1. Q4’07
Earnings Call
February 26, 2008

2. Forward-Looking Statements
Certain statements contained in this presentation constitute forward-looking statements. Such forward-looking statements are based on
management's current expectations and involve known and unknown risks, uncertainties and other factors that may cause the
Company’s actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors
include, among others, the following: general economic and business conditions, both nationally and regionally; industry capacity;
demographic changes; changes in, or the failure to comply with, laws and governmental regulations; the ability to enter into managed
care provider arrangements on acceptable terms; changes in Medicare and Medicaid payments or reimbursement, including those
resulting from a shift from traditional reimbursement to managed care plans; liability and other claims asserted against the Company;
competition, including the Company’s failure to attract patients to its hospitals; the loss of any significant customers; technological and
pharmaceutical improvements that increase the cost of providing, or reduce the demand for, health care; a shortage of raw materials, a
breakdown in the distribution process or other factors that may increase the Company’s cost of supplies; changes in business strategy
or development plans; the ability to attract and retain qualified personnel, including physicians, nurses and other health care
professionals, including the impact on the Company’s labor expenses resulting from a shortage of nurses or other health care
professionals; the significant indebtedness of the Company; the availability of suitable acquisition opportunities and the length of time it
takes to accomplish acquisitions; the Company's ability to integrate new businesses with its existing operations; and the availability and
terms of capital to fund the expansion of the Company's business, including the acquisition of additional facilities. Certain additional
risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s
annual report on Form 10-K and quarterly reports on Form 10-Q.
Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to
achieve the results estimated. We make no promise to update any forward-looking statement, whether as a result of changes in
underlying factors, new information, future events or otherwise.
Non-GAAP Information
During the Company’s quarterly earnings calls and in this presentation, management refers to certain financial measures and statistics,
including measures such as adjusted EBITDA, which are not calculated in accordance with Generally Accepted Accounting Principles
(GAAP). Management recommends that you focus on the GAAP numbers as the best indicator of financial performance. These
alternative measures are provided only as a supplement to aid in analysis of the Company.
Reconciliation between non-GAAP measures and related GAAP measures can be found in the press release issued on February 26,
2008, and on the Company’s web site, www.tenethealth.com.
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3. Trevor Fetter
President and
Chief Executive Officer

4. Significant milestones achieved in Q4’07
0.1% admissions growth (Q4’07 vs Q4’06, same-hospital)
Volumes
Florida volumes stabilizing with 0.3% admissions decline
2.3% admission growth through January 31, 2008 (same-hospital)
2.1% admissions growth in Florida through 1/31/08 (same-hospital)
8.9% growth in commercial managed care revenue versus Q4’06
Revenue
(same-hospital) . . . despite 1.8% decline in commercial managed
care admissions
3.5% increase in net revenue per adjusted admission (same-hospital)
Pricing
Signed new contracts representing almost 1/3 of commercial payer
revenue
5.1% growth in controllable operating expense per adjusted
Costs
patient day
Collection rates increasing for all categories (versus Q4’06)
Bad Debt
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5. Improvement in non-financial metrics
Tenet ranks number 3 among the 10 largest hospital systems and
Quality the highest among investor-owned hospital companies
2.5% increase in physician satisfaction scores – to 76.7%
Service
0.8% increase in patient satisfaction scores – to 71.8%
19.7% total employee turnover, improved from 22.5% in 2006
68.0% employee satisfaction up from 65.6% in 2006
People
3.9% hospital CEO turnover versus 20% in 2006
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6. Stephen L. Newman, M.D.
Chief Operating Officer

7. Momentum Building in 3 Key Areas:
Volumes
Pricing and quality initiatives
Physician staff expansion
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8. Volume Growth
Q4’07 admissions grew 0.1% (vs Q4’06) . . . aggregate market share is stabilizing
First positive quarter since Q1’04
January growth of 2.3%
Florida:
0.3% admissions decline in Q4’07 (vs Q4’06). . . smallest decline since Q4’04
Up 2.1% in January 2008 (vs Jan’07)
0.8% Palm Beach admissions growth in Q4’07 (vs Q4’06)
4 of 5 Palm Beach hospitals had positive admissions growth in Q4’07 (vs Q4’06)
Philadelphia:
20% admissions growth at St. Christopher’s Hospital for Children (vs Q4’06)
0.9% admissions growth at Hahnemann University Hospital (vs Q4’06)
California:
3.2% admissions growth in Q4’07 (vs Q4’06) . . . 2.4% excluding Stanislaus
Softer admissions in Texas and Southern States Markets
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9. Volume Growth (cont.)
Surgery growth in Q4’07 (vs Q4’06) :
0.3% growth in total surgeries
0.8% growth in outpatient surgeries
0.4% decline in inpatient surgeries
Commercial managed care admissions:
1.8% decline in Q4’07 (vs Q4’06)
TGI service lines continue to accelerate commercial growth
8.2% growth - commercial urological surgery (vs Q4’06)
19.0% growth – commercial ENT surgery
0.3% growth – commercial orthopedic surgery
3.7% growth – commercial neurosurgery
16.0% growth – commercial vascular surgery
Declines in:
2.7% - commercial obstetrics (vs Q4’06)
13.9% - commercial open heart surgeries
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10. Pricing gains . . . achieving our objectives
Recently signed commercial contracts achieve critical
pricing objectives:
United, Aetna, CIGNA, Blue Cross of California
Securing full network participation of all facilities in key markets
Managed care pricing (including government programs)
9.4% increase in net revenue per admission (vs Q4’06)
9.0% increase in revenue per outpatient visit (vs Q4’06)
Increasing COE designations from managed care payers
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11. Physician Relationships:
Recruiting more doctors
241 net new physicians added in Q4’07 with active staff privileges (1)
1,086 net new physicians added in 2007
. . . . approximately a 9% increase to our active physician staff
Physician Recruitment Program (“PRP”):
Visited 4,720 physicians in Q4’07
2.5% admissions growth from these physicians (vs Q4’06)
Included visits to 437 physicians unaffiliated with Tenet
New executive to lead business development, marketing, advertising,
physician recruitment, and Physician Relationship Program
(1) “Active staff” status generally requires at least 10 admissions per year or 10 outpatient surgeries per year.
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12. Summary - Operations
Admissions up for first time in almost 4 years
Favorable volume trends continue in 2008
Continuing progress in:
Pricing
Quality
Physician recruitment
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13. Biggs C. Porter
Chief Financial Officer

14. Adjusted EBITDA(1)
300
250
218
211
194
200
177
168
$ in millions
164
153
150
114
100
50
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007
(1) Same hospital.
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15. Adjusted EBITDA(1) $168mm in Q4’07
includes:
Expense $12mm year-end net compensation and benefit accruals
Accruals
Bad Debt $19mm favorable adjustment from “look-back” on collection
Adjustment experience
Cost Report
Net zero
Adjustments
(1) Same hospital.
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16. Volume – Admissions Growth(1)
2%
Up 0.1%
Y-o-Y Growth
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-2%
-4%
2007
2006
(1) Same hospital.
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17. Net Revenue(1) -
Growth Trend Strengthening
8%
Up 6.0%
6%
Y-o-Y Growth
4%
2%
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-2%
-4%
2007
2006
(1) Same hospital.
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18. Solid pricing gains
4.0% increase in net inpatient revenue per adjusted
admission (same hospital)
4.9% normalized for Q4’06 cost report adjustments
....
10.6% increase in net outpatient revenue per visit (same
hospital)
Recently signed commercial contracts support growth trend
CIGNA and Blue Cross California effective 1/1/08
’08 and ’09 escalators in substantially all contracts
Signed contracts cover approximately:
80% of commercial rates for 2008
Over 60% for 2009
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19. Cost Containment
Controllable Expenses(1) per Adjusted Patient Day
8%
6.5
6.3
6%
Y-o-Y Growth
5.1 5.1
4.8
4.3 4.2
3.5 %
4% 3.6 Normalized (2)
2%
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007
(1) Same-hospital controllable expenses defined as SWB, supplies, and other operating expenses.
(2) Excludes $12mm of year-end compensation and benefit expense and $17mm increase in implant expense vs Q4’06
Growth rate is 4.4 percent if only the $12mm year-end compensation and benefit expense is excluded.
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20. Bad Debt Controlled…
despite 10% growth(1) in uninsured admissions
Bad Debt Expense / Net Revenues
(excluding unusual charges)
18%
16%
14%
12%
10%
8%
6%
4%
As reported
2%
Compact-adjusted (2)
0% (as reported)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2005 2006 2007
2004
2000 2001 2002 2003
(1) Same-hospital
(2) Compact adjustment calculations discontinued beginning in Q1’07.
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21. Improved Collections Have Reduced Bad Debt
Expense
100% 98% - Q4’07
Managed Care
97% - Q4’06
64% - Q4’07
Balance-After
60% - Q4’06
Collection
Rate
36% - Q4’07
Blended “Self Pay”
32% - Q4’06
13% - Q4’07
Uninsured
8% Pre-Compact
0% 0% - Charity Care
Fully Insured Uninsured
Degree of Insurance
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22. $572 million in cash at 12/31/07
$300 million – capital expenditures in Q4’07
Capital infusion announced in mid-2006 completed
$22 million capex in Sierra Providence East Medical
Center, El Paso
Completed capital spending catch-up
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23. Capital Expenditures in 2007
($mm)
New and Replacement Hospital Construction 67
Other Construction and Expansion Projects 138
▪ 2 New Patient Towers ▪ 1 MOB & Parking Garage
▪ 1 Cancer Center ▪ Other Expansion Projects
Major Equipment 88
▪ 6 Cath Labs ▪ 2 Surgical Robots
▪ 21 CT Scanners ▪ 2 Linear Accelerators
▪ 6 MRIs ▪ Other (C-Arms, Mammography, Nuclear Med, etc)
Basic Clinical Equipment Replacement, including beds 56
Clinical Information Systems and Technology 107
Renovations, Facility Maintenance and Routine Equipment 267
Seismic and ADA Requirements 6
Total 2007 Capital Expenditures – continuing operations 729
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24. $127mm – adjusted net cash provided by
operating activities - continuing operations
Working capital did not generate at level of prior
outlook
Book overdrafts declined $63mm from prior year
$32mm build-up in accounts receivable on higher revenues and
higher collectability
2008 outlook anticipates $60mm improvement from
A/R turns
Restoration of more normal overdraft
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25. 2008 Cash Walk Forward
($mm)
Low High
December 31, 2007 Beginning Cash 572
Adjusted Net Cash Provided by Operating Activities 400 500
Income Tax (payments) refunds, net (17) (17)
Payments against reserves for restructuring charges, litigation (103) (103)
costs and settlements
Net cash provided by (used in) operating activities from (80) (55)
discontinued operations
Capital Expenditures (600) (650)
Other Investing Activities 33 58
Net Financing Activities (5) (5)
Cash Outlook December 31, 2008 200 300
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26. Enhancing balance sheet efficiency
2007 initiatives:
$129mm added to cash in 2007
Includes $97mm added in Q4’07
Corporate level initiatives :
Monetized insurance sub investments
Liquidated cash surrender value of insurance policies
$400mm - 600mm incremental cash anticipated
over next 24 months
MOB sale
Broadlane recapitalization
Sale or monetization of excess land, buildings, and
underutilized assets
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27. 2008 Capital Expenditures
$600 to $650 million
Includes:
$82mm for new hospital construction
$35mm for seismic and ADA
$25mm for Outpatient growth
Maintenance capital expenditures
$500mm for 2007 depreciation + amortization + lease
expense
Approx $400mm annual capex on core 53 hospitals
2003 to 2005 . . . excluding physical expansion and
new hospital construction
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28. Illustrative, Sample Walk-Forward Path to
$1 billion Adjusted EBITDA in 2009
2008 2009
($ millions) Revenue Cost EBITDA Revenue Cost EBITDA
Prior year 8,852 (8,151) 9,400 (8,550)
701 850
Cost Report Adjustments (40) - (40) - - -
Georgia/ Florida Medicaid (60) - (60) - - -
Volume (1) 193 (116) 77 151 (91) 60
Pricing – Base Line Increase (2) 280 (18) 262 312 (20) 292
Managed Care (3) 36 - 36 34 - 34
Other Initiatives (4) 51 (18) 33 - - -
Costs – Base Line Inflation (5) - (261) (261) - (286) (286)
Cost Reduction Initiatives (6) - 100 100 - 29 29
Other (7) 88 (86) 2 88 (67) 21
9,400 (8,550) 9,985 (8,985)
Total (8) 850 1,000
(1) Annual admissions growth of 1.5 percent, outpatient visit growth of 2.5 percent using 2007’s average pricing with 40 percent margin assumption on incremental
revenues.
(2) Base line pricing increases of 3.2 percent for 2008, and 3.3 percent for 2009. These assumptions are before discrete initiatives valued in this analysis, and
include certain assumptions on adverse mix change
(3) Price increases in existing contracts and anticipated future increases.
(4) Full-year impact of 2007’s ED acuity capture effort and incremental adjustments to chargemaster.
(5) Inflation rate of 3.5 percent reflects normal merit increases, union contract adjustments and other items before discrete initiatives valued in this analysis.
(6) Full year impact of cost initiatives initiated in 2007.
(7) Includes impact of Sierra Providence East Medical Center (El Paso), Coastal Carolina Hospital, physician practices and other non-acute operations.
(8) Various risks including volume growth, volume mix, and bad debt create at least $75 million in uncertainties for 2008 performance, hence the adjusted EBITDA
outlook range from $775 mm to $850mm. 2009 uncertainties exceed those identified for 2008. This schedule is not intended to provide a series of spot
estimates or line item guidance. Other combinations of line item performance could produce the same or higher, or lower results.
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