3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 24: Tenet Healthcare (THC) Tenet Healthcare (TNC) www.tenethealchcom Pi ry 03 03 % UM 04 FY FY $mrn 2015 2016 09/30/16 09/30/17 Change 09/70/17 11/71/17 2017 2018 Revenue 20.111 19.621 4,849 4.586 5.4% 19,061 4.759 18,960 19,090 EBITDA 2.1% 2.413 570 547 -4.0% 2.217 753 2.397 2.441 Interest 912 979 243 257 5.8% 1,024 246 1.021 984 Taxes 68 67 10 160) -7010% (99) - (105) - Capex 842 875 731 144 -28.4% 753 208 700 700 FCF Before Working Capital and Other 454 492 116 206 539 299 781 757 FCF as %Net Debt 12% 3.4% NA 57% 17% 84% 5.5% 5.3% EBITDA% 11.3% 12.3% 11.8% 11.9% 116% 1513% 126% 12.8% EBITDA/Interest 2.5x 2.5x NA 2.1x 2.2. 3.1x 2.3x 2.5x Net tullen Debt/EBITDA 2.9.4 2.6* NA 2.8‹ 2.8* 2.Ox 2.5x 14x Net 2nd Lien Debt/EMMA 2.9x 3.77 2.7x 3.4x 3.3x Total Debt/EMMA 6.4x 637 NA 614 6.7x 4.9x 621 6.1x Net Debt/EBITDA 62* 6.0x NA 6.6x 4.7x 6.04 5.97 Note. Cash aAnonty Interest 210 SS 237 102 280 331 EBITDA less Cash Mnonty Interest 1203 492 1.980 651 2.117 2,110 Net Debt / EBITDA taus Cash FA nority Interest 664 7.3x 7.3* 5.5x 67x 68x Cash 356 716 NA 429 429 594 594 580 Availability NA 890 NA 998 998 998 9503 998 Liquidity NA 1.606 NA 1427 1,427 1.592 1.592 1,578 lst ben Debt 6.993 6.960 NA 6,532 6.532 6,532 6.532 6,532 2nd Lien Debt 6.993 7.710 8692 8.692 8.692 6692 8.692 Total Debt 14.510 15.255 NA 14.881 14.881 14,881 14.881 14.8(11 Debt Structure 51000 mm Revolver 1.4.125-175 due 12/04/20 $1041 rnm 6.25% 3 Ira Lien Bond due 11/01/18 NA 1.041 NA - $500 mm 475% First lien Bond due 06/01/20 NA 500 NA 5C0 MO 500 503 S00 $1800 mm 6% First Lien Bond due 10/01/20 NA 1.803 NA 1800 1« 1,803 1,800 1« SOT mm FRN D•3501 due 06/15/20 NA 90:1 NA - • $850 mm 4