoftheCompanyatapriceof$90.00peroneone-thousandthofashareofSeriesDPreferredStock(asthesamemaybeadjusted,the"PurchasePrice").ThedescriptionandtermsoftheRightsareassetforthintheThirdAmendedRightsAgreement.

Untilthecloseofbusinessontheearlierof(i)thetenthbusinessdayafterthefirstdateofapublicannouncementthataperson(otherthananExemptedPersonorGrandfatheredPerson(asdefinedbelow))orgroupofaffiliatedorassociatedpersons(an"AcquiringPerson")hasbecomeaThresholdHolderor(ii)thetenthbusinessday(orsuchlaterdateasmaybedeterminedbyactionofourboardofdirectorspriortosuchtimeasanypersonorgroupofaffiliatedpersonsbecomesanAcquiringPerson)afterthedateofcommencementof,orthefirstpublicannouncementofanintentiontocommence,atenderofferorexchangeoffer,theconsummationofwhichwouldresultinanyperson(otherthananExemptedPerson)becominganAcquiringPerson(theearlierofsuchdatesbeinghereinreferredtoasthe"DistributionDate"),theRightswillbeevidencedbythesharesofourcommonstockrepresentedbythecertificatesforourcommonstockoruncertificatedbookentrysharesoutstandingasoftherecorddate,togetherwithacopyofthesummaryofrightsdisseminatedinconnectionwiththeoriginaldividendofRights.

TheThirdAmendedRightsAgreementprovidesthat,untiltheDistributionDate(orearlierexpirationoftheRights),newcommonstockcertificatesissuedaftertherecorddatewillcontainanotationincorporatingtheThirdAmendedRightsAgreementbyreferenceand,withrespecttoanyuncertificatedbookentrysharesissuedaftertherecorddate,propernoticewillbeprovidedthatincorporatestheThirdAmendedRightsAgreementbyreference.UntiltheDistributionDate(orearlierredemptionorexpirationoftheRights),theRightswillbetransferableonlyinconnectionwiththetransferofsharesofourcommonstock.UntiltheDistributionDate(orearlierredemptionorexpirationoftheRights),thesurrenderfortransferofanycertificatesforsharesofourcommonstock(oruncertificatedbookentryshares)outstandingasoftherecorddate,evenwithoutanotationincorporatingtheThirdAmendedRightsAgreementbyreference(orsuchnotice,inthecaseofuncertificatedbookentryshares)oracopyofthesummaryofrightsincludedinconnectionwiththeThirdAmendedRightsAgreement,willalsoconstitutethetransferoftheRightsassociatedwiththesharesofourcommonstockrepresentedbysuchcertificateoruncertificatedbookentryshares,asthecasemaybe.AssoonaspracticablefollowingtheDistributionDate,separatecertificatesevidencingtheRights("RightCertificates")willbemailedtoholdersofrecordoftheourcommonstockasofthecloseofbusinessontheDistributionDateandsuchseparateRightCertificatesalonewillevidencetheRights.

CertainDefinitions

"ApprovedAcquisition"shallmean(i)anyacquisitionofCompany382SecuritiesthatwouldcauseapersontoqualifyasaThresholdHolderandthatisapprovedinadvancebyourboardofdirectors,or(ii)aconversion(orotherexchange)ofCompany382SecuritiesforotherCompany382Securitieswheresuchconversion(orotherexchange)doesnotincreasethebeneficialownershipintheCompanybyanypersonforpurposesofSection382(definedbelow).

"Company382Securities"shallmeanourcommonstockandanyotherinterestthatwouldbetreatedas"stock"oftheCompanyforpurposesofSection382oftheInternalRevenueCodeof1986,asamended(includingpursuanttoTreasuryRegulationSection1.382-2T(f)(18))("Section382").

"ExemptedPerson"shallmean(i)theCompany,(ii)anysubsidiaryoftheCompany,(inthecaseofsubclauses(i)and(ii)including,withoutlimitation,initsfiduciarycapacity),(iii)anyemployee

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benefitplanorcompensationarrangementoftheCompanyorofanysubsidiaryoftheCompany,(iv)anyentityortrusteeholding(oractinginafiduciarycapacityinrespectof)Company382Securitiestotheextentorganized,appointedorestablishedbytheCompanyoranysubsidiaryoftheCompanyfororpursuanttothetermsofanysuchplanorforthepurposeoffundinganysuchemployeebenefitplanorcompensationarrangement,(v)anyperson(togetherwithitsaffiliatesandassociates)whosestatusasaThresholdHolderwill,inthesolejudgmentofourboardofdirectors,notjeopardizeorendangertheavailabilitytotheCompanyofitsNOLstobeusedtooffsetitstaxableincomeinsuchyearorfutureyears(butinthecaseofanypersondeterminedbyourboardofdirectorstobeanExemptedPersonpursuanttothissubparagraph(v)onlyforsolongassuchperson'sstatusasaThresholdHoldercontinuesnottojeopardizeorendangertheavailabilityofsuchNOLs,asdeterminedbyourboardofdirectorsinitsgoodfaithdiscretion)or(vi)anypersonwhoorwhichwouldqualifyasaThresholdHolderasaresultofanApprovedAcquisitionand,totheextentapprovedbyourboardofdirectors,anypersonwhoorwhichacquiresCompany382Securitiesfromanysuchperson.

"GrandfatheredPerson"shallmeananypersonwhoorwhich,togetherwithallaffiliatesandassociatesofsuchperson,wasasonNovember13,2017,thebeneficialownerof4.99%ormoreoftheCompany382Securitiesoutstandingonsuchdate,unlessanduntilsuchtimeassuchpersonafterthedateoftheThirdAmendedRightsAgreementacquiresbeneficialownershipofadditionalsharesorotherinterestsinCompany382Securitiesrepresentingmorethan1%oftheCompany382Securitiesthenoutstanding.AnyGrandfatheredPersonwho,togetherwithallofitsaffiliatesandassociates,subsequentlybecomesthebeneficialowneroflessthan4.99%oftheCompany382SecuritiesshallceasetobeaGrandfatheredPerson.

Exercisability.TheRightswillnotbeexercisableuntiltheDistributionDate.

Transfer.AnytransferofsharesofourcommonstockpriortotheDistributionDatewillconstituteatransferoftheassociatedRights.AftertheDistributionDate,theRightsmaybetransferredotherthaninconnectionwiththetransferoftheunderlyingsharesofourcommonstock.

Expiration.TheRightsarenotexercisableuntiltheDistributionDateandwillexpireattheearlierof(i)thecloseofbusinessonNovember13,2020,(ii)therepealofSection382oranysuccessorstatuteifourboardofdirectorsdeterminesthattheThirdAmendedRightsAgreementisnolongernecessaryforthepreservationoftaxbenefitsor(iii)thebeginningofataxableyearoftheCompanytowhichourboardofdirectorsdeterminesthatnotaxbenefitsmaybecarriedforward(the"FinalExpirationDate"),subjectto(x)theextensionoftheThirdAmendedRightsAgreementbyourboardofdirectorsbytheamendmentoftheThirdAmendedRightsAgreementor(y)theredemptionorexchangeoftheRightsbytheCompany,asdescribedbelow.

Adjustments.ThePurchasePricepayable,andthenumberofsharesofSeriesDPreferredStockorothersecuritiesorpropertyissuable,uponexerciseoftheRightsaresubjecttoadjustmentfromtimetotimetopreventdilution(i)intheeventofastockdividendon,orasubdivision,combinationorreclassificationof,theSeriesDPreferredStock,(ii)uponthegranttoholdersoftheSeriesDPreferredStockofcertainrightsorwarrantstosubscribefororpurchaseSeriesDPreferredStockataprice,orsecuritiesconvertibleintoSeriesDPreferredStockwithaconversionprice,lessthanthethencurrentmarketpriceoftheSeriesDPreferredStockor(iii)uponthedistributiontoholdersoftheSeriesDPreferredStockofevidencesofindebtednessorassets(excludingregularperiodiccashdividendsordividendspayableinSeriesDPreferredStock)orofsubscriptionrightsorwarrants(otherthanthosereferredtoabove).

TheRightsarealsosubjecttoadjustmentintheeventofastockdividendonourcommonstockpayableinsharesofourcommonstockorsubdivisions,consolidationsorcombinationsofourcommonstockoccurring,inanysuchcase,priortotheDistributionDate.

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JuniorParticipatingPreferredStock.SharesofSeriesDPreferredStockpurchasableuponexerciseoftheRightswillnotberedeemable.EachshareofSeriesDPreferredStockwillbeentitled,when,asandifdeclared,toaminimumpreferentialquarterlydividendpaymentofthegreaterof(a)$1pershareand(b)anamountequalto1,000timesthedividenddeclaredpershareofourcommonstock.Intheeventofliquidation,dissolutionorwindingupoftheCompany,theholdersoftheSeriesDPreferredStockwillbeentitledtoaminimumpreferentialliquidationpaymentof$1,000pershare(plusanyaccruedbutunpaiddividends)butwillbeentitledtoanaggregate1,000timesthepaymentmadepershareofourcommonstock.EachshareofSeriesDPreferredStockwillhave1,000votes,votingtogetherwithourcommonstock.Finally,intheeventofanymerger,consolidationorothertransactioninwhichsharesofourcommonstockareconvertedorexchanged,eachshareofSeriesDPreferredStockwillbeentitledtoreceive1,000timestheamountreceivedpershareofourcommonstock.Theserightsareprotectedbycustomaryantidilutionprovisions.

IntheeventthatthequarterlydividendsorcertainotherdividendsordistributionspayableontheSeriesDPreferredStockareinarrears,untilsuchaccruedandunpaiddividendsordistributionsarepaid,thecompanymaynotredeem,purchaseordeclareandpaydividendsonourcommonstockorpreferredstockonparitywiththeSeriesDPreferredStock.

BecauseofthenatureoftheSeriesDPreferredStock'sdividend,liquidationandvotingrights,thevalueoftheoneone-thousandthinterestinashareofSeriesDPreferredStockpurchasableuponexerciseofeachRightshouldapproximatethevalueofoneshareofourcommonstock.

EffectsofTriggeringEvents.IntheeventthatanypersonorgroupofaffiliatedorassociatedpersonsbecomesanAcquiringPerson,eachholderofaRight,otherthanRightsbeneficiallyownedbytheAcquiringPerson(whichwillthereuponbecomevoid),willthereafterhavetherighttoreceiveuponexerciseofaRightandpaymentofthePurchasePrice,thatnumberofsharesofourcommonstockand/orothersecuritiesorpropertyhavingamarketvalueoftwotimesthePurchasePrice.

Intheeventthat,afterapersonorgrouphasbecomeanAcquiringPerson,theCompanyisacquiredinamergerorotherbusinesscombinationtransactionor50%ormoreofitsconsolidatedassetsorearningpoweraresold,properprovisionwillbemadesothateachholderofaRight(otherthanRightsbeneficiallyownedbyanAcquiringPersonwhichwillhavebecomevoid)willthereafterhavetherighttoreceive,upontheexercisethereofatthethen-currentexercisepriceoftheRight,thatnumberofsharesofcommonstockofthepersonwithwhomtheCompanyhasengagedintheforegoingtransaction(oritsparent),whichnumberofsharesatthetimeofsuchtransactionwillhaveamarketvalueoftwotimesthePurchasePrice.

AtanytimeafteranypersonorgroupbecomesanAcquiringPersonandpriortotheacquisitionbysuchpersonorgroupof50%ormoreoftheoutstandingsharesofourcommonstockortheoccurrenceofaneventdescribedinthepriorparagraph,ourboardofdirectorsmayexchangetheRights(otherthanRightsownedbysuchpersonorgroupwhichwillhavebecomevoid),inwholeorinpart,atanexchangeratioofoneshareofourcommonstock,orafractionalshareofSeriesDPreferredStock(orofashareofasimilarclassorseriesoftheCompany'spreferredstockhavingsimilarrights,preferencesandprivileges)ofequivalentvalue,perRight(subjecttoadjustment).

Withcertainexceptions,noadjustmentinthePurchasePricewillberequireduntilcumulativeadjustmentsrequireanadjustmentofatleast1%insuchPurchasePrice.NofractionalsharesofSeriesDPreferredStockorourcommonstockwillbeissued(otherthanfractionsofSeriesDPreferredStockwhichareintegralmultiplesofoneone-thousandthofashareofSeriesDPreferredStock,whichmay,attheelectionoftheCompany,beevidencedbydepositaryreceipts)andinlieuthereof,anadjustmentincashwillbemadebasedonthemarketpriceoftheSeriesDPreferredStockorourcommonstockonthelasttradingdaypriortothedateofexercise.

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Redemption.AtanytimepriortothetimeanAcquiringPersonbecomessuch,ourboardofdirectorsmayredeemtheRightsinwhole,butnotinpart,atapriceof$0.01perRight,appropriatelyadjustedtoreflectanystocksplit,stockdividendorsimilartransactionoccurringafterthedateofadoptionoftheThirdAmendedRightsAgreement(the"RedemptionPrice")payable,attheoptionoftheCompany,incash,sharesofourcommonstockorsuchotherformofconsiderationasourboardofdirectorsshalldetermine.TheredemptionoftheRightsmaybemadeeffectiveatsuchtime,onsuchbasisandwithsuchconditionsasourboardofdirectorsinitssolediscretionmayestablish.ImmediatelyuponanyredemptionoftheRights,therighttoexercisetheRightswillterminateandtheonlyrightoftheholdersofRightswillbetoreceivetheRedemptionPrice.

Amendments.ForsolongastheRightsarethenredeemable,theCompanymay,exceptwithrespecttotheRedemptionPrice,amendtheThirdAmendedRightsAgreementinanymanner.AftertheRightsarenolongerredeemable,theCompanymay,exceptwithrespecttotheRedemptionPrice,amendtheThirdAmendedRightsAgreementinanymannerthatdoesnotadverselyaffecttheinterestsofholdersoftheRights.

UntilaRightisexercisedorexchanged,theholderthereof,assuch,willhavenorightsasastockholderoftheCompany,including,withoutlimitation,therighttovoteortoreceivedividends.

NOL Protective Amendment to our Certificate of Incorporation

OnMay4,2016ourstockholdersapprovedanamendmenttoouramendedandrestatedcertificateofincorporation(the"NOLProtectiveAmendment").TheNOLProtectiveAmendmentseekstopreservethevalueofourNOLsbyrestrictinganydirectorindirecttransferiftheeffectwouldbeto:

• increasethedirectorindirectownershipofourstockbyanyperson(orpublicgroup)fromlessthan4.99%to4.99%ormoreofourcommonstock;or

• increasethepercentageofourcommonstockowneddirectlyorindirectlybyaperson(orpublicgroup)owningordeemedtoown4.99%ormoreofourcommonstock.

Transfersincludedunderthetransferrestrictionsincludesalestopersonswhoseresultingpercentageownership(directorindirect)ofcommonstockwouldexceedthe4.99%thresholdsdiscussedabove,ortopersonswhosedirectorindirectownershipofcommonstockwouldbyattributioncauseanotherpersontoexceedsuchthreshold.Thetransferrestrictionsincludetherighttorequireaproposedtransferee,asaconditiontoregistrationofatransferofcommonstock,toprovideallinformationreasonablyrequestedregardingsuchperson'sdirectandindirectownershipofourcommonstock.Thetransferrestrictionsmayresultinthedelayorrefusalofcertainrequestedtransfersofourcommonstock.Asaresultoftheserules,thetransferrestrictionscouldresultinprohibitingownership(thusrequiringdispositions)ofourcommonstockasaresultofachangeintherelationshipbetweentwoormorepersonsorentities,orofatransferofaninterestinanentityotherthanus,suchasaninterestinanentitythat,directlyorindirectly,ownsourcommonstock.Thetransferrestrictionswillalsoapplytoproscribethecreationortransferofcertain"options"(whicharebroadlydefinedbySection382)inrespectofourcommonstocktotheextentthat,incertaincircumstances,creation,transferorexerciseoftheoptionwouldresultinaproscribedlevelofownership.

Totheextentpermittedbylaw,anyshareholderwhoknowinglyviolatesthetransferrestrictionswillbeliableforanyandalldamagessufferedbyusasaresultofsuchviolation,includingdamagesresultingfromareductioninoreliminationoftheabilitytoutilizetheNOLsandanyprofessionalfeesincurredinconnectionwithaddressingsuchviolation.

Ourboardofdirectorsmayestablish,modify,amendorrescindby-laws,regulationsandproceduresofCNOforpurposesofdeterminingwhetheranytransferofcommonstockwouldjeopardizeourabilitytopreserveandusetheNOLs.

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TheNOLProtectiveAmendmentwillexpireontheearlierof(i)July31,2019,(ii)ourboardofdirectors'determinationthattheNOLProtectiveAmendmentisnolongernecessaryforthepreservationoftheNOLsbecauseoftherepealofSection382oranysuccessorstatuteor(iii)thebeginningofataxableyeartowhichourboardofdirectorsdeterminesthatnoNOLsmaybecarriedforward.Theboardofdirectorsisalsopermittedtoacceleratetheexpirationdateofthetransferrestrictionsintheeventofachangeinthelawifitdeterminesinwritingthatthecontinuationofthetransferrestrictionsisnolongerreasonablynecessaryforthepreservationoftaxbenefits.

Additional Anti-Takeover Provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated By-laws

InadditiontosharesofSeriesDPreferredStockauthorizedinconnectionwithourThirdAmendedRightsAgreementandourNOLProtectiveAmendmenttoouramendedandrestatedcertificateofincorporation,ouramendedandrestatedcertificateofincorporationandamendedandrestatedby-lawscontaincertainprovisionsthatareintendedtoenhancethelikelihoodofcontinuityandstabilityinthecompositionofourboardofdirectorsandwhichmayhavetheeffectofdelaying,deferringorpreventingourfuturetakeoverorchangeofcontrolunlessthetakeoverorchangeofcontrolisapprovedbyourboardofdirectors.Theseprovisionsmayalsorendertheremovalofthecurrentboardofdirectorsandofmanagementmoredifficult.Theseprovisionsinclude:

• advancenoticerequirementsforstockholderproposalsandnominations;and

• theauthorityofourboardofdirectorstoissue,withoutstockholderapproval,certainseriesofpreferredstockwithsuchtermsastheboardofdirectorsmaydetermine.

Anti-Takeover Effects of Certain Insurance Laws

Theinsurancelawsandregulationsofthejurisdictionsinwhichweorourinsurancesubsidiariesdobusinessmayimpedeordelayabusinesscombinationinvolvingus.Stateinsuranceholdingcompanylawsandregulationsapplicabletousgenerallyprovidethatnopersonmayacquirecontrolofacompany,andthusindirectcontrolofitsinsurancesubsidiaries,unlessthepersonhasprovidedrequiredinformationto,andtheacquisitionisapprovedornotdisapprovedby,theappropriateinsuranceregulatoryauthorities.Generally,anypersonacquiringbeneficialownershipof10%ormoreofthevotingpowerofourcapitalstockwouldbepresumedtohaveacquiredcontrol,unlesstheappropriateinsuranceregulatoryauthoritiesuponadvanceapplicationdetermineotherwise.

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DESCRIPTION OF DEPOSITARY SHARES

Thefollowingdescriptionofthedepositarysharesandthetermsofthedepositagreementisasummary.Itsummarizesonlythoseaspectsofthedepositarysharesandthoseportionsofthedepositagreementthatwebelievewillbemostimportanttoyourdecisiontoinvestinourdepositaryshares.Youshouldkeepinmind,however,thatitisthedepositagreement,andnotthissummary,whichdefinesyourrightsasaholderofdepositaryshares.Theremaybeotherprovisionsinthedepositagreementthatarealsoimportanttoyou.Youshouldreadthedepositagreementforafulldescriptionofthetermsofthedepositaryshares.

Theparticulartermsofthedepositarysharesofferedbyanyprospectussupplementandtheextenttowhichthegeneralprovisionsdescribedbelowmayapplytosuchdepositaryshareswillbeoutlinedintheapplicableprospectussupplement.

General

Wemaychoosetoofferfromtimetotimefractionalinterestsinourdebtsecuritiesandsharesofourcommonstockorpreferredstock.Ifwedoso,wewillissuefractionalinterestsinourdebtsecurities,commonstockorpreferredstock,asthecasemaybe,intheformofdepositaryshares.Eachdepositarysharewouldrepresentafractionalinterestinasecurityofaparticularseriesofdebtsecurities,afractionofashareofcommonstock,afractionofashareofaparticularseriesofpreferredstock,asthecasemaybe,andwouldbeevidencedbyadepositaryreceipt.

Wewilldepositthedebtsecurities,andsharesofcommonstockandpreferredstockrepresentedbydepositarysharesunderadepositagreementbetweenusandadepositary,whichwewillnameintheapplicableprospectussupplement.Subjecttothetermsofthedepositagreement,asanownerofadepositaryshareyouwillbeentitled,inproportiontotheapplicablefractionofadebtsecurityorshareofcommonstockorpreferredstockrepresentedbythedepositaryshare,toalltherightsandpreferencesofthedebtsecurity,commonstockorpreferredstock,asthecasemaybe,representedbythedepositaryshare,including,asthecasemaybe,interest,dividend,voting,conversion,redemption,sinkingfund,repaymentatmaturity,subscriptionandliquidationrights.

Interest, Dividends and Other Distributions

Thedepositarywilldistributeallpaymentsofinterest,cashdividendsorothercashdistributionsreceivedinrespectofthedebtsecurities,commonstockorpreferredstock,asthecasemaybe,inproportiontothenumbersofthedepositarysharesownedbytheapplicableholdersontherelevantrecorddate.Thedepositarywilldistributeonlyanamount,however,thatcanbedistributedwithoutattributingtoanyholderofdepositarysharesafractionofonecent,andanybalancenotsodistributedwillbeaddedtoandtreatedaspartofthenextsumreceivedbythedepositaryfordistributiontorecordholdersofdepositaryshares.

Ifthereisanon-cashdistribution,thedepositarywilldistributepropertyreceivedbyittotherecordholdersofdepositarysharesentitledtoit,unlessthedepositarydeterminesthatitisnotfeasibletomakethedistribution.Ifthishappens,thedepositarymay,withourapproval,sellthepropertyanddistributethenetsaleproceedstotheholders.Thedepositagreementwillalsocontainprovisionsrelatingtothemannerinwhichanysubscriptionorsimilarrightsthatweoffertoholdersofthepreferredstockwillbemadeavailabletotheholdersofdepositaryshares.

Redemption of Depositary Shares

Ifweredeemadebtsecurity,commonstockoraseriesofpreferredstockrepresentedbydepositaryshares,thedepositaryshareswillberedeemedfromtheredemptionproceedsreceivedbythedepositary.Thedepositarywillmailnoticeofredemptionnotlessthan15,andnotmorethan60,

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daysbeforethedatefixedforredemptiontotherecordholdersofthedepositarysharestoberedeemedattheiraddressesappearinginthedepositary'sbooks.Theredemptionpriceforeachdepositarysharewillbeequaltotheapplicablefractionoftheredemptionpriceforeachdebtsecurityorshareofcommonstockorpreferredstock,asthecasemaybe,payableinrelationtotheredeemedseriesofdebtsecurities,commonstockorpreferredstock.Wheneverweredeemdebtsecuritiesorsharesofcommonstockorpreferredstockheldbythedepositary,thedepositarywillredeemasofthesameredemptiondatethenumberofdepositarysharesrepresenting,asthecasemaybe,fractionalinterestsinthedebtsecuritiesorsharesofcommonstockorpreferredstockredeemed.Iffewerthanallthedepositarysharesaretoberedeemed,thedepositarysharestoberedeemedwillbeselectedbylot,proportionatelyorbyanyotherequitablemethodasthedepositarymaydetermine.

Afterthedatefixedforredemption,thedepositarysharescalledforredemptionwillnolongerbeconsideredoutstandingandallrightsoftheholdersofthedepositaryshareswillcease,excepttherighttoreceivethecash,securitiesorotherpropertypayableupontheredemptionandanycash,securitiesorotherpropertytowhichtheholdersoftheredeemeddepositaryshareswereentitleduponsurrendertothedepositaryofthedepositaryreceiptsevidencingthedepositaryshares.

Theamountdistributedinanyoftheforegoingcaseswillbereducedbyanyamountrequiredtobewithheldbyusorthedepositaryonaccountofanytaxes.

Exercise of Rights under the Indentures or Voting the Common Stock or Preferred Stock

Uponreceiptofnoticeofanymeetingatwhichyouareentitledtovote,orofanyrequestforinstructionsordirectionsfromyouasholderoffractionalinterestsindebtsecurities,commonstockorpreferredstock,thedepositarywillmailtoyoutheinformationcontainedinthatnotice.Eachrecordholderofthedepositarysharesontherecorddatewillbeentitledtoinstructthedepositaryhowtogiveinstructionsordirectionswithrespecttothedebtsecuritiesrepresentedbythatholder'sdepositarysharesorhowtovotetheamountofthecommonstockorpreferredstockrepresentedbythatholder'sdepositaryshares.Therecorddateforthedepositaryshareswillbethesamedateastherecorddateforthedebtsecurities,commonstockorpreferredstock,asthecasemaybe.Thedepositarywillendeavor,totheextentpracticable,togiveinstructionsordirectionswithrespecttothedebtsecuritiesortovotetheamountofthecommonstockorpreferredstock,asthecasemaybe,representedbythedepositarysharesinaccordancewiththoseinstructions.Wewillagreetotakeallreasonableactionwhichthedepositarymaydeemnecessarytoenablethedepositarytodoso.Thedepositarywillabstainfromgivinginstructionsordirectionswithrespecttoyourfractionalinterestsinthedebtsecuritiesorvotingsharesofthecommonstockorpreferredstock,asthecasemaybe,ifitdoesnotreceivespecificinstructionsfromyou.

Amendment and Termination of the Deposit Agreement

Wemayenterintoanagreementwiththedepositaryatanytimetoamendtheformofdepositaryreceiptevidencingthedepositarysharesandanyprovisionofthedepositagreement.However,theholdersofamajorityofthedepositarysharesmustapproveanyamendmentwhichmateriallyandadverselyalterstherightsoftheexistingholdersofdepositaryshares.Weorthedepositarymayterminatethedepositagreementonlyif(a)alloutstandingdepositarysharesissuedundertheagreementhavebeenredeemedor(b)afinaldistributioninconnectionwithanyliquidation,dissolutionorwindinguphasbeenmadetotheholdersofthedepositaryshares.

Resignation and Removal of Depositary

Thedepositarymayresignatanytimebydeliveringtousnoticeofitselectiontoresign,andwemayatanytimeremovethedepositary.Anyresignationorremovalwilltakeeffectwhenasuccessordepositaryhasbeenappointedandhasacceptedtheappointment.Appointmentmustoccurwithin

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60daysafterdeliveryofthenoticeofresignationorremoval.ThesuccessordepositarymustbeabankortrustcompanyhavingitsprincipalofficeintheUnitedStatesandhavingacombinedcapitalandsurplusofatleast$50,000,000.

Miscellaneous

Thedepositarywillforwardallreportsandcommunicationsfromuswhicharedeliveredtothedepositaryandwhichwearerequiredorotherwisedeterminetofurnishtoholdersofdebtsecuritiesorpreferredstock,asthecasemaybe.

Weandthedepositarywillnotbeliableunderthedepositagreementtoyouotherthanforourgrossnegligence,willfulmisconductorbadfaith.Neitherwenorthedepositarywillbeliableifweorthedepositaryispreventedordelayedbylaworanycircumstancebeyonditscontrolinperformingitsobligationsunderthedepositagreement.Ourandthedepositary'sobligationsunderthedepositagreementwillbelimitedtoperformanceingoodfaithofourrespectivedutiesundertheagreement.Weandthedepositarywillnotbeobligatedtoprosecuteordefendanylegalproceedingsrelatingtoanydepositaryshares,debtsecurities,commonstockorpreferredstock,asthecasemaybe,unlessasatisfactoryindemnityisfurnished.Weandthedepositarymayrelyuponwrittenadviceofcounseloraccountants,oruponinformationprovidedbypersonspresentingdebtsecuritiesorsharesofcommonstockorpreferredstock,asthecasemaybe,fordeposit,youorotherpersonsbelievedtobecompetentandondocumentswhichweandthedepositarybelievetobegenuine.

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DESCRIPTION OF WARRANTS

Thefollowingdescriptionofthewarrantsandtermsofthewarrantagreementisasummary.Itsummarizesonlythoseaspectsofthewarrantsandthoseportionsofthewarrantagreementwhichwebelievewillbemostimportanttoyourdecisiontoinvestinourwarrants.Youshouldkeepinmind,however,thatitisthewarrantagreementandthewarrantcertificaterelatingtothewarrants,andnotthissummary,whichdefinesyourrightsasawarrantholder.Theremaybeotherprovisionsinthewarrantagreementandthewarrantcertificaterelatingtothewarrantswhicharealsoimportanttoyou.Youshouldreadthesedocumentsforafulldescriptionofthetermsofthewarrants.

Wemayissuewarrantstopurchasedebtorcommonorpreferredequitysecurities.Wemayissuewarrantsindependentlyortogetherwithanyofferedsecurities.Thewarrantsmaybeattachedtoorseparatefromthoseofferedsecurities.Wewillissuethewarrantsunderwarrantagreementstobeenteredintobetweenusandabankortrustcompany,aswarrantagent,allasdescribedintheapplicableprospectussupplement.Thewarrantagentwillactsolelyasouragentinconnectionwiththewarrantsandwillnotassumeanyobligationorrelationshipofagencyortrustfororwithanyholdersorbeneficialownersofwarrants.

Theprospectussupplementrelatingtoanywarrantsthatwemayofferwillcontainthespecifictermsofthewarrants.Thesetermsmayinclude,butarenotlimitedto,thefollowing:

• thetitleofthewarrants;

• thedesignation,amountandtermsofthesecuritiesforwhichthewarrantsareexercisable;

• thedesignationandtermsoftheothersecurities,ifany,withwhichthewarrantsaretobeissuedandthenumberofwarrantsissuedwitheachothersecurity;

• thepriceorpricesatwhichthewarrantswillbeissued;

• theaggregatenumberofwarrants;

• anyprovisionsforadjustmentofthenumberoramountofsecuritiesreceivableuponexerciseofthewarrantsortheexercisepriceofthewarrants;

• thepriceorpricesatwhichthesecuritiespurchasableuponexerciseofthewarrantsmaybepurchased;

• thetermsofanymandatoryoroptionalredemptionprovisionsrelatingtothewarrants;

• thetermsofanyrightwehavetoacceleratetheexerciseofthewarrantsupontheoccurrenceofcertainevents;

• ifthewarrantswillbesoldwithanyothersecurities,andthedate,ifany,onandafterwhichthosewarrantsandanyothersecuritieswillbetransferable;

• theidentityofthewarrantagent;

• ifapplicable,thedateonandafterwhichthewarrantsandthesecuritiespurchasableuponexerciseofthewarrantswillbeseparatelytransferable;

• ifapplicable,adiscussionofthematerialU.S.federalincometaxconsiderationsapplicabletotheexerciseofthewarrants;

• anyothertermsofthewarrants,includingterms,proceduresandlimitationsrelatingtotheexchangeandexerciseofthewarrants;

• thedateonwhichtherighttoexercisethewarrantswillcommence,andthedateonwhichtherightwillexpire;

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• themaximumorminimumnumberofwarrantswhichmaybeexercisedatanytime;and

• informationwithrespecttobook-entryprocedures,ifany.

Exercise of Warrants

Eachwarrantwillentitletheholderofwarrantstopurchaseforcashtheamountofdebtorcommonorpreferredequitysecurities,attheexercisepricestatedordeterminableintheprospectussupplementforthewarrants.Warrantsmaybeexercisedatanytimeuptothecloseofbusinessontheexpirationdateshownintheprospectussupplementrelatingtothewarrants,unlessotherwisespecifiedintheapplicableprospectussupplement.Afterthecloseofbusinessontheexpirationdate,unexercisedwarrantswillbecomevoid.Warrantsmaybeexercisedasdescribedintheprospectussupplementrelatingtothewarrants.Whenthewarrantholdermakesthepaymentandproperlycompletesandsignsthewarrantcertificateatthecorporatetrustofficeofthewarrantagentoranyotherofficeindicatedintheapplicableprospectussupplement,wewill,assoonaspossible,forwardthedebtorcommonorpreferredequitysecuritiesthatthewarrantholderhaspurchased.Ifthewarrantholderexercisesthewarrantforlessthanallofthewarrantsrepresentedbythewarrantcertificate,wewillissueanewwarrantcertificatefortheremainingwarrants.

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DESCRIPTION OF PURCHASE CONTRACTS

Wemayissuefromtimetotimepurchasecontracts,includingcontractsobligatingholderstopurchasefromusandobligatingustoselltotheholders,debtsecurities,sharesofcommonstockorpreferredstock,orothersecuritiesthatmaybesoldunderthisprospectusatafuturedateordates,asthecasemaybe.Theconsiderationpayableuponsettlementofthepurchasecontracts,aswellastheprincipalamountofdebtsecuritiesornumberofsharesofcommonstock,preferredstockorothersecuritiesdeliverableuponsettlement,maybefixedatthetimethepurchasecontractsareissuedormaybedeterminedbyaformulasetforthinthepurchasecontracts.Thepurchasecontractsmaybeissuedseparatelyoraspartofunitsconsistingofapurchasecontractandothersecuritiesorobligationsissuedbyusorthirdparties,includingU.S.treasurysecurities,ineachcase,securingtheholders'obligationstopurchasetherelevantsecuritiesunderthepurchasecontracts.Thepurchasecontractsmayrequireustomakeperiodicpaymentstotheholdersofthepurchasecontractsorunitsorviceversa,andsuchpaymentsmaybeunsecuredorprefundedonsomebasis.Thepurchasecontractsmayrequireholderstosecuretheirobligationsunderthepurchasecontractsinaspecifiedmannerand,incertaincircumstances,wemaydelivernewlyissuedprepaidpurchasecontracts,oftenknownasprepaidsecurities,uponreleasetoaholderofanycollateralsecuringsuchholder'sobligationsundertheoriginalpurchasecontract.

Theapplicableprospectussupplementwilldescribethetermsofanypurchasecontracts.Thedescriptionintheapplicableprospectussupplementwillnotnecessarilybecompleteandwillbequalifiedinitsentiretybyreferencetothepurchasecontracts,and,ifapplicable,collateralarrangementsanddepositaryarrangements,relatingtothepurchasecontractsand,ifapplicable,theprepaidsecuritiesandthedocumentpursuanttowhichtheprepaidsecuritieswillbeissued.

DESCRIPTION OF UNITS

Wemayissuefromtimetotimeunitscomprisedofoneormoreoftheothersecuritiesthatmaybeofferedunderthisprospectus,inanycombination.Eachunitwillbeissuedsothattheholderoftheunitisalsotheholderofeachsecurityincludedintheunit.Thus,theholderofaunitwillhavetherightsandobligationsofaholderofeachincludedsecurity.Theunitagreementunderwhichaunitisissuedmayprovidethatthesecuritiesincludedintheunitmaynotbeheldortransferredseparatelyatanytime,oratanytimebeforeaspecifieddate.

Anyapplicableprospectussupplementwilldescribe:

• thematerialtermsoftheunitsandofthesecuritiescomprisingtheunits,includingwhetherandunderwhatcircumstancesthosesecuritiesmaybeheldortransferredseparately;

• anymaterialprovisionsrelatingtotheissuance,payment,settlement,transferorexchangeoftheunitsorofthesecuritiescomprisingtheunits;and

• anymaterialprovisionsofthegoverningunitagreementthatdifferfromthosedescribedabove.

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PLAN OF DISTRIBUTION

Wemaysellanyseriesofdebtsecurities,commonstock,preferredstock,depositoryshares,warrants,purchasecontractsandunitsbeingoffereddirectlytooneormorepurchasers,throughagents,toorthroughunderwriters,brokersordealers,orthroughacombinationofanysuchmethodsofsale.Inaddition,certainsellingstockholdersmay,fromtimetotime,offerandsellsharesofourcommonstockorpreferredstock,ineachcase,inamounts,atpricesandontermsthatwillbedeterminedatthetimeofanysuchoffering.Thedistributionofthesecuritiesmaybeeffectedfromtimetotimeinoneormoretransactionsatfixedprices,whichmaybechanged,atmarketpricesprevailingatthetimeofsale,atpricesrelatedtosuchprevailingmarketpricesoratnegotiatedprices.Wemayofferandsellsecuritiesfromtimetotimetocertainofourpensionplans.Theapplicableprospectussupplementwillsetforththetermsoftheoffering,includingthenamesofanysellingstockholders,underwriters,dealersoragents,thepurchasepriceofsuchsecuritiesandtheproceedstousand/orthesellingstockholdersfromsuchsale,anyunderwritingdiscountsandcommissionsoragencyfeesandotheritemsconstitutingunderwriters'oragents'compensation,anyinitialpublicofferingpriceandanydiscountsorconcessionsallowedorpaidtodealersoranysecuritiesexchangeonwhichsuchsecuritiesmaybelisted.Anyinitialpublicofferingprice,discountsorconcessionsallowedorpaidtodealersmaybechangedfromtimetotime.

Unlessotherwisesetforthintheapplicableprospectussupplement,theobligationsofunderwriterstopurchasetheofferedsecuritieswillbesubjecttocertainconditionsprecedent,andsuchunderwriterswillbeobligatedtopurchaseallsuchsecurities,ifanyarepurchased.ThemaximumcompensationtobereceivedbyanyparticipatingFinancialIndustryRegulatoryAuthority("FINRA")memberwillnotbegreaterthan8%forthesaleofanysecuritiesbeingregisteredpursuanttoSECRule415underthisprospectus.Unlessotherwiseindicatedintheapplicableprospectussupplement,anyagentwillbeactingonabesteffortsbasisfortheperiodofitsappointment.

Wemayenterintoderivativetransactionswiththirdparties,orsellsecuritiesnotcoveredbythisprospectustothirdpartiesinprivatelynegotiatedtransactions.Iftheapplicableprospectussupplementindicates,inconnectionwiththosederivatives,thethirdpartiesmaysellsecuritiescoveredbythisprospectusandtheapplicableprospectussupplement,includinginshortsaletransactions.Ifso,thethirdpartiesmayusesecuritiespledgedbyusorborrowedfromusorotherstosettlethosesalesortocloseoutanyrelatedopenborrowingsofstock,andmayusesecuritiesreceivedfromusinsettlementofthosederivativestocloseoutanyrelatedopenborrowingsofstock.Thethirdpartiesinsuchsaletransactionswillbeunderwritersand,ifnotidentifiedinthisprospectus,willbeidentifiedintheapplicableprospectussupplement(orapost-effectiveamendment).

Wemayalsosellsecuritiesupontheexerciseofrightsthatmaybedistributedtosecurityholders.

Undercertaincircumstances,wemayrepurchaseofferedsecuritiesandreofferthemtothepublicassetforthabove.Wemayalsoarrangeforrepurchaseandresaleofsuchofferedsecuritiesbydealers.

Wemayalsoofferandsellsecurities,ifsoindicatedintheapplicableprospectussupplement,inconnectionwitharemarketingupontheirpurchase,inaccordancewitharedemptionorrepaymentpursuanttotheirterms,orotherwise,byoneormorefirmsreferredtoasremarketingfirms,actingasprincipalsfortheirownaccountsorasouragents.Anyremarketingfirmwillbeidentifiedandthetermsofitsagreement,ifany,withusanditscompensationwillbedescribedintheapplicableprospectussupplement.RemarketingfirmsmaybedeemedtobeunderwritersundertheSecuritiesActinconnectionwiththesecuritiestheyremarket.

Wemayauthorizeunderwriters,dealersorotherpersonsactingasagentsforthemtosolicitoffersbycertaininstitutionstopurchasesecuritiesfromuspursuanttocontractsprovidingforpaymentanddeliveryonafuturedate.Institutionswithwhichsuchcontractsmaybemadeincludecommercialandsavingsbanks,insurancecompanies,pensionfunds,investmentcompanies,educationalandcharitable

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institutionsandothers,butinallcaseswemustapprovesuchinstitutions.Theobligationsofanypurchaserunderanysuchcontractwillbesubjecttotheconditionsthatthepurchaseoftheofferedsecuritiesshallnotatthetimeofdeliverybeprohibitedunderthelawsofthejurisdictiontowhichsuchpurchaserissubject.Theunderwritersandsuchotheragentswillnothaveanyresponsibilityinrespectofthevalidityorperformanceofsuchcontracts.

Inconnectionwiththeofferingofsecurities,weand/orthesellingstockholdersmaygranttotheunderwritersanoptiontopurchaseadditionalsecuritiestocoverover-allotmentsattheinitialpublicofferingprice,withanadditionalunderwritingcommission,asmaybesetforthintheapplicableprospectussupplement.Ifweand/orthesellingstockholdersgrantanyover-allotmentoption,thetermsofsuchover-allotmentoptionwillbesetforthintheprospectussupplementforsuchsecurities.

Thesecuritiesmaybeanewissueofsecuritiesthathavenoestablishedtradingmarket.Anyunderwriterstowhomsecuritiesaresoldforpublicofferingandsalemaymakeamarketinsuchsecurities,butsuchunderwriterswillnotbeobligatedtodosoandmaydiscontinueanymarketmakingatanytimewithoutnotice.Suchsecuritiesmayormaynotbelistedonanationalsecuritiesexchange.Noassurancecanbegivenastotheliquidityofortheexistenceoftradingmarketsforanysecurities.

Weand/orthesellingstockholdersmayindemnifyagents,underwriters,dealersandremarketingfirmsagainstcertainliabilities,includingliabilitiesundertheSecuritiesAct,orouragents,underwriters,dealersandremarketingfirmsmaybeentitledtocontributionwithrespecttopaymentsthatsuchpartiesmayberequiredtomakeinrespectthereof.Ouragents,underwriters,dealersandremarketingfirms,ortheiraffiliates,maybecustomersof,engageintransactionswithorperformservicesforus,intheordinarycourseofbusiness.

Anyunderwritermayengageinover-allotment,stabilizingtransactions,short-coveringtransactionsandpenaltybidsinaccordancewithRegulationMundertheExchangeAct.Over-allotmentinvolvessalesinexcessoftheofferingsize,whichcreateashortposition.Stabilizingtransactionspermitbidstopurchasetheunderlyingsecuritysolongasthestabilizingbidsdonotexceedaspecifiedmaximum.Short-coveringtransactionsinvolvepurchasesofthesecuritiesintheopenmarketafterthedistributioniscompletedtocovershortpositions.Penaltybidspermittheunderwriterstoreclaimasellingconcessionfromadealerwhenthesecuritiesoriginallysoldbythedealerarepurchasedinacoveringtransactiontocovershortpositions.Thoseactivitiesmaycausethepriceofthesecuritiestobehigherthanitwouldotherwisebe.Ifcommenced,theunderwritersmaydiscontinueanyoftheactivitiesatanytime.

Wewillidentifythespecificplanofdistribution,includinganysellingstockholders,underwriters,brokers,dealers,agentsordirectpurchasersandtheircompensationintheapplicableprospectussupplement.Incaseofanyinconsistencybetweentheinformationinthisprospectusandtheapplicableprospectussupplement,youshouldrelyontheinformationintheprospectussupplement.

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VALIDITY OF THE SECURITIES

Unlesstheapplicableprospectussupplementindicatesotherwise,thevalidityofthesecuritieswillbepasseduponforusbyourcounsel,SimpsonThacher&BartlettLLP,NewYork,NewYork.

EXPERTS

Thefinancialstatements,financialstatementschedulesandmanagement'sassessmentoftheeffectivenessofinternalcontroloverfinancialreporting(whichisincludedinManagement'sReportonInternalControlOverFinancialReporting)incorporatedinthisprospectusbyreferencetotheAnnualReportonForm10-KofCNOFinancialGroup,Inc.fortheyearendedDecember31,2017havebeensoincorporatedinrelianceonthereportsofPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,givenontheauthorityofsaidfirmasexpertsinauditingandaccounting.

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$425,000,000

CNO Financial Group, Inc. % Senior Notes due 2029

PROSPECTUS SUPPLEMENT

Goldman Sachs & Co. LLC Barclays

KeyBanc Capital Markets RBC Capital Markets BofA Merrill Lynch

Deutsche Bank Securities

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