1

Vic Campbell Senior Vice President

Mark Kimbrough Vice President, Investor Relations

Bryan Rogers President, Midwest Division

Clifton Mills CFO, Midwest Division

2

Cautionary Note Regarding Forward-looking StatementsCautionary Note Regarding Forward-looking StatementsCautionary 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

HCA Hospitals LocatedHCA Hospitals Locatedin Growth Marketsin Growth Markets

HCA Hospitals LocatedHCA Hospitals Locatedin Growth Marketsin 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%

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%

187 Hospitals

94 Surgery Centers

Generally 25%-40%

Market Share

40% of facilities in

Texas & Florida

4

What Will Drive HCA’s Future SuccessWhat Will Drive HCA’s Future SuccessWhat Will Drive HCA’s Future SuccessWhat Will Drive HCA’s Future Success

• Aging Population and Improving Economy

• Located in Large, Growth Markets

• Aging Population and Improving Economy

• Located in Large, Growth Markets

• Capital Investments

• Enhanced Outpatient Strategy

• Capital Investments

• Enhanced Outpatient Strategy

• Quality and Patient Safety Initiatives• Quality and Patient Safety Initiatives

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

5

Midwest Division

Facility ExpansionProjects

New & ReplacementFacilities

Infrastructure Develop.,IT&S, & Pat. Safety

Shared 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 ExpendituresHCA Capital Expenditures

New Denver FacilityNew 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%/$420M

New andExpandedServices

16%/$690M

6

3.6%

1.1%1.2%

2.1%2.8%

-0.1%

1.1%

3.1%1.9%

0.9%

3.5%

0.3%2.5% 1.1% 2.5%

1.7%

-0.9%

-0.4%

2.0%3.0%1.5%

2.8% 3.6%

1.8%

3.4%

-0.2%

2.5%

-3%

0%

3%

6%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

3.5%2.0%

3.0%

-0.7%

-0.3%

1.0%

3.4%

-1.4%

0.9%2.1%2.3% 3.0%

0.6%

-0.4%

0.9%

2.6%

1.8%2.2%0.4%2.3% 2.5%

1.8%

4.2%3.9% 4.3%

0.4%

0.2%

-3%

0%

3%

6%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

1999 2000 2001 2002 2003 2004

+2.7% +2.8% +2.7% +2.5% +0.6% +0.7%

VolumeVolume

+2.5% +2.6% +2.6% +2.6% +0.0% +1.3%

EquivalentAdmissions

Same Facility% Change from PY

EquivalentAdmissions

Same Facility% Change from PY

AdmissionsSame Facility

% Change from PY

AdmissionsSame Facility

% Change from PY

2005

7

0.7%

1.7%

0.4%

2.0%1.9%

1.4%

4.6%1.6%

2.2%

2.8% 4.2% 3.2%

3.3%1.8%

0.3%

-0.7%

2.5%2.6%

-0.8%

2.3%4.4% 4.0%

0.1%

1.1%2.6%

3.7%2.4%

-5%

5%

15%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

-0.2%1.2%

1.5%1.8%

0.7%

0.9%

-2.8%

-0.4%

-0.9%

-2.5%

2.9%

-1.3%

-5.0%-3.2%

2.9% 0.1%

-3.6%-2.9%

2.0%0.0%

-3.3%

3.1%

-0.6%

-0.2%

-0.7%

2.6% 1.8%

-10%

0%

10%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

0.1%0.6%

3.5%

-0.9%

1.2%

1.9% -1.6%

-2.5%

1.0%2.8%

-2.3%-2.4%

0.8%

3.3%

-1.5%

-0.2%

0.7%

-0.4%

0.6% 0.1%

3.3%2.0% 1.1%

1.2%

1.9%1.1%

1.4%

-5%

5%

15%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

VolumeVolume

+2.2% +3.5% +3.6% +2.8% -0.2%

InpatientSurgeries

Same Facility% Change from PY

InpatientSurgeries

Same Facility% Change from PY

+2.2%

1999 2000 2001 2002 2003 2004 2005

+0.4% -0.8% -1.2% +2.2% -3.0%

OutpatientSurgeries

Same Facility% Change from PY

OutpatientSurgeries

Same Facility% Change from PY

+1.4%

+1.1% +0.8% +0.5% +2.4% -1.9%Total

SurgeriesSame Facility

% Change from PY

TotalSurgeries

Same Facility% Change from PY

+1.7% +0.7%Sep YTD

+0.8%Sep YTD

+0.7%Sep YTD

8

10.4%10.3%8.3%

8.5%

6.7%7.2%

8.1%

7.2%7.2%

8.2%

7.3%

11.4%

7.6% 8.6%10.6%

8.1%7.6%

8.2%7.7%7.1%7.9%

11.7%

11.3% 10.5%

11.9%

9.3%8.9%

13.9%10.9%

11.6%

0%

10%

20%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

40.0%39.9%38.4%

39.1%

39.6%

38.9%37.7%

38.7%39.6%

40.1%39.7%

38.7%39.2%

38.9%40.0%

39.4%38.9%38.3%38.9%

39.8%38.4%

38.5%38.5%39.8%

40.0%

38.1%

39.4%38.3%

38.2%37.7%

35%

45%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

16.9%

16.2%16.2%

15.9%16.0%

15.9%15.8%

15.9%16.4%

15.8%

15.6%16.4%

16.0% 16.1% 16.0%

16.0%16.0%16.2%

16.3%

15.9%

15.9%16.5%

16.7% 16.8%

16.7%

17.1%17.3%

16.2%16.8%

16.8%

14%

20%

1Q99

2Q99

3Q99

4Q99

1Q00

2Q00

3Q00

4Q00

1Q01

2Q01

3Q01

4Q01

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

7.6% 7.5% 7.7% 8.0% 10.1% 11.4%

1999 2000 2001 2002 2003 2004 2005

39.3% 39.0% 39.4% 39.2% 38.5% 38.4%

16.0% 15.9% 16.0% 16.1% 16.2% 16.7%

Operating ExpensesOperating Expenses

Bad DebtAs Reported

% of Net Revenue

Bad DebtAs Reported

% of Net Revenue

SuppliesSame Facility

% of Net Revenue

SuppliesSame Facility

% of Net Revenue

SW&B1Same Facility

% of Net Revenue

SW&B1Same Facility

% of Net Revenue

39.2% Sep YTD

9.6%

Sep YTD

17.0% Sep YTD

12.2%

9

4.4% 4.5%

5.7%

4.7%4.8%

4.3%4.7%

4.2%4.1%4.1%

3.7%

4.4%

4.9% 5.0%

3.9%

3%

6%

UninsuredUninsured

18.3%17.7%

17.0%

20.4%

21.5%19.7%

18.2%17.5%

17.1%

19.6%

19.3% 19.5%20.8%

20.3% 20.5%

10%

25%

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

1Q05

2Q05

3Q05

4Q05

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

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

20,39422,820

0

25,000

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

7.2%vs.

PY

2.4%vs.

PY

7.5%vs.

PY

11.5%vs.

PY

13.7%vs.

PY15.2%

vs.

PY

7.1%vs.

PY

3.7%vs.

PY

UninsuredAdmissions

Same Facility% Chg from Prior Year

2004: +9.7%

20052005

+5.0%+5.0% Sep YTD Sep YTD

+7.7% +7.7% Sep YTD Sep YTD

+20.2% +20.2% Sep YTDSep YTD

3.3%vs.

PY

5.1%vs.

PY

15.0%vs.

PY

10

Cash flow in 2005 Remains PositiveCash flow in 2005 Remains Positive

$1,301$1,584

$2,046

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

$2,529

$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.

1: 1999-2003 are non-GAAP numbers2: YTD 2005- 9/30/05

2

Uses of Cash

(1) Capital Reinvestment

$1.5B in 2004 in existing assets

(2) Share Repurchase Program

$10.0B in 8 years

$2.5B “Dutch Auction” underway

(3) Dividend Policy

$250mm annually

(4) Acquisitions – opportunistic

$1B Health Midwest - April 2003

(5) Debt Repayment

% Debt to Cap at September 30

11

Prudent Financial Strategy Focused on Shareholder Value

Strong Cash Flows

Great Assets

In Summary We Have….In Summary We Have….

12

Bryan Rogers, President

Midwest Division

13

Midwest Division HospitalsMidwest Division Hospitals Midwest Division HospitalsMidwest Division Hospitals

The “Big Six” Hospitals:

Research Medical Center

Baptist-Lutheran Medical Center

Overland Park Regional Medical Center

Menorah Medical Center

Independence Regional Health Center

Medical Center of Independence

Suburban /Rural/Specialty Hospitals:

Allen County Hospital

Lafayette Regional Health Center

Lee’s Summit Hospital

Research Belton Hospital

Research Psychiatric Center

The “Big Six” Hospitals:

Research Medical Center

Baptist-Lutheran Medical Center

Overland Park Regional Medical Center

Menorah Medical Center

Independence Regional Health Center

Medical Center of Independence

Suburban /Rural/Specialty Hospitals:

Allen County Hospital

Lafayette Regional Health Center

Lee’s Summit Hospital

Research Belton Hospital

Research Psychiatric Center

14

Kansas City MarketplaceKansas City MarketplaceKansas City MarketplaceKansas City Marketplace

Kansas City Profile– 26+ Full Service Acute Hospitals

– 6,507 Licensed / 5,254 Staffed Beds

– 3,343 ADC

– 64% Occupancy (staffed)

– 1.87M Residents in MSA - 2004

– 5.9% Population Growth 2004-09

• PRO– No dominant system– High “use rate” for service utilization– Lack of inpatient “niche” traction– Missouri: Certificate of Need state– Low % of uninsured population

• CON– Provider owned MCOs / dueling

systems

– Available bed capacity

– Irrational capital spending by stand alone single hospital franchises

– Low commodity pricing

15

2004 Kansas City Market Share2004 Kansas City Market Share2004 Kansas City Market Share2004 Kansas City Market Share

11 County Service Area

25%

11%

9%8%8%7%

6%

6%5%

4%11%

HCA Saint Luke's North Kansas City

Carondolet Shawnee Truman

Sisters of Charity Kansas University Olathe

Children's Other

16

Characteristics of Health MidwestCharacteristics of Health MidwestCharacteristics of Health MidwestCharacteristics of Health Midwest

System Developed through Acquisition (13)

Poor Management Control Systems

Centralized Decision Making

Declining Market Share

Lack of Leadership

Attempted Vertical Integration

Low Employee Morale

Lack of Capital Spending

System Developed through Acquisition (13)

Poor Management Control Systems

Centralized Decision Making

Declining Market Share

Lack of Leadership

Attempted Vertical Integration

Low Employee Morale

Lack of Capital Spending

17

Recruited 54 New Physicians to Market

Managed Care Pricing: 9% 2004; 9% 2005

ASC Development Projects Approved (Independence, MMC, OPRMC)

New Service Development

Pancreas / Transplant Services (RMC)

Gyn Oncology (OPRMC / RMC)

Trauma (OPRMC/Independence)

Open Heart Services (OPRMC / BLMC)

Cyberknife JV (MMC)

Chest Pain Accreditation

The Cancer Institute Unwind (Health Midwest/St. Luke’s Oncology JV)

CON Approval: Independence & Lee’s Summit

Imaging

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

MRI & CT Outpatient Volumes

MRI 3,637 6,926 10,125 11,206

CT 23,869 25,287 32,240 34,783

2002 2003 2004 2005

Growth 2003-2005

62%- MRI

38% - CT

Key Accomplishments - Key Accomplishments - GrowthGrowth Key Accomplishments - Key Accomplishments - GrowthGrowth

18

Key Accomplishments – Key Accomplishments – Cost /EfficiencyCost /Efficiency Key Accomplishments – Key Accomplishments – Cost /EfficiencyCost /Efficiency

• Labor Reductions

• Closed Unprofitable Services (Skilled Nursing, Rehabilitation Units)

• “Shed” Non-core Businesses (EHS, Trinity Manor, Fitness Center)

• Built Flexible Workforce (implemented “All About Staffing”)

• Case Management: Avoidable Day Reduction

• Supply Chain Warehouse

• PAS Implementation

19

Capital InvestmentCapital InvestmentCapital InvestmentCapital Investment

Major Capital Initiatives:

• $281 Million – New Independence Hospital ($196M) & New Lee’s Summit Hospital ($85M)

• $92 Million – Research Medical Center (ER, Patient Rooms, Cancer, Imaging)

• $25 Million – Overland Park Regional Health Center (Women’s Services & ICU)

• $15 Million – Outpatient Strategy Development (ASC, JVs, etc.)

• $32 Million – Financial & Clinical Information System

• $16 Million – Imaging Investment

CATEGORY 2003 2004 2005 2006 2007 2008 TOTAL

TOTAL CAPITAL 55.8 107.2 129.7 131.4 63.4 10.3 497.8

Cumulative Capital 55.8 163.0 292.7 424.1 487.5 497.8

First 2 years, spend or commit $300M;Year 3, spend or commit $50MYear 4, spend or commit $50MYear 5, spend or commit $50M

Capital Improvement Covenant

20

New Replacement HospitalsNew Replacement HospitalsNew Replacement HospitalsNew Replacement Hospitals

Site Summary: 39 acres purchased for $8M Bed Profile Proposed:

– Medical / Surgical 48– Intensive Care Unit 10– Women’s Services 6

TOTAL 64

ER Bays 14 treatment bays Surgical OR 4 PACU 8 positions Prep & Recovery 12 positions

Site Summary: 89 acres purchased for $15M Bed Profile Proposed:

– Medical / Surgical 156– Intensive Care Unit 28– NICU (Level II & III) 12– GYN/Antepartum 9– Post Partum 16

TOTAL 221

ER Bays 32 treatment bays Surgical OR 10 PACU 15 positions Prep & Recovery 30 positions

Lee’s SummitLee’s Summit IndependenceIndependence

21

12500

13000

13500

14000

14500

15000

ADMITS 4 per. Mov. Avg. (ADMITS)

Stabilized Run RateStabilized Run Rate Stabilized Run RateStabilized Run Rate

Admissions

22

Long Run StrategyLong Run StrategyLong Run StrategyLong Run Strategy

#1: Growth: Increase Market Share in High Margin Services

#2: Execute Capital Investment Strategy

#3: Upgrade Quality / Satisfaction

#4: HCA Goodwill / Communication Efforts

#5: Execute Revenue Plan to Address Provider Reimbursement

#6: Bed Consolidation

#7: Shared Service Initiatives / Continued Reduction in Fixed Costs

#8: Geographical Expansion into New Markets

#1: Growth: Increase Market Share in High Margin Services

#2: Execute Capital Investment Strategy

#3: Upgrade Quality / Satisfaction

#4: HCA Goodwill / Communication Efforts

#5: Execute Revenue Plan to Address Provider Reimbursement

#6: Bed Consolidation

#7: Shared Service Initiatives / Continued Reduction in Fixed Costs

#8: Geographical Expansion into New Markets