Tenet Healthcare's CEO presented at the J.P. Morgan Healthcare Conference on January 11, 2022. Over the past several years, Tenet has transformed its portfolio, restructured operations, and improved quality and safety outcomes. It has demonstrated resiliency during the COVID-19 pandemic by consistently meeting or beating quarterly earnings guidance. Tenet aims to continue this growth trajectory by enhancing specialty care access, scaling its ambulatory surgery platform, and leading new high acuity services in lower cost settings.

1. Tenet Healthcare
Saum Sutaria, M.D., CEO
January 11, 2022
J.P. Morgan Healthcare Conference

2. 2
CAUTIONARY STATEMENTS
This presentation includes “forward-looking statements.” These statements relate to future events, including, but not limited to, statements regarding our liquidity,
operating results, future earnings, financial position, operational and strategic initiatives, and developments in legislation, regulation, and the healthcare industry more
generally. These forward-looking statements represent management’s expectations, based on currently available information, as to the outcome and timing of future
events, but, by their nature, address matters that are uncertain, particularly with regard to developments related to the COVID pandemic. Actual results, performance
or achievements could differ materially from those expressed in any forward-looking statement.
Examples of uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by forward-
looking statements include, but are not limited to, developments related to COVID, and the factors described under “Forward-Looking Statements” and “Risk Factors”
in our Form 10-K for the year ended December 31, 2020, subsequent Form 10-Q filings and other filings with the Securities and Exchange Commission.
We assume no obligation to update any forward-looking statements or information subsequent to the dates such statements are made. Investors are cautioned not to
place undue reliance on our forward-looking statements.
NON-GAAP FINANCIAL INFORMATION
This presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP).
Reconciliations of these non-GAAP measures to the most comparable GAAP measures and management’s reasoning for using these non-GAAP financial measures
are included in our earnings press releases dated October 20, 2021, and February 26, 2018, which are available on our website at www.tenethealth.com/investors.
We are not able to reconcile certain forward-looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures without unreasonable
efforts due to uncertainty regarding items outside of our control.

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AGENDA
• Tenet Health Transformation
• The Next Phase of Growth
• Our Strong Operating Model

4. 4
TENET HEALTH
TRANSFORMATION
GROWTH-CENTRIC PORTFOLIO STRATEGY
Refined portfolio to enable growth, divested 5 hospital markets since 2017 for ~$1.75B
of proceeds (~$2.5B of revenue, ~$105M of Adjusted EBITDA), increased strategic
capital deployment, expanded USPI’s network and reinvested in Conifer's technology
RESTRUCTURED OPERATIONS AND PROCESSES
Executed $450M enterprise-wide efficiency agenda in 2018 through 2020 and
established data-driven performance management processes
QUALITY AND SAFETY WITH CONSISTENT OUTCOMES
Implemented focused and measurable quality and safety agenda, resulting in a 2.5-
fold increase in number of acute hospitals with overall 4- and 5-star CMS ratings
RESILIENCY IN PERFORMANCE AMIDST COVID-19
Consistently met or beat quarterly earnings guidance, reduced leverage ratio and
increased free cash flow generation
Note: Annual revenue and Adjusted EBITDA of the five hospital markets based on a trailing 12-month basis at the time of sale

5. 5
Significantly improved financial profile
2017 2021G
$19.7B(a)
$19.1B
3%
2017 2021G
~$2.44B
$3.3B(a)
35%
$1.3B(b)
2021G
2017
$0.5B
160%
12.8%
2017 2021G
16.8%
31%
Note: 2021G is based on mid-point of guidance range from our earnings press release dated October 20, 2021. Reconciliations of these non-GAAP measures to the most comparable GAAP measures and management’s reasoning
for using these non-GAAP financial measures are included in our earnings press releases dated October 20, 2021, and February 26, 2018, which are available on our website at www.tenethealth.com/investors
(a) Since 2017, five hospital markets have been divested that had annual revenues and Adjusted EBITDA of ~$2.5 billion and ~$105 million, respectively, on a trailing 12-month basis at the time of sale
(b) Before the repayment of ~$700 million of Medicare advances and deferred payroll taxes
2017
5.9x
Q3 2021
3.5x
-41%
ADJUSTED
NET REVENUE ADJUSTED EBITDA
ADJUSTED
EBITDA MARGIN FREE CASH FLOW DEBT LEVERAGE

6. 6
Strengthened all business units
HOSPITALS USPI CONIFER
2017 YTD Q3 2021
9.0%
11.4%
267
342
2017 Q3 2021
1.47
1.74
2017 Q3 2021 2017 Q3 2021
~3,000
~1,000
YTD Q3 2021
2017
36.0%
41.8%
2017 YTD Q3 2021
27.7%
17.7%
Surgical facilities Offshore headcount
Case mix index
Adjusted EBITDA margin Adjusted EBITDA margin
Adjusted EBITDA margin
Restructured the portfolio and invested in high
acuity services, enabling same-hospital Adjusted
EBITDA to grow 25%+ since 2017
Focused on ambulatory surgery and fully
realized integration benefits which continue
to deliver value as the network scales
Redesigned the service delivery model,
leveraging technology and globalization to
improve performance
Note: Hospital segment includes corporate overhead and intersegment revenue eliminations; offshore headcount includes internal and external labor; reconciliations of these non-GAAP measures to the most comparable GAAP
measures and management’s reasoning for using these non-GAAP financial measures are included in our earnings press releases dated October 20, 2021, and February 26, 2018, which are available on our website at
www.tenethealth.com/investors

7. 7
A repositioned care delivery portfolio
267
438
76
60
End of 2017 End of 2021
Surgical
Facilities
Acute Care
Hospitals
Note: Includes acute care hospitals and USPI surgical facilities including those we operate, as well as de novo and other facilities in which we have an ownership interest from the recently completed SCD transaction

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Leading ambulatory surgery platform
438
145+
250+ 250+
127+
Note: Based on recent company filings and websites; includes USPI surgical facilities which we operate as well as de novo and other facilities in which we have an ownership interest from the recently completed SCD transaction
AMBULATORY SURGERY FACILITIES
• Partner of choice for physicians
• Focused on ambulatory surgery
• Highly diversified development pipeline
• Track-record of delivering synergies
• Strong margins and cash flow generation
• Commitment to quality and experience
DIFFERENTIATORS

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Acquired nearly all of SurgCenter Development
Acquisition included an ownership
interest in 86 mature and de novo MSK-
focused centers, ambulatory support
services and a development partnership
Strong performance with fully ramped
estimated consolidated net revenue of
~$675M, ~40% Adjusted EBITDA
margin and minimal debt
Synergies estimated to be ~16% of fully
ramped estimated Adjusted EBITDA,
driven by USPI differentiated
management capabilities
~$275M
fully ramped
Adjusted
EBITDA(a)
86
mature and de
novo centers
UNIQUE SCOPE STRONG FINANCIALS ATTRACTIVE SYNERGIES
~$45M
fully ramped
synergies(a)
(a) Estimates for 86 mature and development centers with phased consolidation and fully ramped by Years 3 to 4

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THE NEXT
STAGE OF
GROWTH
HIGH QUALITY, SPECIALTY CARE
Enhance access to community-based specialty care to meet the evolving healthcare
needs in the communities we serve
DISTINCTIVE AMBULATORY SURGERY PLATFORM
Utilize USPI’s unique development and management capabilities to further increase
competitive two-way and three-way JVs in high growth specialties
A LEADER IN NEW SERVICES IN LOWER COST SETTINGS
Continue to lead the introduction of high acuity services and state of the art technology
into our acute care hospitals, ambulatory surgery centers and physician practices
ECOSYSTEM OF LEADING PHYSICIANS
Engage with locally, regionally and nationally recognized physicians with a shared
commitment to quality, safety and patient experience

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Enhancing high acuity hospital services
The Hospitals of Providence East Campus in
El Paso began a $20M investment to expand
capacity to enhance care for stroke, women’s
health, surgical services and trauma services
The DMC Children’s Hospital of Michigan
recently opened a Fetal Care Center to increase
prenatal diagnosis of congenital anomalies, one
of several investments in specialized services
Delray Medical Center became the first hospital
in the region to offer MR-guided focused
ultrasound to treat essential tremors as part of
investments in technology and capacity

12. 12
Increasing healthcare access in growing communities
2.5%+ population growth
52% commercial
Planning to open Fort Mill Hospital in August
2022, providing a new hospital and medical
office space for a growing community
Breaking ground on a new healthcare
campus in Buckeye, inclusive of a
hospital, ASC and medical office space
Breaking ground on a new healthcare
campus in Westover, inclusive of a
hospital, ASC and medical office space
3.0%+ population growth
50% commercial
2.5%+ population growth
58% commercial
Source: Census Community Survey (2019 release, published 2021); Clarivate / DRG Managed Market Surveyor (published June 2021)

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Continuing to scale USPI’s national platform
ACQUISITION CAPITAL DE NOVO CENTERS HIGH QUALITY PHYSICIANS
Anticipate at least $200M in acquisition capital
to be deployed in 2022 with a robust and
growing pipeline
Expand USPI medical staff with high quality
physicians, including continuing to add higher
acuity services (e.g., total joint, robotics)
Target syndication of 15 – 20 de novos in
2022 including both two-way and three-way
joint ventures

14. 14
Targeting ~600 USPI centers by end of 2025
ILLUSTRATIVE USPI PORTFOLIO PATHWAY
438
End of 2021 SCD Development
Partnership Goal
Surgical Facility
Acquisition Goal
Additional De
Novos Goal
End of 2025 Goal
77-90+
30-40+
30-32+ 575 - 600+
Note: End of 2021 USPI surgical facilities includes facilities which we operate as well as de novo and other facilities in which we have an ownership interest from the recently completed SCD transaction

15. 15
Diversifying Conifer’s clients
REVENUE CYCLE
NEW CLIENTS
REVENUE CYCLE
RENEWALS
VALUE-BASED CARE
NEW CLIENTS
Note: Not exhaustive
Revamped lead generation and sales support
to engage new point solution and end to end
revenue clients
Continue to modernize engagement and
delivery model to increase clients utilizing
population health and financial risk services
Continue to deliver on service levels to
maintain and grow with existing clients for
hospital and physician revenue cycle

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EXEMPLIFYING A HIGH-PERFORMANCE CULTURE
Follow a nimble, data-driven, decision-making process and prioritize measurable
outcomes that improve our services to clinicians and patients
ACTING ON OUR COMMITMENT TO TALENT AND DIVERSITY
Continue to attract and retain strong talent and a workforce that reflects the
communities we care for; ~57% of new hires in 2021 were ethnically diverse
APPLYING GLOBALIZATION AND AUTOMATION
Continuously improve the effectiveness and efficiency of processes, including scaling
the Global Business Center to ~2,100 employees in the Philippines
UPHOLDING STRONG CORPORATE GOVERNANCE
Committed to sound corporate governance policies that protect the long-term interests
of shareholders, promote accountability, and give shareholders a voice
OUR
OPERATING
MODEL IS
STRONG

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12% 14%
28%
33%
60%
53%
2017
Hospital
2019 2021 PF
~48%
~11%
~50%
~39%
End of 2023 Goal
USPI
Conifer
~42%
~10%
Note: 2021 pro forma (PF) assumes the SCD closing occurred January 1, 2021, and fully ramped Adjusted EBITDA of ~$275M for the SCD
centers acquired in December 2021; end of 2023 goal is on a pro forma basis with Conifer included
TENET ADJUSTED EBITDA MIX
TENET IS WELL
POSITIONED TO
ACHIEVE END
OF 2023 GOALS

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An Attractive
Healthcare Services
Growth Company
Corporate offices
Care delivery facilities