Health Net, Inc.
21650 Oxnard Street
Woodland Hills, CA 91367
818.676.6000
800.291.6911
www.healthnet.com

Contacts: David Olson
818.676.6978
david.w.olson@healthnet.com

Margita Thompson
818.676.7912
margita.n.thompson@healthnet.com

HEALTH NET ENGAGES IN SALE-LEASEBACK TRANSACTION
INVOLVING ITS CONNECTICUT OFFICE CAMPUS

LOS ANGELES, February 23, 2007 – Health Net, Inc. (NYSE:HNT) today announced that it has entered into an agreement with the Dacourt Group to sell its 68-acre commercial campus in Shelton, Conn., home to its Northeastern headquarters, in a sale-leaseback transaction valued at approximately $90 million.

The terms of the agreement provide for a 10-year lease of the 327,000 square feet of commercial office space. The transaction is expected to close during the first quarter of 2007, subject to the satisfaction of customary closing conditions.

“We are pleased to have reached an agreement with the Dacourt Group,” said Jay Gellert, president and chief executive officer of Health Net. “Freeing up this capital provides us with even greater financial flexibility going forward.”

About Health Net

Health Net, Inc. is among the nation’s largest publicly traded managed health care companies. Its mission is to help people be healthy, secure and comfortable. The company’s HMO, POS, insured PPO and government contracts subsidiaries provide health benefits to approximately 6.6 million individuals in 27 states and the District of Columbia through group, individual, Medicare, Medicaid and TRICARE and Veterans Affairs programs. Health Net’s behavioral health subsidiary, MHN, provides behavioral health, substance abuse and employee assistance programs (EAPs) to approximately 7.3 million individuals in various states. The company’s subsidiaries also offer managed health care products related to prescription drugs, and offer managed health care product coordination for multi-region employers and administrative services for medical groups and self-funded benefits programs.

For more information on Health Net, Inc., please visit the company’s Web site at www.healthnet.com.

Cautionary Statements

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve a number of risks and uncertainties. All statements, other than statements of historical information provided herein, may be deemed to be forward-looking statements. These statements are based on management’s analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,” “intend” and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, rising health care costs, negative prior period claims reserve developments, trends in medical care ratios, issues relating to provider contracts, litigation costs, operational issues, health care reform and general business conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the “Risk Factors” section included within the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this release.

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