iliates, Inc. SCAI SCAI US Kevin Fischbeck, CFA UnitedHealth Group UNH UNH US Kevin Fischbeck, CFA NEUTRAL DaVita Inc DVA DVAUS Kevin Fischbeck, CFA Tenet Healthcare THC THC US Kevin Fischbeck, CFA Universal Health Services UHS UHS US Kevin Fischbeck, CFA WellCare Health Plans, Inc. WCG WCG US Kevin Fischbeck, CFA

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite iFigure 4: Tenet Healthcare (THC) Tenet Healthcare (THC) www.tenethealdtcom FY FY Q3 03 % LIM CR FY FY $ mm 2015 2016 09/30/16 09/30/17 Change 09/30/17 12/31/17

106006 8-66% 447 050122 Tenet Healthcare ITHCI 4,750% 1st lien Bonds 0501420 $500 Baš BB. 102500 368% 173 0601/20 81217 2.64 7.50 Tenet Healthcare ITHCI 6000% 14 Lie Bonds 100120 11.900 Oa 88- 105 000 an% 174 1001/20 $2217 2.84 724 Tenet Heakhcare 1714C) 4.603% 1st Lien Bonds 040

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