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Jack Bovender Chairman and CEO Vic Campbell Senior Vice President

Jack Bovender Chairman and CEO Vic Campbell Senior Vice President Mark Kimbrough Vice President, Investor Relations. Cautionary Note Regarding Forward-looking Statements.

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Jack Bovender Chairman and CEO Vic Campbell Senior Vice President

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  1. Jack Bovender Chairman and CEO Vic Campbell Senior Vice President Mark Kimbrough Vice President, Investor Relations

  2. Cautionary Note Regarding Forward-looking Statements HCA’s management will be making some forward-looking statements during today’s presentation. Those forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause those forward looking statements to be materially incorrect. Certain of those risks and uncertainties are discussed in HCA’s filings with the Securities and Exchange Commission, including the company’s report on Form 10-K and its quarterly reports on form 10-Q, to which you are referred. Management cautions you not to rely on, and makes no promises to update any of the forward looking statements.

  3. Collective Knowledge 190,000 employees 190 hospitals 92 surgery centers 14 million patients treated annually 5.2 million emergency room visits annually

  4. What Will Drive HCA’s Future Success • Aging Population and Improving Economy • Located in Large, Growth Markets • Capital Investments • Enhanced Outpatient Strategy • Quality and Patient Safety Initiatives • Bad Debt Trends Improving/ Encouraging • Stable Pricing Environment • Prudent use of Company’s Strong Cash Flows

  5. 1.62% 3-Year CAGR 1.56% 3-Year CAGR 1.59% 3-Year CAGR 1.58% 3-Year CAGR 125 121 119 120 1.7% 117 1.6% 115 1.6% 113 1.58% CAGR 2003-2012 115 1.6% 112 1.5% 110 1.6% 108 110 106 1.6% 105 1.6% 103 1.6% 105 102 1.6% 100 1.6% 98 1.5% 100 97 1.6% 96 1.5% 1.4% 95 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Socio-Demographics—Age WaveDriving Healthcare Utilization Acute Care Utilization Index (2003=100) Baby Boomer Impact Accelerates

  6. Improving unemployment rate in mid-2003 implies mid-2005 rebound in admissions 4% 4% 3% 5% 2% 1% 6% 0% 7% -1% Inpatient Admissions Growth Unemployment Rate -2% 8% 2 YearLagged -3% Correlation -4% 2 9% - R of 0.74 since 1980 2 - R of 0.66 since 1978 -5% 2 - R of 0.48 since 1970 10% -6% 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1977 1950 1955 1960 1965 1970 1971 1972 1973 1974 1975 1976 1999 2000 2001 2002 2003 2004YTD Unemployment Rate Inpatient Admissions Growth Source: American Hospital Association, Bureau of Labor Statistics and Goldman Sachs Research estimates.

  7. HCA Hospitals Locatedin Growth Markets • Generally 25%-40% Market Share • 40% of facilities in Texas & Florida Kansas City +5% Denver +9% U.K. Las Vegas +22% Switzerland Richmond +8% Dallas/Ft. Worth +12% Nashville +8% Southern California +9% Panhandle +10% Palm Beach +11% Houston +10% Dade +8% Percent Growth in Market Population 2000-2005 Compared to the National Average of 4.5% Tampa Bay +8% Austin +18%

  8. HCA Capital Expenditures Billions 2002 $1.7 2003 $1.8 2004 $1.5 2005E $1.6 2000 $1.2 2001 $1.4 $2.0` $1.5 $1.0 $0.5 New Denver Facility $0.0 Outpatient Services/MOBs 11%/$480M Replacement Facilities 10%/$420M 2000 2001 2002 2003 2004 2005E New and Expanded Services 16%/$690M Note: Does not include potential new and replacement facilities. Land & Improvements 12%/$505M ER Services 8%/$325 Infrastructure Develop., IT&S, & Pat. Safety Midwest Division 3 Facilities 511 Beds Shared Services Three Facilities 511 Beds 33 ER Expansions Open Heart, Cardiology Oncology, etc. 33 ER Expansions New & Replacement Facilities Open Heart, Cardiology Oncology, etc. Facility Expansion Projects RoutineCapital 56 Facilities with Surgery and/or ICU/CCU expansions 1611 New Beds Three New Facilities 310 Beds Three New Facilities-310 Beds Distribution of Capital Dollars 2005 and Beyond 1,611 New Beds Surgery/Special Units 21%/$875M New Facilities 8%/$340M Beds 14%/$590M

  9. HCA Surgery Centers Outpatient Strategy Progressing Transactions totaling $130 million completed 20–30 imaging center and 8-10 surgery center transactions expected to be completed over the next 12 months Diversified Radiology (Denver) 4 imaging centers/fifth under construction Austin Radiology Assoc. 2 imaging centers Sarah Cannon Research Institute (Nashville) Thousand Oaks Diagnostic Imaging First Health (Jacksonville) Hope Cancer Centers (Tallahassee) 3 centers Ultra Open MRI (Tampa) 6 centers Millcreek Imaging Center Salt Lake City, UT LAD Imaging Centers (Orange City, Deltona) Total I Management, LLC (Tampa Bay Area) 5 imaging centers MDI 7 Centers

  10. Our Commitment to Patient Safety HCA Has Invested Over $300 Million In Patient Safety Technologies Since ’97

  11. Our Commitment to Patient Safety eMAR & Barcoding Ensures the five “R’s” – right patient, right medication, right dose, right time, right route of administration The benefit to our patients… Prevents the error patients fear most … getting the wrong medication

  12. Our Commitment to Patient Safety Electronic Provider Order Management (ePOM) Allows physicians to input prescriptions and patient orders electronically and transmit them directly to a pharmacy or hospital department The benefit to our patients… Eliminates the risk of a pharmacist or clinician misreading a physician’s handwriting

  13. Satisfied Physicians HCA physicians rank our facilities higher than that of other hospitals across the country Source: Gallup Satisfaction Surveys 2003

  14. Bad Debts and Charity $5B $916 $1B $3,595 $912 $893 $874 $858 $837 $795 $786 $3,028 $610 $587 $567 $514 $2,160 $491 $0 $0 Bad Debts Charity Bad Debts As reported BD % of Net Revenue BD & Charity % of Gross Revenue excluding Uninsured Discount Changes

  15. Uninsured HCA Financial History – 2005.ppt 2000 2001 2002 2003 2004 2005 +4.4%+4.3% Jan Feb +4.4% +4.3% +4.5% Jan FebMar Uninsured Admissions Same Facility % of Total Admissions +_._% Mar N/A +4.3% +4.6% +1.2% Jan FebMar 2004: +9.7% +4.3%+4.6% Jan Feb +_._% Mar 13.7% vs. PY 7.1% vs. PY Uninsured Admissions Same Facility % Chg from Prior Year 11.5% vs. PY 3.7% vs. PY 15.2% vs. PY 2.4% vs. PY 3.3% vs. PY 7.2% vs. PY 7.5% vs. PY +20.4%+20.9% Jan Feb Uninsured ER Visits Same Facility % of Total ER Visits +_._% Mar N/A +20.4% +20.9% +20.9% JanFebMar

  16. 11.6% Uninsured Managed Care and Other - 61.2% Medicare 27.2% Source of Revenue • MedicareGovernment funded healthcare program for the elderly • Managed CareCommercial/Private health insurance Pricing increase of 3-4% Pricing increase of 6-7%

  17. Capital Reinvestment $1.5B in 2004 Share Repurchase Program $10.0B in 8 years $2.5B “Dutch Auction” completed at $39.76 in Fourth Quarter 2004 New Dividend Policy $250mm annually Cash flow in 2005 Remains Positive Net Cash Provided by Operating Activities1 Dollars in Millions 6.6% 2 Excluding settlements with government agencies and investigation related costs. 1: 1999-2003 are non-GAAP numbers 2: Q1 2005

  18. In Summary We Have…. Great Assets Excellent Investment Opportunities Strong Cash Flows Excellent Long-Term Earnings Growth Outlook Prudent Financial Strategy Focused on Shareholder Value

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