JP Morgan/Jan 2005

1. Jack O. Bovender, Jr. Chairman and CEO Vic Campbell Senior Vice President HCA 2005 JP Morgan/Jan 2005

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. HCA 2005 JP Morgan/Jan 2005 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. 37 ER Expansions 37 ER Expansions New Denver Facility Patient Safety & Infrastructure Expansions Routine New Facilities HCA Capital Expenditures Billions 2004E $1.6 2000 $1.2 2001 $1.4 2002 $1.7 2003 $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

5. HCA Capital Regional Medical Center Tallahassee, FL ($100M) 200 beds Opened: August 2003

6. HCA Stonecrest Medical Center Smyrna, TN ($96M) 75 beds Opened: December 2004

7. Inpatient Admissions and Outpatient Visits 1980 - 2003 Outpatient Visits (millions) Inpatient Admissions (millions) Source: AHA Annual Survey 1980 - 2003

8. Socio-Demographics—Age WaveDriving Healthcare Utilization 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 Acute Care Utilization Index (2003=100) Baby Boomer Impact Accelerates

9. HCA Admission Trends 2001 to 3Q 2004Same Facility 15.4% Market Competitors HCA HCA Growing Medicare Market Share Growth in Medicare Admissions 1998-2001 * *2Q includes same-market admissions

10. Inpatient Surgery Trends Improving2001 to 3rd Quarter 2004 - Same Facility 1 1: Includes Kansas City facilities.

11. 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%

12. Outpatient Strategy Processing Diversified Radiology (Denver) 4 imaging centers/fifth under construction Austin Radiology Assoc. 2 imaging centers Thousand Oaks Diagnostic Imaging Sarah Cannon Research Institute (Nashville) LAD Imaging Centers (Orange City, Deltona) Millcreek Imaging Center Salt Lake City, UT Transactions totaling $41 million completed 20–30 imaging center and 8-10 surgery center transactions expected to be completed over the next 12 months HCA Surgery Centers

13. 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 16% 11.1% 9.0% 9.9% 15.0% 13.3% 13.0% 11.4% 11.1% 10.5% 9.6% 9.2% 7.3% 7.0% 6.6% 0% 3Q 04 1Q 02 2Q 02 3Q 02 4Q 02 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 75% of 2005 and 35% of 2006 contracts completed

14. Medicare Reimbursement Improves Oct. 1, 2004with Outlier Threshold Change and Full Market Basket Update Hospitals receive full market basket update 3.3% beginning October 1, 2004 Medicare outlier threshold reduced from $30,150 (Oct ’03), to $25,800 (Oct ’04)

15. +4.7% +6.5% +5.1% +4.6% Sept YTD Nursing Total Operations* LaborCost Wage Rate Same Facility - % Change from PY 2001 2002 2003 2004 1 2Q 01 4Q 01 2Q 02 4Q 02 2Q 03 4Q 03 1Q 01 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 3Q 04 2Q 04 1Q 04 1: Includes Kansas City facilities. Contract Labor Reduction $/Adj. Patient Day 15% vs. Q103 25% vs. Q103 29% vs. Q103 33% vs. Q103 29% vs. Q103 33% vs. Q103 * Eastern and Western Consolidated Operations

16. Bad Debt Impact on Operating Expenses per Adjusted Admission 2002 2003 2004 2001 15% 7.4% 9.4% 8.5% 7.0% Sept. YTD 10.8% 10.4% 10.2% 10% 8.9% 8.8% 8.5% 8.0% 8.0% 7.6% 6.6% 7.6% 9.3% 7.0% 8.1% 7.8% 6.0% 7.0%1 7.4% 5.4% 7.5% 5.5% Operating Expenses/AA – Percent Change from Prior Year 6.2% 5.8% 5% 6.0% 5.5% 5.6% 5.3% 5.2% 5.5% 5.1%1 4.7% 3.8% 6.7% 6.0% 6.5% 6.4% 0% Sept. YTD 1Q 01 2Q 01 3Q 01 4Q 01 1Q 02 2Q 02 3Q 02 4Q 02 1Q 03 2Q 03 3Q 03 4Q 03 1Q 04 2Q 04 3Q 04 Same Facility – Percent Change from Prior Year Operating Expense/AA (Adj. For Bad Debt) Operating Expense/AA 1: Adjusted for $26M in net hurricane operating expense impact during the 3rd quarter

17. 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

18. HCA Reduces Malpractice Reserves by $59 Million in 2Q 2004 HCA Large Claims Declining

19.  HCA is Investing Significantly in Programsfor 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. Accounts Receivable IndicatorsCash Collections % Adj. Net Revenue / Days in A/R Days in Accounts Receivable Cash Collections % Adjusted Net Revenue

21. Strong Cash Flow Trends Provide Opportunities Net Cash Provided by Operating Activities Dollars in Millions Capital Reinvestment $1.6B in 2004 Share Repurchase Program $10.0B in 8 years $2.5B “Dutch Auction” completed at $39.75 in November ‘04 New Dividend Policy $250mm annually Excluding settlements with government agencies and investigation related costs.

22. Opportunities of HavingStrong Cash Flow 650M Shares 12/31/96 422M Shares2 12/31/04 Avg Share Price $7.5 Billion 249 Million Shares 38% of outstanding shares Average Price: $30.20 $40.05 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 $24.61/share $1.3B: 43.5M Shares 2000 Impact of Tender Offer $10 Billion 312 Million Shares 48% of outstanding shares Average Price: $32.20 $1.4B: 55.6M Shares $22.68 $1.4B: 55.6M Shares $22.68/share 1999 $33.59 $930M: 41M Shares $930M: 41M Shares 1998 $33.59/share $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 22

23. 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