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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,
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 J
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
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 cha
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 mi
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