1 Vic CampbellSenior Vice President Milton JohnsonExecutive Vice President and Chief Financial Officer Mark KimbroughVP, Investor Relations

1

Vic Campbell Senior Vice President

Milton Johnson Executive Vice President andChief Financial Officer

Mark Kimbrough VP, Investor Relations

2

Cautionary Note Regarding Forward-looking StatementsCautionary 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 KnowledgeCollective Knowledge

• 190,000 employees

• 189 hospitals

• 92 surgery centers

• 14 million patients treated annually

• 5.2 million emergency room visits annually

• 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 SuccessWhat Will Drive HCA’s Future Success

• Located in Large, Growth Markets and Aging Population• Located in Large, Growth Markets and Aging Population

• Capital Investments• Capital Investments

• Quality Initiatives• Quality Initiatives

• Patient Safety• Patient Safety

• Prudent use of Company’s Strong Cash Flows• Prudent use of Company’s Strong Cash Flows

• Bad Debt Trends Improving/Encouraging• Bad Debt Trends Improving/Encouraging

5

HCA Hospitals Locatedin Growth Markets

HCA Hospitals Locatedin Growth Markets

Switzerland

U.K.

Percent Growth in Market Population

2000-2005Compared to the

National Average of 4.5%

Percent Growth in Market Population

2000-2005Compared 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%

19

501

955

19

601

965

19

701

971

19

721

973

19

741

975

19

761

977

19

781

979

19

801

981

19

821

983

19

841

985

19

861

987

19

881

989

19

901

991

19

921

993

19

941

995

19

961

997

19

981

999

20

002

001

20

022

003

20

04Y

TD

Un

emp

loy

men

t R

ate

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

Inp

atie

nt

Ad

mis

sio

ns

Gro

wth

Unemployment Rate Inpatient Admissions Growth

2 Year Lagged Correlation

- R2 of 0.74 since 1980- R2 of 0.66 since 1978- R2 of 0.48 since 1970

Improving unemployment rate in mid-2003 implies mid-2005 rebound in admissions

7

Socio-Demographics—Age WaveDriving Healthcare Utilization

Socio-Demographics—Age WaveDriving Healthcare Utilization

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

95

100

105

110

115

120

125

Acu

te C

are

Uti

lizat

ion

Ind

ex(2

003=

100)

Baby Boomer Impact Accelerates

1.58% CAGR 2003-2012

1.58% CAGR 2003-2012

121

119

117

115

113

112

110

108

106

105

103

102100

9897

96

1.7%1.6%

1.6%1.6%

1.5%1.6%

1.6%1.6%

1.6%1.6%

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


• Capital Investments• Capital Investments

9

Investments in Our FacilitiesInvestments 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

• $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

New & Expanded Services

16%/$690M

Land & Improvements

12%/$505M

Surgery/Special Units

21%/$875M

Beds14%/$590M

New Facilities8%/$340M

ReplacementFacilities

10%/$420M

Outpatient Services/MOBs

11%/$480M

ER Services8%/$325

1,611 New Beds

56 Facilities with Surgery and/or ICU/CCU expansions

Three New Facilities 310 Beds

Open Heart, Cardiology

Oncology, etc.

33 ERExpansions

Three Facilities511 Beds

Represents $4.2B of projectsRepresents $4.2B of projects

11

Transactions totaling $62 million completed20–30 imaging center and 8-10 surgery center transactions expected to be

completed over the next 12 months

Sarah Cannon Research Institute

(Nashville)

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 CenterSalt Lake City, UT

Millcreek Imaging CenterSalt Lake City, UT

HCA Surgery Centers

LAD Imaging Centers

(Orange City, Deltona)

LAD Imaging Centers

(Orange City, Deltona)

Total I Management, LLCTampa Bay Area/5 imaging centers

Total I Management, LLCTampa Bay Area/5 imaging centers

Outpatient Strategy Progressing

12


• Quality Initiatives• Quality Initiatives

13

Our Recognition for QualityOur Recognition for Quality

14

Satisfied Physicians

HCA physicians rank our facilities higher than that of other hospitals across the country

Satisfied Physicians

HCA physicians rank our facilities higher than that of other hospitals across the country

Source: Gallup Satisfaction Surveys 2003Source: Gallup Satisfaction Surveys 2003

50%

55%

60%

65%

70%

75%

80%

85%

90% HCA Physicians

National Avg.

15

Our Commitment to Quality

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.

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 QualityOur Commitment to Quality

QRS surveys analyze clinical performance using:

• JCAHO survey scores

• Professional liability risk exposure

• Patient, employee, and physician satisfaction results

QRS surveys analyze clinical performance using:

• JCAHO survey scores

• Professional liability risk exposure

• Patient, employee, and physician satisfaction results

17

Our Commitment to QualityOur Commitment to Quality

Previous Actual Index / Rate / LOS

Actual Index / Rate / LOS

Statiscallly Significant

@ 90% Confidence

Interval

QRS Measure Quintile Ranking Score

Subtotal / Total

Quintile Ranking Score

1.00 N 3.00 3

4.50 5.00 5

0.89% 4.00 4

99.20% 5.00 5

45.60% 3.00 3

* CAP Smoking Cessation Counseling Rate 75.00% 4.00 4

* CAP Blood Culture before Antibiotic Rate 46.00% 3.00 3

89.00% 4.00 42.30% 2.00 2

33.00 4.00 4

1.00 N 3.00 3

2.75% 4.00 4

7.00 4.00 4

0.89% 3.00 30.15% 2.00 21.02% 4.00 40.01% 5.00 50.01% 4.00 4

18.00 4.00 4Outcomes Measures (25) 25.00 4.00 4

Decubitus Ulcer Not Present On Admission RateGeneral/ Medical Hosptial - Subtotal (9)

Obstetrics (2)

Post-op Wound Dehiscence Rate

3rd & 4th Degree Vaginal Laceration Index

Post-op Hemorrhage or Hematoma RatePost-op Hip Fracture RatePost-op Pulmonary Embolism or DVT RatePost-op Sepsis Rate

Surgical (5)

QRS Measures Detail Report Section 2 (Page 2)Statu

s

QRS Measures

Operative Vaginal Delivery Rate

Overall Hosptial Mortality Index

Adult ICU LOS

Iatrogenic Pneumothorax Rate

* CAP Oxygenation Assessment Rate

* CAP Pneumoccocal Vacination Screening Rate

* CAP Antibiotic Timing (% Cases with first dose under 4 hrs)

Previous Actual Index / Rate / LOS

Actual Index / Rate / LOS

Statiscallly Significant

@ 90% Confidence

Interval

QRS Measure Quintile Ranking Score

Subtotal / Total

Quintile Ranking Score

3.50 3.00 3

2.50% 5.00 51.10 Y 2.00 2

2.50% 4.00 490.20% 4.00 487.50% 3.00 393.00% 5.00 557.40% 2.00 235.80% 1.00 190.00% 5.00 5

* AMI Smoking Cessation Counseling Rate 35.00% 2.00 225.20% 1.00 1

* HF Smoking Cessation Counseling Rate 40.00% 3.00 3* HF Discharge Instructions Provided Rate 60.00% 3.00 3

84.70% 4.00 447.00 3.00 3

= Not applicable for this facility

= Not Surveyed for this facility

= Total not applicable

* HF ACE Inhibitor Left Ventricular Systolic Dysfunction Rate

* AMI Time to PCI (% Cases within 120 hours)* AMI Time to Thrombolytic (% Cases within 30 minutes)

QRS Measures Detail Report Section 2 (Page 1)Sta

tus

QRS Measures

CABG Mortality/Complication/ALOS Index

More Than One Cardiac Cath in Same Admission RateAMI Mortality Index

Cardiovascular (16)

Bilateral Cardiac Catheterization Rate* AMI Aspirin at Arrival* AMI Aspirin at Discharge * AMI ACEI for Lt Ventricular Systolic Dysfunction* AMI Beta Blocker at Arrival* AMI Beta Blocker at Discharge

* HF Left Ventricular Function Assessment Rate

Previous Actual Score

Current Actual Score

Current Weighted

Score

Potential Score

Music City Hospital %

HCA Average

%

10.00 5

20.00 5

5.00 5

2.85 4

2.85 3

2.90 4

2.85 2

2.85 1

2.85 2

2.85 4

5.00 5

3.75 5

3.75 4

3.75 3

3.75 2#REF! #REF!

Status

2 - In the bottom 20th percentile of HCA hospitals

5 - In the top 20th percentile of HCA hospitals4 - In the top 40th percentile of HCA hospitals

Employee Overall Satisfaction

ER Overall Satisfaction

QRS Measures Detail Report Section 1

Inpatient Overall Satisfaction

Physician Overall Satisfaction

ED Length of Stay

Adult ICU Coverage

Professional Liability Experience (5)

Frequency of Claims

JCAHO Standards Survey

Medical Necessity Review Process Validated

Patient Safety (20)

Disaster Readiness

Sta

tus

Percent of Potential Score

QRS Measures

Quality Standards (35)

Perinatal Nursing Fetal Monitoring Competency

Quality Standards Survey

1 - In the bottom 20th percentile of HCA hospitals

Pt Safety Improvement Schedule

Submission (Pre-Survey)

Validation (Post-Survey)

% Patient Arm Bands Scanned

3 - In the top 60th percentile of HCA hospitals

Satisfaction Survey Results (15)

18


• Patient Safety• Patient Safety

19

Our Commitment to Patient Safety


HCA Has Invested Over$300 Million InPatient SafetyTechnologies

Since ’97

HCA Has Invested Over$300 Million InPatient SafetyTechnologies

Since ’97

20



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

eMAR & Barcoding

Ensures the five “R’s” – right patient, right medication, right dose, right time, right route of administration


Prevents the error patients fear most … getting the wrong medication

21



Electronic Provider Order Management (ePOM)

Allows physicians to input prescriptions and patient orders electronically and transmit them directly to a pharmacy or hospital department


Eliminates the risk of a pharmacist or clinician misreading a physician’s handwriting

Electronic Provider Order Management (ePOM)

Allows physicians to input prescriptions and patient orders electronically and transmit them directly to a pharmacy or hospital department


Eliminates the risk of a pharmacist or clinician misreading a physician’s handwriting

22



ePOM - Safety Alerts

Drug allergies

Dose warnings

Duplicate orders

Abnormal results

Severe drug interactions

Common test interactions

Age limits for certain drugs

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)Addressing Medication Errors (ADES)

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

56%34%

6%4%

Ordering

Administration

Transcription

Dispensing

eMAR & Barcoding ePOM

24


• Bad Debt Trends Improving/Encouraging• Bad Debt Trends Improving/Encouraging

25

Bad DebtsBad Debts

$368

$123

$371

$143

$411

$156

$431

$156

$428

$182

$577

$209

$566

$229

$636

$201

$694

$218

$661

$232

$688

$228

$626

$248

$ 0

$ 1 ,000

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04

$610

$786 $795 $837$1B

$0

$587$567$514$491

$912 $893

5.2% 4.8%

7.6%8.3%

10.6%11.7%

10.5%

7.6%8.6% 8.1%

10.3%11.4% 11.3% 11.9%

5.1%5.0%5.1%5.1%5.0%4.0%4.2%4.2%3.9%3.7%

0%

14%

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04

BD % of Net RevenueBD % of Net Revenue BD & Charity % of Gross RevenueBD & Charity % of Gross Revenue

Bad Debts & CharityBad Debts & Charity

Bad Debt Trends Encouraging

As reported

$916$874

$1,581

$579

$2,207

$821

$2,669

$926

$ 0

$ 4 ,5 00

2002 2003 2004

$3,595

$3,028

$5B

$0

8.0%

11.4%10.1%

5.0%4.8%4.0%

0%

14%

2002 2003 2004

$2,160

Charity Bad Debt

26

4.1%4.4%

4.1%3.9%

4.2%4.5%

4.9%

4.3%4.7% 4.7%4.8%

3.7%

3%

6%

UninsuredAdmissions

Same Facility% of Total Admissions

1999 2000 2001 2002 2003 2004

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 SlowingGrowth in Uninsured Volume Slowing

14,722 16,087 17,136 16,111 15,782 16,47318,416 17,961 17,944 18,929 19,532 18,947

0

25,000

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04

20.3%

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 9

9

2Q 9

9

3Q 9

9

4Q 9

9

1Q 0

0

2Q 0

0

3Q 0

0

4Q 0

0

1Q 0

1

2Q 0

1

3Q 0

1

4Q 0

1

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

UninsuredER VisitsSame Facility

% of Total ER Visits

UninsuredAdmissions

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 PolicyRevisions Made to the Uninsured Policy

28


• Prudent use of Company’s Strong Cash Flows• Prudent use of Company’s Strong Cash Flows

29

Cash flow in 2004 Remains Positive

$1,301$1,584

$2,046

$2,786 $2,822$3,049

$0

$3,500

1999 2000 2001 2002 2003 2004

Net Cash Provided by Operating Activities1

Dollars in Millions

Excluding settlements with government agencies and investigation related costs.

New DividendNew DividendPolicyPolicy$250mm annually

Share Repurchase Program$10.0B in 8 years$2.5B “Dutch Auction” completed at $39.76 inFourth Quarter 2004

Capital Reinvestment$1.5B in 2004

1: 1999-2003 are non-GAAP numbers

8.0%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$7.5 Billion

249 Million Shares249 Million Shares

38% of outstanding shares38% of outstanding shares

Average Price: $30.20Average Price: $30.20

650M Shares 12/31/96

423M Shares2 12/31/04

Impact of Tender OfferImpact of Tender Offer

$10 Billion$10 Billion

312 Million Shares312 Million Shares

Average Price: $32.13Average 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

2004

200320022001

2000

1999

1998

1997

$40.0

7$35.7

6$45.53

$36.88

$28.65

$24.61

$22.68

$33.59

1Avg

Sha

re P

rice

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….

Documents

1 Vic CampbellSenior Vice President Milton JohnsonExecutive Vice President and Chief Financial Officer Mark KimbroughVP, Investor Relations