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 Tenet Reports Results for the Fourth Quarter Ended December 31, 2015 and Issues Outlook for 2016
   Monday, February 22, 2016 4:29:12 PM ET

--Issued 2016 Outlook, which includes Adjusted EBITDA of $2.4 billion to $2.5 billion.

--After normalizing for timing differences related to the California Provider Fee, same-hospital patient revenue increased 3.6% in the fourth quarter, with adjusted admissions increasing 0.3% and revenue per adjusted admission increasing 3.2%.

--Ambulatory segment revenue increased 12.5% on a pro forma same-facility system-wide basis in the fourth quarter, with cases increasing 6.9% and revenue per case increasing 5.2%; on a pro forma basis, Adjusted EBITDA increased 17.9% to $158 million.

--Conifer’s total revenue increased 18.4% in 2015 with revenue from third parties increasing 24.1%. Conifer generated $265 million of Adjusted EBITDA in 2015, up 30.5% from 2014. In the fourth quarter, Conifer generated $61 million of Adjusted EBITDA.



--Adjusted Free Cash Flow increased to $405 million in 2015, up from a $55 million outflow in 2014. Tenet’s Outlook for Adjusted Free Cash Flow in 2016 is $400 million to $600 million and additional improvements are anticipated in 2017.

--Tenet reported a net loss attributable to common shareholders of $140 million or $1.41 per diluted share in 2015. During the fourth quarter, Tenet reported a net loss attributable to common shareholders of $97 million or $0.98 per diluted share. These losses include a $218 million increase in litigation reserves ($184 million after-tax or $1.86 per diluted share), which is described further below.

Tenet Healthcare Corporation (THC ) reported Adjusted EBITDA of $613 million for the fourth quarter of 2015, a decrease of $33 million, or 5.1 percent, compared to $646 million in the fourth quarter of 2014. After normalizing for timing differences related to the California Provider Fee program, Adjusted EBITDA increased $91 million or 17.4 percent.

"We delivered Adjusted EBITDA at the midpoint of our Outlook for the fourth quarter and are on a path to deliver strong growth in Adjusted EBITDA and improved Adjusted Free Cash Flow in 2016," said Trevor Fetter, chairman and chief executive officer. "Similar to our results in the third quarter, we experienced pressure on lower acuity inpatient hospital admissions and continued to drive increases in higher-acuity admissions. Our Conifer Health Solutions and United Surgical Partners subsidiaries performed well, with Conifer meeting our expectations and USPI delivering stronger-than-expected results in the fourth quarter."

Hospital Operations and Other Segment

Results for the fourth quarter of 2015 were impacted by the timing of revenue related to the California Provider Fee program as discussed further below.

During the fourth quarter of 2015, net operating revenue in the hospital operations and other segment increased 5.0 percent to $4.423 billion, up from $4.213 billion in the fourth quarter of 2014. On a same-hospital basis, net patient revenue increased 0.7 percent to $3.992 billion, up from $3.966 billion in the fourth quarter of 2014. The increase was driven by a 0.3 percent increase in adjusted patient admissions and a 0.3 percent increase in net patient revenue per adjusted admission.

The increases in both same-hospital revenue and same-hospital revenue per adjusted admission in the fourth quarter of 2015 were negatively impacted by timing differences related to the California Provider Fee program. On a same-hospital basis, during both calendar year 2014 and the fourth quarter of 2014, the hospital segment recorded $150 million of revenue related to the California Provider Fee program, of which approximately $112 million was related to the first nine months of 2014 since the program was not approved until the fourth quarter of 2014. During 2015, Tenet recorded $166 million of revenue related to the California Provider Fee program on a same-hospital basis, including $42 million in the fourth quarter of 2015. After adjusting for the approximately $112 million of out-of-period revenue related to the California Provider Fee program in the fourth quarter of 2014, same-hospital net patient revenue per adjusted admission increased 3.2 percent in the fourth quarter of 2015.

During 2015, net operating revenue in the hospital operations and other segment increased 8.0 percent to $16.928 billion, up from $15.681 billion in 2014. On a same-hospital basis, net patient revenue increased 5.5 percent to $15.709 billion, up from $14.886 billion in 2014. The increase was driven by a 2.4 percent increase in adjusted patient admissions and a 3.1 percent increase in net patient revenue per adjusted admission.

Fourth quarter Adjusted EBITDA in Tenet’s hospital segment was $394 million, representing a decline of 28.8 percent as compared to $553 million in the fourth quarter of 2014. During both calendar year 2014 and the fourth quarter of 2014, the hospital segment recorded $165 million of revenue related to the California Provider Fee program, of which, $124 million was related to the first nine months of 2014 since the program was not approved until the fourth quarter of 2014. During calendar year 2015 and the fourth quarter of 2015, the hospital segment recorded $188 million and $49 million, respectively, of revenue related to the California Provider Fee program. After adjusting for timing differences related to the California Provider Fee, Adjusted EBITDA in the hospital segment during the fourth quarter of 2015 decreased 8.2 percent to $394 million.

During 2015, Adjusted EBITDA in the hospital segment increased 0.1 percent to $1.653 billion, up from $1.651 billion in 2014.

Total hospital selected operating expenses, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased 1.4 percent per adjusted admission in the quarter. The company continued to deliver improvements in contract labor expense, with a 9.4 percent decline in same hospital contract labor per adjusted admission in the fourth quarter.

Medicaid and Exchanges

Uninsured plus charity admissions declined by 187 admissions, or 1.8 percent on a same hospital basis in the fourth quarter of 2015. Medicaid admissions decreased by 703 admissions, or 1.3 percent in the fourth quarter. Same-hospital uninsured plus charity outpatient visits declined by 5,135 visits, or 3.2 percent, and Medicaid outpatient visits increased by 4,105 visits, or 0.7 percent in the fourth quarter.

In Tenet’s six Medicaid expansion states, same-hospital uninsured plus charity admissions declined by 187 admissions, or 11.1 percent, and Medicaid admissions increased by 287 admissions, or 1.0 percent in the fourth quarter of 2015. Uninsured plus charity outpatient visits decreased by 1,615 visits, or 3.5 percent, and Medicaid outpatient visits grew by 2,946 visits, or 0.8 percent in the fourth quarter. The six states are comprised of five states that expanded Medicaid in 2014 (Arizona, California, Illinois, Massachusetts and Michigan) and one state that expanded Medicaid in 2015 (Pennsylvania).

Tenet’s same-hospital exchange admissions were 4,734 in the fourth quarter of 2015, up 27.0 percent from the fourth quarter of 2014. Same-hospital exchange outpatient visits were 44,616 in the fourth quarter of 2015, up 45.6 percent from the fourth quarter of 2014.

Uncompensated Care

Tenet’s bad debt expense ratio was 7.2 percent of revenues before bad debt in the fourth quarter of 2015, down from 7.4 percent in the fourth quarter of 2014. Including $1.029 billion and $920 million of charity care write-offs and uninsured discounts that were offered through Tenet’s Compact with Uninsured Patients in the fourth quarters of 2015 and 2014, respectively, Tenet’s uncompensated care was $1.420 billion and $1.275 billion, respectively, in these periods. As a percentage of adjusted revenue, uncompensated care represented 22.0 percent of adjusted revenue in the fourth quarter of 2015, down from 22.2 percent in the fourth quarter of 2014. Nearly all of Tenet’s uncompensated care is associated with the hospital segment.

Ambulatory Segment

The results of many of the facilities in which the Ambulatory segment has an investment are not consolidated by Tenet or USPI. To help analyze results of operations, management uses system-wide measures which include revenues and cases of both consolidated and unconsolidated facilities. Tenet’s acquisition of a majority interest in USPI and all of Aspen on June 16, 2015 makes the year-over-year comparisons less meaningful. In order to improve comparability, Tenet is presenting the results for the ambulatory segment on a pro forma basis, including the results of USPI and Aspen in each comparable period.

During the fourth quarter of 2015, on a pro forma basis, the ambulatory segment delivered net operating revenue of $397 million, representing an increase of 28.9 percent as compared to $308 million in the fourth quarter of 2014. During 2015, on a pro forma basis, the ambulatory segment delivered net operating revenue of $1.343 billion, representing an increase of 17.8 percent as compared to $1.140 billion of revenue in 2014.

On a pro forma same-facility system-wide basis in the fourth quarter of 2015, revenue in the ambulatory segment increased 12.5 percent, with cases increasing 6.9 percent and revenue per case increasing 5.2 percent.

During the fourth quarter of 2015, on a pro forma basis, Tenet’s ambulatory segment delivered Adjusted EBITDA of $158 million, up 17.9 percent from $134 million in the fourth quarter of 2014. After subtracting $48 million and $33 million of net income attributable to noncontrolling interests in the fourth quarters of 2015 and 2014, respectively, and prior to subtracting additional noncontrolling interest related to Welsh Carson’s and other pre-existing USPI shareholders 49.9 percent ownership interest in the USPI joint venture, Adjusted EBITDA less NCI increased 8.9 percent to $110 million in the fourth quarter of 2015, up from $101 million in the fourth quarter of 2014. After subtracting $69 million and $49 million of Adjusted net income attributable to noncontrolling interests in the fourth quarters of 2015 and 2014, respectively, Adjusted EBITDA less NCI increased 4.7 percent to $89 million in the fourth quarter of 2015, up from $85 million in the fourth quarter of 2014. The Adjusted net income attributable to noncontrolling interests in the fourth quarter of 2015 excludes $16 million of net income attributable to noncontrolling interests recorded during the quarter related to $32 million of gains on the consolidation and deconsolidation of certain businesses.

During 2015, on a pro forma basis, the ambulatory segment delivered Adjusted EBITDA of $489 million, up 14.5 percent from $427 million in 2014. After subtracting $137 million and $112 million of net income attributable to noncontrolling interests in 2015 and 2014, respectively, and prior to subtracting additional noncontrolling interest related to Welsh Carson’s and other pre-existing USPI shareholders 49.9 percent ownership interest in the USPI joint venture, Adjusted EBITDA less NCI increased 11.7 percent to $352 million in 2015, up from $315 million in 2014. After subtracting $206 million and $150 million of net income attributable to noncontrolling interests in 2015 and 2014, respectively, Adjusted EBITDA less NCI increased 2.2 percent to $283 million in 2015, up from $277 million in 2014. After adjusting for the additional $16 million of net income attributable to noncontrolling interests that was recorded in the fourth quarter of 2015, Adjusted EBITDA Less NCI in the ambulatory segment increased 7.9 percent in 2015.

Conifer Segment

During the fourth quarter of 2015, Conifer’s revenue increased 17.4 percent to $384 million, up from $327 million. Conifer’s revenue increased 18.4 percent during 2015 to $1.413 billion, up from $1.193 billion in 2014. Excluding revenue from Tenet, Conifer’s revenue from other third party customers increased by 27.2 percent to $206 million in the fourth quarter of 2015 and by 24.1 percent to $747 million in 2015.

In the fourth quarter of 2015, Conifer generated $61 million of Adjusted EBITDA, down 4.7 percent versus $64 million in the fourth quarter of 2014. During 2015, Conifer delivered Adjusted EBITDA of $265 million, up 30.5 percent from $203 million in 2014.

Net Income and Earnings Per Diluted Share

During the fourth quarter of 2015, Tenet generated Adjusted net income from continuing operations of $35 million, or $0.35 per diluted share. This excludes $135 million, or $1.36 per diluted share, in after-tax items such as impairment charges, restructuring charges, acquisition-related costs, litigation and investigation costs, the loss from the early extinguishment of debt, and gains on sales, consolidation and deconsolidation of facilities. During the fourth quarter of 2014, the company generated adjusted net income from continuing operations of $104 million, or $1.03 per diluted share, excluding the comparable items that totaled $43 million after-tax, or $0.42 per diluted share.

During 2015, Tenet generated Adjusted net income from continuing operations of $208 million, or $2.05 per diluted share. This excludes $350 million, or $3.48 per diluted share, in after-tax items such as impairment charges, restructuring charges, acquisition-related costs, litigation and investigation costs, the loss from the early extinguishment of debt, and gains on sales, consolidation and deconsolidation of facilities. During 2014, the company generated adjusted net income from continuing operations of $145 million, or $1.45 per diluted share, excluding the comparable items that totaled $111 million after-tax, or $1.11 per diluted share.

On a GAAP basis in the fourth quarter of 2015, including the results of both continuing and discontinued operations, Tenet reported a net loss attributable to common shareholders of $97 million, or $0.98 per diluted share, compared to net income of $61 million, or $0.61 per diluted share, in the fourth quarter of 2014. On a GAAP basis in 2015, including the results of both continuing and discontinued operations, Tenet reported a net loss attributable to common shareholders of $140 million, or $1.41 per diluted share, compared to net income of $12 million, or $0.12 per diluted share, in 2014.

Cash Flow and Liquidity

Cash and cash equivalents were $356 million at December 31, 2015 compared to $193 million at December 31, 2014. Tenet’s cash and debt balances as of December 31, 2015 reflect the cash proceeds that the company received from the sale of two hospitals in North Carolina, the sale of a majority position in four hospitals in Dallas, and the related changes that these transactions had on Tenet’s balance sheet. The company ended 2015 with no outstanding borrowings on its $1 billion credit line.

Accounts receivable days outstanding were 49.5 at December 31, 2015, representing no change from September 30, 2015 or December 31, 2014. Adjusted net cash provided by operating activities in 2015 was $1.247 billion, representing a 42.0 percent increase compared to $878 million in 2014. After subtracting $842 million and $933 million of capital expenditures in 2015 and 2014, respectively, Adjusted Free Cash Flow was $405 million in 2015, up from an outflow of $55 million in 2014.

Tenet repurchased $40 million of stock during the fourth quarter. As of December 31, 2015, the company had $460 million of remaining authorization under the previously announced $500 million share repurchase program. The repurchase program will expire on December 31, 2016 and may be suspended for periods or discontinued at any time.

Increase in Litigation Reserves

In the three months ended December 31, 2015, the Company increased its aggregate reserve for the Clinica de la Mama criminal investigation and civil litigation from $20 million to $238 million to reflect an offer it made in February 2016 to resolve the matter. This amount is reflected in the consolidated balance sheet as of December 31, 2015 as accrued legal settlement costs. The $218 million reserve increase lowered net income by approximately $184 million or $1.86 per diluted share during the fourth quarter of 2015. As previously disclosed, the Company commenced discussions in January 2016 with the U.S. Department of Justice and the State of Georgia regarding potential resolution of these matters. For additional information, see Note 15 to the Consolidated Financial Statements included in the Company’s Form 10-K for the year ended December 31, 2015.

Outlook

During 2016, Tenet expects to deliver revenue of $18.8 billion to $19.2 billion, Adjusted EBITDA of $2.4 billion to $2.5 billion, and Adjusted earnings per diluted share of $1.18 to $2.25. The Outlook for EPS in calendar year 2016 assumes net income attributable to noncontrolling interests of $310 million to $330 million and an average diluted share count of 102 million.

During 2016, Tenet expects to deliver Adjusted Free Cash Flow of $400 million to $600 million, compared to $405 million in 2015, and anticipates additional improvement in Adjusted Free Cash Flow in 2017. The Outlook for Adjusted Free Cash Flow in 2016 is based on an Outlook of $1.300 billion to $1.450 billion of Adjusted Net Cash Provided by Operating Activities less $850 million to $900 million of capital expenditures. In addition, the company anticipates making cash distributions to noncontrolling interests of $220 million to $240 million in 2016.

During the first quarter of 2016, Tenet expects to deliver revenue of $4.7 billion to $4.9 billion, Adjusted EBITDA of $550 million to $600 million and Adjusted earnings per diluted share of $0.05 to $0.54 assuming an average diluted share count of 101 million.

Additional details on Tenet’s Outlook for both the first quarter and calendar year 2016 are available in Tables 3, 4 and 5 at the end of this press release and in an accompanying slide presentation that is accessible through the company’s website at www.tenethealth.com/investors.

Management’s Webcast Discussion of Fourth Quarter Results

Tenet management will discuss the Company’s fourth quarter 2015 results on a webcast scheduled for 10:00 a.m. EST (9:00 a.m. CST) on February 23, 2016. Investors can access the webcast through Tenet’s website at www.tenethealth.com/investors. A set of slides, which will be referred to on the conference call, is available on the Quarterly Results section of the Company’s website.

Additional information regarding Tenet’s quarterly results of operations is contained in its Form 10-K report for the year ended December 31, 2015, which will be filed with the Securities and Exchange Commission and posted on the Tenet website before the webcast. This press release includes certain non-GAAP measures, such as Adjusted EBITDA. A reconciliation of Adjusted EBITDA to net income attributable to Tenet common shareholders is included in the financial tables at the end of this release.

Tenet Healthcare Corporation is a diversified healthcare services company with more than 130,000 employees united around a common mission: to help people live happier, healthier lives. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International, the company operates 84 general acute care hospitals, 20 short-stay surgical hospitals and over 470 outpatient centers in the United States, as well as nine facilities in the United Kingdom. Tenet’s Conifer Health Solutions subsidiary provides technology-enabled performance improvement and health management solutions to hospitals, health systems, integrated delivery networks, physician groups, self-insured organizations and health plans. For more information, please visit www.tenethealth.com.

The terms "THC," "Tenet Healthcare Corporation," "the company," "we," "us" or "our" refer to Tenet Healthcare Corporation or one or more of its subsidiaries or affiliates as applicable.

This release contains "forward-looking statements" - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "assume," "anticipate," "intend," "plan," "believe," "seek," "see," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include, but are not limited to, the factors disclosed under "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2015 and other filings with the Securities and Exchange Commission. Among other things, these factors include adverse regulatory developments, government investigations or litigation, including any significant monetary resolution or other undesirable consequences of the Clinica de la Mama qui tam action and criminal investigation described in Note 15 to the Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2015. The terms of a final resolution, if any, of the Clinica de la Mama matter may require us to pay significant fines and penalties and give rise to other costs or adverse consequences that materially exceed the reserve we have established and could have a material adverse effect on our business, financial condition, results of operations or cash flows.

Tenet uses its company website to provide important information to investors about the company including the posting of important announcements regarding financial performance and corporate developments.

                                                                                                                                                                                                                                               
                                                                                                                                                                    TENET HEALTHCARE CORPORATION
                                                                                                                                                                CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                             (Unaudited)
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                
(Dollars in millions except per share amounts)                                                                                                                                                                  Three Months Ended December 31,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                              2015                            %                                2014                                %                                Change
                                                                                           -------------------- ------ --------------------                      ----- --------------------                      -------------------- -------------- --------------------                      ----- --------------------                      ---------------------
Net operating revenues:
  Net operating revenues before provision for doubtful accounts                                               $  5,417                                                                                                              $          4,821                                                                                                 12.4 %
  Less: Provision for doubtful accounts                                                         391                                                                                     356                                                                               9.8 %
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net operating revenues                                                                                           5,026                                           100.0 %                                                                       4,465                                           100.0 %                                               12.6 %
Equity in earnings of unconsolidated affiliates                                                                     51                                             1.0 %                                                                           3                                             0.1 %                                            1,600.0 %
Operating expenses:
  Salaries, wages and benefits                                                                                   2,443                                            48.6 %                                                                       2,118                                            47.5 %                                               15.3 %
  Supplies                                                                                                         817                                            16.3 %                                                                         688                                            15.4 %                                               18.8 %
  Other operating expenses, net                                                                                  1,230                                            24.5 %                                                                       1,048                                            23.5 %                                               17.4 %
  Electronic health record incentives                                                                              (26 )                                          (0.5 )%                                                                        (32 )                                          (0.7 )%                                             (18.8 )%
  Depreciation and amortization                                                                                    208                                             4.1 %                                                                         240                                             5.4 %
  Impairment and restructuring charges, and acquisition-related costs                                               52                                             1.0 %                                                                          63                                             1.4 %
  Litigation and investigation costs                                                                               224                                             4.5 %                                                                           6                                             0.1 %
Gains on sales, consolidation and deconsolidation of facilities                                (186 )                                          (3.7 )%                                          --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Operating income                                                                                                   315                                             6.3 %                                                                         337                                             7.5 %
Interest expense                                                                                                  (248 )                                                                                                                        (196 )
Loss from early extinguishment of debt                                                                              (1 )                                                                                                              --
Investment earnings                                                                               1                                                                          --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income from continuing operations, before income taxes                                                          67                                                                                                                           141
Income tax expense                                                                              (68 )                                                                                                      (60 )
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income (loss) from continuing operations, before discontinued                                                   (1 )                                                                                                                          81
operations
Discontinued operations:
  Loss from operations                                                                                              (1 )                                                                                                              --
  Litigation and investigation costs                                                                                 5                                                                                                                --
  Income tax expense                                                                             (1 )                                                                                           --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income from discontinued operations                                                           3                                                                          --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income                                                                                                           2                                                                                                                            81
  Less: Net income attributable to noncontrolling interests                                      99                                                                                      20  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income available (loss attributable) to Tenet Healthcare                                                  $    (97 )                                                                                                            $             61  
Corporation common shareholders
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
Amounts available (attributable) to Tenet Healthcare Corporation
common shareholders
   Net income (loss) from continuing operations, net of tax                                                   $   (100 )                                                                                                            $             61
   Net income from discontinued operations, net of tax                                            3                                                                          --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
   Net income available (loss attributable) to Tenet Healthcare                                               $    (97 )                                                                                                            $             61  
   Corporation common shareholders
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
Earnings (loss) per share available (attributable) to Tenet
Healthcare Corporation common shareholders:
   Basic                                                                                                      $  (1.01 )                                                                                                            $           0.62
   Continuing operations                                                                       0.03                                                                          --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
                                                                                                              $  (0.98 )                                                                                                            $           0.62  
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
  Diluted
   Continuing operations                                                                                      $  (1.01 )                                                                                                            $           0.61
   Discontinued operations                                                                     0.03                                                                          --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
                                                                                                              $  (0.98 )                                                                                                            $           0.61  
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
  Weighted average shares and dilutive securities outstanding (in
  thousands):
   Basic                                                                                                        99,188                                                                                                                        98,331
   Diluted*                                                                                                     99,188                                                                                                                       101,279

*Had we generated income from continuing operations in the three months ended December 31, 2015 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 2,173 shares.

                                                                                                                                                                                                                                                        
                                                                                                                                                                        TENET HEALTHCARE CORPORATION
                                                                                                                                                                    CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                 (Unaudited)
                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                         
(Dollars in millions except per share amounts)                                                                                                                                                                          Years Ended December 31,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                              2015                            %                                2014                                    %                                     Change
                                                                                           -------------------- ------ --------------------                      ----- --------------------                      -------------------- -------------- --------------------                      -------------- --------------------                      ---------------------
Net operating revenues:
  Net operating revenues before provision for doubtful accounts                                               $ 20,111                                                                                                              $         17,908                                                                                                          12.3 %
  Less: Provision for doubtful accounts                                                       1,477                                                                                   1,305                                                                                       13.2 %
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net operating revenues                                                                                          18,634                                           100.0 %                                                                      16,603                                                    100.0 %                                               12.2 %
Equity in earnings of unconsolidated affiliates                                                                     99                                             0.5 %                                                                          12                                                      0.1 %                                              725.0 %
Operating expenses:
  Salaries, wages and benefits                                                                                   9,011                                            48.4 %                                                                       8,023                                                     48.3 %                                               12.3 %
  Supplies                                                                                                       2,963                                            15.9 %                                                                       2,630                                                     15.8 %                                               12.7 %
  Other operating expenses, net                                                                                  4,555                                            24.4 %                                                                       4,114                                                     24.8 %                                               10.7 %
  Electronic health record incentives                                                                              (72 )                                          (0.4 )%                                                                       (104 )                                                   (0.6 )%                                             (30.8 )%
  Depreciation and amortization                                                                                    797                                             4.3 %                                                                         849                                                      5.1 %
  Impairment and restructuring charges, and acquisition-related costs                                              318                                             1.7 %                                                                         153                                                      0.9 %
  Litigation and investigation costs                                                                               291                                             1.6 %                                                                          25                                                      0.2 %
Gains on sales, consolidation and deconsolidation of facilities                                (186 )                                          (1.0 )%                                          --                        -- %
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Operating income                                                                                                 1,056                                             5.7 %                                                                         925                                                      5.6 %
Interest expense                                                                                                  (912 )                                                                                                                        (754 )
Loss from early extinguishment of debt                                                                              (1 )                                                                                                                         (24 )
Investment earnings                                                                               1                                                                          --  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income from continuing operations, before income taxes                                                         144                                                                                                                           147
Income tax expense                                                                              (68 )                                                                                                      (49 )
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income from continuing operations, before discontinued                                                          76                                                                                                                            98
operations
Discontinued operations:
  Loss from operations                                                                                              (5 )                                                                                                                         (17 )
  Litigation and investigation costs                                                                                 8                                                                                                                           (18 )
  Income tax benefit (expense)                                                                   (1 )                                                                                                       13  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income (loss) from discontinued operations                                                    2                                                                                     (22 )
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income                                                                                                          78                                                                                                                            76
  Less: Net income attributable to noncontrolling interests                                     218                                                                                      64  
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
Net income available (loss attributable) to Tenet Healthcare                                                  $   (140 )                                                                                                            $             12  
Corporation common shareholders
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
Amounts available (attributable) to Tenet Healthcare Corporation
common shareholders
   Net income (loss) from continuing operations, net of tax                                                   $   (142 )                                                                                                            $             34
   Net income (loss) from discontinued operations, net of tax                                     2                                                                                     (22 )
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
   Net income available (loss attributable) to Tenet Healthcare                                               $   (140 )                                                                                                            $             12  
   Corporation common shareholders
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
Earnings (loss) per share available (attributable) to Tenet
Healthcare Corporation common shareholders:
  Basic
   Continuing operations                                                                                      $  (1.43 )                                                                                                            $           0.35
   Discontinued operations                                                                     0.02                                                                                   (0.23 )
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
                                                                                                              $  (1.41 )                                                                                                            $           0.12  
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
  Diluted
   Continuing operations                                                                                      $  (1.43 )                                                                                                            $           0.34
   Discontinued operations                                                                     0.02                                                                                   (0.22 )
                                                                                           -------------------- ------ --------------------                                                                      -------------------- -------------- --------------------
                                                                                                              $  (1.41 )                                                                                                            $           0.12  
                                                                                           ==================== ====== ====================                                                                      ==================== ============== ====================
  Weighted average shares and dilutive securities outstanding (in
  thousands):
   Basic                                                                                                        99,167                                                                                                                        97,801
   Diluted*                                                                                                     99,167                                                                                                                       100,287

*Had we generated income from continuing operations in the twelve months ended December 31, 2015 the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 2,380 shares.

                                                                                                                       
                                                                                             TENET HEALTHCARE CORPORATION
                                                                                              CONSOLIDATED BALANCE SHEETS
                                                                                                      (Unaudited)
                                                                                                                                                               
                                                                                                                                                               
                                                                                                          December 31,                                                              December 31,
(Dollars in millions)                                                                      2015                                2014       
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
                              ASSETS
Current assets:
   Cash and cash equivalents                                                                               $    356                                                              $            193
   Accounts receivable, less allowance for doubtful accounts                                                  2,704                                                                         2,404
   Inventories of supplies, at cost                                                                             309                                                                           276
   Income tax receivable                                                                                          7                                                                             2
   Assets held for sale                                                                                         550                                                                             2
   Other current assets                                                                    1,245                                   1,093  
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
    Total current assets                                                                                      5,171                                                                         3,970
Investments and other assets                                                                                  1,175                                                                           384
Deferred income taxes                                                                                           776                                                                           863
Property and equipment, at cost, less accumulated depreciation and                                            7,915                                                                         7,733
amortization
Goodwill                                                                                                      6,970                                                                         3,913
Other intangible assets, at cost, less accumulated amortization                            1,675                                   1,088  
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
Total assets                                                                                               $ 23,682                                           $         17,951  
                                                                                        ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                               
                      LIABILITIES AND EQUITY
Current liabilities:
   Current portion of long-term debt                                                                       $    127                                                              $            112
   Accounts payable                                                                                           1,380                                                                         1,179
   Accrued compensation and benefits                                                                            880                                                                           852
   Professional and general liability reserves                                                                  177                                                                           189
   Accrued interest payable                                                                                     205                                                                           194
   Liabilities held for sale                                                                                    101                                                                --
   Accrued legal settlement costs                                                                               294                                                                            45
   Other current liabilities                                                               1,144                                   1,006  
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
    Total current liabilities                                                                                 4,308                                                                         3,577
Long-term debt, net of current portion                                                                       14,383                                                                        11,505
Professional and general liability reserves                                                                     578                                                                           492
Defined benefit plan obligations                                                                                595                                                                           633
Other long-term liabilities                                                                  594                                     558  
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
    Total liabilities                                                                                        20,458                                                                        16,765
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated                                                 2,266                                                                           401
subsidiaries
Equity:
  Shareholders’ equity:
   Common stock                                                                                                   7                                                                             7
   Additional paid-in capital                                                                                 4,815                                                                         4,614
   Accumulated other comprehensive loss                                                                        (164 )                                                                        (182 )
   Accumulated deficit                                                                                       (1,550 )                                                                      (1,410 )
   Common stock in treasury, at cost                                                      (2,417 )                                                   (2,378 )
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
    Total shareholders’ equity                                                       691                                                                           651
  Noncontrolling interests                                                                   267                                     134  
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
   Total equity                                                                              958                                     785  
                                                                                        -------------------- ------ --------------------                      -------------------- -------------- --------------------
Total liabilities and equity                                                                               $ 23,682                                           $         17,951  
                                                                                        ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                               
                                                                                                 TENET HEALTHCARE CORPORATION
                                                                                             CONSOLIDATED STATEMENTS OF CASH FLOW
                                                                                                          (Unaudited)
                                                                                                                                                                       
                                                                                                                                                                       
                                                                                                                                                          Years Ended
(Dollars in millions)                                                                                                                                    December 31,
                                                                                                -------------------------------------------------------------------------------------------------------------------------------
                                                                                                    2015                                    2014  
                                                                                                -------------------- ------ --------------------                      -------------------- -------------- --------------------
Net Income                                                                                                         $     78                                                              $             76
Adjustments to reconcile net income to net cash provided by
operating activities:
  Depreciation and amortization                                                                                         797                                                                           849
  Provision for doubtful accounts                                                                                     1,477                                                                         1,305
  Deferred income tax expense                                                                                            42                                                                            30
  Stock-based compensation expense                                                                                       69                                                                            51
  Impairment and restructuring charges, and acquisition-related costs                                                   318                                                                           153
  Litigation and investigation costs                                                                                    291                                                                            25
  Loss from early extinguishment of debt                                                                                  1                                                                            24
  Gains on sales, consolidation and deconsolidation of facilities                                                      (186 )                                                              --
  Undistributed earnings from affiliates                                                                                (99 )                                                                         (10 )
  Amortization of debt discount and debt issuance costs                                                                  41                                                                            28
  Pre-tax loss (income) from discontinued operations                                                                     (3 )                                                                          35
  Other items, net                                                                                                       59                                                                           (30 )
Changes in cash from operating assets and liabilities:
  Accounts receivable                                                                                                (1,632 )                                                                      (1,896 )
  Inventories and other current assets                                                                                 (130 )                                                                        (314 )
  Income taxes                                                                                                           18                                                                             3
  Accounts payable, accrued expenses and other current liabilities                                                       68                                                                           505
  Other long-term liabilities                                                                                            38                                                                            44
Payments for restructuring charges, acquisition-related costs,                                                         (200 )                                                                        (168 )
and litigation costs and settlements
Net cash used in operating activities from discontinued                                              (21 )                                                      (23 )
operations, excluding income taxes
                                                                                                -------------------- ------ --------------------                      -------------------- -------------- --------------------
   Net cash provided by operating activities                                                                          1,026                                                                           687
Cash flows from investing activities:
  Purchases of property and equipment -- continuing operations                                             (842 )                                                                        (933 )
  Purchases of businesses or joint venture interests, net of cash                                                      (940 )                                                                        (428 )
  acquired
  Proceeds from sales of facilities and other assets                                                                    549                                                                             6
  Proceeds from sales of marketable securities, long-term investments                                                    60                                                                            13
  and other assets
  Purchases of equity investments                                                                                      (134 )                                                                         (12 )
  Other long-term assets                                                                                                 (4 )                                                                          31
  Other items, net                                                                                    (6 )                                                        1  
                                                                                                -------------------- ------ --------------------                      -------------------- -------------- --------------------
   Net cash used in investing activities                                                                             (1,317 )                                                                      (1,322 )
Cash flows from financing activities:
  Repayments of borrowings under credit facility                                                                     (2,815 )                                                                      (2,430 )
  Proceeds from borrowings under credit facility                                                                      2,595                                                                         2,245
  Repayments of other borrowings                                                                                     (2,049 )                                                                        (683 )
  Proceeds from other borrowings                                                                                      3,158                                                                         1,608
  Repurchases of common stock                                                                                           (40 )                                                              --
  Debt issuance costs                                                                                                   (80 )                                                                         (27 )
  Distributions paid to noncontrolling interests                                                                       (110 )                                                                         (45 )
  Contributions from noncontrolling interests                                                                             4                                                                            18
  Purchase of noncontrolling interests                                                                                 (254 )                                                              --
  Proceeds from exercise of stock options                                                                                15                                                                            26
  Other items, net                                                                                    30                                       3  
                                                                                                -------------------- ------ --------------------                      -------------------- -------------- --------------------
   Net cash provided by financing activities                                                         454                                     715  
                                                                                                -------------------- ------ --------------------                      -------------------- -------------- --------------------
Net increase in cash and cash equivalents                                                                               163                                                                            80
Cash and cash equivalents at beginning of period                                                     193                                     113  
                                                                                                -------------------- ------ --------------------                      -------------------- -------------- --------------------
Cash and cash equivalents at end of period                                                                         $    356                                           $            193  
                                                                                                ==================== ====== ====================                      ==================== ============== ====================
Supplemental disclosures:
  Interest paid, net of capitalized interest                                                                       $   (859 )                                                            $           (726 )
  Income tax payments, net                                                                                         $     (7 )                                                            $             (8 )
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                  TENET HEALTHCARE CORPORATION
                                                                                                                                                                                SELECTED STATISTICS - CONTINUING TOTAL HOSPITALS(1)
                                                                                                                                                                                                           (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                            
(Dollars in millions except per patient day,
per admission, per adjusted admission                                                                                                 Three Months Ended December 31,                                                                                                                                       Years Ended December 31,
                                                                        -----------------------------------------------------------------------------------------------------------------------------------------------------------   ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
and per visit amounts)                                                       2015                              2014(2)                         Change         2015(2)                            2014(2)                              Change
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------     -------------------- --------- --------------------                      -------------------- --------- --------------------                      -----------------
                                                                                                                                                                                                                                                                                                                                                                                                            
Net inpatient revenues                                                                     $     2,736                                                              $     2,719                                            0.6 %                         $    10,652                                                              $    10,015                                                      6.4 %
Net outpatient revenues                                                                    $     1,616                                                              $     1,448                                           11.6 %                         $     6,027                                                              $     5,449                                                     10.6 %
                                                                                                                                                                                                                                                                                                                                                                                                            
Number of acute care hospitals (at end of period)                                                   86                                                                       80                                              6      *                             86                                                                       80                                           --               *
Licensed beds (at end of period)                                                                22,525                                                                   20,814                                            8.2 %                              22,525                                                                   20,814                                                      8.2 %
Average licensed beds                                                                           22,549                                                                   20,805                                            8.4 %                              21,092                                                                   20,531                                                      2.7 %
Utilization of licensed beds                                                                      47.4 %                                                                   49.0 %                                         (1.6 )%   *                           49.6 %                                                                   49.3 %                                                    0.3 %             *
Patient days - total                                                                           983,856                                                                  937,803                                            4.9 %                           3,817,572                                                                3,695,288                                                      3.3 %
Adjusted patient days                                                                        1,710,620                                                                1,578,854                                            8.3 %                           6,520,289                                                                6,203,383                                                      5.1 %
Net inpatient revenue per patient day                                                      $     2,781                                                              $     2,899                                           (4.1 )%                        $     2,790                                                              $     2,710                                                      3.0 %
Total admissions                                                                               211,991                                                                  202,337                                            4.8 %                             824,102                                                                  791,165                                                      4.2 %
Adjusted patient admissions                                                                    371,994                                                                  344,857                                            7.9 %                           1,422,588                                                                1,343,511                                                      5.9 %
Charity and uninsured admissions                                                                11,529                                                                   11,232                                            2.6 %                              44,336                                                                   45,679                                                     (2.9 )%
Net inpatient revenue per admission                                                        $    12,906                                                              $    13,438                                           (4.0 )%                        $    12,926                                                              $    12,659                                                      2.1 %
Average length of stay (days)                                                                     4.64                                                                     4.63                                            0.2 %                                4.63                                                                     4.67                                                     (0.9 )%
Total surgeries                                                                                138,264                                                                  128,050                                            8.0 %                             517,127                                                                  495,980                                                      4.3 %
Admissions through emergency department                                                        133,108                                                                  127,361                                            4.5 %                             521,272                                                                  495,195                                                      5.3 %
Emergency department visits                                                                    778,148                                                                  737,680                                            5.5 %                           3,010,625                                                                2,824,526                                                      6.6 %
Total emergency department admissions and visits                                               911,256                                                                  865,041                                            5.3 %                           3,531,897                                                                3,319,721                                                      6.4 %
Outpatient visits                                                                            2,198,005                                                                1,995,237                                           10.2 %                           8,332,139                                                                7,720,886                                                      7.9 %
Charity and uninsured outpatient visits                                                        173,280                                                                  165,365                                            4.8 %                             662,168                                                                  660,924                                                      0.2 %
Net outpatient revenue per visit                                                           $       735                                                              $       726                                            1.2 %                         $       723                                                              $       706                                                      2.4 %
Net patient revenue per adjusted patient admission                                         $    11,699                                                              $    12,083                                           (3.2 )%                        $    11,724                                                              $    11,510                                                      1.9 %
Net patient revenue per adjusted patient day                                               $     2,544                                                              $     2,639                                           (3.6 )%                        $     2,558                                                              $     2,493                                                      2.6 %
                                                                                                                                                                                                                                                                                                                                                                                                            
Net Patient Revenues from:
 Medicare                                                                                         19.3 %                                                                   21.1 %                                         (1.8 )%   *                           20.4 %                                                                   22.0 %                                                   (1.6 )%  *
 Medicaid                                                                                          8.2 %                                                                   11.3 %                                         (3.1 )%   *                            8.7 %                                                                    9.6 %                                                   (0.9 )%  *
 Managed care                                                                                     61.6 %                                                                   57.5 %                                          4.1 %    *                           60.6 %                                                                   58.4 %                                                    2.2 %   *
 Indemnity, self-pay and other                                                                    10.9 %                                                                   10.1 %                                          0.8 %    *                           10.3 %                                                                   10.0 %                                                    0.3 %   *
(1)   Represents the results of Tenet’s Hospital Operations and other
                         segment.
(2)                      The results for 2014 and the quarter ended March 31, 2015 have been
                         restated to exclude the results of the surgery and imaging centers
                         that Tenet contributed to the joint venture with United Surgical
                         Partners International. The results for these surgery and imaging
                         centers are now reported in Tenet’s Ambulatory Care segment.
                         * This change is the difference between the 2015 and 2014 amounts
                         shown.
                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                 TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                SELECTED STATISTICS - CONTINUING SAME HOSPITALS(1)
                                                                                                                                                                                                                          (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                           
(Dollars in millions except per patient day,
per admission, per adjusted admission                                                                                                      Three Months Ended December 31,                                                                                                                                                                 Years Ended December 31,
                                                                        ---------------------------------------------------------------------------------------------------------------------------------------------------------------------                        ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
and per visit amounts)                                                         2015                            2014(2)                              Change                                   2015(2)                            2014(2)                              Change
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------                      -----------------                          -------------------- --------- --------------------                      -------------------- --------- --------------------                      -----------------
                                                                                                                                                                                                                                                                                                                                                                                                                                           
Net inpatient revenues                                                                     $     2,546                                                              $     2,591                                                     (1.7 )%                                             $    10,079                                                              $     9,615                                                      4.8 %
Net outpatient revenues                                                                    $     1,446                                                              $     1,375                                                      5.2 %                                              $     5,630                                                              $     5,271                                                      6.8 %
                                                                                                                                                                                                                                                                                                                                                                                                                                           
Number of acute care hospitals (at end of period)                                                   75                                                                       75                                           --      *                                                  75                                                                       75                                           --               *
Licensed beds (at end of period)                                                                19,882                                                                   19,984                                                     (0.5 )%                                                  19,882                                                                   19,984                                                     (0.5 )%
Average licensed beds                                                                           19,906                                                                   19,975                                                     (0.3 )%                                                  19,969                                                                   19,905                                                      0.3 %
Utilization of licensed beds                                                                      47.8 %                                                                   48.9 %                                                   (1.1 )%   *                                                49.0 %                                                                   49.1 %                                                   (0.1 )%            *
Patient days - total                                                                           875,226                                                                  898,353                                                     (2.6 )%                                               3,573,155                                                                3,566,694                                                      0.2 %
Adjusted patient days                                                                        1,508,868                                                                1,512,531                                                     (0.2 )%                                               6,083,749                                                                5,993,861                                                      1.5 %
Net inpatient revenue per patient day                                                      $     2,909                                                              $     2,884                                                      0.9 %                                              $     2,821                                                              $     2,696                                                      4.6 %
Total admissions                                                                               190,642                                                                  194,169                                                     (1.8 )%                                                 774,480                                                                  765,951                                                      1.1 %
Adjusted patient admissions                                                                    332,037                                                                  330,884                                                      0.3 %                                                1,333,227                                                                1,301,936                                                      2.4 %
Charity and uninsured admissions                                                                10,386                                                                   10,573                                                     (1.8 )%                                                  41,325                                                                   43,496                                                     (5.0 )%
Net inpatient revenue per admission                                                        $    13,355                                                              $    13,344                                                      0.1 %                                              $    13,014                                                              $    12,553                                                      3.7 %
Average length of stay (days)                                                                     4.59                                                                     4.63                                                     (0.9 )%                                                    4.61                                                                     4.66                                                     (1.1 )%
Total surgeries                                                                                123,761                                                                  123,854                                                     (0.1 )%                                                 487,953                                                                  482,633                                                      1.1 %
Admissions through emergency department                                                        119,814                                                                  122,089                                                     (1.9 )%                                                 489,401                                                                  479,805                                                      2.0 %
Emergency department visits                                                                    700,837                                                                  703,265                                                     (0.3 )%                                               2,816,943                                                                2,738,233                                                      2.9 %
Total emergency department admissions and visits                                               820,651                                                                  825,354                                                     (0.6 )%                                               3,306,344                                                                3,218,038                                                      2.7 %
Outpatient visits                                                                            1,974,943                                                                1,917,935                                                      3.0 %                                                7,831,785                                                                7,496,243                                                      4.5 %
Charity and uninsured outpatient visits                                                        153,357                                                                  158,492                                                     (3.2 )%                                                 618,571                                                                  636,712                                                     (2.8 )%
Net outpatient revenue per visit                                                           $       732                                                              $       717                                                      2.1 %                                              $       719                                                              $       703                                                      2.3 %
Net patient revenue per adjusted patient admission                                         $    12,023                                                              $    11,986                                                      0.3 %                                              $    11,783                                                              $    11,434                                                      3.1 %
Net patient revenue per adjusted patient day                                               $     2,646                                                              $     2,622                                                      0.9 %                                              $     2,582                                                              $     2,484                                                      3.9 %
                                                                                                                                                                                                                                                                                                                                                                                                                                           
Net Patient Revenues from:
 Medicare                                                                                         19.6 %                                                                   20.7 %                                                   (1.1 )%   *                                                19.6 %                                                                   21.7 %                                                   (2.1 )%  *
 Medicaid                                                                                          8.3 %                                                                   11.1 %                                                   (2.8 )%   *                                                 8.3 %                                                                    9.4 %                                                   (1.1 )%  *
 Managed care                                                                                     61.6 %                                                                   58.3 %                                                    3.3 %    *                                                61.6 %                                                                   59.0 %                                                    2.6 %   *
 Indemnity, self-pay and other                                                                    10.5 %                                                                    9.9 %                                                    0.6 %    *                                                10.5 %                                                                    9.9 %                                                    0.6 %   *
(1)   Represents the results of Tenet’s Hospital Operations and other
                         segment.
(2)                      The results for 2014 and the quarter ended March 31, 2015 have been
                         restated to exclude the results of the surgery and imaging centers
                         that Tenet contributed to the joint venture with United Surgical
                         Partners International. The results for these surgery and imaging
                         centers are now reported in Tenet’s Ambulatory Care segment.
                         * This change is the difference between the 2015 and 2014 amounts
                         shown.
                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                   TENET HEALTHCARE CORPORATION
                                                                                                                                                                                                               CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                                            (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                               
(Dollars in millions except per share amounts)                                                                                                                                                                                  Three Months Ended                                                                                                                                                                                 Year Ended
                                                                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------
                                                                                               03/31/15                                6/30/2015                               9/30/2015                            12/31/2015                          12/31/2015  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net operating revenues:
 Net operating revenues before provision for doubtful accounts                                               $          4,787                                                              $          4,844                                                              $          5,063                                                              $      5,417                                                              $     20,111
 Less: Provision for doubtful accounts                                                                 363                                     352                                     371                                 391                               1,477  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net operating revenues                                                                                                  4,424                                                                         4,492                                                                         4,692                                                                     5,026                                                                    18,634
Equity in earnings of unconsolidated affiliates                                                                             4                                                                            16                                                                            28                                                                        51                                                                        99
Operating expenses:
 Salaries, wages and benefits                                                                                           2,125                                                                         2,185                                                                         2,258                                                                     2,443                                                                     9,011
 Supplies                                                                                                                 687                                                                           707                                                                           752                                                                       817                                                                     2,963
 Other operating expenses, net                                                                                          1,093                                                                         1,081                                                                         1,151                                                                     1,230                                                                     4,555
 Electronic health record incentives                                                                                       (6 )                                                                         (33 )                                                                          (7 )                                                                     (26 )                                                                     (72 )
 Depreciation and amortization                                                                                            207                                                                           197                                                                           185                                                                       208                                                                       797
 Impairment and restructuring charges, and acquisition-related costs                                                       29                                                                           193                                                                            44                                                                        52                                                                       318
 Litigation and investigation costs                                                                                         3                                                                            14                                                                            50                                                                       224                                                                       291
Gains on sales, consolidation and deconsolidation of facilities                             --                          --                          --                                (186 )                                                 (186 )
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Operating income                                                                                                          290                                                                           164                                                                           287                                                                       315                                                                     1,056
Interest expense                                                                                                         (199 )                                                                        (217 )                                                                        (248 )                                                                    (248 )                                                                    (912 )
Loss from early extinguishment of debt                                                                         --                                                                --                                                                --                                                                        (1 )                                                                      (1 )
Investment earnings (loss)                                                                  --                                      (1 )                                                        1                                   1                                   1  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net income (loss) from continuing operations, before income taxes                                                          91                                                                           (54 )                                                                          40                                                                        67                                                                       144
Income tax benefit (expense)                                                                           (16 )                                                       27                                     (11 )                                                  (68 )                                                  (68 )
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net income (loss) from continuing operations, before discontinued                                                          75                                                                           (27 )                                                                          29                                                                        (1 )                                                                      76
operations
Discontinued operations:
 Loss from operations                                                                                                      (1 )                                                                          (2 )                                                                          (1 )                                                                      (1 )                                                                      (5 )
 Litigation and investigation costs                                                                                         3                                                                --                                                                --                                                                         5                                                                         8
 Income tax benefit (expense)                                                                           (1 )                                                        1                          --                                  (1 )                                                   (1 )
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net income (loss) from discontinued operations                                                           1                                      (1 )                                                       (1 )                                                    3                                   2  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net income (loss)                                                                                                          76                                                                           (28 )                                                                          28                                                                         2                                                                        78
 Less: Net income attributable to noncontrolling interests                                              29                                      33                                      57                                  99                                 218  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
Net income available (loss attributable) to Tenet Healthcare                                                 $             47                                           $            (61 )                                                            $            (29 )                                                            $        (97 )                                                            $       (140 )
Corporation common shareholders
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ========== ====================                      ==================== ========== ====================
Amounts available (attributable) to Tenet Healthcare Corporation
common shareholders
 Net income (loss) from continuing operations, net of tax                                                    $             46                                                              $            (60 )                                                            $            (28 )                                                            $       (100 )                                                            $       (142 )
 Net income (loss) from discontinued operations, net of tax                                              1                                      (1 )                                                       (1 )                                                    3                                   2  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
 Net income available (loss attributable) to Tenet Healthcare                                                $             47                                           $            (61 )                                                            $            (29 )                                                            $        (97 )                                                            $       (140 )
 Corporation common shareholders
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ========== ====================                      ==================== ========== ====================
Earnings (loss) per share available (attributable) to Tenet
Healthcare Corporation common shareholders:
  Basic
   Continuing operations                                                                                     $           0.47                                                              $          (0.60 )                                                            $          (0.28 )                                                            $      (1.01 )                                                            $      (1.43 )
   Discontinued operations                                                                            0.01                                   (0.01 )                                                    (0.01 )                                                 0.03                                0.02  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                             $           0.48                                           $          (0.61 )                                                            $          (0.29 )                                                            $      (0.98 )                                                            $      (1.41 )
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ========== ====================                      ==================== ========== ====================
  Diluted
   Continuing operations                                                                                     $           0.46                                                              $          (0.60 )                                                            $          (0.28 )                                                            $      (1.01 )                                                            $      (1.43 )
   Discontinued operations                                                                            0.01                                   (0.01 )                                                    (0.01 )                                                 0.03                                0.02  
                                                                                          -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                             $           0.47                                           $          (0.61 )                                                            $          (0.29 )                                                            $      (0.98 )                                                            $      (1.41 )
                                                                                          ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ========== ====================                      ==================== ========== ====================
  Weighted average shares and dilutive securities outstanding (in
  thousands):
   Basic                                                                                                               98,699                                                                        99,244                                                                        99,537                                                                    99,188                                                                    99,167
   Diluted                                                                                                            100,872                                                                        99,244                                                                        99,537                                                                    99,188                                                                    99,167
                                                                                                                                                                                    
                                                                                                                                                                                                      TENET HEALTHCARE CORPORATION
                                                                                                                                                                                    SELECTED STATISTICS - CONTINUING TOTAL HOSPITALS(1)
                                                                                                                                                                                                               (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
(Dollars in millions except per patient day,
per admission, per adjusted admission                                                                                                                                                                     Three Months Ended                                                                                                                                                                            Year Ended
                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------
and per visit amounts)                                                        03/31/15(2)                                                06/30/15                                            9/30/2015                         12/31/2015                          12/31/2015  
                                                                        --------------------  --------------------                      ---------------------------------------------   -------------------- -------------------- ---------------------------------------------    -------------------- -------------------- ----------  --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                      
Net inpatient revenues                                                                 $2,691                                                                                    $2,622                                                                                     $2,603                                                $2,736                                                              $     10,652
Net outpatient revenues                                                                $1,412                                                                                    $1,484                                                                                     $1,515                                                $1,616                                                              $      6,027
                                                                                                                                                                                                                                                                                                                                                                                    
Number of acute care hospitals (at end of period)                                          80                                                                                        80                                                                                         83                                                    86                                                                        86
Licensed beds (at end of period)                                                       20,826                                                                                    20,826                                                                                     21,527                                                22,525                                                                    22,525
Average licensed beds                                                                  20,823                                                                                    20,826                                                                                     21,122                                                22,549                                                                    21,092
Utilization of licensed beds                                                             52.1 %                                                                                    49.1 %                                                                                     47.8 %                                                47.4 %                                                                    49.6 %
Patient days - total                                                                  975,912                                                                                   929,840                                                                                    927,964                                               983,856                                                                 3,817,572
Adjusted patient days                                                               1,618,516                                                                                 1,589,659                                                                                  1,601,494                                             1,710,620                                                                 6,520,289
Net inpatient revenue per patient day                                                  $2,756                                                                                    $2,821                                                                                     $2,805                                                $2,781                                                              $      2,790
Total admissions                                                                      208,333                                                                                   201,908                                                                                    201,870                                               211,991                                                                   824,102
Adjusted patient admissions                                                           349,097                                                                                   349,145                                                                                    352,352                                               371,994                                                                 1,422,588
Charity and uninsured admissions                                                       10,950                                                                                    10,535                                                                                     11,322                                                11,529                                                                    44,336
Net inpatient revenue per admission                                                   $12,912                                                                                   $12,991                                                                                    $12,894                                               $12,906                                                              $     12,926
Average length of stay (days)                                                            4.68                                                                                      4.61                                                                                       4.60                                                  4.64                                                                      4.63
Total surgeries                                                                       121,403                                                                                   127,523                                                                                    129,937                                               138,264                                                                   517,127
Admissions through emergency department                                               133,544                                                                                   128,570                                                                                    126,050                                               133,108                                                                   521,272
Emergency department visits                                                           741,533                                                                                   742,951                                                                                    747,993                                               778,148                                                                 3,010,625
Total emergency department admissions and visits                                      875,077                                                                                   871,521                                                                                    874,043                                               911,256                                                                 3,531,897
Outpatient visits                                                                   1,994,573                                                                                 2,063,037                                                                                  2,076,524                                             2,198,005                                                                 8,332,139
Charity and uninsured outpatient visits                                               157,197                                                                                   159,634                                                                                    172,057                                               173,280                                                                   662,168
Net outpatient revenue per visit                                                         $708                                                                                      $719                                                                                       $730                                                  $735                                                              $        723
Net patient revenue per adjusted patient admission                                    $11,750                                                                                   $11,764                                                                                    $11,688                                               $11,699                                                              $     11,724
Net patient revenue per adjusted patient day                                           $2,534                                                                                    $2,584                                                                                     $2,571                                                $2,544                                                              $      2,558
                                                                                                                                                                                                                                                                                                                                                                                    
Net Patient Revenues from:
 Medicare                                                                                21.9 %                                                                                    20.7 %                                                                                     19.8 %                                                19.3 %                                                                    20.4 %
 Medicaid                                                                                 9.4 %                                                                                     8.5 %                                                                                      8.8 %                                                 8.2 %                                                                     8.7 %
 Managed care                                                                            58.6 %                                                                                    60.8 %                                                                                     61.1 %                                                61.6 %                                                                    60.6 %
 Indemnity, self-pay and other                                                           10.2 %                                                                                    10.0 %                                                                                     10.3 %                                                10.9 %                                                                    10.3 %
(1)   Represents the results of Tenet’s Hospital Operations and other
                         segment.
(2)                      The results for the quarter ended March 31, 2015 have been restated
                         to exclude the results of the surgery and imaging centers that Tenet
                         contributed to the joint venture with United Surgical Partners
                         International. The results for these surgery and imaging centers are
                         now reported in Tenet’s Ambulatory Care segment.
                                                                                                                                                                               
                                                                                                                                                                                                       TENET HEALTHCARE CORPORATION
                                                                                                                                                                                      SELECTED STATISTICS - CONTINUING SAME HOSPITALS(1)
                                                                                                                                                                                                                (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                               
(Dollars in millions except per patient day,
per admission, per adjusted admission                                                                                                                                                               Three Months Ended                                                                                                                                                                      Year Ended
                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------       ---------------------------------------------------------------------------------
and per visit amounts)                                                            03/31/15(2)                                                          06/30/15                                    9/30/2015                          12/31/2015                     12/31/2015  
                                                                        --------------------  --------------------                      ----------------------------------------   --------------------                      --------------------  --------------------                      -------------------- ---------- --------------------                                    -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                      
Net inpatient revenues                                                                 $2,568                                                                               $2,493                                                          $2,472                                                              $      2,546                                                                            $     10,079
Net outpatient revenues                                                                $1,350                                                                               $1,407                                                          $1,427                                                              $      1,446                                                                            $      5,630
                                                                                                                                                                                                                                                                                                                                                                                      
Number of acute care hospitals (at end of period)                                          75                                                                                   75                                                              75                                                                        75                                                                                      75
Licensed beds (at end of period)                                                       19,996                                                                               19,996                                                          19,953                                                                    19,882                                                                                  19,882
Average licensed beds                                                                  19,993                                                                               19,996                                                          19,985                                                                    19,906                                                                                  19,969
Utilization of licensed beds                                                             51.9 %                                                                               48.9 %                                                          47.6 %                                                                    47.8 %                                                                                  49.0 %
Patient days - total                                                                  934,521                                                                              888,952                                                         874,456                                                                   875,226                                                                               3,573,155
Adjusted patient days                                                               1,550,217                                                                            1,520,937                                                       1,503,727                                                                 1,508,868                                                                               6,083,749
Net inpatient revenue per patient day                                                  $2,748                                                                               $2,804                                                          $2,827                                                              $      2,909                                                                            $      2,821
Total admissions                                                                      199,460                                                                              193,324                                                         191,054                                                                   190,642                                                                                 774,480
Adjusted patient admissions                                                           334,218                                                                              334,451                                                         332,521                                                                   332,037                                                                               1,333,227
Charity and uninsured admissions                                                       10,291                                                                                9,947                                                          10,701                                                                    10,386                                                                                  41,325
Net inpatient revenue per admission                                                   $12,875                                                                              $12,895                                                         $12,939                                                              $     13,355                                                                            $     13,014
Average length of stay (days)                                                            4.69                                                                                 4.60                                                            4.58                                                                      4.59                                                                                    4.61
Total surgeries                                                                       117,412                                                                              123,015                                                         123,765                                                                   123,761                                                                                 487,953
Admissions through emergency department                                               127,497                                                                              122,826                                                         119,264                                                                   119,814                                                                                 489,401
Emergency department visits                                                           706,433                                                                              707,425                                                         702,248                                                                   700,837                                                                               2,816,943
Total emergency department admissions and visits                                      833,930                                                                              830,251                                                         821,512                                                                   820,651                                                                               3,306,344
Outpatient visits                                                                   1,912,749                                                                            1,980,927                                                       1,963,166                                                                 1,974,943                                                                               7,831,785
Charity and uninsured outpatient visits                                               150,324                                                                              152,449                                                         162,441                                                                   153,357                                                                                 618,571
Net outpatient revenue per visit                                                         $706                                                                                 $710                                                            $727                                                              $        732                                                                            $        719
Net patient revenue per adjusted patient admission                                    $11,723                                                                              $11,661                                                         $11,726                                                              $     12,023                                                                            $     11,783
Net patient revenue per adjusted patient day                                           $2,527                                                                               $2,564                                                          $2,593                                                              $      2,646                                                                            $      2,582
                                                                                                                                                                                                                                                                                                                                                                                      
Net Patient Revenues from:
 Medicare                                                                                21.6 %                                                                               20.4 %                                                          20.0 %                                                                    19.6 %                                                                                  19.6 %
 Medicaid                                                                                 9.2 %                                                                                8.2 %                                                           8.6 %                                                                     8.3 %                                                                                   8.3 %
 Managed care                                                                            59.2 %                                                                               61.6 %                                                          61.5 %                                                                    61.6 %                                                                                  61.6 %
 Indemnity, self-pay and other                                                           10.0 %                                                                                9.8 %                                                           9.9 %                                                                    10.5 %                                                                                  10.5 %
(1)   Represents the results of Tenet’s Hospital Operations and other
                         segment.
(2)                      The results for the quarter ended March 31, 2015 have been restated
                         to exclude the results of the surgery and imaging centers that Tenet
                         contributed to the joint venture with United Surgical Partners
                         International. The results for these surgery and imaging centers are
                         now reported in Tenet’s Ambulatory Care segment.
                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                   TENET HEALTHCARE CORPORATION
                                                                                                                                                                                 SELECTED STATISTICS - CONTINUING SAME HOSPITALS((1))
                                                                                                                                                                                                            (Unaudited)
                                                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                                              
(Dollars in millions except per patient day,
per admission, per adjusted admission                                                                                                                                                                  Three Months Ended                                                                                                                                                                         Year Ended
                                                                        ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -----------------------------------------------------
and per visit amounts)                                                     03/31/14                           06/30/14                           9/30/2014                         12/31/2014                          12/31/2014  
                                                                        -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- --------- --------------------                      -------------------- ---------- --------------------                      -------------------- ---------- --------------------
                                                                                                                                                                                                                                                                                                                                                                              
Net inpatient revenues                                                                     $     2,364                                                              $     2,324                                                              $     2,336                                                              $      2,591                                                              $      9,615
Net outpatient revenues                                                                    $     1,250                                                              $     1,323                                                              $     1,323                                                              $      1,375                                                              $      5,271
                                                                                                                                                                                                                                                                                                                                                                              
Number of acute care hospitals (at end of period)                                                   75                                                                       75                                                                       75                                                                        75                                                                        75
Licensed beds (at end of period)                                                                19,832                                                                   19,932                                                                   19,932                                                                    19,984                                                                    19,984
Average licensed beds                                                                           19,832                                                                   19,881                                                                   19,932                                                                    19,975                                                                    19,905
Utilization of licensed beds                                                                      50.7 %                                                                   48.7 %                                                                   48.2 %                                                                    48.9 %                                                                    49.1 %
Patient days - total                                                                           904,400                                                                  880,198                                                                  883,743                                                                   898,353                                                                 3,566,694
Adjusted patient days                                                                        1,485,264                                                                1,496,763                                                                1,499,303                                                                 1,512,531                                                                 5,993,861
Net inpatient revenue per patient day                                                      $     2,614                                                              $     2,640                                                              $     2,643                                                              $      2,884                                                              $      2,696
Total admissions                                                                               190,021                                                                  189,642                                                                  192,119                                                                   194,169                                                                   765,951
Adjusted patient admissions                                                                    315,397                                                                  325,810                                                                  329,845                                                                   330,884                                                                 1,301,936
Charity and uninsured admissions                                                                12,094                                                                   10,510                                                                   10,319                                                                    10,573                                                                    43,496
Net inpatient revenue per admission                                                        $    12,441                                                              $    12,255                                                              $    12,159                                                              $     13,344                                                              $     12,553
Average length of stay (days)                                                                     4.76                                                                     4.64                                                                     4.60                                                                      4.63                                                                      4.66
Total surgeries                                                                                115,391                                                                  120,778                                                                  122,610                                                                   123,854                                                                   482,633
Admissions through emergency department                                                        120,160                                                                  119,269                                                                  118,287                                                                   122,089                                                                   479,805
Emergency department visits                                                                    655,714                                                                  689,083                                                                  690,171                                                                   703,265                                                                 2,738,233
Total emergency department admissions and visits                                               775,874                                                                  808,352                                                                  808,458                                                                   825,354                                                                 3,218,038
Outpatient visits                                                                            1,787,262                                                                1,887,541                                                                1,903,505                                                                 1,917,935                                                                 7,496,243
Charity and uninsured outpatient visits                                                        158,356                                                                  161,773                                                                  158,091                                                                   158,492                                                                   636,712
Net outpatient revenue per visit                                                           $       699                                                              $       701                                                              $       695                                                              $        717                                                              $        703
Net patient revenue per adjusted patient admission                                         $    11,459                                                              $    11,194                                                              $    11,093                                                              $     11,986                                                              $     11,434
Net patient revenue per adjusted patient day                                               $     2,433                                                              $     2,437                                                              $     2,440                                                              $      2,622                                                              $      2,484
                                                                                                                                                                                                                                                                                                                                                                              
Net Patient Revenues from:
 Medicare                                                                                         22.4 %                                                                   22.4 %                                                                   21.2 %                                                                    20.7 %                                                                    21.7 %
 Medicaid                                                                                          7.7 %                                                                    9.9 %                                                                    8.7 %                                                                    11.1 %                                                                     9.4 %
 Managed care                                                                                     58.2 %                                                                   58.4 %                                                                   61.1 %                                                                    58.3 %                                                                    59.0 %
 Indemnity, self-pay and other                                                                    11.7 %                                                                    9.3 %                                                                    9.1 %                                                                     9.9 %                                                                     9.9 %
(1)   Represents the results of Tenet’s Hospital Operations and other
                         segment. The results for 2014 have been restated to exclude the
                         results of the surgery and imaging centers that Tenet contributed to
                         the joint venture with United Surgical Partners International. The
                         results for these surgery and imaging centers are now reported in
                         Tenet’s Ambulatory Care segment.
                                                                                                                                                                                                                                        
                                                                                                                                                                         TENET HEALTHCARE CORPORATION
                                                                                                                                                                               SEGMENT REPORTING
                                                                                                                                                                                  (Unaudited)
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                 December 31,                                                              December 31,
                                                                                                                                                                                                                                                  2015                                2014       
                                                                                                                                                                                                                                               -------------------- ------ --------------------                      -------------------- -------------- --------------------
 Assets
  Hospital Operations and other                                                                                                                                                                                                                                   $ 17,353                                                              $         16,810
  Ambulatory Care                                                                                                                                                                                                                                                    5,159                                                                           212
  Conifer                                                                                                                                                                                                                                         1,170                                     929  
                                                                                                                                                                                                                                               -------------------- ------ --------------------                      -------------------- -------------- --------------------
  Total                                                                                                                                                                                                                                                           $ 23,682                                           $         17,951  
                                                                                                                                                                                                                                               ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                  Three Months Ended                                                                                                                                     Years Ended
                                                                                                                                                     December 31,                                                                                                                                       December 31,
                                                                                            ------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------
                                                                                               2015                               2014                                2015                                2014       
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
 Capital expenditures:
  Hospital Operations and other                                                                                $   250                                                              $            188                                                              $    786                                                              $            899
  Ambulatory Care                                                                                                   14                                                                             3                                                                    28                                                                             9
  Conifer                                                                                        12                                       8                              28                                      25  
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
  Total                                                                                                        $   276                                           $            199                                           $    842                                           $            933  
                                                                                            ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                      
 Net operating revenues:
  Hospital Operations and other                                                                                $ 4,423                                                              $          4,213                                                              $ 16,928                                                              $         15,681
  Ambulatory Care                                                                                                  397                                                                            90                                                                   959                                                                           320
  Conifer
   Tenet                                                                                                           178                                                                           165                                                                   666                                                                           591
   Other customers                                                                              206                                     162                             747                                     602  
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
   Total Conifer revenues                                                                       384                                     327                           1,413                                   1,193  
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
  Intercompany eliminations                                                                    (178 )                                                     (165 )                                             (666 )                                                     (591 )
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
  Total                                                                                                        $ 5,026                                           $          4,465                                           $ 18,634                                           $         16,603  
                                                                                            ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                      
 Adjusted EBITDA:
  Hospital Operations and other                                                                                $   394                                                              $            553                                                              $  1,653                                                              $          1,651
  Ambulatory Care                                                                                                  158                                                                            29                                                                   358                                                                            98
  Conifer                                                                                        61                                      64                             265                                     203  
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
  Total                                                                                                        $   613                                           $            646                                           $  2,276                                           $          1,952  
                                                                                            ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                      
 Depreciation and amortization:
  Hospital Operations and other                                                                                $   177                                                              $            227                                                              $    702                                                              $            810
  Ambulatory Care                                                                                                   18                                                                             3                                                                    46                                                                            14
  Conifer                                                                                        13                                      10                              49                                      25  
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
  Total                                                                                                        $   208                                           $            240                                           $    797                                           $            849  
                                                                                            ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                      
 Adjusted EBITDA                                                                                               $   613                                                              $            646                                                              $  2,276                                                              $          1,952
  Depreciation and amortization                                                                                   (208 )                                                                        (240 )                                                                (797 )                                                                        (849 )
  Impairments and restructuring charges, and acquisition-related costs                                             (52 )                                                                         (63 )                                                                (318 )                                                                        (153 )
  Litigation and investigation costs                                                                              (224 )                                                                          (6 )                                                                (291 )                                                                         (25 )
  Interest expense                                                                                                (248 )                                                                        (196 )                                                                (912 )                                                                        (754 )
  Loss from early extinguishment of debt                                                                            (1 )                                                              --                                                                    (1 )                                                                         (24 )
  Gains on sales, consolidation and deconsolidation of facilities                                                  186                                                                --                                                                   186                                                                --
  Investment Earnings                                                                             1                          --                               1                          --  
                                                                                            -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
  Income from continuing operations before income taxes                                                        $    67                                           $            141                                           $    144                                           $            147  
                                                                                            ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                             
                                                                                                                                                                           TENET HEALTHCARE CORPORATION
                                                                                                                                                          STATEMENT OF OPERATIONS - AMBULATORY CARE SEGMENT
                                                                                                                                                                INCLUDING PRO FORMA USPI AND ASPEN FOR ALL PERIODS
                                                                                                                                                                                    (Unaudited)
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                        Three Months Ended December 31,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                            2015                                                                                                                                2014                                                        
                                                                                           ---------------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                           
                                                                                                             Ambulatory                                                            Unconsolidated                                                                  Ambulatory                                                                  Unconsolidated
                                                                                                               Care as                                                               Affiliates                                                                      Care as                                                                     Affiliates
                                                                                                              Reported                                                                                                                                              Reported
                                                                                                                Under                                                                                                                                                 Under
                                                                                                                GAAP                                                                                                                                                  GAAP
                                                                                           -------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Net operating revenues:
  Net operating revenues before provision for doubtful accounts                                               $ 404                                                              $            637                                                              $            313                                                              $            587
  Less: Provision for doubtful accounts                                                       (7 )                                                      (13 )                                                       (5 )                                                      (14 )
                                                                                           -------------------- --- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net operating revenues(1)                                                                                       397                                                                           624                                                                           308                                                                           573
Equity in earnings of unconsolidated affiliates(2)                                                               47                                                                --                                                                            43                                                                --
Operating expenses:
  Salaries, wages and benefits                                                                                  130                                                                           135                                                                            97                                                                           130
  Supplies                                                                                                       79                                                                           148                                                                            57                                                                           142
  Other operating expenses, net                                                                                  78                                                                           111                                                                            65                                                                           106
  Electronic health record incentives                                                                            (1 )                                                              --                                                                            (2 )                                                              --
  Depreciation and amortization                                                                                  18                                                                            20                                                                            14                                                                            20
  Impairment and restructuring charges, and acquisition-related costs                                             3                                                                            (2 )                                                                           7                                                                --
Gains on sales, consolidation and deconsolidation of facilities                              (32 )                                           --                          --                          --  
                                                                                           -------------------- --- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Operating income                                                                                                169                                                                           212                                                                           113                                                                           175
Interest expense                                                                             (35 )                                                       (7 )                                                      (31 )                                                       (7 )
                                                                                           -------------------- --- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income from continuing operations, before income taxes                                                      134                                                                           205                                                                            82                                                                           168
Income tax expense                                                                           (16 )                                                       (3 )                                                      (19 )                                                       (2 )
                                                                                           -------------------- --- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income                                                                                                      118                                                              $            202                                                         63                                                              $            166  
                                                                                                                                                              ==================== ============== ====================                                                                                                    ==================== ============== ====================
  Less: Net income attributable to noncontrolling interests                                   85                                                                                                                    49  
                                                                                           -------------------- --- --------------------                                                                                                    -------------------- -------------- --------------------
Net income attributable to Tenet Healthcare Corporation common                                                $  33                                                                                                                         $             14  
shareholders
                                                                                           ==================== === ====================                                                                                                    ==================== ============== ====================
Equity in earnings of unconsolidated affiliates                                                                                                                                  $             47                                                                                                                                            $             43
(1)    On a same-facility system-wide basis, net revenue in Tenet’s
                          Ambulatory Care segment increased 12.5% during the three months
                          ended December 31, 2015, with cases increasing 6.9% and revenue per
                          case increasing 5.2%.
(2)                       At December 31, 2015, 139 of the 333 facilities in the Company’s
                          newly formed Ambulatory segment were not consolidated based on the
                          nature of the segment’s joint venture relationships with physicians
                          and prominent healthcare systems. Although revenues of the segment’s
                          unconsolidated facilities are not recorded as revenues by the
                          Company, equity in earnings of unconsolidated affiliates is
                          nonetheless a significant portion of the Company’s overall earnings.
                          To help analyze results of operations, management also uses
                          system-wide operating measures such as system-wide revenue growth,
                          which includes revenues of both consolidated and unconsolidated
                          facilities. We control our remaining 194 facilities and account for
                          these investments as consolidated subsidiaries.
                                                                                                                                                                                                                                                        
                                                                                                                                                                                 TENET HEALTHCARE CORPORATION
                                                                                                                                                                STATEMENT OF OPERATIONS - AMBULATORY CARE SEGMENT
                                                                                                                                                                      INCLUDING PRO FORMA USPI AND ASPEN FOR ALL PERIODS
                                                                                                                                                                                          (Unaudited)
                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                Years Ended December 31,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                  2015                                                                                                                                     2014                                                        
                                                                                           --------------------------------------------------------------------------------------------------------------------------------------                      --------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                      
                                                                                                                  Ambulatory                                                                  Unconsolidated                                                                  Ambulatory                                                                  Unconsolidated
                                                                                                                    Care as                                                                     Affiliates                                                                      Care as                                                                     Affiliates
                                                                                                                   Reported                                                                                                                                                    Reported
                                                                                                                     Under                                                                                                                                                       Under
                                                                                                                     GAAP                                                                                                                                                        GAAP
                                                                                           ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
Net operating revenues:
  Net operating revenues before provision for doubtful accounts                                               $          1,366                                                              $          2,213                                                              $          1,156                                                              $          1,967
  Less: Provision for doubtful accounts                                                                 (23 )                                                      (53 )                                                      (16 )                                                      (48 )
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net operating revenues(1)                                                                                                1,343                                                                         2,160                                                                         1,140                                                                         1,919
Equity in earnings of unconsolidated affiliates(2)                                                                         126                                                                --                                                                           116                                                                --
Operating expenses:
  Salaries, wages and benefits                                                                                             438                                                                           514                                                                           368                                                                           463
  Supplies                                                                                                                 253                                                                           542                                                                           203                                                                           478
  Other operating expenses, net                                                                                            290                                                                           448                                                                           260                                                                           397
  Electronic health record incentives                                                                                       (1 )                                                              --                                                                            (2 )                                                              --
  Depreciation and amortization                                                                                             64                                                                            80                                                                            56                                                                            76
  Impairment and restructuring charges, and acquisition-related costs                                                        5                                                                             1                                                                             9                                                                            (6 )
Gains on sales, consolidation and deconsolidation of facilities                                         (32 )                                           --                          --                          --  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Operating income                                                                                                           452                                                                           575                                                                           362                                                                           511
Interest expense                                                                                                          (137 )                                                                         (28 )                                                                        (123 )                                                                         (28 )
Other                                                                                        --                                      (2 )                                           --                                       1  
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income from continuing operations, before income taxes                                                                 315                                                                           545                                                                           239                                                                           484
Income tax expense                                                                                      (52 )                                                       (8 )                                                      (49 )                                                       (8 )
                                                                                           -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net Income                                                                                                                 263                                                              $            537                                                        190                                                              $            476  
                                                                                                                                                                         ==================== ============== ====================                                                                                                    ==================== ============== ====================
  Less: Net income attributable to noncontrolling interests                                             206                                                                                                                   150  
                                                                                           -------------------- -------------- --------------------                                                                                                    -------------------- -------------- --------------------
Net income attributable to Tenet Healthcare Corporation common                                                $             57                                                                                                                         $             40  
shareholders
                                                                                           ==================== ============== ====================                                                                                                    ==================== ============== ====================
Equity in earnings of unconsolidated affiliates                                                                                                                                             $            126                                                                                                                                            $            116
(1)   On a pro forma same-facility system-wide basis, net revenue in
                         Tenet’s Ambulatory Care segment increased 11.7% during the twelve
                         months ended December 31, 2015, with cases increasing 7.9% and
                         revenue per case increasing 3.6%.
(2)                      At December 31, 2015, 139 of the 333 facilities in the Company’s
                         newly formed Ambulatory segment were not consolidated based on the
                         nature of the segment’s joint venture relationships with physicians
                         and prominent healthcare systems. Although revenues of the segment’s
                         unconsolidated facilities are not recorded as revenues by the
                         Company, equity in earnings of unconsolidated affiliates is
                         nonetheless a significant portion of the Company’s overall earnings.
                         To help analyze results of operations, management also uses
                         system-wide operating measures such as system-wide revenue growth,
                         which includes revenues of both consolidated and unconsolidated
                         facilities. We control our remaining 194 facilities and account for
                         these investments as consolidated subsidiaries.
                          

(1) Reconciliation of Adjusted EBITDA

Adjusted EBITDA, a non-GAAP term, is defined by the Company as net income (loss) attributable to Tenet Healthcare Corporation common shareholders before (1) the cumulative effect of changes in accounting principle, net of tax; (2) net loss (income) attributable to noncontrolling interests; (3) preferred stock dividends; (4) income (loss) from discontinued operations, net of tax; (5) income tax benefit (expense); (6) investment earnings (loss); (7) gain (loss) from early extinguishment of debt; (8) net gain (loss) on sales of investments; (9) interest expense; (10) litigation and investigation benefit (costs), net of insurance recoveries; (11) hurricane insurance recoveries, net of costs; (12) net gains (losses) on sales, consolidation and deconsolidation of facilities: (13) impairment and restructuring charges and acquisition-related costs; and (14) depreciation and amortization. The Company’s Adjusted EBITDA may not be comparable to EBITDA reported by other companies.

The Company provides this information as a supplement to GAAP information to assist itself and investors in understanding the impact of various items on its financial statements, some of which are recurring or involve cash payments. The Company uses this information in its analysis of the performance of its business excluding items that it does not consider as relevant in the performance of its hospitals in continuing operations. In addition, from time to time we use this measure to define certain performance targets under our compensation programs. Adjusted EBITDA is not a measure of liquidity, but is a measure of operating performance that management uses in its business as an alternative to net income (loss) attributable to Tenet Healthcare Corporation common shareholders. Because Adjusted EBITDA excludes many items that are included in our financial statements, it does not provide a complete measure of our operating performance. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance.

The reconciliation of net income (loss) attributable to Tenet Healthcare Corporation common shareholders, the most comparable GAAP term, to Adjusted EBITDA, is set forth in the first table below for the three and twelve months ended December 31, 2015 and 2014.

                                                                                                                                                                                                                                       
                                                                                                                                                                        TENET HEALTHCARE CORPORATION
                                                                                                                                                                Additional Supplemental Non-GAAP disclosures
                                                                                                                                                    Table #1 - Reconciliation of Adjusted EBITDA to Net Loss
                                                                                                                                                                               Attributable to
                                                                                                                                                                 Tenet Healthcare Corporation Common Shares
                                                                                                                                                                                 (Unaudited)
                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                 Three Months Ended                                                                                                                                     Years Ended
                                                                                                                                                    December 31,                                                                                                                                       December 31,
                                                                                           ------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------
                                                                                              2015                               2014                                2015                                2014       
                                                                                           -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
Net income available (loss attributable) to Tenet Healthcare                                                  $   (97 )                                                            $             61                                                              $   (140 )                                                            $             12
Corporation common shareholders
Less: Net income attributable to noncontrolling interests                                                         (99 )                                                                         (20 )                                                                (218 )                                                                         (64 )
  Net income (loss) from discontinued operations, net of tax                                     3                          --                               2                                     (22 )
                                                                                           -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
   Income from continuing operations                                                                               (1 )                                                                          81                                                                    76                                                                            98
  Income tax expense                                                                                              (68 )                                                                         (60 )                                                                 (68 )                                                                         (49 )
  Investment earnings                                                                                               1                                                                --                                                                     1                                                                --
  Loss from early extinguishment of debt                                                                           (1 )                                                              --                                                                    (1 )                                                                         (24 )
  Interest expense                                                                            (248 )                                                     (196 )                                             (912 )                                                     (754 )
                                                                                           -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
   Operating income                                                                                               315                                                                           337                                                                 1,056                                                                           925
  Litigation and investigation costs                                                                             (224 )                                                                          (6 )                                                                (291 )                                                                         (25 )
  Gains on sales, consolidation and deconsolidation of facilities                                                 186                                                                --                                                                   186                                                                --
  Impairment and restructuring charges, acquisition-related costs and                                             (52 )                                                                         (63 )                                                                (318 )                                                                        (153 )
  litigation costs and settlements
  Depreciation and amortization                                                               (208 )                                                     (240 )                                             (797 )                                                     (849 )
                                                                                           -------------------- ----- --------------------                      -------------------- -------------- --------------------                      -------------------- ------ --------------------                      -------------------- -------------- --------------------
Adjusted EBITDA                                                                                               $   613                                           $            646                                           $  2,276                                           $          1,952  
                                                                                           ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                     
Net operating revenues                                                                                        $ 5,026                                           $          4,465                                           $ 18,634                                           $         16,603  
                                                                                           ==================== ===== ====================                      ==================== ============== ====================                      ==================== ====== ====================                      ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                     
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA                                                  12.2 %                                                                        14.5 %                                                                12.2 %                                                                        11.8 %
margin)
                                                                                                                                                                                                                                  
                                                                                                                                                                  TENET HEALTHCARE CORPORATION
                                                                                                                                                          Additional Supplemental Non-GAAP disclosures
                                                                                                                                                Table #2 - Reconciliation of Adjusted Free Cash Flow
                                                                                                                                                                           (Unaudited)
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                  Three Months Ended                                                                                                                            Years Ended
(Dollars in millions)                                                                                                                                December 31,                                                                                                                              December 31,
                                                                                                  -------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------------------
                                                                                                    2015                          2014                           2015                           2014   
                                                                                                  -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Net cash provided by operating activities                                                                            $  191                                                              $  219                                                              $ 1,026                                                              $    687
Less:
 Payments for restructuring charges, acquisition-related costs, and                                                     (43 )                                                               (53 )                                                               (200 )                                                                (168 )
 litigation costs and settlements
 Net cash used in operating activities from discontinued operations                                   (3 )                                             (7 )                                             (21 )                                              (23 )
                                                                                                  -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted net cash provided by operating activities - continuing                                            237                                                                 279                                                                1,247                                                                   878
operations
 Purchases of property and equipment - continuing operations                           (276 )                                           (199 )                                            (842 )                                             (933 )
                                                                                                  -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted free cash flow - continuing operations                                                         $  (39 )                                                            $   80                                           $   405                                           $    (55 )
                                                                                                  ==================== ==== ====================                      ==================== ==== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                           
                                                                                                                                                              TENET HEALTHCARE CORPORATION
                                                                                                                                                      Additional Supplemental Non-GAAP disclosures
                                                                                                                                          Table #3 - Reconciliation of Outlook Adjusted EBITDA to
                                                                                                                                             Outlook Net Income Attributable to Tenet Healthcare Corporation
                                                                                                                                                                   Common Shareholders
                                                                                                                                                          for the Year Ending December 31, 2016
                                                                                                                                                                       (Unaudited)
                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                         
(Dollars in millions)                                                                                                                         Q1 2016                                                                                                                            2016                                                
                                                                                      -----------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------------------
                                                                                                             Low                                                                  High                                                                   Low                                                                  High
                                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Net income attributable to Tenet Healthcare Corporation common                                           $      3                                                              $     55                                                              $    115                                                              $    230
shareholders
 Less: Net income attributable to noncontrolling interests                                                    (70 )                                                                 (60 )                                                                (330 )                                                                (310 )
  Net Loss from discontinued operations, net of tax                                         (2 )                                                -                              (5 )                                                -  
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
  Income from continuing operations                                                                            75                                                                   115                                                                   450                                                                   540
 Income tax expense                                                                        (10 )                                              (50 )                                             (130 )                                             (200 )
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
  Income from continuing operations, before income taxes                                                       85                                                                   165                                                                   580                                                                   740
 Interest expense, net                                                                    (245 )                                             (235 )                                             (970 )                                             (950 )
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
  Operating income                                                                                            330                                                                   400                                                                 1,550                                                                 1,690
 Gains on sales, consolidation and deconsolidation of facilities                                                -                                                                     -                                                                     -                                                                     -
 Impairment and restructuring charges, acquisition-related costs
  and litigation costs and settlements(a)                                                                       -                                                                     -                                                                     -                                                                     -
 Depreciation and amortization                                                            (220 )                                             (200 )                                             (850 )                                             (810 )
                                                                                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------
Adjusted EBITDA                                                                                          $    550                                           $    600                                           $  2,400                                           $  2,500  
                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                             
                                                                                      -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------
Net operating revenues                                                                                   $  4,700                                           $  4,900                                           $ 18,800                                           $ 19,200  
                                                                                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                         
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA                                              11.7 %                                                                12.2 %                                                                12.8 %                                                                13.0 %
margin)
(a)    Company does not forecast impairment and restructuring charges,
                          acquisition-related costs, litigation costs and settlements, and
                          gains on sales, consolidation and deconsolidation of facilities.
                                                                                                                                                                                                                            
                                                                                                                                                               TENET HEALTHCARE CORPORATION
                                                                                                                                                       Additional Supplemental Non-GAAP disclosures
                                                                                                                                           Table #4 - Reconciliation of Outlook Adjusted EBITDA to
                                                                                                                                                   Outlook Normalized Income from Continuing Operations
                                                                                                                                                           for the Year Ending December 31, 2016
                                                                                                                                                                        (Unaudited)
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                          
(Dollars in millions)                                                                                                                             Q1 2016                                                                                                                         2016                                                
                                                                                            -------------------------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------------
                                                                                                                  Low                                                                High                                                                  Low                                                                 High
                                                                                            -----------------------------------------------                     -----------------------------------------------                     ------------------------------------------------                     -------------------------------------------------
Adjusted EBITDA                                                                                                $  550                                                              $  600                                                              $ 2,400                                                              $  2,500
 Depreciation and amortization                                                                                   (220 )                                                              (200 )                                                               (850 )                                                                (810 )
 Interest expense                                                                             (245 )                                           (235 )                                            (970 )                                             (950 )
                                                                                            -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
  Normalized income from continuing operations before income taxes                                                 85                                                                 165                                                                  580                                                                   740
 Income tax expense                                                                            (10 )                                            (50 )                                            (130 )                                             (200 )
                                                                                            -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
  Normalized income from continuing operations                                                                     75                                                                 115                                                                  450                                                                   540
 Net income attributable to noncontrolling interests                                           (70 )                                            (60 )                                            (330 )                                             (310 )
                                                                                            -------------------- ---- --------------------                      -------------------- ---- --------------------                      -------------------- ----- --------------------                      -------------------- ------ --------------------
Normalized net income attributable to common shares                                                            $    5                                           $   55                                           $   120                                           $    230  
                                                                                            ==================== ==== ====================                      ==================== ==== ====================                      ==================== ===== ====================                      ==================== ====== ====================
                                                                                                                                                                                                                                                                                                          
 Fully diluted weighted average share outstanding (in millions)                                                   101                                                                 101                                                                  102                                                                   102
                                                                                                                                                                                                                                                                                                          
 Normalized fully diluted earnings per share - continuing                                         $ 0.05                                                              $ 0.54                                                              $  1.18                                                              $   2.25
 operations
                                                                                                                                            
                                                                                                                                                             TENET HEALTHCARE CORPORATION
                                                                                                                                                     Additional Supplemental Non-GAAP disclosures
                                                                                                                                       Table #5 - Reconciliation of Outlook Adjusted Free Cash Flow
                                                                                                                                                         for the Year Ending December 31, 2016
                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                      
(Dollars in millions)                                                                                                                                                                                                                                                         2016                                                
                                                                                                                                                                                                                                ---------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                       Low                                                                 High
                                                                                                                                                                                                                                ------------------------------------------------                     -------------------------------------------------
Net cash provided by operating activities                                                                                                                                                                                                          $ 1,275                                                              $  1,435
Less:
 Payments for restructuring charges, acquisition-related costs and                                                                                                                                                                                       -                                                                     -
 litigation costs and settlements(a)
 Net cash used in operating activities from discontinued operations                                                                                                                                                                 (25 )                                              (15 )
                                                                                                                                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted net cash provided by operating activities - continuing                                                                                                                                                                       $ 1,300                                                              $  1,450
operations
 Purchases of property and equipment - continuing operations                                                                                                                                                          (900 )                                             (850 )
                                                                                                                                                                                                                                -------------------- ----- --------------------                      -------------------- ------ --------------------
Adjusted free cash flow - continuing operations                                                                                                                                                                                       $   400                                           $    600  
                                                                                                                                                                                                                                ==================== ===== ====================                      ==================== ====== ====================

(a) Company does not forecast impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160222006580r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160222006580/en/

SOURCE: Tenet Healthcare Corporation

Tenet Healthcare Corporation 
Corporate Communications 
Charles Nicolas, 469-893-2640 
mediarelations@tenethealth.com 
or 
Investor Relations 
Brendan Strong, 469-893-6992 
investorrelations@tenethealth.com


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