Financial Astrology of Tenet Healthcare Corp.

FINANCIAL ASTROLOGY

First Trade Date for Tenet Healthcare Corp.

Company Name	First Trade Date (yyyy-mm-dd)
Tenet Healthcare Corp.	1995-06-26

Company Name	Symbol
Tenet Healthcare Corp.	THC
History and Business of Company (this information may include date of incorporation)
Tenet Healthcare Corporation operates in one line of business-the provision of health care, primarily through the operation of general acute care hospitals. All of Tenet's operations are conducted through its subsidiaries. (Unless the context otherwise requires, Tenet and its subsidiaries are referred to herein as "Tenet," the "Company," "we" or "us.") Tenet is the second largest investor-owned health care services company in the United States. At December 31, 2003, Tenet's subsidiaries owned or operated 101 domestic general hospitals with 25,116 licensed beds, serving urban and rural communities in 15 states. Of those domestic general hospitals, 82 were owned by Tenet subsidiaries and 19 were owned by third parties and leased by Tenet subsidiaries (including one Tenet-owned facility that is on land leased from a third party). Our domestic general hospitals generated 95.8% and 97.0% of our net operating revenues in the years ended May 31, 2001 and 2002, respectively, 97.3% in the year ended December 31, 2002, and 96.8% in the year ended December 31, 2003. At December 31, 2003, Tenet subsidiaries also owned various related domestic health care facilities, including a small number of rehabilitation hospitals, specialty hospitals, long-term-care facilities, a psychiatric facility and medical office buildings-each of which is located on the same campus as, or nearby, one of our general hospitals-and a general hospital in Barcelona, Spain. In addition, our subsidiaries owned physician practices, captive insurance companies, and various ancillary health care businesses, including outpatient surgery centers, home health care agencies, occupational and rural health care clinics, and health maintenance organizations. Our mission is to provide quality health care services within existing regulatory and managed care environments that are responsive to the needs of the communities we serve. To accomplish our mission, our operating strategies are to (1) improve the quality of care provided at our hospitals by identifying best practices and exporting those best practices to all of our hospitals, (2) improve operating efficiencies and reduce costs while maintaining or improving the quality of care provided, (3) improve patient, physician and employee satisfaction, (4) improve recruitment and retention of nurses and other employees, (5) reduce bad-debt expense and improve cash flow, and (6) acquire new, or divest existing, facilities as market conditions, operational goals and other considerations warrant. We adjust these strategies as necessary in response to changes in the economic and regulatory climates in which we operate and the success or failure of our various efforts.

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