Milton Johnson SVP and Controller

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

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. HCA 2004 Goldman Sachs 2

3. HCA is located in 16 of 20 Fastest Growing Large US Cities % % % % Dallas/Ft. Worth +12% • Generally 25-40% Market Share • 40% of facilities in Texas & Florida Denver +9% Kansas City +5% U.K. Las Vegas +22% Nashville +8% Switzerland Richmond +8% Austin +18% Southern California +9% Panhandle +10% % % Palm Beach +11% Percent Growth in Market Population 2000-2005 Tampa Bay +8% Houston +10% Dade +8% Compared to the National Average of 4.5%

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

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

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

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

8. 37 ER Expansions 37 ER Expansions New Denver Facility Patient Safety & Infrastructure Expansions Routine New Facilities HCA Capital Expenditures Billions 2000 $1.2 2001 $1.4 2002 $1.7 2003 $1.8 2004E $1.8 Expansions Open Heart, Imaging Cardiology, Oncology, etc. 54 Facilities with Surgery and/or ICU/CCU expansions Four New Facilities 378 Beds 1,565 New Beds Distribution of Capital Dollars 2002 and Beyond

9. The Genesis of the Bad Debt/Charity Care Issue HCA is in 14 of the 20 highest uninsured states, with 72% of its hospitals in those states 17.0% 13.1% 13.1% 22.2% 21.2% 15.9% National Average: 15.2% 1 19.3% 19.2% 18.1% 15.1% 15.4% 15.4% 16.4% 23.5% 20.3% 14.6% 23.5% HCA Weighted Average: 22.6% 2 16.7% 19.7% 29.7% 25.6% 22.8% 22.2% >20% Uninsured 15-20% Uninsured <15% Uninsured 1: U.S. Census Bureau “Health Insurance Coverage in the United States: 2002”. 2: Kaiser Commission: Health Ins. Coverage of Nonelderly Adults 2001-2002.

10. ER has the highest volume of uninsured… requires intervention ER Visits 1,235,641 2.3% ER Visits 1,025,639 Admitted 210,002 17% 83% Medicare 103,820 Uninsured 13,313 Managed/ Medicaid 92,869 Medicare 109,235 Uninsured 231,436 95% Managed/ Medicaid 684,968 95% 5% Net % Change 1Q03-04 Net % Change 1Q03-04         1st Quarter 2004 – Eastern & Western Groups 10

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

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

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

14. 2004 Managed Care Contracting 35% 42% 55% 75% 95% 100% 6,844 Facility Level Active Contracts 2005 Contract Pricing Timeline* 1Q04 2Q04 3Q04 4Q04 2005 Cumulative Pre-2004 *Anticipated Completion Dates Net Revenue per Adjusted Admission Managed Care & Other Discounted 11.1% 9.9% 83% of 2004 and 42% of 2005 contracts completed. 14

15. Operating Expenses per Adjusted Admission Managed Effectively 7.0% 7.4% 9.4% 6.5% 6.7% 6.4% Operating Expense/AA (Adj. For Bad Debt) Operating Expense/AA 2001 2002 2003 2004 Operating Expenses/AA – Percent Change from Prior Year Same Facility – Percent Change from Prior Year 15

16. Employee Satisfaction at Record Levels Employee Satisfaction (Gallup Score) Employee Turnover Nurse Turnover Turnover Rate Satisfaction Score 16

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

18. Opportunities Of Having Strong Cash Flow 650M Shares 12/31/96 465M Shares2 4/30/04 Share repurchase program $42.19/share $35.76/share YTD 20041 $7.3 Billion 244 Million Shares 38% of outstanding shares Average Price: $30.03 $422M: 10.0M Shares $45.53/share 2003 $1.1B: 31.1M Shares 2002 $36.88/share $282M: 6.2M Shares $706M: 19.2M Shares 2001 $28.65/share 2000 $1.3B: 43.5M Shares $24.61/share $1.4B: 55.6M Shares 1999 $22.68/share $930M: 41M Shares 1998 $33.59/share 1997 $1.3B: 37.9M Shares 1: 2004 purchases through 5-6-04 2: Includes other activities affecting share balance (stock option exercises, restricted grants, and ESPP activity).

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