EFTA01446952.pdf

4 February 2014 Health Care Facilities and Services HCA Holdings, Inc. 'Historical recommendations and target price: HCA Holdings, Inc. (HCA.N) (as of 2/3/2074) 6000 Previous Recommendations Strong Buy 50 CO Buy Market Perform Underperlorm 40 CO Not Rated Suspended Rating I Current Recommendations .1 30 CO Buy Hold 2000 Sell Not Rated Suspended Rating 10 CO 'New Recommendation Structure as of September 9.2002 000 Ma 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 5 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 1. 04/19/2011: Upgrade to Buy. Target Price Change USD41.00 S. 02/23/2012: Upgrade to Buy, USD32.00 2. 05/06/2011: Buy. Target Price Change USD42.00 9. 05/04/2012: Buy. Target Price Change USD33.00 3. 05/13/2011: Buy. Target Price Change USD33.00 10 11/07/2012: Buy. Target Price Change USD40.00 4. 1005/2011: Downgrade to Hold. Target Price Change USD23.00 11 01130/2013: Buy, Target Price Change USDI4.00 5. 11/01/2011: Hold, Target Price Change USD25.00 12 05/07/2013: Buy. Target Price Change USD46.00 6. 12/07/2011: Hold. Target Price Change USD26.00 13 10/07/2013: Buy, Target Price Change USD56.00 7. 02/06/2012: Hold, Target Puce Change USD32.00 14 01/08/2014: Buy, Target Price Change USD58.00 IEquiw along key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 500 share-holder return (TSR = percentage change in 450 share price from current price to projected target price 400 350 plus pro-jected dividend yield ) , we recommend that 300 investors buy the stock. 250 200 Sell: Based on a current 12-month view of total share- 150 holder return, we recommend that investors sell the 100 50 stock 0 Hold: We take a neutral view on the stock 12-months Buy Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. MCompanies Covered ■Cos w/ Ranking Relationship Notes: North American Universe 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. Page 13 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101408 CONFIDENTIAL SDNY_GM_00247592 EFTA01446952