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February 14, 2006

UBS Global Healthcare Conference. February 14, 2006. Cautionary Note Regarding Forward-looking Statements.

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February 14, 2006

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  1. UBS Global Healthcare Conference February 14, 2006

  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. The presentation may contain certain (non-GAAP) measures – you may refer to the Company’s financial filings on Form 10-K or Form 10-Q for reconciliation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures. 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. Hospital Corporation of America NYSE: HCA • Largest, publicly traded, healthcare provider with • 182 hospitals • 94 freestanding surgery centers Located in 22 states, London, England and Geneva, Switzerland Sky Ridge Medical Center Denver, CO StoneCrest Medical Center Nashville, TN Capital Regional Medical Center Tallahassee, FL

  4. HCA 2005 Highlights • Revenues totaled $24.5 billion up 4.3% (same facility 4.8%) • EPS (GAAP basis) up 24% to $3.19 per diluted share • EPS excluding gains on sale of facilities, impairments, foreign tax repatriation and hurricane expenses, increased 15% • Cash flow from operations totaled $3.2 billion vs. $3.0 billion in 2004 • Repurchased 36.7 million shares of stock ($1.9 billion) • Increased dividend 13% to $0.17 per quarter

  5. Returns Improved in 2005 Return on Stockholders’ Equity Return on Invested Capital Return Analysis % change from Prior Year 2005 2004 2003

  6. Revenue Per Unit Growth Net Revenue / Adjusted Admission % change from Prior Year • Revenue trends favorable. • Favorable Medicare, Medicaid and managed care revenue yield per adjusted admission. 5.4% 6.3% 7.5% Medicare Revenue/AA % Change from Prior Year Managed Care Revenue/AA % Change from Prior Year Medicaid Revenue/AA % Change from Prior Year *adjusted for uninsured discount

  7. Expense Management Favorable Cash Operating Expense/Adjusted Admission % Change from Prior Year • Effective expense management significantly contributed to favorable earnings performance. Same Facility

  8. Solid Labor Management Manhours / Adjusted Admission % Change from Prior Year • Labor management favorable: • Productivity improved Wage Rate % Change from Prior Year • Wages managed to efficient levels. Salary, Wages & Benefits % of Net Revenue • SWB as a % of net revenue favorable. *adjusted for uninsured discount As Reported

  9. Volume Trends 1999 2000 2001 2002 2003 2004 2005 +0.1% +2.7% +2.8% +2.7% +0.7% +2.5% +0.6% Admissions Same Facility % Change from PY +1.4% +1.3% +2.6% +0.0% +2.5% +2.6% +2.6% Equivalent Admissions Same Facility % Change from PY

  10. Admission Trends DPU effect Admissions One day admits DPU effect Admissions Admissions Adjusting for DPU and one day admits % Change from Prior Year +2.7% +1.4% +1.0% +0.8% +0.8% +0.1% +0.3% +0.7% +0.6% +0.6% Adjusted Admissions % change from Prior Year +2.6% +2.0% +1.4% +0.6% +0.1% +1.4% +1.3% +0.8% +0.8% • Admissions growth appears more favorable adjusting for change in DPUs and one day admits. • Adjusted admissions reflect continued growth in outpatient services and the observation day effect. Same Facility

  11. Physician Recruitment Primary Care Specialists Physician Recruitment MOB Development • Currently 22 million square feet of medical office space in service. 701 • Total occupancy is 79%. • Medical office square footage coming on line. 45% 384 1,300,000 sq. ft. 47% $220M 55% 53% 420,000 sq. ft. $62M 2004 2005 2005 2006E Total Number of Physicians Recruited • 83% increase in recruited physicians in 2005. • 76% recruited physicians using in-house service.

  12. Uninsured Volume 2000 2001 2002 2003 2004 2005 Uninsured Admissions Same Facility % of Total Admissions 5.1% Dec YTD N/A 5.3% 5.5% 5.4% OctNov Dec +14.7% +14.3% +17.0% Oct Nov Dec +9.5% Dec YTD 2004: +9.7% 15.2% vs. PY 15.3% vs. PY 13.7% vs. PY Uninsured Admissions Same Facility % Chg from Prior Year 11.6% vs. PY 15.0% vs. PY 5.1% vs. PY 7.2% vs. PY 3.7% vs. PY 5.9% vs. PY 7.3% vs. PY 3.3% vs. PY 1.9% vs. PY *2002 Totals based on 2003 Prior Year Uninsured ER Visits Same Facility % of Total ER Visits 20.4% Dec YTD` N/A 21.1% 20.6% 20.3% OctNov Dec

  13. HCA Hospitals Located in Growth Markets • 182 Hospitals 94 Surgery Centers • 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% SouthernCalifornia +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%

  14. Socio-Demographics-Age Wave 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 Driving Healthcare Utilization Acute Care Utilization Index (2003=100) Baby Boomer Impact Accelerates

  15. HCA Capital Expenditures IT&S and Patient Safety New and Replacement Facilities Facility Expansion Projects Routine Capital • Capital Commitments: • Houston, TX $517 million • Pearland, TX new hospital (2007) Denver, CO $250 million • new children’s hospital/ expansion of 3 hospitals San Antonio, TX $165 million • new hospital with JV partner (2007) Atlanta, GA $130 million • Emory John’s Creek, new hospital (2007) Salt Lake City, UT $85 million • new hospital (2007/ 08) Dollars in Billions Billions 2003 $1.84 2004 $1.52 2005 $1.6 2006P $1.9

  16. Capital Placed in Service by Year Average Timeframe Approved In Service 9 mo. 18 mo. Design & Permits Construction 2005 projects typically approved 24-30 months ago (Dollars in Millions) Western $249 $499 $373 $466 $641 $791 Eastern $427 $675 $450 $179 $500 $242 Total HCA $676 $1,174 $823 $645 $1,141 $1,033

  17. 2005 Major Capital Projects Coming On Line Two new ASCs; one expansion Three new imaging centers Two new oncology centers Three Hospital-based imaging expansions Seven Hospital-based surgery expansions Outpatient $150M (23%) 13 ICU/bed expansions Three major surgery expansions Eight ED expansions Seven Women’s Services expansions Inpatient $400M (62%) Interior/Exterior renovations, parking garages, etc. Infrastructure $95M (15%) Total $645M

  18. 2006 Major Capital Projects Coming On Line Eight new ASCs; two expansions; one replacement 15 new imaging centers One new oncology center Three Hospital-based imaging expansions Six Hospital-based surgery expansions Eight medical office buildings (on balance sheet) Outpatient $290M (26%) Inpatient 17 ICU/bed expansions Six major surgery expansions 11 ED expansions Six Women’s Services expansions $630M (55%) Emory Johns Creek (118 beds and 135,000 sq. ft. MOB) Replacement Facility $130M (11%) Infrastructure Interior/Exterior renovations, parking garages, etc. $90M (8%) Total $1.14B

  19. 2006 Outpatient Under Development Excludes Hospital-based Development (Dollars in Millions) # of Centers Amount Ambulatory Surgery Centers 11 $65 Imaging Centers 15 73 Oncology Centers 1 4 Cath Lab 4 13 Freestanding ER 3 12 Total 34 $167

  20. Outpatient Strategy Progressing HCA Surgery Centers 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

  21. HCA’s Cash Flow Remains Strong Uses of Cash (1) Capital Reinvestment $1.6B in 2005 in existing markets and $1.9B in 2006 Net Cash Provided by Operating Activities Dollars in Millions (2) Share Repurchase Program $12B in 8 years 36.7 million shares purchased in 2005 11.1 million shares purchased in 2006 under $1B open-market authorization 6.9% (3) Dividend Policy Approx. 20 to 25 percent payout (4) Acquisitions – opportunistic $1B Health Midwest - April 2003 Austin, TX and Nashville, TN - pending acquisitions (5) Debt Repayment Debt/ cap – 64.8% at 12/31/05 * Reduced due to government settlement and investigation related costs

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