Vic Campbell Senior Vice President Milton Johnson Executive Vice President and Chief Financial Officer Mark Kimbrough VP, Investor Relations #1 of 30 (Title Slide/Option A) Presenter notes:

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.

Collective Knowledge 190,000 employees 189 hospitals 92 surgery centers 14 million patients treated annually 5.2 million emergency room visits annually #7 of 30 (Collective Knowledge) Recommended talking points: Even with 190,000 employees, 190 hospitals and 91 surgery centers (including joint ventures), we operate with one focus in mind – ensuring that the 14 million patients we see annually are provided with excellent patient care. Because of HCA’s vastness as a company, each hospital benefits from the collective strength and knowledge of all our facilities. Presenter notes:

What Will Drive HCA’s Future Success Located in Large, Growth Markets and Aging Population Capital Investments Quality Initiatives Patient Safety Bad Debt Trends Improving/Encouraging Prudent use of Company’s Strong Cash Flows

HCA Hospitals Located in 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% #28 of 30 (Core Communities/Map) Recommended talking points: Not only are we operating in these growing communities, we also have a significant presence in each of them. Generally, we have a 25%-40% market in each of these markets. This provides us a solid foundation for continued growth in all the communities that we serve. Presenter notes: Panhandle +10% Palm Beach +11% Houston +10% Dade +8% Percent Growth in Market Population 2000-2005 Compared to the National Average of 4.5% Austin +18% Tampa Bay +8%

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

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

What Will Drive HCA’s Future Success Capital Investments

Investments in Our Facilities $7.6 billion in existing facilities since 2000 ($1.5 billion ’04) $36,000 per bed annually $130 million in information technology $300 million in patient safety technologies since ’97 #14 of 30 (Facility Investments) Recommended talking points: We believe in investing capital in our facilities so that they remain up-to-date and have access to the latest technology. Because of this belief, we invest $44,200 per bed annually – among the highest in the healthcare industry. We’ve invested over $130 million to restructure our information systems to support the latest in healthcare technology and administrative infrastructure. Part of this investment included the reorganization of our revenue and supply chain operations. Presenter notes:

Distribution of Capital Dollars Remains Unchanged 2003 and beyond Ongoing Projects in Capital Plan Three Facilities 511 Beds 33 ER Expansions Open Heart, Cardiology Oncology, etc. Three New Facilities 310 Beds 56 Facilities with Surgery and/or ICU/CCU expansions 1,611 New Beds Represents $4.2B of projects

Transactions totaling $62 million completed Outpatient Strategy Progressing Transactions totaling $62 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) Millcreek Imaging Center Salt Lake City, UT Thousand Oaks Diagnostic Imaging LAD Imaging Centers (Orange City, Deltona) Total I Management, LLC Tampa Bay Area/5 imaging centers HCA Surgery Centers

What Will Drive HCA’s Future Success Quality Initiatives

Our Recognition for Quality #11 of 41 (Quality Awards) Presenter notes:

Satisfied Physicians HCA physicians rank our facilities higher than that of other hospitals across the country #22 of 41 (Satisfied Physicians) Recommended talking points: As a network, Gallup surveys show that physicians are more satisfied with HCA facilities than with non-HCA facilities. Presenter notes: Source: Gallup Satisfaction Surveys 2003

Our Commitment to Quality HCA Quality Review System (QRS) An internal process that provides ongoing assurance that patient care services in HCA hospitals meet defined quality standards. SUPP C: #8 of 9 (Quality Review System) Recommended talking points: The QRS process incorporates an on-site inspection of the quality standards at each of our hospitals at least once every 18 months. The QRS process ensures that all our hospitals are meeting defined quality standards. Presenter notes:

Our Commitment to Quality QRS surveys analyze clinical performance using: JCAHO survey scores Professional liability risk exposure Patient, employee, and physician satisfaction results SUPP C: #9 of 9 (Quality Review System) Recommended talking points: The QRS on-site inspections review such things as patient safety compliance; JCAHO survey scores; liability risk exposure; and employee, patient, and physician satisfaction survey scores. Presenter notes:

Our Commitment to Quality

What Will Drive HCA’s Future Success Patient Safety

Our Commitment to Patient Safety HCA Has Invested Over $300 Million In Patient Safety Technologies Since ’97 #16 of 30 (Patient Safety Investment) Recommended talking points: HCA has invested more than $300 million in various patient safety technologies since 1997. Many of these patient safety technologies have already been implemented in our hospitals; others are still being deployed. Presenter notes:

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 #18 of 30 (eMAR/Video) Recommended talking points: 61% of consumers fear being given the wrong medication according to a 2002 Kaiser Family Foundation Study. By mid-2005, barcode-assisted medication administration systems will be implemented in all HCA hospitals. Only 2% of U.S. hospitals are currently using this technology. Presenter notes:

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 #20 of 30 (ePOM/Overview) Recommended talking points: When fully implemented, ePOM will go a step beyond eMAR by eliminating the need for staff to transcribe a written order from a doctor into a computer. Instead of writing prescriptions and other orders by hand, doctors using ePOM enter orders directly into a computer, which is linked to the pharmacy and to laptop computers used by nurses. 120 HCA facilities were using this technology as of December 2004. It will be fully deployed to all HCA hospitals by the end of 2005. Presenter notes:

Our Commitment to Patient Safety ePOM - Safety Alerts Drug allergies Dose warnings Duplicate orders Abnormal results Severe drug interactions Common test interactions Age limits for certain drugs #21 of 30 (ePOM/Alerts) Recommended talking points: The following are some of the safety alerts that can be issued by ePOM: Drug allergies Dose warnings Duplicate orders Abnormal results Severe drug interactions Common test interactions Age limits for certain drugs Presenter notes:

Addressing Medication Errors (ADES) eMAR & Barcoding ePOM #22 of 30 (Medication Errors Addressed) Recommended talking points: With the deployment of both eMAR and ePOM, 90% of all medication errors will be eliminated. Presenter notes: Bates DW et al. Incidence of adverse drug events, potential adverse drug events. JAMA 1995;274:29-34.

What Will Drive HCA’s Future Success Bad Debt Trends Improving/Encouraging

Bad Debt Trends Encouraging Bad Debts & Charity $5B $1B $912 $916 $893 $874 $3,595 $837 $786 $795 $3,028 $587 $610 $567 $491 $514 $2,160 $0 $0 Charity Bad Debt Bad Debts As reported BD % of Net Revenue BD & Charity % of Gross Revenue

Growth in Uninsured Volume Slowing 1999 2000 2001 2002 2003 2004 Uninsured Admissions Same Facility % of Total Admissions N/A 25,000 2004: +9.7% 19,532 18,416 17,961 17,944 18,929 18,947 16,087 17,136 16,111 15,782 16,473 14,722 Uninsured Admissions Same Facility 13.7% vs. PY 15.2% vs. PY 7.1% vs. PY 2.4% vs. PY 7.5% vs. PY 11.5% vs. PY 3.7% vs. PY 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 25% 20.4% 20.3% Uninsured ER Visits Same Facility % of Total ER Visits 19.6% 17.7% 17.5% 18.2% 20.8% 19.3% 19.5% 18.3% 17.0% 17.1% N/A 10% 1Q 99 2Q 99 3Q 99 4Q 99 1Q 00 2Q 00 3Q 00 4Q 00 1Q 01 2Q 01 3Q 01 4Q 01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04

Revisions Made to the Uninsured Policy Provide a discount to all uninsured non-elective patients similar to managed care rates. Continue to attempt to qualify uninsured patients for Medicaid and other state and federal programs. Charity care will continue to be provided for those uninsured patients with income levels at or below 200 percent of the Federal Poverty Level. The Company estimates that there will be no material impact on earnings.

What Will Drive HCA’s Future Success Prudent use of Company’s Strong Cash Flows

Cash flow in 2004 Remains Positive Net Cash Provided by Operating Activities1 Dollars in Millions New Dividend Policy $250mm annually Share Repurchase Program $10.0B in 8 years $2.5B “Dutch Auction” completed at $39.76 in Fourth Quarter 2004 Capital Reinvestment $1.5B in 2004 8.0% Excluding settlements with government agencies and investigation related costs. 1: 1999-2003 are non-GAAP numbers

Avg Share Price $7.5 Billion 249 Million Shares 38% of outstanding shares Average Price: $30.20 650M Shares 12/31/96 423M Shares2 12/31/04 Impact of Tender Offer $10 Billion 312 Million Shares Average Price: $32.13 Share Repurchase $40.07 $3.1B: 77.4 Shares 1 2004 $35.76 $45.53 $1.1B: 31.1M Shares 2003 $36.88 2002 $282M: 6.2M Shares $28.65 2001 $706M: 19.2M Shares $24.61 $1.3B: 43.5M Shares 2000 $1.4B: 55.6M Shares $22.68 $1.4B: 55.6M Shares 1999 $33.59 $930M: 41M Shares $930M: 41M Shares 1998 $1.3B: 37.9M Shares 1997 $1.3B: 37.9M Shares 1: 2004 purchases through 12/31/04 2: Includes other activities affecting share balance (stock option exercises, restricted grants, and ESPP activity).

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