Psychiatric Solutions Closes $50 Million Stock Sale

February 2, 2004 Psychiatric Solutions Closes $50 Million Stock Sale Psychiatric Solutions Inc. (PSI) announced on December 24, 2003, that it had closed on the sale of 6,900,000 shares of common stock at $16.00 per share. Of these shares, 900,000 were sold through the full exercise of the underwriters' over-allotment option. The company sold 3,271,538 shares in the offering and received net proceeds of approximately $49.5 million. PSI intends to use the net proceeds for general corporate purposes, including acquisitions. Certain existing stockholders sold 3,628,462 shares in the offering. PSI . . .