Tenet Healthcare (THC) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Tenet Reports Results for the Third Quarter Ended September 30, 2015 and Announces $500 Million Share Repurchase Authorization

• Generated Adjusted EBITDA of $566 million, an increase of 23.3%, and Adjusted diluted EPS of $0.29, both within our Outlook range for the third quarter

• Maintained the midpoint of 2015 Adjusted EBITDA Outlook, narrowed the range of Adjusted EBITDA to $2.25 to $2.30 billion and raised Adjusted free cash flow Outlook to $350 to $500 million

• Hospital segment patient revenue increased 6.5% on a same-hospital basis, with admissions declining 0.6%, outpatient visits increasing 3.0%, adjusted admissions increasing 0.7%, and revenue per adjusted admission increasing 5.8%

• Ambulatory segment revenue increased 10.1% on a pro forma same-facility system-wide basis, with cases increasing 6.3% and revenue per case increasing 3.5%

• Conifer’s EBITDA increased 30% to $61 million

• $500 million share repurchase program to be funded with proceeds from previously announced divestitures

DALLAS – November 2, 2015 –Tenet Healthcare Corporation (NYSE:THC) reported Adjusted EBITDA of $566 million for the third quarter of 2015, an increase of $107 million, or 23.3 percent, compared to $459 million in the third quarter of 2014.

“We delivered revenue and EBITDA consistent with our Outlook for the quarter and generated strong adjusted free cash flow,” said Trevor Fetter, chairman and chief executive officer. “While we experienced pressure on lower acuity inpatient hospital admissions, we continued to drive increases in higher-acuity admissions. Our Conifer Health Solutions and United Surgical Partners subsidiaries performed well and achieved results in line with our expectations.”

Mr. Fetter continued, “In light of the recent market volatility combined with the cash proceeds that we are anticipating from divestitures, our Board has approved a new $500 million share repurchase authorization. We regularly review our priorities for capital and believe that a share repurchase authorization is an appropriate tool to have available to us at this time. We are confident that our strategies to drive growth in all three of our business segments will result in long-term value creation for our shareholders.”

Discussion of Results(Percentage changes in operating metrics compare Q3’15 to Q3’14 on a same-facility basis unless otherwise noted.)

Tenet experienced a 0.6% decline in same-hospital admissions in the quarter and drove a 0.7% increase in adjusted admissions. Paying admissions declined 0.9%. Surgeries performed in our hospital segment increased 0.8 percent, driven by higher acuity cases, and emergency

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department visits increased 1.5 percent. On a pro forma same-facility system-wide basis, including the results of USPI and Aspen in both the third quarters of 2015 and 2014, surgical and imaging cases in our Ambulatory Care segment grew by 6.3 percent.

Uninsured plus charity admissions increased by 381 admissions, or 3.7 percent on a same hospital basis, primarily due to increases in Florida and Texas. Medicaid admissions decreased by 644 admissions, or 1.2 percent. Same-hospital charity and uninsured outpatient visits increased by 4,310 visits, or 2.7 percent, and Medicaid outpatient visits increased by 10,526 visits, or 1.9 percent.

In Tenet’s six Medicaid expansion states, the company continues to benefit from declines in uninsured and charity admissions and outpatient visits. In these six states, same-hospital uninsured plus charity admissions declined by 167 admissions, or 9.2 percent, and Medicaid admissions increased by 195 admissions, or 0.6 percent. Uninsured plus charity outpatient visits decreased by 354 visits, or 0.7 percent, and Medicaid outpatient visits grew by 2,890 visits, or 0.8 percent. 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 5,134 in the third quarter of 2015, up 53.4% from the third quarter of 2014. Same-hospital exchange outpatient visits were 44,684 in the third quarter of 2015, up 52.5% from the third quarter of 2014.

Net operating revenues, after the provision for doubtful accounts, grew by $517 million, or 12.4 percent, to $4.692 billion compared to net operating revenues of $4.175 billion in the third quarter of 2014. Revenue growth was driven by a 0.7 percent increase in same-hospital adjusted patient admissions, a 5.8 percent increase in same-hospital net patient revenue per adjusted patient admission, a $36 million increase in revenue at Conifer from non-Tenet customers as well as growth from acquisitions, joint ventures and newly constructed facilities.

Total hospital selected operating expenses, defined as the sum of salaries, wages and benefits, supplies and other operating expenses, increased 3.0 percent per adjusted admission in the quarter.

Tenet recorded $7 million in electronic health records incentives in the third quarter of 2015, a $2 million increase compared to $5 million in the third quarter of 2014. Electronic health record incentive payments are recorded based on the timing of when the company’s hospitals achieve meaningful use criteria.

The company’s bad debt expense ratio was 7.3 percent of revenues before bad debt in the third quarter of 2015 and 5.6 percent in the third quarter of 2014. Including $932 million and $854 million of charity care write-offs and uninsured discounts that were offered through Tenet’s Compact with Uninsured Patients in the third quarters of 2015 and 2014, respectively, Tenet’s uncompensated care was $1.303 billion and $1.103 billion, respectively, in these periods. As a percentage of adjusted revenue, uncompensated care represented 21.7 percent of adjusted revenue in the third quarter of 2015, up from 20.9 percent in the third quarter of 2014.

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Conifer generated $61 million of Adjusted EBITDA in the quarter ended September 30, 2015, representing a 29.8 percent increase compared to $47 million in the third quarter of 2014. Including revenue from Tenet, Conifer’s revenue increased by $51 million, or 17.2 percent, to $347 million in the third quarter of 2015 compared to $296 million in the third quarter of 2014.

Tenet generated adjusted net income from continuing operations of $30 million, or $0.29 per diluted share, in the third quarter of 2015. This excludes $58 million, or $0.57 per share, in after-tax items such as impairment charges, restructuring charges, acquisition-related costs, litigation and investigation costs, and the loss from the early extinguishment of debt. The company generated adjusted net income from continuing operations of $36 million, or $0.36 per diluted share, in the third quarter of 2014, excluding the comparable items that totaled $26 million after-tax, or $0.26 per share.

Including the results of both continuing and discontinued operations, Tenet reported a net loss attributable to common shareholders of $29 million after-tax, or $0.29 per share in the third quarter of 2015, compared to net income of $9 million after-tax, or $0.09 per share, in the third quarter of 2014.

Cash and cash equivalents were $450 million at September 30, 2015 compared to $193 million at December 31, 2014. Tenet’s outstanding borrowings on its credit line were $110 million as of September 30, 2015. Accounts receivable days outstanding were 49.5 at September 30, 2015, compared to 50.7 at June 30, 2015 and 49.5 days at December 31, 2014. Adjusted net cash provided by operating activities in the quarter ended September 30, 2015 was $563 million; after subtracting $207 million of capital expenditures, Adjusted free cash flow was $356 million. Year to date, Adjusted free cash flow is $444 million.

Share Repurchase Authorization

Tenet’s Board of Directors has authorized a share repurchase program for up to $500 million of the Company’s outstanding common stock. Repurchases will be made in accordance with applicable securities laws and may be made at management’s discretion from time to time in the open market, through privately negotiated transactions, or otherwise. The repurchase program will expire on December 31, 2016, and may be suspended for periods or discontinued at any time. The timing and amount of repurchase transactions will be based on an evaluation of market conditions, share purchase prices, the timing of divestiture proceeds and other factors. The Company does not anticipate the need to raise additional debt to fund the share repurchase program.

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Revised Outlook for 2015

For the full year 2015, Tenet expects to generate net operating revenues of $18.35 billion to $18.55 billion, Adjusted EBITDA of $2.25 billion to $2.30 billion, Adjusted free cash flow of $350 million to $500 million, and Adjusted earnings per share of $1.76 to $2.11. The Outlook includes approximately $90 million of equity in earnings of unconsolidated affiliates and $65 million of electronic health record incentives.

The Outlook amounts include the estimated impact of previously announced acquisitions, divestitures and joint ventures using either the actual completion date of transactions that have already occurred or estimated completion dates.

Management’s Webcast Discussion of Third Quarter Results

Tenet management will discuss the Company’s third quarter 2015 results on a webcast scheduled for 10:00 a.m. ET (9:00 a.m. CT) on November 3, 2015. Investors can access the webcast through Tenet’s website atwww.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-Q report for the three months ended September 30, 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 (USPI), the company operates 87 general acute care hospitals, 20 short-stay surgical hospitals and over 440 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 (IDN), physician groups, self-insured organizations and health plans. Tenet also operates six health plans. For more information, please visitwww.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.

###

Corporate Communications Charles Nicolas 469-893-2640 mediarelations@tenethealth.com Investor Relations Brendan Strong 469-893-6992 investorrelations@tenethealth.com

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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, 2014 and other filings with the Securities and Exchange Commission. The information contained in this release is as of the date hereof. The company assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.

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.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Three Months Ended September 30,
	2015			%			2014			%			Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	5,063					$	4,424						14.4	%
Less: Provision for doubtful accounts		371						249						49.0	%
Net operating revenues		4,692			100.0	%		4,175			100.0	%		12.4	%
Equity in earnings of unconsolidated affiliates		28			0.6	%		4			0.1	%		600.0	%
Operating expenses:
Salaries, wages and benefits		2,258			48.2	%		2,028			48.5	%		11.3	%
Supplies		752			16.0	%		665			15.9	%		13.1	%
Other operating expenses, net		1,151			24.5	%		1,032			24.7	%		11.5	%
Electronic health record incentives		(7	)		(0.1	)%		(5	)		(0.1	)%		40.0	%
Depreciation and amortization		185			3.9	%		207			5.0	%
Impairment and restructuring charges, and acquisition-related costs		44			0.9	%		37			0.9	%
Litigation and investigation costs		50			1.1	%		4			0.1	%
Operating income		287			6.1	%		211			5.1	%
Interest expense		(248	)					(186	)
Loss from early extinguishment of debt		—						(24	)
Investment earnings		1						—
Net income from continuing operations, before income taxes		40						1
Income tax benefit (expense)		(11	)					18
Net income from continuing operations, before discontinued operations		29						19
Discontinued operations:
Loss from operations		(1	)					(2	)
Income tax benefit		—						1
Net loss from discontinued operations		(1	)					(1	)
Net income		28						18
Less: Net income attributable to noncontrolling interests		57						9
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	(29	)				$	9
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders
Net income (loss) from continuing operations, net of tax	$	(28	)				$	10
Net loss from discontinued operations, net of tax		(1	)					(1	)
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	(29	)				$	9
Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	(0.28	)				$	0.10
Discontinued operations		(0.01	)					(0.01	)
	$	(0.29	)				$	0.09
Diluted
Continuing operations	$	(0.28	)				$	0.10
Discontinued operations		(0.01	)					(0.01	)
	$	(0.29	)				$	0.09
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		99,537						98,036
Diluted*		99,537						100,926

* Had we generated income from continuing operations in the three months ended September 30, 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 2,500 shares.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Nine Months Ended September 30,
	2015			%			2014			%			Change
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	14,694					$	13,087						12.3	%
Less: Provision for doubtful accounts		1,086						949						14.4	%
Net operating revenues		13,608			100.0	%		12,138			100.0	%		12.1	%
Equity in earnings of unconsolidated affiliates		48			0.4	%		9			0.1	%		433.3	%
Operating expenses:
Salaries, wages and benefits		6,568			48.3	%		5,905			48.6	%		11.2	%
Supplies		2,146			15.8	%		1,942			16.0	%		10.5	%
Other operating expenses, net		3,325			24.4	%		3,066			25.4	%		8.4	%
Electronic health record incentives		(46	)		(0.3	)%		(72	)		(0.6	)%		(36.1	)%
Depreciation and amortization		589			4.3	%		609			5.0	%
Impairment and restructuring charges, and acquisition-related costs		266			2.0	%		90			0.7	%
Litigation and investigation costs		67			0.5	%		19			0.2	%
Operating income		741			5.4	%		588			4.8	%
Interest expense		(664	)					(558	)
Loss from early extinguishment of debt		—						(24	)
Net income from continuing operations, before income taxes		77						6
Income tax benefit		—						11
Net income from continuing operations, before discontinued operations		77						17
Discontinued operations:
Loss from operations		(4	)					(17	)
Litigation and investigation costs		3						(18	)
Income tax benefit		—						13
Net loss from discontinued operations		(1	)					(22	)
Net income (loss)		76						(5	)
Less: Net income attributable to noncontrolling interests		119						44
Net loss attributable to Tenet Healthcare Corporation common shareholders	$	(43	)				$	(49	)
Amounts attributable to Tenet Healthcare Corporation common shareholders
Net loss from continuing operations, net of tax	$	(42	)				$	(27	)
Net loss from discontinued operations, net of tax		(1	)					(22	)
Net loss attributable to Tenet Healthcare Corporation common shareholders	$	(43	)				$	(49	)
Net loss per share attributable to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	(0.42	)				$	(0.27	)
Discontinued operations		(0.01	)					(0.23	)
	$	(0.43	)				$	(0.50	)
Diluted
Continuing operations	$	(0.42	)				$	(0.27	)
Discontinued operations		(0.01	)					(0.23	)
	$	(0.43	)				$	(0.50	)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		99,160						97,625
Diluted*		99,160						97,625

* Had we generated income from continuing operations in the nine months ended September 30, 2015 and 2014, the effect of employee stock options, restricted stock units and deferred compensation units on the diluted shares calculation would have been an increase of 2,449 and 2,332 shares, respectively.

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TENET HEALTHCARE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30,			December 31,
(Dollars in millions)	2015			2014
ASSETS
Current assets:
Cash and cash equivalents	$	450		$	193
Accounts receivable, less allowance for doubtful accounts		2,525			2,404
Inventories of supplies, at cost		275			276
Income tax receivable		33			2
Current portion of deferred income taxes		625			747
Assets held for sale		1,186			2
Other current assets		1,202			1,093
Total current assets		6,296			4,717
Investments and other assets		1,029			384
Deferred income taxes, net of current portion		82			116
Property and equipment, at cost, less accumulated depreciation and amortization		7,330			7,733
Goodwill		6,606			3,913
Other intangible assets, at cost, less accumulated amortization		1,830			1,278
Total assets	$	23,173		$	18,141
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	112		$	112
Accounts payable		1,206			1,179
Accrued compensation and benefits		821			852
Professional and general liability reserves		185			189
Accrued interest payable		307			194
Liabilities held for sale		226			—
Other current liabilities		1,236			1,051
Total current liabilities		4,093			3,577
Long-term debt, net of current portion		14,642			11,695
Professional and general liability reserves		566			492
Defined benefit plan obligations		621			633
Other long-term liabilities		551			558
Total liabilities		20,473			16,955
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries		1,682			401
Equity:
Shareholders’ equity:
Common stock		7			7
Additional paid-in capital		4,798			4,614
Accumulated other comprehensive loss		(173	)		(182	)
Accumulated deficit		(1,453	)		(1,410	)
Common stock in treasury, at cost		(2,377	)		(2,378	)
Total shareholders’ equity		802			651
Noncontrolling interests		216			134
Total equity		1,018			785
Total liabilities and equity	$	23,173		$	18,141

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TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

	Nine Months Ended
(Dollars in millions)	September 30,
	2015			2014
Net income (loss)	$	76		$	(5	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		589			609
Provision for doubtful accounts		1,086			949
Deferred income tax benefit		(10	)		(22	)
Stock-based compensation expense		50			41
Impairment and restructuring charges, and acquisition-related costs		266			90
Litigation and investigation costs		67			19
Loss from early extinguishment of debt		—			24
Amortization of debt discount and debt issuance costs		32			21
Pre-tax loss from discontinued operations		1			35
Other items, net		(26	)		(16	)
Changes in cash from operating assets and liabilities:
Accounts receivable		(1,124	)		(1,309	)
Inventories and other current assets		(62	)		12
Income taxes		(5	)		(7	)
Accounts payable, accrued expenses and other current liabilities		39			120
Other long-term liabilities		31			38
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements		(157	)		(115	)
Net cash used in operating activities from discontinued operations, excluding income taxes		(18	)		(16	)
Net cash provided by operating activities		835			468
Cash flows from investing activities:
Purchases of property and equipment — continuing operations		(566	)		(734	)
Purchases of businesses or joint venture interests, net of cash acquired		(720	)		(185	)
Proceeds from sales of facilities and other assets		28			4
Proceeds from sales of marketable securities, long-term investments and other assets		18			8
Purchases of equity investments		(18	)		(6	)
Other long-term assets		(6	)		(4	)
Other items, net		(8	)		3
Net cash used in investing activities		(1,272	)		(914	)
Cash flows from financing activities:
Repayments of borrowings under credit facility		(1,880	)		(1,965	)
Proceeds from borrowings under credit facility		1,770			1,560
Repayments of other borrowings		(2,011	)		(655	)
Proceeds from other borrowings		3,208			1,608
Debt issuance costs		(76	)		(26	)
Distributions paid to noncontrolling interests		(65	)		(30	)
Contributions from noncontrolling interests		3			15
Purchase of noncontrolling interests		(254	)		—
Proceeds from exercise of stock options		15			23
Other items, net		(16	)		3
Net cash provided by financing activities		694			533
Net increase in cash and cash equivalents		257			87
Cash and cash equivalents at beginning of period		193			113
Cash and cash equivalents at end of period	$	450		$	200
Supplemental disclosures:
Interest paid, net of capitalized interest	$	(519	)	$	(487	)
Income tax refunds (payments), net	$	(6	)	$	(5	)

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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS⁽¹⁾

(Unaudited)

(Dollars in millions except per patient day, per admission, per adjusted admission and per visit amounts)	Three Months Ended September 30,									Nine Months Ended September 30,
	2015			2014(2)			Change			2015(2)			2014(2)			Change
Net inpatient revenues	$	2,603		$	2,463			5.7	%	$	7,916		$	7,297			8.5	%
Net outpatient revenues	$	1,515		$	1,358			11.6	%	$	4,411		$	4,001			10.2	%
Number of acute care hospitals (at end of period)		83			80			3	*		83			80			3	*
Licensed beds (at end of period)		21,527			20,762			3.7	%		21,527			20,762			3.7	%
Average licensed beds		21,122			20,692			2.1	%		20,608			20,439			0.8	%
Utilization of licensed beds		47.8	%		48.4	%		(0.6	)%*		50.4	%		49.4	%		1.0	%*
Patient days - total		927,964			921,228			0.7	%		2,833,716			2,757,485			2.8	%
Adjusted patient days		1,601,405			1,560,784			2.6	%		4,809,374			4,624,395			4.0	%
Net inpatient revenue per patient day	$	2,805		$	2,674			4.9	%	$	2,794		$	2,646			5.6	%
Total admissions		201,870			199,914			1.0	%		612,111			588,828			4.0	%
Adjusted patient admissions		352,328			342,782			2.8	%		1,050,519			998,623			5.2	%
Charity and uninsured admissions		11,322			10,990			3.0	%		32,807			34,447			(4.8	)%
Net inpatient revenue per admission	$	12,894		$	12,320			4.7	%	$	12,932		$	12,392			4.4	%
Average length of stay (days)		4.60			4.61			(0.2	)%		4.63			4.68			(1.1	)%
Total surgeries		129,937			126,427			2.8	%		378,863			367,930			3.0	%
Admissions through emergency department		126,050			123,147			2.4	%		388,164			367,834			5.5	%
Emergency department visits		747,993			719,835			3.9	%		2,232,477			2,086,846			7.0	%
Total emergency department admissions and visits		874,043			842,982			3.7	%		2,620,641			2,454,680			6.8	%
Outpatient visits		2,076,524			1,978,420			5.0	%		6,134,134			5,725,649			7.1	%
Charity and uninsured outpatient visits		172,057			166,709			3.2	%		488,888			495,559			(1.3	)%
Net outpatient revenue per visit	$	730		$	686			6.4	%	$	719		$	699			2.9	%
Net patient revenue per adjusted patient admission	$	11,688		$	11,147			4.9	%	$	11,734		$	11,314			3.7	%
Net patient revenue per adjusted patient day	$	2,571		$	2,448			5.0	%	$	2,563		$	2,443			4.9	%
Net Patient Revenues from:
Medicare		19.8	%		21.6	%		(1.8	)%*		20.8	%		22.3	%		(1.5	)%*
Medicaid		8.8	%		8.9	%		(0.1	)%*		8.9	%		8.9	%		—	%*
Managed care		61.1	%		60.4	%		0.7	%*		60.2	%		58.8	%		1.4	%*
Indemnity, self-pay and other		10.3	%		9.1	%		1.2	%*		10.1	%		10.0	%		0.1	%*

(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

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TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS⁽¹⁾

(Unaudited)

(Dollars in millions except per patient day, per admission, per adjusted admission and per visit amounts)	Three Months Ended September 30,									Nine Months Ended September 30,
	2015			2014(2)			Change			2015(2)			2014(2)			Change
Net inpatient revenues	$	2,472		$	2,337			5.8	%	$	7,533		$	7,031			7.1	%
Net outpatient revenues	$	1,427		$	1,323			7.9	%	$	4,183		$	3,902			7.2	%
Number of acute care hospitals (at end of period)		76			76			—	*		76			76			—	*
Licensed beds (at end of period)		20,020			19,999			0.1	%		20,020			19,999			0.1	%
Average licensed beds		20,052			19,999			0.3	%		20,059			19,949			0.6	%
Utilization of licensed beds		47.4	%		48.1	%		(0.7	)%*		49.3	%		49.1	%		0.2	%*
Patient days - total		874,456			884,748			(1.2	)%		2,697,929			2,673,921			0.9	%
Adjusted patient days		1,503,639			1,501,624			0.1	%		4,574,587			4,493,843			1.8	%
Net inpatient revenue per patient day	$	2,827		$	2,641			7.0	%	$	2,792		$	2,629			6.2	%
Total admissions		191,054			192,283			(0.6	)%		583,838			572,702			1.9	%
Adjusted patient admissions		332,498			330,219			0.7	%		1,001,115			973,107			2.9	%
Charity and uninsured admissions		10,701			10,320			3.7	%		30,939			32,924			(6.0	)%
Net inpatient revenue per admission	$	12,939		$	12,154			6.5	%	$	12,903		$	12,277			5.1	%
Average length of stay (days)		4.58			4.60			(0.4	)%		4.62			4.67			(1.1	)%
Total surgeries		123,765			122,821			0.8	%		364,192			360,024			1.2	%
Admissions through emergency department		119,264			118,287			0.8	%		369,587			357,728			3.3	%
Emergency department visits		702,248			690,765			1.7	%		2,116,106			2,038,721			3.8	%
Total emergency department admissions and visits		821,512			809,052			1.5	%		2,485,693			2,396,449			3.7	%
Outpatient visits		1,963,166			1,905,255			3.0	%		5,856,842			5,585,216			4.9	%
Charity and uninsured outpatient visits		162,441			158,131			2.7	%		465,210			478,639			(2.8	)%
Net outpatient revenue per visit	$	727		$	694			4.8	%	$	714		$	699			2.1	%
Net patient revenue per adjusted patient admission	$	11,726		$	11,084			5.8	%	$	11,703		$	11,235			4.2	%
Net patient revenue per adjusted patient day	$	2,593		$	2,437			6.4	%	$	2,561		$	2,433			5.3	%
Net Patient Revenues from:
Medicare		20.4	%		22.4	%		(2.0	)%*		20.0	%		22.0	%		(2.0	)%*
Medicaid		8.2	%		9.9	%		(1.7	)%*		8.6	%		8.8	%		(0.2	)%*
Managed care		61.6	%		58.5	%		3.1	%*		61.5	%		59.3	%		2.2	%*
Indemnity, self-pay and other		9.8	%		9.2	%		0.6	%*		9.9	%		9.9	%		—	%*

(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

Page 11

TENET HEALTHCARE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in millions except per share amounts)	Three Months Ended									Nine Months Ended
	03/31/15			6/30/2015			9/30/2015			9/30/2015
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	4,787		$	4,844		$	5,063		$	14,694
Less: Provision for doubtful accounts		363			352			371			1,086
Net operating revenues		4,424			4,492			4,692			13,608
Equity in earnings of unconsolidated affiliates		4			16			28			48
Operating expenses:
Salaries, wages and benefits		2,125			2,185			2,258			6,568
Supplies		687			707			752			2,146
Other operating expenses, net		1,093			1,081			1,151			3,325
Electronic health record incentives		(6	)		(33	)		(7	)		(46	)
Depreciation and amortization		207			197			185			589
Impairment and restructuring charges, and acquisition-related costs		29			193			44			266
Litigation and investigation costs		3			14			50			67
Operating income		290			164			287			741
Interest expense		(199	)		(217	)		(248	)		(664	)
Investment earnings (losses)		—			(1	)		1			—
Net income (loss) from continuing operations, before income taxes		91			(54	)		40			77
Income tax benefit (expense)		(16	)		27			(11	)		—
Net income (loss) from continuing operations, before discontinued operations		75			(27	)		29			77
Discontinued operations:
Loss from operations		(1	)		(2	)		(1	)		(4	)
Litigation and investigation costs		3			—			—			3
Income tax benefit (expense)		(1	)		1			—			—
Net income (loss) from discontinued operations		1			(1	)		(1	)		(1	)
Net income (loss)		76			(28	)		28			76
Less: Net income attributable to noncontrolling interests		29			33			57			119
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	47		$	(61	)	$	(29	)	$	(43	)
Amounts available (attributable) to Tenet Healthcare Corporation common shareholders
Net income (loss) from continuing operations, net of tax	$	46		$	(60	)	$	(28	)	$	(42	)
Net income (loss) from discontinued operations, net of tax		1			(1	)		(1	)		(1	)
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	47		$	(61	)	$	(29	)	$	(43	)
Earnings (loss) per share available (attributable) to Tenet Healthcare Corporation common shareholders:
Basic
Continuing operations	$	0.47		$	(0.60	)	$	(0.28	)	$	(0.42	)
Discontinued operations		0.01			(0.01	)		(0.01	)		(0.01	)
	$	0.48		$	(0.61	)	$	(0.29	)	$	(0.43	)
Diluted
Continuing operations	$	0.46		$	(0.60	)	$	(0.28	)	$	(0.42	)
Discontinued operations		0.01			(0.01	)		(0.01	)		(0.01	)
	$	0.47		$	(0.61	)	$	(0.29	)	$	(0.43	)
Weighted average shares and dilutive securities outstanding (in thousands):
Basic		98,699			99,244			99,537			99,160
Diluted		100,872			99,244			99,537			99,160

Page 12

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING TOTAL HOSPITALS⁽¹⁾

(Unaudited)

(Dollars in millions except per patient day, per admission, per adjusted admission and per visit amounts)	Three Months Ended									Nine Months Ended
	03/31/15(2)			06/30/15			9/30/2015			9/30/2015
Net inpatient revenues	$	2,691		$	2,622		$	2,603		$	7,916
Net outpatient revenues	$	1,412		$	1,484		$	1,515		$	4,411
Number of acute care hospitals (at end of period)		80			80			83			83
Licensed beds (at end of period)		20,826			20,826			21,527			21,527
Average licensed beds		20,823			20,826			21,122			20,608
Utilization of licensed beds		52.1	%		49.1	%		47.8	%		50.4	%
Patient days - total		975,912			929,840			927,964			2,833,716
Adjusted patient days		1,618,402			1,589,567			1,601,405			4,809,374
Net inpatient revenue per patient day	$	2,756		$	2,821		$	2,805		$	2,794
Total admissions		208,333			201,908			201,870			612,111
Adjusted patient admissions		349,069			349,122			352,328			1,050,519
Charity and uninsured admissions		10,950			10,535			11,322			32,807
Net inpatient revenue per admission	$	12,912		$	12,991		$	12,894		$	12,932
Average length of stay (days)		4.68			4.61			4.60			4.63
Total surgeries		121,403			127,523			129,937			378,863
Admissions through emergency department		133,544			128,570			126,050			388,164
Emergency department visits		741,533			742,951			747,993			2,232,477
Total emergency department admissions and visits		875,077			871,521			874,043			2,620,641
Outpatient visits		1,994,573			2,063,037			2,076,524			6,134,134
Charity and uninsured outpatient visits		157,197			159,634			172,057			488,888
Net outpatient revenue per visit	$	708		$	719		$	730		$	719
Net patient revenue per adjusted patient admission	$	11,751		$	11,764		$	11,688		$	11,734
Net patient revenue per adjusted patient day	$	2,535		$	2,584		$	2,571		$	2,563
Net Patient Revenues from:
Medicare		21.9	%		20.7	%		19.8	%		20.8	%
Medicaid		9.4	%		8.5	%		8.8	%		8.9	%
Managed care		58.6	%		60.8	%		61.1	%		60.2	%
Indemnity, self-pay and other		10.2	%		10.0	%		10.3	%		10.1	%

(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.

Page 13

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS⁽¹⁾

(Unaudited)

(Dollars in millions except per patient day, per admission, per adjusted admission and per visit amounts)	Three Months Ended									Nine Months Ended
	03/31/15(2)			06/30/15			9/30/2015			9/30/2015
Net inpatient revenues	$	2,568		$	2,493		$	2,472		$	7,533
Net outpatient revenues	$	1,350		$	1,406		$	1,427		$	4,183
Number of acute care hospitals (at end of period)		76			76			76			76
Licensed beds (at end of period)		20,063			20,063			20,020			20,020
Average licensed beds		20,060			20,063			20,052			20,059
Utilization of licensed beds		51.8	%		48.7	%		47.4	%		49.3	%
Patient days - total		934,521			888,952			874,456			2,697,929
Adjusted patient days		1,550,103			1,520,845			1,503,639			4,574,587
Net inpatient revenue per patient day	$	2,748		$	2,804		$	2,827		$	2,792
Total admissions		199,460			193,324			191,054			583,838
Adjusted patient admissions		334,189			334,428			332,498			1,001,115
Charity and uninsured admissions		10,291			9,947			10,701			30,939
Net inpatient revenue per admission	$	12,875		$	12,895		$	12,939		$	12,903
Average length of stay (days)		4.69			4.60			4.58			4.62
Total surgeries		117,412			123,015			123,765			364,192
Admissions through emergency department		127,497			122,826			119,264			369,587
Emergency department visits		706,433			707,425			702,248			2,116,106
Total emergency department admissions and visits		833,930			830,251			821,512			2,485,693
Outpatient visits		1,912,749			1,980,927			1,963,166			5,856,842
Charity and uninsured outpatient visits		150,320			152,449			162,441			465,210
Net outpatient revenue per visit	$	706		$	710		$	727		$	714
Net patient revenue per adjusted patient admission	$	11,724		$	11,659		$	11,726		$	11,703
Net patient revenue per adjusted patient day	$	2,528		$	2,564		$	2,593		$	2,561
Net Patient Revenues from:
Medicare		21.6	%		20.4	%		20.0	%		20.0	%
Medicaid		9.2	%		8.2	%		8.6	%		8.6	%
Managed care		59.2	%		61.6	%		61.5	%		61.5	%
Indemnity, self-pay and other		10.0	%		9.8	%		9.9	%		9.9	%

(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.

Page 14

TENET HEALTHCARE CORPORATION

SELECTED STATISTICS – CONTINUING SAME HOSPITALS⁽¹⁾

(Unaudited)

(Dollars in millions except per patient day, per admission, per adjusted admission and per visit amounts)	Three Months Ended												Year Ended
	03/31/14			06/30/14			9/30/2014			12/31/2014			12/31/2014
Net inpatient revenues	$	2,367		$	2,327		$	2,337		$	2,591		$	9,622
Net outpatient revenues	$	1,253		$	1,326		$	1,323		$	1,375		$	5,277
Number of acute care hospitals (at end of period)		76			76			76			76			76
Licensed beds (at end of period)		19,899			19,999			19,999			20,051			20,051
Average licensed beds		19,899			19,948			19,999			20,042			19,972
Utilization of licensed beds		50.6	%		48.6	%		48.1	%		48.7	%		49.0	%
Patient days - total		906,671			882,502			884,748			898,342			3,572,263
Adjusted patient days		1,490,202			1,502,017			1,501,624			1,512,593			6,006,436
Net inpatient revenue per patient day	$	2,611		$	2,637		$	2,641		$	2,884		$	2,694
Total admissions		190,389			190,030			192,283			194,160			766,862
Adjusted patient admissions		316,196			326,692			330,219			330,870			1,303,977
Charity and uninsured admissions		12,095			10,509			10,320			10,573			43,497
Net inpatient revenue per admission	$	12,432		$	12,245		$	12,154		$	13,345		$	12,547
Average length of stay (days)		4.76			4.64			4.60			4.63			4.66
Total surgeries		115,911			121,292			122,821			123,855			483,879
Admissions through emergency department		120,165			119,276			118,287			122,089			479,817
Emergency department visits		657,256			690,700			690,765			703,265			2,741,986
Total emergency department admissions and visits		777,421			809,976			809,052			825,354			3,221,803
Outpatient visits		1,789,763			1,890,198			1,905,255			1,917,941			7,503,157
Charity and uninsured outpatient visits		158,501			162,007			158,131			158,485			637,124
Net outpatient revenue per visit	$	700		$	702		$	694		$	717		$	703
Net patient revenue per adjusted patient admission	$	11,449		$	11,182		$	11,084		$	11,987		$	11,426
Net patient revenue per adjusted patient day	$	2,429		$	2,432		$	2,437		$	2,622		$	2,481
Net Patient Revenues from:
Medicare		22.5	%		22.4	%		21.2	%		20.7	%		21.7	%
Medicaid		7.7	%		9.9	%		8.7	%		11.1	%		9.4	%
Managed care		58.3	%		58.3	%		61.1	%		58.3	%		59.0	%
Indemnity, self-pay and other		11.5	%		9.2	%		9.0	%		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

Page 15

TENET HEALTHCARE CORPORATION

SEGMENT REPORTING

(Unaudited)

	September 30,		December 31,
	2015		2014
Assets
Hospital Operations and other	$	17,027	$	17,008
Conifer		1,167		929
Ambulatory Care		4,979		204
Total	$	23,173	$	18,141

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Capital expenditures:
Hospital Operations and other	$	194		$	205		$	536		$	711
Conifer		6			4			16			17
Ambulatory Care		7			2			14			6
Total	$	207		$	211		$	566		$	734
Net operating revenues:
Hospital Operations and other	$	4,179		$	3,945		$	12,505		$	11,468
Conifer
Tenet		163			148			488			426
Other customers		184			148			541			440
Total Conifer revenues		347			296			1,029			866
Ambulatory Care		329			82			562			230
Intercompany eliminations		(163	)		(148	)		(488	)		(426	)
Total	$	4,692		$	4,175		$	13,608		$	12,138
Adjusted EBITDA:
Hospital Operations and other	$	383		$	386		$	1,259		$	1,098
Conifer		61			47			204			139
Ambulatory Care		122			26			200			69
Total	$	566		$	459		$	1,663		$	1,306
Depreciation and amortization:
Hospital Operations and other	$	156		$	199		$	525		$	583
Conifer		12			5			36			15
Ambulatory Care		17			3			28			11
Total	$	185		$	207		$	589		$	609
Adjusted EBITDA	$	566		$	459		$	1,663		$	1,306
Depreciation and amortization		(185	)		(207	)		(589	)		(609	)
Impairments and restructuring charges, and acquisition-related costs		(44	)		(37	)		(266	)		(90	)
Litigation and investigation costs		(50	)		(4	)		(67	)		(19	)
Interest expense		(248	)		(186	)		(664	)		(558	)
Loss from early extinguishment of debt		—			(24	)		—			(24	)
Investment Earnings		1			—			—			—
Income from continuing operations before income taxes	$	40		$	1		$	77		$	6

Page 16

TENET HEALTHCARE CORPORATION

STATEMENT OF OPERATIONS – AMBULATORY CARE SEGMENT

INCLUDING PRO FORMA USPI AND ASPEN FOR ALL PERIODS

(Unaudited)

	Three Months Ended September 30
	2015						2014
	Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates			Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	335		$	556		$	291		$	493
Less: Provision for doubtful accounts		(6	)		(14	)		(4	)		(12	)
Net operating revenues(1)		329			542			287			481
Equity in earnings of unconsolidated affiliates(2)		30			—			27			—
Operating expenses:
Salaries, wages and benefits		106			132			93			117
Supplies		64			138			51			119
Other operating expenses, net		67			117			66			102
Depreciation and amortization		17			20			14			19
Impairment and restructuring charges, and acquisition-related costs		2			—			1			—
Operating income		103			135			89			124
Interest expense		(34	)		(7	)		(31	)		(7	)
Other		—			(2	)		—			—
Net income from continuing operations, before income taxes		69			126			58			117
Income tax benefit (expense)		(14	)		(2	)		(12	)		(2	)
Net income		55		$	124			46		$	115
Less: Net income attributable to noncontrolling interests		51						38
Net income attributable to Tenet Healthcare Corporation common shareholders	$	4					$	8
Equity in earnings of unconsolidated affiliates				$	30					$	27

(1) On a same-facility system-wide basis, net revenue in Tenet’s Ambulatory Care segment increased 10.1% during the three months ended September 30, 2015, with cases increasing 6.3% and revenue per case increasing 3.5%.

(2) At September 30, 2015, 157 of the 298 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 141 facilities and account for these investments as consolidated subsidiaries.

Page 17

TENET HEALTHCARE CORPORATION

STATEMENT OF OPERATIONS – AMBULATORY CARE SEGMENT

INCLUDING PRO FORMA USPI AND ASPEN FOR ALL PERIODS

(Unaudited)

	Nine Months Ended September 30,
	2015						2014
	Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates			Ambulatory Care as Reported Under GAAP			Unconsolidated Affiliates
Net operating revenues:
Net operating revenues before provision for doubtful accounts	$	962		$	1,576		$	843		$	1,380
Less: Provision for doubtful accounts		(16	)		(40	)		(11	)		(34	)
Net operating revenues(1)		946			1,536			832			1,346
Equity in earnings of unconsolidated affiliates(2)		79			—			73			—
Operating expenses:
Salaries, wages and benefits		308			379			271			333
Supplies		174			394			146			336
Other operating expenses, net		212			337			195			291
Depreciation and amortization		46			60			42			56
Impairment and restructuring charges, and acquisition-related costs		2			3			2			(6	)
Operating income		283			363			249			336
Interest expense		(102	)		(21	)		(92	)		(21	)
Other		—			(2	)		—			1
Net income from continuing operations, before income taxes		181			340			157			316
Income tax expense		(36	)		(5	)		(30	)		(6	)
Net Income		145		$	335			127		$	310
Less: Net income attributable to noncontrolling interests		126						101
Net income attributable to Tenet Healthcare Corporation common shareholders	$	19						26
Equity in earnings of unconsolidated affiliates				$	79					$	73

(1) On a pro forma same-facility system-wide basis, net revenue in Tenet’s Ambulatory Care segment increased 9.2% during the nine months ended September 30, 2015, with cases increasing 7.0% and revenue per case increasing 2.1%.

(2) At September 30, 2015, 157 of the 298 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 141 facilities and account for these investments as consolidated subsidiaries.

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(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) impairment and restructuring charges and acquisition-related costs; and (13) 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 nine months ended September 30, 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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net income available (loss attributable) to Tenet Healthcare Corporation common shareholders	$	(29	)	$	9		$	(43	)	$	(49	)
Less: Net income attributable to noncontrolling interests		(57	)		(9	)		(119	)		(44	)
Net loss from discontinued operations, net of tax		(1	)		(1	)		(1	)		(22	)
Income from continuing operations		29			19			77			17
Income tax benefit (expense)		(11	)		18			—			11
Investment earnings		1			—			—			—
Loss from early extinguishment of debt		—			(24	)		—			(24	)
Interest expense		(248	)		(186	)		(664	)		(558	)
Operating income		287			211			741			588
Litigation and investigation costs		(50	)		(4	)		(67	)		(19	)
Impairment and restructuring charges, and acquisition-related costs		(44	)		(37	)		(266	)		(90	)
Depreciation and amortization		(185	)		(207	)		(589	)		(609	)
Adjusted EBITDA	$	566		$	459		$	1,663		$	1,306
Net operating revenues	$	4,692		$	4,175		$	13,608		$	12,138
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA margin)		12.1	%		11.0	%		12.2	%		10.8	%

Page 19

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #2 – Reconciliation of Adjusted Free Cash Flow

(Unaudited)

(Dollars in millions)	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net cash provided by operating activities	$	482		$	221		$	835		$	468
Less:
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements		(71	)		(31	)		(157	)		(115	)
Net cash used in operating activities from discontinued operations		(10	)		(4	)		(18	)		(16	)
Adjusted net cash provided by operating activities – continuing operations		563			256			1,010			599
Purchases of property and equipment – continuing operations		(207	)		(211	)		(566	)		(734	)
Adjusted free cash flow – continuing operations	$	356		$	45		$	444		$	(135	)

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, 2015

(Unaudited)

(Dollars in millions)	Q4 2015						2015
	Low			High			Low			High
Net income attributable to Tenet Healthcare Corporation common shareholders	$	15		$	55		$	(28	)	$	12
Less: Net (income) attributable to noncontrolling interests		(61	)		(81	)		(180	)		(200	)
Loss from discontinued operations, net of tax		(4	)		1			(5	)		—
Income from continuing operations		80			135			157			212
Income tax expense		(30	)		(55	)		(30	)		(55	)
Income from continuing operations, before income taxes		110			190			187			267
Interest expense, net		(256	)		(246	)		(920	)		(910	)
Operating income		366			436			1,107			1,177
Impairment and restructuring charges, acquisition-related costs and litigation costs and settlements(a)		—			—			(333	)		(333	)
Depreciation and amortization		(221	)		(201	)		(810	)		(790	)
Adjusted EBITDA	$	587		$	637		$	2,250		$	2,300
Net operating revenues	$	4,742		$	4,942		$	18,350		$	18,550
Adjusted EBITDA as % of net operating revenues (Adjusted EBITDA margin)		12.4	%		12.9	%		12.3	%		12.4	%

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

Page 20

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, 2015

(Unaudited)

(Dollars in millions)	Q4 2015						2015
	Low			High			Low			High
Adjusted EBITDA	$	587		$	637		$	2,250		$	2,300
Depreciation and amortization		(221	)		(201	)		(810	)		(790	)
Interest expense, net		(256	)		(246	)		(920	)		(910	)
Income (loss) from continuing operations before income taxes		110			190			520			600
Income tax (expense) benefit		(42	)		(67	)		(160	)		(185	)
Normalized income (loss) from continuing operations		68			123			360			415
Net (income) attributable to noncontrolling interests		(61	)		(81	)		(180	)		(200	)
Net income (loss) attributable to common shareholders	$	7		$	42		$	180		$	215
Fully diluted weighted average share outstanding (in millions)		102			102			102			102
Normalized fully diluted earnings per share – continuing operations	$	0.07		$	0.41		$	1.76		$	2.11

TENET HEALTHCARE CORPORATION

Additional Supplemental Non-GAAP disclosures

Table #5 – Reconciliation of Outlook Adjusted Free Cash Flow

for the Year Ending December 31, 2015

(Dollars in millions)	2015
	Low			High
Net cash provided by operating activities	$	1,058		$	1,168
Less:
Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(a)		(157	)		(157	)
Net cash used in operating activities from discontinued operations		(35	)		(25	)
Adjusted net cash provided by operating activities – continuing operations	$	1,250		$	1,350
Purchases of property and equipment – continuing operations		(900	)		(850	)
Adjusted free cash flow – continuing operations	$	350		$	500

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

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