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February 14, 2006February 14, 2006

UBS Global Healthcare ConferenceUBS Global Healthcare Conference

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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.

The presentation may contain certain (non-GAAP) measures – you may refer to the Company’s financial filings on Form 10-K or Form 10-Q for reconciliation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures.

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.

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Largest, publicly traded, healthcare provider with Largest, publicly traded, healthcare provider with

• 182 hospitals182 hospitals

• 94 freestanding surgery centers94 freestanding surgery centers

Located in 22 states, London, England and Geneva, SwitzerlandLocated in 22 states, London, England and Geneva, Switzerland

NYSE: HCANYSE: HCA

Sky Ridge Medical CenterSky Ridge Medical Center

Denver, CODenver, COStoneCrest Medical CenterStoneCrest Medical Center

Nashville, TNNashville, TN

Capital Regional Medical CenterCapital Regional Medical Center

Tallahassee, FLTallahassee, FL

Hospital Corporation of AmericaHospital Corporation of America

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HCA 2005 HighlightsHCA 2005 Highlights

Revenues totaled $24.5 billion up 4.3% (same facility 4.8%)Revenues totaled $24.5 billion up 4.3% (same facility 4.8%)

EPS (GAAP basis) up 24% to $3.19 per diluted shareEPS (GAAP basis) up 24% to $3.19 per diluted share

EPS excluding gains on sale of facilities, impairments, foreign EPS excluding gains on sale of facilities, impairments, foreign

tax repatriation and hurricane expenses, increased 15%tax repatriation and hurricane expenses, increased 15%

Cash flow from operations totaled $3.2 billion vs. $3.0 billion in Cash flow from operations totaled $3.2 billion vs. $3.0 billion in

20042004

Repurchased 36.7 million shares of stock ($1.9 billion)Repurchased 36.7 million shares of stock ($1.9 billion)

Increased dividend 13% to $0.17 per quarterIncreased dividend 13% to $0.17 per quarter

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Returns Improved in 2005Returns Improved in 2005

24.3%

11.3%

21.1%

10.8%

22.3%

11.7%

Return Analysis% change from Prior Year

Return on Stockholders’ EquityReturn on Stockholders’ Equity

Return on Invested CapitalReturn on Invested Capital

200320042005

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Revenue trends favorable.Revenue trends favorable.6.6%

7.5%

6.0%6.5%

0%

4%

8%

2000-2002 2003 2004 2005*

Net Revenue / Adjusted Admission% change from Prior Year

Managed CareRevenue/AA

% Change from Prior Year

5.4% 6.3%

MedicareRevenue/AA

% Change from Prior Year

Revenue Per Unit GrowthRevenue Per Unit Growth

Favorable Medicare, Favorable Medicare, Medicaid and managed care Medicaid and managed care revenue yield per adjusted revenue yield per adjusted admission.admission.

MedicaidRevenue/AA

% Change from Prior Year

7.5%

*adjusted for uninsured discount

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Effective expense management Effective expense management

significantly contributed to significantly contributed to

favorable earnings performance.favorable earnings performance.

Cash Operating Expense/Adjusted Admission% Change from Prior Year

Same Facility

6.6% 6.4% 6.2%

4.8%

0%

5%

10%

2001-2002 2003 2004 2005

Expense Management FavorableExpense Management Favorable

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Labor management favorable:Labor management favorable:

• Wages managed to efficient Wages managed to efficient

levels.levels.

Wage Rate% Change from Prior Year

• Productivity improvedProductivity improved 1.2%

0.6%1.1%

-1.0%

0%

1%

2%

2002 2003 2004 2005

Manhours / Adjusted Admission% Change from Prior Year

As Reported

5.3%4.8% 4.6%

4.2%

0%

2%

4%

6%

1999-2002 2003 2004 2005

Solid Labor ManagementSolid Labor Management

• SWB as a % of net SWB as a % of net

revenue favorable.revenue favorable.

Salary, Wages & Benefits

% of Net Revenue

39.2% 39.8% 40.1%39.4%

0%

25%

50%

1999-2002 2003 2004 2005**adjusted for uninsured discount

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3.6%

0.7%

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

4Q05

3.5%2.0%

3.0%

-0.7%0.3%

-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

4Q05

1999 2000 2001 2002 2003 2004

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

Volume TrendsVolume Trends

+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

+0.1%

+1.4%

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Admission TrendsAdmission Trends

Same Facility

Admissions growth Admissions growth appears more favorable appears more favorable adjusting for change in adjusting for change in DPUs and one day admits.DPUs and one day admits. 0%

2%

3%

1999-2002 2003 2004 2005

AdmissionsAdjusting for DPU and one day admits

% Change from Prior Year+2.7%

+1.0% +0.8% +1.4%

+0.6%

+0.1%

+0.7% +0.6%

+0.8% +0.3%

One day admits

DPU effectAdmissions

DPU effectAdmissions

0%

2%

3%

1999-2002 2003 2004 2005

+2.6%

+0.8%

+1.4%

+2.0%

+1.4% +1.3%

+0.8%

+0.1%

+0.6%

Adjusted Admissions% change from Prior Year

Adjusted admissions reflect Adjusted admissions reflect continued growth in continued growth in outpatient services and the outpatient services and the observation day effect.observation day effect.

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Physician RecruitmentPhysician Recruitment

Physician Recruitment

Total Number of Physicians RecruitedTotal Number of Physicians Recruited

20042004 20052005

Primary CareSpecialists

701701

55%55%

45%45%384384

53%53%

47%47%

MOB Development

2006E2005

420,000

1,300,000

sq. ft.$62M

sq. ft.$220M

• Currently 22 million square feet of Currently 22 million square feet of medical office space in service.medical office space in service.

• Total occupancy is 79%.Total occupancy is 79%.

• Medical office square footage coming on line.

• 83% increase in recruited physicians in 2005.83% increase in recruited physicians in 2005.• 76% recruited physicians using in-house service.76% recruited physicians using in-house service.

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18.3%20.7%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

16,145 17,159 16,089 15,780 16,45118,410 17,957 17,944

19,471 20,110 18,947 18,871 20,39422,820

21,548

0

25,000

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

4.4% 4.5%

5.7%

3.9%

5.0%

5.4%

4.9%

4.4%3.7%

4.1% 4.1% 4.2%4.7%

4.3%4.8%

4.7%

3%

6%

UninsuredAdmissions

Same Facility% of Total Admissions

20002000 20012001 20022002 20032003 20042004

UninsuredER Visits

Same Facility% of Total ER Visits

N/A

N/A

5.9%vs.

PY1.9%

vs.

PY

7.3%vs.

PY

11.6%vs.

PY

13.7%vs.

PY

15.2%vs.

PY 7.2%vs.

PY

3.7%vs.

PY

UninsuredAdmissions

Same Facility% Chg from Prior Year

2004: +9.7%

20052005

3.3%vs.

PY

5.1%vs.

PY

*2002 Totals based on 2003 Prior Year

15.0%vs.

PY

5.3% 5.5%5.3% 5.5% 5.4% 5.4% OctOct NovNov Dec Dec

+14.7% +14.3% +17.0%+14.7% +14.3% +17.0% Oct Oct NovNov Dec Dec

21.1% 20.6%21.1% 20.6% 20.3%20.3% OctOct NovNov Dec Dec

5.1%Dec YTD

+9.5%Dec YTD

20.4%Dec YTD`

15.3%vs.

PY

Uninsured VolumeUninsured Volume

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HCA Hospitals Located in Growth MarketsHCA Hospitals Located in 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%

182 Hospitals

94 Surgery Centers

Generally 25%-40%

Market Share

40% of facilities in

Texas & Florida

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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

Socio-Demographics-Age WaveSocio-Demographics-Age WaveDriving Healthcare UtilizationDriving Healthcare Utilization

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HCA Capital ExpendituresHCA Capital Expenditures

$0.0

$0.5

$1.0

$1.5

$2.0

2003 2004 2005 2006P

Facility ExpansionProjects

New andReplacement Facilities

IT&S and Patient Safety

RoutineCapital

Billions 2003

$1.842004

$1.522005

$1.62006P

$1.9

Dollars in BillionsDollars in BillionsCapital Commitments:

Houston, TX $517 millionHouston, TX $517 million

Pearland, TX new hospital (2007)

Denver, CO $250 millionDenver, CO $250 million

new children’s hospital/ expansion of 3 hospitals

San Antonio, TX $165 millionSan Antonio, TX $165 million

new hospital with JV partner (2007)

Atlanta, GA $130 millionAtlanta, GA $130 million

Emory John’s Creek, new hospital (2007)

Salt Lake City, UT $85 millionSalt Lake City, UT $85 million

new hospital (2007/ 08)

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$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2002 2003 2004 2005 2006 2007

Capital Placed in Service by YearCapital Placed in Service by Year

(Do

llar

s in

Mil

lio

ns)

2005 projects typically 2005 projects typically approved 24-30 months agoapproved 24-30 months ago

In Service

Design & Permits

Construction

9 mo.9 mo. 18 mo.18 mo.

ApprovedAverage Timeframe

Western $249 $499 $373 $466 $641 $791

Eastern $427 $675 $450 $179 $500 $242

Total HCA $676 $1,174 $823 $645 $1,141 $1,033

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Two new ASCs; one expansion

Three new imaging centers

Two new oncology centers

Three Hospital-based imaging expansions

Seven Hospital-based surgery expansions

13 ICU/bed expansions

Three major surgery expansions

Eight ED expansions

Seven Women’s Services expansions

Interior/Exterior renovations, parking garages, etc.

2005 Major Capital Projects Coming On Line2005 Major Capital Projects Coming On Line

$95M (15%)

Infrastructure

Outpatient

Inpatient

$150M (23%)

$400M (62%)

Total $645M

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Eight new ASCs; two expansions; one replacement

15 new imaging centers

One new oncology center

Three Hospital-based imaging expansions

Six Hospital-based surgery expansionsEight medical office buildings (on balance sheet)

17 ICU/bed expansions

Six major surgery expansions

11 ED expansions

Six Women’s Services expansions

Interior/Exterior renovations, parking garages, etc.

2006 Major Capital Projects Coming On Line2006 Major Capital Projects Coming On Line

$90M (8%)Infrastructure

Outpatient

Inpatient

$290M (26%)

$630M (55%)

Total $1.14B

Emory Johns Creek (118 beds and 135,000 sq. ft. MOB)

$130M (11%)

Replacement Facility

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2006 Outpatient Under Development2006 Outpatient Under Development

Ambulatory Surgery Centers

Imaging Centers

Oncology Centers

Cath Lab

Freestanding ER

Total

# ofCenters Amount

11 $65

15 73

1 4

4 13

3 12

34 $167

(Dollars in Millions)(Dollars in Millions)

Excludes Hospital-based DevelopmentExcludes Hospital-based Development

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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)

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 OaksDiagnostic Imaging

Thousand OaksDiagnostic Imaging

Millcreek Imaging Center

Salt Lake City, UT

Millcreek Imaging Center

Salt Lake City, UT

HCA Surgery Centers

LAD Imaging Centers(Orange City, Deltona)

LAD Imaging Centers(Orange City, Deltona)

Total I Management, LLC

(Tampa Bay Area)5 imaging centers

Total I Management, LLC

(Tampa Bay Area)5 imaging centers

Outpatient Strategy ProgressingOutpatient Strategy Progressing

First Health (Jacksonville)

First Health (Jacksonville)

MDI 7 Centers

MDI 7 Centers

Ultra Open MRI (Tampa) 6 centers

Ultra Open MRI (Tampa) 6 centers

Hope Cancer Centers(Tallahassee) 3 centers

Hope Cancer Centers(Tallahassee) 3 centers

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$2,648$2,292

$2,954$3,159

$0

$3,500

2002 2003* 2004 2005

Net Cash Provided by Operating ActivitiesNet Cash Provided by Operating ActivitiesDollars in MillionsDollars in Millions

HCA’s Cash Flow Remains StrongHCA’s Cash Flow Remains Strong

6.9%6.9%

* Reduced due to government settlement and investigation related costs* Reduced due to government settlement and investigation related costs

Uses of CashUses of Cash

(1) Capital Reinvestment

$1.6B in 2005 in existing markets

and $1.9B in 2006

(2) Share Repurchase Program

$12B in 8 years

36.7 million shares purchased in 2005

11.1 million shares purchased in 2006 under $1B open-market authorization

(3) Dividend Policy

Approx. 20 to 25 percent payout

(4) Acquisitions – opportunistic

$1B Health Midwest - April 2003

Austin, TX and Nashville, TN - pending acquisitions

(5) Debt Repayment

Debt/ cap – 64.8% at 12/31/05

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