1

Jack Bovender Chairman and CEO

Vic Campbell Senior Vice President

Mark Kimbrough Vice President, 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

• 190 hospitals

• 92 surgery centers

• 14 million patients treated annually

• 5.2 million emergency room visits annually

4

What Will Drive HCA’s Future Success

• Aging Population and Improving Economy

• Located in Large, Growth Markets• Capital Investments

• Enhanced Outpatient Strategy

• Quality and Patient Safety Initiatives

• Prudent use of Company’s Strong Cash Flows

• Bad Debt Trends Improving/ Encouraging

• Stable Pricing Environment

5

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

Util

izat

ion

Inde

x(2

003=

100)

Baby Boomer Impact Accelerates

1.58% CAGR 2003-2012

121

119

117

115113

112110

108106

105103

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

6

Source: American Hospital Association, Bureau of Labor Statistics and Goldman Sachs Research estimates.

4%

5%

6%

7%

8%

9%

10%

1950

1955

1960

1965

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

YTD

Une

mpl

oym

ent R

ate

-6%-5%-4%-3%-2%-1%0%1%2%3%4%

Inpa

tient

Adm

issi

ons

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

HCA Hospitals Locatedin Growth Markets

Switzerland

U.K.

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

Las Vegas+22%

Southern California

+9%

Denver+9%

Dade+8%

Nashville+8%

Panhandle+10%

Tampa Bay+8%

Dallas/Ft. Worth+12%

Austin+18%

Richmond+8%

Palm Beach+11%Houston

+10%

Kansas City+5%

8

Midwest Division

Facility ExpansionProjects

New & ReplacementFacilities

Infrastructure Develop.,IT&S, & Pat. SafetyShared Services

Routine Capital

Note: Does not include potential new and replacement facilities. Note: Does not include potential new and replacement facilities.

$0.0

$0.5

$1.0

$1.5

$2.0`

2000 2001 2002 2003 2004 2005E

Billions 2000$1.2

2001$1.4

2002$1.7

2003$1.8

2004$1.5

2005E$1.6

HCA Capital Expenditures

New Denver Facility

Distribution of Capital Dollars2005 and Beyond

1,611 New BedsThree New Facilities

310 Beds

Open Heart, Cardiology

Oncology, etc.

33 ERExpansi

ons

Three Facilities511 Beds

Land &Improvements12%/$505M

Surgery/SpecialUnits

21%/$875M

Beds14%/$590M

New Facilities8%/$340M

ER Services8%/$325

OutpatientServices/MOBs

11%/$480M

ReplacementFacilities

10%/$420MNew and

ExpandedServices

16%/$690M

9

Transactions totaling $130 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)

Austin Radiology Assoc.

2 imaging centers

Diversified Radiology (Denver)

4 imaging centers/fifth under construction

Thousand OaksDiagnostic Imaging

Millcreek Imaging Center

Salt Lake City, UT

HCA Surgery Centers

LAD Imaging Centers(Orange City, Deltona)

Total I Management, LLC

(Tampa Bay Area)5 imaging centers

Outpatient Strategy Progressing

First Health (Jacksonville)

MDI 7 Centers

Ultra Open MRI (Tampa) 6 centers

Hope Cancer Centers(Tallahassee) 3 centers

10

Our Commitment to Patient Safety

HCA Has Invested Over$300 Million InPatient SafetyTechnologies

Since ’97

11

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

12

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

13

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

Source: Gallup Satisfaction Surveys 2003

50%

55%

60%

65%

70%

75%

80%

85%

90% HCA Physicians

National Avg.

14

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

$574

$284

$ 0

$ 1 ,000

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

$610

$786 $795 $837$1B

$0

$587$567$514$491

Charity Bad Debts

$912 $893

5.2% 4.8%

10.9%

7.6%8.3%

10.6%11.7%

10.5%

7.6%8.6% 8.1%

10.3%11.4% 11.3% 11.9%

9.3%

4.8%5.1%5.0%5.1%5.1%5.0%4.0%4.2%4.2%3.9%3.7%

4.3%

0%

14%

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

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

$858

BD % of Net RevenueBD % of Net Revenue BD & Charity % of Gross RevenueBD & Charity % of Gross Revenue excluding Uninsured Discount Changesexcluding Uninsured Discount Changes

Bad Debts and Charity

15

4.4% 4.5% 4.7%4.8%4.3%

4.7%4.2%4.1%4.1%

3.7%

4.4%4.9%

3.9%3%

6%

Uninsured

18.3%17.7%17.0%

20.4%

19.7%18.2%17.5%

17.1%

19.6%

19.3% 19.5%20.8%

20.3%

10%

25%

1Q 00

2Q 00

3Q 00

4Q 00

1Q 01

2Q 01

3Q 01

4Q 01

1Q

022Q

023Q

024Q

021Q

032Q

033Q

034Q

031Q

042Q

043Q

044Q

041Q

052Q

053Q

054Q

05

UninsuredAdmissions

Same Facility% of Total Admissions

20002000 20012001 20022002 20032003 20042004

UninsuredER Visits

Same Facility% of Total ER Visits

N/A

N/A

HCA Financial History – 2005.ppt

14,722 16,087 17,136 16,111 15,782 16,47318,416 17,961 17,944 18,929 19,532 18,947 18,871

0

25,000

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05

7.2%vs.PY

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

UninsuredAdmissions

Same Facility% Chg from Prior Year

2004: +9.7%

20052005+4.4% +4.3% +4.5%+4.4% +4.3% +4.5% Jan Jan FebFeb MarMar

+4.3% +4.6% +1.2%+4.3% +4.6% +1.2% Jan Jan FebFeb MarMar

+20.4% +20.9% +20.9%+20.4% +20.9% +20.9% JanJan FebFeb MarMar

3.3%vs.PY

16

Source of RevenueSource of Revenue

•Medicare Government funded healthcare program for the elderly

•Managed Care Commercial/Private health insurance

Managed Care and Other - 61.2%

11.6%Uninsured

Medicare27.2%

Pricing increase of 3-4%

Pricing increase of 6-7%

17

Cash flow in 2005 Remains Positive

$1,301$1,584

$2,046

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

$823

$0

$3,500

1999 2000 2001 2002 2003 2004 2005

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 numbers2: Q1 2005

6.6%6.6%

2

18

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….