ched. GILD lyr Price History (Embedded image moved to file: pic01576.gif) (attachment "GILD - defend 3.6.14.pdf" deleted by Tazia Smith/db/dbcom) HCA Holdings (HCA) - Trades avg 3mm shs/day "Best in breed" hospital co; strong operating follow-through in 4Q after a positive preannouncement. DB Price target

132 (65% implied upside). Chart below, report from this week defending vs a voluntary recall (392k bottles only) attached. GILD lyr Price History HCA Holdings (HCA) - Trades avg 3mm shs/day "Best in breed" hospital co; strong operating follow-through in 4Q after a positive preannouncement. DB Price target

132 (65% implied upside). Chart below, report from this week defending vs a voluntary recall (392k bottles only) attached. GILD lyr Price History HCA Holdings (HCA) - Trades avg 3mm shs/day "Best in breed" hospital co; strong operating follow-through in 4Q after a positive preannouncement. DB Price target

A/ I Low on 03/19/13 44.38 PP ,(79.46 79.47 , 2 Y 21 81.35" 77.81 •• \-11 1.3438 co Eel fa Table Line Chart e nen: st Zoom 85 75 HCA Holdings (HCA) - Trades avg 3mm shslday "Best in breed" hospital co; strong operating follow-through in 4Q after a positive preannouncement. DB Price target:

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

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

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

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. Figure 2: Same-store t ends (yoy % change) ICA. Inc. 48010440% 40104•14/4% 4040114 2010 200 1012 2012 3012 400 2012 1013 2011 2043 40

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

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

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

lga" e trent St Zoom 85 I •• Last Price 79.465 T High on 02/25/14 83.95 n kr " -,- Average 62.9757 A/ A Low on 03/19/13 44.38 rid HCA Holdings (HCA) - Trades avg 3mm shslday "Best in breed" hospital co; strong operating follow-through in 4Q after a positive preannouncement. DB Price target: