EFTA Document EFTA01453080

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 real news in 04 results was more detail on operating metrics and HCA's outlook. In the context of a very weak volume environment, HCA's 04 EBITDA growth (+6.7% YoY) is very respectable and reflects strong expense management and improving pricing/mix. • We are particularly enco