These previously released results included adjusted EBITDA, a non-GAAP term defined below, of $246 million for the second quarter of 2009, an increase of approximately $83 million, or 50.9 percent, as compared to $163 million for the second quarter of 2008. On a same-hospital basis, adjusted EBITDA is $241 million, an increase of $72 million, or 42.6 percent, as compared to $169 million in the second quarter of 2008. The net loss attributable to shareholders for the second quarter of 2009 is $15 million, or $0.03 per share, the same as the second quarter of 2008.

Outlook for 2009

As the basis for our outlook for 2009 adjusted EBITDA in a range of $810 million to $875 million, we have assumed same-hospital admissions growth of flat to a decline of one percent and same-hospital outpatient visit growth of 1.5 to 3.0 percent. Based on these volume assumptions, we have assumed growth in net operating revenues in a range of 3 to 5 percent. This is consistent with an outlook for total-company net operating revenues in the range of $8.9 billion to $9.1 billion.

Our outlook for 2009 growth in controllable operating expenses per adjusted patient day is in the range of 0.25 to 1.0 percent. On a total-company basis, these assumptions correspond to a range for 2009 controllable operating expenses of $7.3 billion to $7.4 billion.

The outlook for 2009 total-company bad debt expense is in the range of 7.8 to 8.5 percent of net operating revenues, and these assumptions correspond to 2009 total-company bad debt expense in the range of $700 million to $750 million.

Based on these assumptions, the 2009 outlook for adjusted EBITDA is in the range of $810 million to $875 million, on a total-company basis (or a net loss attributable to shareholders of $20 million to net income of $60 million on a GAAP basis). Our definition of the term adjusted EBITDA is reconciled to net income (loss) attributable to Tenet Healthcare shareholders as defined by GAAP in Table #3 below.

As supplemental information, we are also providing our outlook using an assumption of 37.1 percent for "normalized" income taxes, which results in a range of a normalized 2009 income tax benefit of $19 million to an expense of $4 million, compared to our outlook range of an income tax benefit of $5 million to an expense of $5 million. On this basis, our 2009 outlook for normalized income (loss) from continuing operations before income taxes ranges from a loss of $50 million to income of $10 million. Using average expected shares outstanding of 484 million, the 2009 outlook for normalized loss per share from continuing operations is in the range of a loss of $0.08 per share to loss of $0.01 per share. This calculation is provided in Table #4 below. Table #4 incorporates our outlook for 2009 depreciation and amortization expense in the range of $400 million to $420 million, the outlook for 2009 interest expense, net, in the range of $445 million to $460 million, and the outlook for 2009 net income attributable to noncontrolling interests in the range of $8 million to $13 million.

Our 2009 outlook includes an expectation of adjusted net cash provided by operating activities from continuing operations in the range of $290 million to $365 million which the Company defines to exclude income tax refunds (payments) net, payments against reserves for restructuring charges and litigation costs and settlements, and net cash provided by (used in) operating activities from discontinued operations.

Adjusted free cash flow from continuing operations for 2009 (based on adjustments provided in Table #5 below) is expected to be in the range of negative $110 million to negative $85 million. Our 2009 outlook for net cash provided by operating activities on a GAAP basis is $138 million to $243 million. For additional information see Table #5 below.

The outlook range for cash and cash equivalents at December 31, 2009 is $415 million to $515 million. This year-end cash outlook includes the $60 million of cash used in the third quarter to repurchase some of the Company's outstanding debt, and the $81 million of cash to be used in the third quarter to settle the Company's previously disclosed California wage and hour litigation matter.

The Company's outlook for 2009 is materially dependent on a number of items that are difficult to project given the uncertain macro-economic environment. Among the most important of these items are aggregate patient volumes, payer and patient mix, and bad debt expense.

Management's Webcast Discussion of Second Quarter Results

Tenet management will discuss second quarter 2009 results on a webcast scheduled to begin at 10:00 AM (ET) on Aug. 4, 2009. This webcast may be accessed through Tenet's website at www.tenethealth.com. A set of slides accompanying the call will be posted to the Company's website at approximately 7:30 AM (ET).

Tenet Healthcare Corporation, through its subsidiaries, owns and operates acute care hospitals and related ancillary health care businesses, which include ambulatory surgery centers and diagnostic imaging centers. Tenet's hospitals and related healthcare facilities are committed to providing high quality care to patients in the communities we serve. For more information, please visit www.tenethealth.com.

Some of thestatements in this release may constitute forward-looking statements. Such forward-looking statements are based onourcurrent expectationsand could be affected by numerous factors and are subject to various risksand uncertaintiesdiscussed inourfilings with the Securities and Exchange Commission, includingourannual report on Form 10-K for the year ended Dec. 31, 2008, our quarterly reports on Form 10-Q, and periodic reports on Form 8-K. 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.

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