1. Milton Johnson SVP and Controller Goldman Sachs 2004HCA Mark Kimbrough VP, Investor Relations

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) increases in the amount and risk of collectability of uninsured accounts and deductibles and co-pay amounts for insured accounts, (ii) the ability to achieve operating and financial targets and achieve expected levels of patient volumes and control the costs of providing services, (iii) the highly competitive nature of the health care business, (iv) the efforts of insurers, health care providers and others to contain health care costs, (v) possible changes in the Medicare and Medicaid programs that may impact reimbursements to health care providers and insurers, (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 impact of the Company’s charity care and self-pay discounting policy changes, (x) changes in accounting practices, (xi) changes in general economic conditions, (xii) future divestitures which may result in 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 ability to successfully integrate the operations of Health Midwest, (xxii) the ability to develop and implement the payroll and human resources information system within the expected time and cost projections and, upon implementation, to realize the expected benefits and efficiencies, and (xxiii) other risk factors detailed 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. Goldman Sachs 2004HCA 2

3. 2004HCA 3 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 2000-2005  Generally 25-40% Market Share  40% of facilities in Texas & Florida  Generally 25-40% Market Share  40% of facilities in Texas & Florida

4. Goldman Sachs 2004HCA 4 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?

5. Goldman Sachs 2004HCA 5 Source: AHA Annual Survey, 1980 - 2002 Outpatient Visits Inpatient Admissions Admissions (millions) Outpatient Visits (millions) Inpatient Admissions and Outpatient Visits 1980 - 2002

6. Goldman Sachs 2004HCA 6 HCA Admission Trends 2001 to 1Q 2004 Same Facility HCA Market Competitors 15.4% HCA Growing Medicare Market Share Growth in Medicare Admissions 1998-2001 HCA Growing Medicare Market Share Growth in Medicare Admissions 1998-2001

7. Goldman Sachs 2004HCA 7 Admissions growth rates vary by market Admissions Change Admissions % Change (1,500) (1,000) (500) - 500 1,000 1,500 2,000 2,500 -15% -10%-5%0%5%10%15% Total Admissions Determine Bubble Size Top 15 Markets in Admission s Growth +11,860/ +5.9% vs. PY Top 15 Markets in Admission s Growth +11,860/ +5.9% vs. PY Bottom 15 Markets in Admission s Growth -2,773/ -2.6% vs. PY Bottom 15 Markets in Admission s Growth -2,773/ -2.6% vs. PY Average Chg. +2.5% 1 Volume Variance by Market – 1 st Quarter – Same Market Houston -2.6% So. Cal -5.6% Indiana -12.3% Far West Una. -3.2% Treasure Coast -2.4% Switzerland -6.4% Las Vegas -0.8% Dallas/ Ft. Worth +5.6% TampaBay +3.1% Austin +6.1% El Paso +9.7% Ft. Myers +5.9% San Antonio +3.1% No. VA -3.9% N. Cent. Fla. +5.2% Jacksonville +4.5% San Jose +3.9% Panhandle +2.7% N. Monroe -11.0% Mid America -5.2% Columbus +1.6% S.Carolina 0.1% Rio Grande +12.8% NW Ga. +12.9% Mid. GA +0.3% Cent. La. -1.4% Corpus Christi -1.7% Nashville +14.9% Denver 2 +6.1% Richmond +4.9% 1: Same Facility 2: Denver is a non- consolidating JV Market

8. Goldman Sachs 2004HCA 8 HCA Capital Expenditures 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 2002 and Beyond Distribution of Capital Dollars 2002 and Beyond New Denver Facility Expansions Billions 2000 $1.2 2001 $1.4 2002 $1.7 2003 $1.8 2004E $1.8 Routine Patient Safety & Infrastructure New Facilities Expansions

9. Goldman Sachs 2004HCA 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% 1 18.1% >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 2001-2002. 13.1%

10. Goldman Sachs 2004HCA 10 ER has the highest volume of uninsured… requires intervention Medicare103,820Medicare103,820Uninsured 13,313 13,313Uninsured Managed/ Medicaid 92,869 92,869 Admitted 210,002Admitted ER Visits 1,025,639 ER Visits 1,025,639 ER Visits 1,235,641  2.3% ER Visits 1,235,641  2.3% Medicare109,235Medicare109,235Uninsured 231,436 231,43695%Uninsured 95% Managed/ Medicaid 684,968 684,968 17%83% 5% 95% Net % Change 1Q03-04         1 st Quarter 2004 – Eastern & Western Groups 10

11. Goldman Sachs 2004HCA 11 75-80% Uninsured Patients “How System is Accessed” “How System is Accessed” 20-25% Co-Pay & Deductibles Origination of Bad Debt Expense  1Q 01 vs. 1Q 04 front- end collections  93%, end collections  93%, percent collected  53%, percent collected  53%, co-pays/deductibles co-pays/deductibles  25%  25%  Intensify collections at discharge and post discharge and post discharge discharge  Minimum front-end deposit requirements deposit requirements 11

12. Goldman Sachs 2004HCA 12 Bad Debt Action Plan 75-80% Uninsured Patients  Screen all potential non-emergent patients by qualified medical personnel  Once stabilized or deemed non-emergent, proceed with collection effort  Mandatory ER case management  Patient Financial Management Committee  In-house case management  Concurrent financial counseling  Standard discharge process  Executive Management approval must be obtained  Minimum deposit standards  Enhanced front-end collection goals  Follow-up care criteria established. 12

13. Goldman Sachs 2004HCA 13 9.4% 37.2% OutpatientEROutpatientER Enhanced Outpatient Services Focus 12.5% Hospital Based FreestandingFreestanding Outpatient Diagnostic Services Outpatient  Imaging  Cardiology  Oncology  Orthopedics  Neurology  Imaging  Cardiology  Oncology  Orthopedics  Neurology Hospital Based Outpatient Surgeries 15.3% ASC Based 70% 30% 2003 % of HCA Net Revenue As a % of Outpatient Surgeries O/P Comprised of Three Business Lines

14. Goldman Sachs 2004HCA 14 2004 Managed Care Contracting 2005 Contract Pricing Timeline* 6,844 Facility Level Active Contracts *Anticipated Completion Dates Pre-2004 1Q042Q043Q044Q04 83% of 2004 and 42% of 2005 contracts completed. 2005 Cumulative42%55%75%95%35%100% 11.1% 9.9% Net Revenue per Adjusted Admission Managed Care & Other Discounted 14

15. Goldman Sachs 2004HCA 15 2001200220032004 7.0%9.4%7.4% 6.4%6.7%6.5% Same Facility – Percent Change from Prior Year Operating Expenses per Adjusted Admission Managed Effectively Operating Expenses/AA – Percent Change from Prior Year Operating Expense/AA Operating Expense/AA (Adj. For Bad Debt) 15

16. Goldman Sachs 2004HCA 16 Employee Satisfaction at Record Levels Employee Satisfaction (Gallup Score) Employee Turnover Nurse Turnover Turnover Rate Satisfaction Score 16

17. Goldman Sachs 2004HCA 17 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

18. Goldman Sachs 2004HCA 18 $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 1997 1998 1999 2000 2001 2003 2002 YTD 2004 1 1: 2004 purchases through 5-6-042: 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

19. Goldman Sachs 2004HCA 19 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

20. Goldman Sachs 2004HCA 20 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….