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-13.1 86 Reported EPS 276 497 349 337 392 477 •nnual growth f%1 232 80.2 -297 -36 163 218 Source. Company obta. astaCh. Ba k enmeter Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0110487 SDNY_GM_00256671 EFTA01453079

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. Model updated:04 February 2014 tho !Rift 'Lon North America United States Health Care Facilities and Services HCA Holdings, Inc. Routers

mcam 'app. ;roc SIP 06)111,EX 0..tbasten Performance (%I 1n1 3m 12m Absolute .0.6 2.4 26.8 S&P 600 INDEX awn Cana Sat -4.9 -1.1 15.1 Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

Deutsche Bank Markets Research Rating Buy North America United States Health Care Health Care Facilities and Services (kimi)0117 HCA Holdings, Inc. HCA N HCA US NYS Q4 surgery/mix recovering; 2014 / ACA outlook conservative Reiterate Buy. F ICA's it:sure: demomtrate best in breed (14

EBITDA / $3.45-$3.75 EPS ) due to underlying growth and ACA. Our model now reflects higher S/O (+1% higher), slightly lower HITECH benefit Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110493 CONFIDENTIAL SDNY_GM_00256677 EFTA01453082

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. 'Figure 8: 2014 EBITDA Bridge ($ in MM) Base EMMA Midge As • %of 2013 Adj EB1TDA Low Mid High Low Mid High 2013 hausled E8IIDA Report

We see HCA as a best-in-class operator with strong assets, a flexible balance sheet and a good track record for opportunistic capital deployment. Deutsche Bank Securities Inc. HCA's O4 E8ITOA growth (+6.7% YoY) is very respectable and reflects strong expense management and improving priangimix We believe any sustained

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. Q4'2013 Earnings Review Key points • Solid results despite challenging volume backdrop. Q4 EBITDA was previewed earlier in January, so the

53.0% 520% 63.0% 61.2% 518% 516% 01.8% 61.6% uninsured 100% 6.0% 8.0% 8.2% 9.5% 95% 9.6% 9.5% Sant Naar in OCMPIIMPOM 1 Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0110495 SDNY_GM_00256679 EFTA01453084

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. !Figure 9: HCA model summary HCA Holdings, Inc - Earning; Model Summary RsCal Yea, Enle December al (9 La Yale except per chafe eh") 2008

50M lower), and slightly lower ACA ramp (-$100M lower) offset by slightly better rate/mix due to recent strength in acuity mix +3% vs. prior +2.5%. Deutsche Bank Securities Inc. Page 9 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0110494 CONFIDENTIAL SDNY_GM_00256678 EFTA01453083

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. (450M lower), and slightly lower ACA ramp (-$100M lower) offset by slightly better rate/mix due to recent strength in acuity mix +3% vs. prio