HCA's Future Success: Market Growth, Quality Initiatives, and Patient Safety

1. Vic Campbell Senior Vice President Milton Johnson Executive Vice President and Chief Financial Officer Mark Kimbrough VP, 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 • Capital Investments • Quality Initiatives • Patient Safety • Bad Debt Trends Improving/Encouraging • Prudent use of Company’s Strong Cash Flows

5. HCA Hospitals Locatedin 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% Panhandle +10% Palm Beach +11% Houston +10% Dade +8% Percent Growth in Market Population 2000-2005 Compared to the National Average of 4.5% Tampa Bay +8% Austin +18%

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

7. 1.62% 3-Year CAGR 1.56% 3-Year CAGR 1.59% 3-Year CAGR 1.58% 3-Year CAGR 125 121 119 120 1.7% 117 1.6% 115 1.6% 113 1.58% CAGR 2003-2012 115 1.6% 112 1.5% 110 1.6% 108 110 106 1.6% 105 1.6% 103 1.6% 105 102 1.6% 100 1.6% 98 1.5% 100 97 1.6% 96 1.5% 1.4% 95 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Socio-Demographics—Age WaveDriving Healthcare Utilization Acute Care Utilization Index (2003=100) Baby Boomer Impact Accelerates

8. What Will Drive HCA’s Future Success • 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 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

11. Diversified Radiology (Denver) 4 imaging centers/fifth under construction Austin Radiology Assoc. 2 imaging centers Thousand Oaks Diagnostic Imaging LAD Imaging Centers (Orange City, Deltona) Sarah Cannon Research Institute (Nashville) Millcreek Imaging Center Salt Lake City, UT HCA Surgery Centers 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 Total I Management, LLC Tampa Bay Area/5 imaging centers

12. What Will Drive HCA’s Future Success • 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 servicesin 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

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) eMAR & Barcoding ePOM Bates DW et al. Incidence of adverse drug events, potential adverse drug events. JAMA 1995;274:29-34.

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

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

26. N/A N/A Growth in Uninsured Volume Slowing 1999 2000 2001 2002 2003 2004 Uninsured Admissions Same Facility % of Total Admissions 25,000 2004: +9.7% 19,532 18,929 18,947 18,416 17,961 17,944 17,136 16,087 16,473 16,111 15,782 14,722 Uninsured Admissions Same Facility 13.7% vs. PY 7.1% vs. PY 15.2% vs. PY 11.5% vs. PY 3.7% vs. PY 7.5% vs. PY 2.4% vs. PY 0 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 25% 20.3% 20.4% Uninsured ER Visits Same Facility % of Total ER Visits 19.6% 18.2% 17.5% 17.7% 20.8% 19.5% 19.3% 18.3% 17.1% 17.0% 10% 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 4Q 01 1Q 99 2Q 99 3Q 99 4Q 99 1Q 00 2Q 00 3Q 00 4Q 00 1Q 01 2Q 01 3Q 01

27. 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.

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

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

30. $7.5 Billion 249 Million Shares 38% of outstanding shares Average Price: $30.20 Impact of Tender Offer $10 Billion 312 Million Shares Average Price: $32.13 650M Shares 12/31/96 423M Shares2 12/31/04 Avg Share Price $40.07 Share Repurchase $3.1B: 77.4 Shares 1 2004 $35.76 $45.53 $1.1B: 31.1M Shares $36.88 2003 2002 $282M: 6.2M Shares $28.65 $706M: 19.2M Shares 2001 $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 $1.3B: 37.9M Shares 1997 2: Includes other activities affecting share balance (stock option exercises, restricted grants, and ESPP activity). 1: 2004 purchases through 12/31/04

31. 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