Vic Campbell Senior Vice President Milton Johnson SVP and Controller Mark Kimbrough VP, Investor Relations Banc of America – May 2004

2 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

3 Health Care Market Outlook Strong U.S. Healthcare Expenditures ($ Billions) National Health Care Spending 1990 – 2010 National Health Care Expenditures as a Share of Total GDP 12.0% 13.4 % 13.3%14.8%15.4%15.9%16.4%17.1% Source: U.S. Centers for Medicare and Medicaid Services—National Health Expenditure Projections, 2003 Will the U.S. economy shift 2.3% of GDP to health care services over the next seven years?

4 Source: AHA Annual Survey, Outpatient Visits Inpatient Admissions Admissions (millions) Outpatient Visits (millions) Inpatient Admissions and Outpatient Visits

5 HCA Admission Trends 2001 to 1Q 2004 Same Facility HCA Market Competitors 15.4% HCA Growing Medicare Market Share Growth in Medicare Admissions HCA Growing Medicare Market Share Growth in Medicare Admissions

6 Strong Cash Flow Trends Provide Opportunities Net Cash Provided by Operating Activities Dollars in Millions Excluding settlements with government agencies and investigation related costs. New Dividend Policy Share Repurchase Program Capital Reinvestment BalanceSheet

7 HCA Capital Expenditures Billions 2000 $ $ $ $ E $1.8 1,565 New Beds 54 Facilities with Surgery and/or ICU/CCU expansions Four New Facilities 378 Beds Open Heart, Imaging Cardiology, Oncology, etc. 37 ER Expansions 37 ER Expansions Distribution of Capital Dollars and Beyond Distribution of Capital Dollars and Beyond New Denver Facility New Hospitals Expansions Routine Patient Safety Infra- structure

8 $7.3 Billion 244 Million Shares 38% of outstanding shares Average Price: $30.03 Opportunities Of Having Strong Cash Flow Share repurchase program $1.3B: 37.9M Shares YTD : 2004 purchases through : Includes other activities affecting share balance (stock option exercises, restricted grants, and ESPP activity). $33.59/share $22.68/share $930M: 41M Shares $1.4B: 55.6M Shares $24.61/share $1.3B: 43.5M Shares $28.65/share $706M: 19.2M Shares $36.88/share $1.1B: 31.1M Shares $35.76/share $422M: 10.0M Shares $42.19/share 650M Shares 12/31/96 465M Shares 2 4/30/04 $282M: 6.2M Shares $45.53/share

9 The Genesis of the Bad Debt/Charity Care Issue 22.2% 23.5% 21.2% 22.2% 17.0% 19.2% 29.7% 23.5% 15.1% 15.4% 19.7% 16.7% 20.3% 15.4% 19.3% 15.9% 16.4% National Average: 15.2% 1 National Average: 15.2% % >20% Uninsured 15-20% Uninsured <15% Uninsured 25.6% 14.6% 22.8% HCA is in 14 of the 20 highest uninsured states, with 72% of its hospitals in those states HCA Weighted Average: 22.6% 2HCA Weighted Average: 22.6% 2 1: U.S. Census Bureau “Health Insurance Coverage in the United States: 2002”. 2: Kaiser Commission: Health Ins. Coverage of Nonelderly Adults %

10 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….