Trevor Fetter, President and CEO of Tenet Healthcare, discusses Tenet's strategy for progress and growth. He outlines that Tenet's culture and values are driving measurable improvements in operations, performance, and innovation. Key points include that same hospital adjusted EBITDA and margins have been expanding, volume trends are favorable, pricing growth has been strong, and they have effectively contained cost growth. Fetter also discusses strategic initiatives proving effective in quality, targeted growth, physician relationships, and capital investment. He believes Tenet has reached an "inflection point" in its turnaround over the past 12-18 months.

1. Progress and Growth Strategy
Trevor Fetter
President and Chief Executive Officer
June 3, 2008

2. My Message Today:
• Tenet’s culture and values are…
• …driving measurable improvements in operations
and performance, and…
• …innovation to capture industry opportunities and
mitigate industry headwinds
2

3. Culture and Values Aligned with Long Term
Growth
• Leaders are managing for long-term value
• Intrinsic belief that high standards of clinical quality are
good for patients and for shareholders
• We make decisions based on facts
• We strive to be “ahead of the curve” on trends impacting
our business
• We focus on our customers (payors, physicians and
patients)
3

4. My Message Today:
• Tenet’s culture and values are…
• …driving measurable improvements in operations
and performance, and…
• …innovation to capture industry opportunities and
mitigate industry headwinds
4

5. Same Hospital Adjusted EBITDA and EBITDA
Margins Have Been Expanding
($ in millions)
Adjusted EBITDA
$300 12.0%
Adjusted EBITDA Margin
$250 10.0%
$200 8.0%
$150 6.0%
$100 4.0%
$50 2.0%
$0 0.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2006 2007 2008
5

6. Volume Trends are Favorable
(Same-hospital)
4.0%
2.5% Total Admits
1.0%
Paying Admits
Annual Growth
-0.5%Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208*
O/P Visits
-2.0%
-3.5%
-5.0%
-6.5%
-8.0%
Note: “Paying Admits” is defined as total admissions less charity and uninsured admissions.
Q208 includes volumes through April and May. 6

7. Pricing Growth Has Been Strong
(Same-hospital)
Inpatient Pricing Outpatient Pricing
9.9% CAGR
3.8 % CAGR
2006 2007 2008 2006 2007 2008
7

8. Pricing Growth Has Been Strong
(Same-hospital)
Inpatient Pricing Outpatient Pricing
6.7%
Annualized
4.0%
Growth Rate
Annualized
Growth Rate
2006 2007 2008 2006 2007 2008
7

9. We are Effectively Containing Cost Growth
(Same-hospital)
Controllable Expenses(1) per Adjusted Patient Day
Year-over-Year Growth
Average 4.7%
2006 2007 2008
(1)
Same-hospital controllable expenses defined as SWB, supplies, and other operating expenses.
8

10. We’ve Kept Bad Debt Expense Stable
Bad Debt as a Percent of Net Revenue
Same-Hospital
10.0%
9.0%
8.0%
7.2% 7.2%
7.0% 6.5% 6.3%
6.0% 5.9%
5.6%
6.0% 5.5%
5.4%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108
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11. We Have Improved Collection Rates Across
All Payor Classes
Managed Care
98.3% (Q1’08)
100%
96.9% (Q1’07)
Balance-after
64.5% (Q1’08)
60.0% (Q1’07)*
Collection
Rate
Blended “Self-Pay”
36.2% (Q1’08)
33.2% (Q1’07)
Uninsured
12.3% (Q1’08)
12.0% (Q1’07)
8% (Pre-Compact)
0% 0%
Fully Insured Uninsured Charity Care
Degree of Insurance
*Estimated rate – Balance-after was not calculated in this timeframe
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12. We are Enhancing Balance Sheet Efficiency
• Managing and incentivizing “leaning” the balance sheet
• Recent announced divestitures at high multiples of
EBITDA and Free Cash Flow
• Anticipating additional $400 million - $600 million
incremental cash over the next 24 months
• Sale of Medical Office Buildings
• Broadlane sale/recapitalization
• Sale or monetization of excess land, buildings and
underutilized assets
11

13. My Message Today:
• Tenet’s culture and values are…
• …driving measurable improvements in operations
and performance, and…
• …innovation to capture industry opportunities and
mitigate industry headwinds
12

14. Strategic Initiatives are Proving Effective
Commitment To Quality
• All-time high for Tenet’s CMS Hospital Core Measure Performance Score at 90.8 (Q4’07) ...
C2Q exceeds national average score of 88.0% (latest public data Q2’07)
• Center of Excellence designations by managed care
• United – almost 5 times national rate for cardiology: 31% of Tenet hospitals versus 6.5%
nationally
• CIGNA – 149 COE designations for service lines
Targeted Growth Initiative
•
TGI Commercial admissions growth in targeted service lines is exceeding total commercial
admissions growth in general surgery, major trauma, neonatal, neurological medicine,
neurosurgery, open heart, orthopedic surgery, and Cath/EP
Physician Relationship Program
• 1,264 net new physicians added since Jan. 1, 2007
PRP • A 10.3% increase to our active medical staff
• Includes 178 net new physicians added in Q1’08
• Physician satisfaction scores have risen by 2.5% to 76.7%.
$150 million incremental capital infusion in 2006 - 2007
Capital • Capital Expenditure per bed (3 yr. avg.) now at competitive level
• 2008 CapEx plan of $600 – $650 million keeps hospitals competitive, well-equipped
Infusion
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15. Focus on Quality has Positioned Us Well
(1)
CMS Hospital Compare Data
SCIP(2) measures added
Tenet
National Average
2004 2005 2006 2007
(1)
Measures are for 4 trailing quarters.
(2)
Surgical Care Improvement Project (Infection Control). 14

16. Trinity Health
92.9%
Catholic Health
Partners
92.6%
Q206 – Q107
Tenet Healthcare
92.1%
Q407
Tenet Healthcare
89.9%
to Largest Systems
Catholic Health West
89.6%
Catholic Health
89.1%
Initiatives
Tenet vs. Ten Largest U.S. Hospital Systems
Ascension Health
88.8%
Community Health
Systems
87.5%
Hospital
Corporation of
87.2%
America
LifePoint Hospitals
84.0%
Health Management
83.9%
Associates
Tenet’s Q407 results
Tenet’s Clinical Quality Compares Favorably
National Average, 88.0%
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17. High Quality at the Hospital Level: Delray
• HealthGrades
– America’s 50 Best Hospitals
– Distinguished Hospital Award – Clinical
Excellence
– 5-Star designations (3 areas)
– Specialty Excellence Awards (3 areas)
• Centers of Excellence Designations
– CIGNA (7 areas)
– United Healthcare (4 areas)
– Blue Cross Blue Shield (1 area)
• American Heart Association Performance
Achievement Awards (3)
• JCAHO Certified Primary
Stroke Center
• Quality Respiratory Care
Recognition, AARC
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18. Commercial Admissions Growth in TGI Service
Lines Exceeds Total Commercial Admissions
Growth
3.0%
Represents delta between TGI admissions and total commercial admissions
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
-0.5%
2006 2007 2008
Note: Data represents commercial admissions growth in 8 service lines which are typically emphasized by
TGI: general surgery, major trauma, neonatal, neurological medicine, neurosurgery, open heart, orthopedic
surgery, and Cath/EP. 17

19. PRP: Recruiting, Redirecting, Relocating
and Hiring More Physicians
• 178 net new physicians added in Q1’08 with active staff
privileges(1)
• 1,264 net new physicians added in since 01/01/07…
a 10.3% increase in our active medical staff
• Physician Relationship Program (PRP):
• 13,158 visits to 6,764 physicians in Q1’08
• Included visits to 497 physicians unaffiliated with Tenet
(1)
“Active staff” status generally requires at least 10 admissions per year or 10 outpatient surgeries per year.
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20. Physician and Patient Satisfaction is
Strengthening Steadily
Patient Satisfaction
Physician Satisfaction
2005 2006 2007
Note: Physician survey conducted on a semi-annual basis in 2005 and 2006. Beginning in 2007, the
survey will be conducted annually in the fourth quarter. Composite score of all survey items.
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21. Hospital Capital Expenditures at Competitive
Levels
CapEx Per Bed
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
Q403 Q104 Q204 Q304 Q404 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108
Note: Last 12 months for continuing operations, excluding construction of new hospitals.
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22. Challenging (But Improving) Environment
• Headwinds
– Difficult U.S. economy
– Cost-shifting to patients
– Rising number of uninsured
• Tailwinds
– Aging population
– Increasing rate of obesity and chronic disease states
– Coverage for uninsured among leading public policy
issues
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23. Key Takeaways
• We passed an “inflection point” in our turnaround
between 12 and 18 months ago:
• Volume trends are positive
• Pricing exceeding expectations
• Exercising continued discipline around costs
• Mitigating bad debt pressures
• Driving hard on cash
• We remain confident our strategies can generate
profitable and sustainable growth
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24. What You’re Going to Hear Today…
• Execution of our strategy, as seen through the
perspective of our most important customers
• How our strategy leads to a virtuous cycle of
increasing growth and value
Higher Margins
Growth Better Cash Flow
Greater ROIC
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