1 Vic CampbellSenior Vice President Milton JohnsonExecutive Vice President and Chief Financial Officer Mark KimbroughVP, 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 189 hospitals 92 surgery centers 14 million patients treated annually 5.2 million emergency room visits annually

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

5 HCA Hospitals Located in Growth Markets Switzerland U.K. Percent Growth in Market Population Compared to the National Average of 4.5% Percent Growth in Market Population Compared to the National Average of 4.5%  Generally 25%-40% Market Share  40% of facilities in Texas & Florida  Generally 25%-40% Market Share  40% of facilities in Texas & Florida 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%

6 Source: American Hospital Association, Bureau of Labor Statistics and Goldman Sachs Research estimates. 4% 5% 6% 7% 8% 9% 10% YTD Unemployment Rate -6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% Inpatient Admissions Growth Unemployment RateInpatient Admissions Growth 2 Year Lagged Correlation - R 2 of 0.74 since R 2 of 0.66 since R 2 of 0.48 since 1970 Improving unemployment rate in mid-2003 implies mid-2005 rebound in admissions

7 Socio-Demographics—Age Wave Driving Healthcare Utilization Acute Care Utilization Index (2003=100) Baby Boomer Impact Accelerates 1.58% CAGR % 1.6% 1.5% 1.6% 1.5% 1.6% 1.5% 1.4% 1.56% 3-Year CAGR 1.59% 3-Year CAGR 1.58% 3-Year CAGR 1.62% 3-Year CAGR

8 What Will Drive HCA’s Future Success Capital Investments Capital Investments

9 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

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

11 Transactions totaling $62 million completed 20–30 imaging center and 8-10 surgery center transactions expected to be completed over the next 12 months Sarah Cannon Research Institute (Nashville) Austin Radiology Assoc. 2 imaging centers Austin Radiology Assoc. 2 imaging centers Diversified Radiology (Denver) 4 imaging centers/fifth under construction Diversified Radiology (Denver) 4 imaging centers/fifth under construction Thousand Oaks Diagnostic Imaging Thousand Oaks Diagnostic Imaging Millcreek Imaging Center Salt Lake City, UT Millcreek Imaging Center Salt Lake City, UT HCA Surgery Centers LAD Imaging Centers (Orange City, Deltona) LAD Imaging Centers (Orange City, Deltona) Total I Management, LLC Tampa Bay Area/5 imaging centers Total I Management, LLC Tampa Bay Area/5 imaging centers Outpatient Strategy Progressing

12 What Will Drive HCA’s Future Success Quality Initiatives Quality Initiatives

13 Our Recognition for Quality

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

15 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.

16 Our Commitment to Quality QRS surveys analyze clinical performance using: JCAHO survey scores Professional liability risk exposure Patient, employee, and physician satisfaction results

17 Our Commitment to Quality

18 What Will Drive HCA’s Future Success Patient Safety Patient Safety

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

20 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

21 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

22 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

23 Addressing Medication Errors (ADES) Bates DW et al. Incidence of adverse drug events, potential adverse drug events. JAMA 1995;274: eMAR & Barcoding ePOM

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

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

26 Uninsured Admissions Same Facility % of Total Admissions N/A 2.4% vs. PY 7.5% vs. PY 11.5% vs. PY 13.7% vs. PY 15.2% vs. PY 7.1% vs. PY 3.7% vs. PY 2004: +9.7% Growth in Uninsured Volume Slowing 14,722 16,087 17,136 16,11115,782 16,473 18,41617,961 17,944 18,929 19,532 18, ,000 1Q022Q023Q024Q021Q032Q033Q034Q031Q042Q043Q044Q % 18.2% 20.8% 19.5% 17.7% 17.0% 17.5% 18.3% 17.1% 19.3% 19.6% 20.4% 10% 25% 1Q 992Q 993Q 994Q 991Q 002Q 003Q 004Q 001Q 012Q 013Q 01 4Q 01 1Q022Q023Q024Q021Q032Q033Q034Q031Q042Q043Q044Q04 Uninsured ER Visits Same Facility % of Total ER Visits Uninsured Admissions Same Facility N/A

27 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. Revisions Made to the Uninsured Policy

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

29 Cash flow in 2004 Remains Positive Net Cash Provided by Operating Activities 1 Dollars in Millions Excluding settlements with government agencies and investigation related costs. 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 : are non-GAAP numbers 8.0%

30 $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). $930M: 41M Shares $1.4B: 55.6M Shares $7.5 Billion 249 Million Shares 38% of outstanding shares Average Price: $ M Shares 12/31/96 423M Shares 2 12/31/04 Impact of Tender Offer $10 Billion 312 Million Shares Average Price: $32.13 $3.1B: 77.4 Shares $1.1B: 31.1M Shares $282M: 6.2M Shares $706M: 19.2M Shares $1.3B: 43.5M Shares $1.4B: 55.6M Shares $1.3B: 37.9M Shares $930M: 41M Shares $40.07 $35.76 $45.53 $36.88 $28.65 $24.61 $22.68 $ Avg Share Price Share Repurchase

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