Lehman Brothers Healthcare Conference—March 2004 Bill Rutherford CFO, Eastern Group Mark Kimbrough VP, Investor Relations Senior Vice President

2 This press release contains forward-looking statements based on current management expectations. Those forward-looking statements include all statements regarding our estimated results of operations in future periods and all statements other than those made solely with respect to historical fact. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. These factors include, but are not limited to (i) the highly competitive nature of the health care business, (ii) the efforts of insurers, health care providers and others to contain health care costs, (iii) possible changes in the Medicare and Medicaid programs that may impact reimbursements to health care providers and insurers, (iv) the ability to achieve operating and financial targets and achieve expected levels of patient volumes and control the costs of providing services, (v) increases in the amount and risk of collectibility of uninsured accounts and deductibles and co-pay amounts for insured accounts, (vi) the ability to attract and retain qualified management and personnel, including affiliated physicians, nurses and medical support personnel, (vii) potential liabilities and other claims that may be asserted against the Company, (viii) fluctuations in the market value of the Company ’ s common stock, (ix) the Company ’ s ability to complete the share repurchase program, (x) changes in accounting practices, (xi) changes in general economic conditions, (xii) future divestitures which may result in additional charges, (xiii) changes in revenue mix and the ability to enter into and renew managed care provider arrangements on acceptable terms, (xiv) the availability and terms of capital to fund the expansion of the Company ’ s business, (xv) changes in business strategy or development plans, (xvi) delays in receiving payments for services provided, (xvii) the possible enactment of Federal or state health care reform, (xviii) the outcome of pending and any future tax audits and litigation associated with the Company ’ s tax positions, (xix) the outcome of the Company ’ s continuing efforts to monitor, maintain and comply with appropriate laws, regulations, policies and procedures and the Company ’ s corporate integrity agreement with the government, (xx) changes in Federal, state or local regulations affecting the health care industry, (xxi) the impact of charity care and self-pay discounting policy changes, (xxii) the ability to successfully integrate the operations of Health Midwest, (xxiii) the ability to develop and implement the financial enterprise resource planning information system within the expected time and cost projections and, upon implementation, to realize the expected benefits and efficiencies, (xxiv) the ability to obtain court approval of the settlement of the class action securities lawsuits originally filed against the Company in 1997; (xxv) the ability of the Company to continue to fund a cash dividend in the future at the current rate; and (xxvi) other risk factors detailed from time to time in the Company ’ s filings with the SEC. Many of the factors that will determine the Company ’ s future results are beyond the ability of the Company to control or predict. In light of the significant uncertainties inherent in the forward-looking statements contained herein, readers should not place undue reliance on forward-looking statements, which reflect management ’ s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All references to “ Company ” and “ HCA ” as used throughout this document refer to HCA Inc. and its affiliates.

3 HCA–Hospital Corporation of America Focused upon market leading positions in fast- growing urban and suburban communities Targeted capital investments to improve quality and availability of care Use scale/size to improve processes and operate more efficiently 190 Hospitals—Approximately $22 billion in revenues

4 HCA is located in 16 of 20 Fastest Growing Large US Cities Switzerland U.K. % % % % % % Compared to the National Average of 4.5% Las Vegas +22% Las Vegas +22% Southern California +9% Southern California +9% Denver +9% Denver +9% Dade +8% Dade +8% Nashville +8% Nashville +8% Panhandle +10% Panhandle +10% Tampa Bay +8% Tampa Bay +8% Dallas/Ft. Worth +12% Dallas/Ft. Worth +12% Austin +18% Austin +18% Richmond +8% Richmond +8% Palm Beach +11% Palm Beach +11% Houston +10% Houston +10% Kansas City +5% Kansas City +5% Percent Growth in Market Population  Generally 25-40% Market Share  40% of facilities in Texas & Florida  Generally 25-40% Market Share  40% of facilities in Texas & Florida

5 Outpatient services account for 37% of revenue or $8 billion Focused on Strengthening Outpatient Services Existing outpatient units must operate in a manner consistent with “retail nature” of the business Increase the accessibility and convenience of the service Develop management structure dedicated to the success of outpatient services Build or buy outpatient outlets that improve our market presence

6 Operations: 2003 Key Observations Payor class composition is changing. Medicare and self- pay are growing (2.7%, 6.9%). All other Payors have declined (-1.2%) Self-pay admissions, although representing only 4.4% of total admissions grew 6.9%. Self-pay admissions via the emergency room grew 14% No surprises in pricing (rate, acuity, technology) environment in 2003 (+7.5%), but 2004 will be more difficult due to Medicare Outlier and Charity Care changes.

7 Bad Debt experience in 2003: a. Bad Debt expense was $2.2B, up $574M (sf 1 ), or 36% over 2002 b. Charity care recognition grew dramatically in 2003 to $821M up $230M (sf), or 40% over 2002 c. We are forecasting no relief in Bad Debt/Charity in 2004  At close of 2003, we had $2.65B reserved as Bad Debt, representing 88.3% of self-pay balances (only $351M on balance sheet not reserved) Impact on earnings from volume pressures minimized by efficient expense management: SW&B % of Net Revenue  50 bpsSW&B % of Net Revenue  50 bps Contract labor/APD  33% from 1Q 03Contract labor/APD  33% from 1Q 03 Avg. hourly rate increased 4.7% (  40 bps from PY)Avg. hourly rate increased 4.7% (  40 bps from PY) SW&B/AA declined 260 bps from prior yearSW&B/AA declined 260 bps from prior year Employee Benefit Cost moderating; 2.9% vs.13.7% PYEmployee Benefit Cost moderating; 2.9% vs.13.7% PY Supplies/AA costs slowing (  80 bps vs. 2002)Supplies/AA costs slowing (  80 bps vs. 2002) Operations: 2003 Key Observations 1. sf: Same Facility

8 Net Revenue (less Bad Debt) is converting to cash at favorable levels (100.2%)Net Revenue (less Bad Debt) is converting to cash at favorable levels (100.2%) Operations: 2003 Key Observations 1. Turnover results exclude Midwest Division. Successfully integrated Health MidWestSuccessfully integrated Health MidWest Patient Safety agenda was aggressively deployedPatient Safety agenda was aggressively deployed Total employee turnover, 20.1% vs. 22.8% in RN turnover 1, 16.8% vs. 17.0% in Fourth consecutive year of improving turnover rates.Total employee turnover, 20.1% vs. 22.8% in RN turnover 1, 16.8% vs. 17.0% in Fourth consecutive year of improving turnover rates. Enhanced outpatient organization and strategy underwayEnhanced outpatient organization and strategy underway All patient/employee satisfaction scores remain positive and at record levelsAll patient/employee satisfaction scores remain positive and at record levels

9 Adjusted for closed SNF/OB units Adjusted for closed SNF/OB units HCA Admission Trends 2001 to 2003 Same Facility

Operating Indicators Same Facility vs. Prior Year +0.6% +7.5% +8.1% +4.7% Q1Q2Q3Q vs (same facility) 2003 Quarterly Trending Admissions Net Revenue/ AA Supplies/ AA Labor Cost/ Manhour SWB/AA -2.6%

11 Provision for Doubtful Accounts increased to approximately 10% of NR in 2003 Increasing Uninsured Revenues Put Pressure on Bad Debts Increasing self-pay receivables combined with a deterioration in collectibility of this A/R contributed to the need to increase the provision for doubtful accounts Soft economy/unemployment is a major driver of the escalation of uninsured patients We anticipate no significant moderation in bad debts in 2004

12 Increasing level of intensity around front-end collections  40% from ‘01-’02  30% from ‘02-’03 Response to Increasing Bad Debt Enhance self-pay policy, procedure and process flow - Hospital self-pay committees - Review access points—impact on non-emergent access Aggressively pursue all alternative payment sources, including federal and/or state funding sources (i.e. Medicaid, etc.) - 15% of uninsured accounts convert to Medicaid Charity care and financial discount policy

13 Capital Expenditures Dollars ($ in billions) Midwest Division Facility Expansion Projects New & Replacement Facilities Infrastructure Develop., IT&S, & Pat. Safety Shared Services Routine Capital Billions 2000 $ $ $ $ E $1.8

14 Distribution of Capital Dollars and beyond Ongoing Projects in Capital Plan 1,565 New Beds 54 Facilities with Surgery and/or ICU/CCU expansions Four New Facilities 378 Beds Imaging, Open Heart, Cardiology Oncology, etc. 37 ER Expansions 37 ER Expansions

15 (Dollars in Millions) $0 $200 $400 $600 $800 $1,000 $1,200 $1, Growth Capital Assets Placed in Service Total HCA $549$373$676$1,223$896$678

16 New Facilities: Denver, CO Sky Ridge Medical Center Denver, Colorado Opened 8/20/ Beds Cost: $147M 4 Month Update Admissions: 2,076 (+47% vs. Budget) ADC: 45 (57 in December) ER Visits: 9,125 (+56% vs. Budget)

17 New Facilities: Nashville, TN StoneCrest Medical Center Nashville, Tennessee Opened 11/30/03 75 Beds Cost: $76M One Month of Operations Admissions: 255 ER Visits:3,449

18 Before Replacement Replacement Facility: Tallahassee, FL

19 Replacement Facility: Tallahassee, FL Replacement Facility

20 Replacement Facility: Tallahassee, FL Capital Regional Medical Center Tallahassee, Florida Opened 8/26/ Beds Cost: $98M 4 Month Update (% change vs. PY) Admissions:+15.3% Surgeries:+9% ER Visits:+28% Caths:+30% Admissions growth for 12 months prior to the new facility opening: 5%

21 Capital Targeted to Growth Opportunities 3.2% Admissions growth rate for facilities with major projects opening in 2002 or 2003—vs. 1.4% for Total Company Denver: New Facility 2,076 admissions in the first 4 months of operations (+47% vs. budget) Tallahassee: Replacement Facility 15.3% growth in admissions in the first four months vs. 5% growth rate in the 12 months prior to opening Nashville: New Facility 3,449 ER visits in the first month of operations

22 Capital Targeted to Growth Opportunities Lewisville, TX: 85 net new beds (1Q) 14.6% growth in admissions (April-December) Richmond, VA: Major surgery expansions at 2 facilities (2Q) 14.4% inpatient surgery growth (July-December) Brandon, FL: Open heart program 323 open hearts in first year.  Austin, TX: 66 new beds in North Austin (3Q 02) 2003 admissions growth rate: 12.5% vs. 10.3% PY

23 HCA Board Approves Dividend Increase From $0.02 Per Share to $0.13 Per Share Prudent investment/use of free cash flow Share Repurchase  Integral component of the Company’s financial policies  Since 1997, repurchased $6.9 billion of HCA stock (average cost $29.51) Dividend Cash-flows allow us to pay a significantly increased dividend Continue to reinvest in our markets, and strengthen our balance sheet

24 HCA is Investing Significantly in Programs for Patient Safety and Improved Patient Outcomes E MAR: Medication Error Prevention E POM: Physician Order Entry 100% Participation in CMS Quality Reporting Initiative Member of NQF and Leapfrog Cardiovascular, OB and Emergency Department Initiatives

25 A prudent financial strategy that provides for a strong balance sheet and return of cash to shareholders through share repurchase and/or dividends Excellent Investment Opportunities Strong Cash Flows Excellent Long-Term Earnings Growth Outlook Great Assets In Summary We Have….