Annual Meeting of Shareholders

Trevor FetterPresident & Chief Executive Officer

Dallas, TexasMay 8, 2008

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• Got back on a growth track:

– First quarter of positive admissions growth in nearly four years

– Florida Region back on track

– Philadelphia turnaround

– Acquired first new hospital in five years

– Broke ground on another new hospital — 4th in 5 years

• Improved Quality and Service:

– Highest overall CMS Core Measures scores among investor-owned systems; third highest among 10 largest U.S. systems; continued improvement in scores

– Improved physician, patient and employee satisfaction scores

• Increased investment in our hospitals to improve competitiveness

• Strong pricing growth; renegotiated nearly half of our managed care contracts

• Overhead down by more than 10% vs. prior year and 17% vs. budget; solid contribution to earnings

• Reduced employee turnover

• Strengthened Board of Directors and maintained high corporate governance ratings

2007: A Year of Many Accomplishments

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Tenet Today• 54 acute care hospitals, 2 sub-acute hospitals, 20 surgery

centers, 31 imaging centers

• 258th on Fortune 500 – $8.9 billion in revenues

• 100th largest U.S. employer, with 63,000 employees

• 3rd largest investor-owned hospital company and 4th largest hospital system in the U.S.

• Treating 4 million patients

• Delivering 82,000 babies

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2003 – 2005 2006-2007 2008 and Beyond

Phase I

Phase II

Phase III

Differentiation Based on Quality & Service

Stabilization

Selective Investment in Existing Markets & Outpatient Business

Tenet’s Strategy

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Commitment to Quality

Tenet

National Average

* Source: CMS Hospital Compare website.** SCIP measures added to data point of Q106-Q406 timeframe.

Tenet Healthcare vs. National Average*Q104 – Q407

88.0%

89.9%

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Tenet’s Core Hospitals vs. Largest U.S. SystemsQ306 – Q207

National Average, 88.0%

Commitment to Quality

92.9% 92.6%89.9% 89.6% 89.1% 88.8% 87.5% 87.2%

84.0% 83.9%

50%

60%

70%

80%

90%

100%

Trinity Health

Cathlic Health

Partners

Tenet Healthcare

Catholic

Healthcare W

est

Catholic Heath

Initiatives

Ascension

Health

Com

munity

Health Systems

HCA

Lifepoint

Hospitals

HMA

1. Source: CMS Hospital Compare website as of 3/31/08 from Q306 to Q207.2. This analysis includes all 24 CMS public measures in AMI/HF/PN/SCIP and includes the ten largest

U.S. health systems with 30 or more hospitals.

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65.6%64.2%

62.2%

55.9%

0.516

61.3%

40%

50%

60%

70%

80%

Ascension CHP CHW Tenet HCA HMA

HCAHPSTenet’s Core Hospitals vs. Large Systems (with at least 75% of hospitals reporting) Q406 – Q207

Patients Rating the Hospital 9 or 10 (on a 10-point scale)

69.4%68.1% 68.1%

66.7%

59.9%

54.9%

40%

50%

60%

70%

80%

Ascension CHP CHW Tenet HCA HMA

Patients Who Would Definitely Recommend the Hospital

National Average National Average

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Volume Building Strategies• Commitment to Quality (C2Q)

– Become the hospital of choice among physicians, patients and nurses– Centers of Excellence strategy (COE)

• Attract payer-directed volumes and pursue opportunities for pricing enhancements

• Targeted Growth Initiative (TGI)– Emphasize high margin, faster growing service lines consistent with

projected community needs

• Capital Expenditures Program– Target capital spending on highly visible items of greatest importance to

physicians and high margin service lines

• Physician Relationship Program (PRP)– Communications program with our physicians to highlight existing and

planned capabilities– Identify and resolve service and operational issues

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Admissions Growth

NOTE: Chart reflects same-hospital admissions growth for 53 hospitals as reported for the respective calendar year quarter over prior year.

2003

2004 20052006

2007

Tenet’s Same Hospital Admissions Growth

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Capital Expenditures Per Bed

Capital Expenditures Per Bed (1)

(1) Last 12 months for continuing operations, excluding construction of new hospitals.

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Significant Investment in the Latest Technology...Key Technology Investments Across our Hospitals

Diagnostic Imaging• 20 CT Scanners• 6 MRIs• 13 Digital Mammos• 19 Digital Ultrasounds• 19 Nuclear Medicine

Cameras

IS Systems• 13 PACS Systems• 11 ED clinical

documentation systems

• 21 core clinical system installations/ replacements

Radiation Therapy• 2 Linear accelerators• 1 Gamma Knife• 1 Cyber Knife

Procedure labs/ORs• 9 Cardiac cath Labs• 16 C-Arms• 2 DaVinci robots

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• 3 new patient towers

• 11 unit constructions/renovations and expansions

• Refurbishments of patient floors

• 6 medical office buildings constructed/ developed

• 55 basic clinical equipment replacements

… and Infrastructure…

Rendering of Sierra Providence East Hospital opening May 2008.

Rendering of East Cooper Replacement Hospital, planned to open in April 2010.

New patient tower at Twin Cities Community Hospital.

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…and Outpatient Services

• $33 million investment

– CY2007 spend = $13.2 million

– CY2008 spend = $19.8 million

• Acquisition / Development of New Centers

– Completed acquisition of Reagan Street Surgical Center, Los Alamitos, October 2007

– Planned acquisition of Sedona Surgery Center, JFK, in May 2008

– Planned acquisition/development of 4 DICs in 2008

• El Paso University Towers Imaging Center

• Placentia Linda Imaging Center

• Lake Pointe Forney Imaging Center

• Piedmont Baxter Village Imaging Center

• Dedicated Outpatient Resources

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Tenet’s 2008 Circle of Excellence Hospitals

• Cypress Fairbanks Medical Center Hospital , Houston, TX

• Delray Medical Center, Delray Beach, FL

• Desert Regional Medical Center, Palm Springs, CA

• Hahnemann University Hospital, Philadelphia, PA

• Houston Northwest Medical Center, Houston, TX

• Lake Pointe Medical Center, Rowlett, TX

• Los Alamitos Medical Center, Los Alamitos, CA

• North Fulton Regional Hospital, Roswell, GA

• North Shore Medical Center, Miami, FL

• Spalding Regional Medical Center, Griffin, GA

• St. Christopher’s Hospital for Children, Philadelphia, PA

• Twin Cities Community Hospital, Templeton, CA

2008 Tenet Heroes Hall of Fame Inductees

Debbie BenitezRN Coordinator

USC University Hospital

Esther ValdezRegistered Nurse

Houston Northwest Medical Center

Mescal HuntNICU Coordinator

Atlanta Medical Center

Lenny RosenfeldVice President

Quality Management

Everett ChristensenSupervisor of Plant OperationsNacogdoches Medical Center

Ronnie JenningsMaintenance Technician

Nacogdoches Medical Center

Edgar PayneHVAC Mechanic

Nacogdoches Medical Center

Barbara ZurzoloSenior Managing Counsel

Tenet Philadelphia

Denise JohnsonHR Representative

Doctors Hospital of Manteca

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National Nurses Week &National Hospital and Healthcare Week