Tenet Reports Results for the Fourth Quarter Ended

Tenet Reports Results for the Fourth Quarter Ended December 31,

2015 and Issues Outlook for 2016

DALLAS February 22, 2016 Tenet Healthcare Corporation (NYSE: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

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

Medicaid and Exchanges

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.

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.

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.

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.

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.

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

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.

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