Magellan Health Services Announces Fourth Quarter and Fiscal Year 2006 Earnings Release Date and Conference Call

AVON, Conn. -- Magellan Health Services, Inc. (Nasdaq:MGLN) today announced that it will release fourth quarter 2006 earnings results and fiscal year 2006 earnings results on Wednesday, February 28, 2007. Management will discuss the Company's financial results as well as its business strategy and outlook in a conference call to be held the same day at 9:30 a.m. Eastern time.

The press release detailing the Company's fourth quarter and fiscal year 2006 earnings will be issued at approximately 6:30 a.m. Eastern time on Wednesday, February 28, and will be immediately available on the investor relations page at www.MagellanHealth.com.

To participate in the conference call, interested parties should call 1-888-390-4698 and reference the passcode Fourth Quarter Earnings and conference leader Steve Shulman approximately 15 minutes before the start of the call. Those who plan to access the Webcast are encouraged to read Magellan's Annual Report on Form 10-K for the year ended December 31, 2005, filed with the Securities and Exchange Commission on March 8, 2006, and the Form 10-Q for the quarter ended September 30, 2006, filed with the Securities and Exchange Commission on October 26, 2006, for material information regarding Magellan's operational and financial results, including the section entitled "Risk Factors." In addition, listeners are encouraged to read all other 2005 and 2006 reports filed with the Securities and Exchange Commission for material information regarding Magellan's operational and financial results.