INVESTOR DAY

JUN 5, 2018
NEW YORK CITY
OMAR ISHRAK
CHAIRMAN & CHIEF EXECUTIVE OFFICER
FORWARD LOOKING STATEMENTS

This presentation contains forward-looking statements. They are based on current assumptions and expectations that involve uncertainties or risks.
These uncertainties and risks include, but are not limited to, those described in the filings we make with the U.S. Securities and Exchange Commission
(SEC). Actual results may differ materially from anticipated results. Forward-looking statements are made as of today's date, and we undertake no duty to
update them or any of the information contained in this presentation.

Financial Data
Certain information in this presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our
independent registered public accounting firm. Use of different methods for preparing, calculating or presenting information may lead to differences and
such differences may be material. The methodology used to calculate such figures is explained in the footnotes to slides in this presentation where those
figures appear. This presentation contains financial metrics, such as dividend payout ratio, cash conversion ratio, free cash flow payout ratio and return on
invested capital, that are calculated using previously disclosed “non-GAAP” financial measures under applicable SEC rules and regulations. GAAP to non-
GAAP reconciliations of the relevant non-GAAP financial measure for a particular reporting period are available with previous earnings release materials
for such period, available at http://investorrelations.medtronic.com.

Medtronic management believes that non-GAAP financial measures provide information useful to investors in understanding the company’s underlying
operational performance and trends and to facilitate comparisons with the performance of other companies in the med tech industry. Medtronic
calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial
measures. For instance, forward-looking EPS projections exclude the impact of foreign currency fluctuations and other potential charges or gains that
would be recorded as non-GAAP adjustments to earnings during the fiscal year. Medtronic does not attempt to provide reconciliations of forward-looking
non-GAAP EPS guidance to projected GAAP EPS guidance, because the combined impact and timing of recognition of these potential charges or gains is
inherently uncertain and difficult to predict, and is unavailable without unreasonable efforts. In addition, we believe such reconciliations would imply a
degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial
performance.

2018 Investor Day | 3

COMMITTED TO CREATING SHAREHOLDER VALUE

We Will
Lead in
Technology

2018 Investor Day | 4

MEDTRONIC WILL BE THE INDUSTRY LEADER IN TECHNOLOGY
THROUGH TECHNOLOGY, INNOVATION, INVENTION AND DISRUPTION

Definition Examples

CONTINUOUS Enhancing the clinical

outcomes and economic
INNOVATION value of existing products SigniaTM
Visia AFTM AzureTM IntellisTM Resolute Surgical
ICD Pacing System StealthStationTM S8 ONYXTM DES Stapling

Creating and developing

INVENTION new therapies that result in PillCamTM IntrepidTM
new markets TMVR SpyralTM
MVAD® Renal
Reveal
SolitaireTM Denervation
CoreValveTM TAVR LINQTM
Portable
Surgical Hemodialysis
Robotics
System
Disruptive therapies in
DISRUPTION existing markets Arctic Front
MicraTM AdvanceTM
MiniMed® 670G Wireless Cryoballoon
Insulin Pump System Pacing System

2018 Investor Day | 5

INVENTION: CREATING NEW THERAPIES THAT RESULT IN NEW MARKETS
SOLITAIRE CASE STUDY

$2.5B Market Worldwide in

FY18 Growing ~20%

Developing EMS Routing

Protocols and Patient Care
Pathways

Restores blood flow and
retrieves clots in the brain
for patients experiencing
acute ischemic stroke
SWIFT PRIME | EXTEND IA |
ESCAPE | REVASCAT | MR CLEAN
Comprehensive Platform
Anchored by Market-
Leading Technology
2013: Guidelines Established
2015: Stent retriever / 6 hours
2018: “Extended Window”
16-24 hours

2009 2015 2013-2018 ONGOING

SOLITAIRETM FR 5 NEW ENGLAND AHA / ASA MARKET
JOURNAL OF MEDICINE GUIDELINES EXPANSION
PUBLICATIONS

2018 Investor Day | 6

DISRUPTION: REDEFINING THE CARDIAC RHYTHM MARKET
MICRA CASE STUDY

Micra VR Micra AV Micra AR Micra DDR

Total
Eligible
Pacing
Market

1958 1985 2015 FY20 BEYOND

EXTERNAL RATE RESPONSIVE LEADLESS FUTURE DERIVATIVES OF THE LEADLESS
PACEMAKER PACING TRANSCATHETER TRANSCATHETER PACEMAKER
PACEMAKER

2018 Investor Day | 7

LEADING PIPELINE OF TECHNOLOGY
WEIGHTED TO GROWTH MARKETS
LAUNCHING NOW FY19 / FY20 BEYOND
Reveal LINQTM Renal
TruRhythmTM AvalusTM EV ICD Denervation
MicraTM
CVG

Surgical Reveal
Valve MicraTM AV
LINQTM 2.0
Reimbursement
LVAD Thoracotomy MVAD
CoreValve® PerceptaTM CRT-P MicraTM
LVAD
Evolut® PRO Resolute Quad VenaSealTM CoreValve® TYRX™ – WRAP IT Intrepid® AR / DDR
Azure™ Destination
ONYXTM Closure Evolut® PRO Clinical Results TMVR
Wireless Therapy
System 34mm
Pacemaker
StealthStationTM S8 for Integrated
Midas Rex™ MR8™ Navigation Injectable
ARTiC-LTM 3D ENT Drill Platform with Mazor X Tibial
Titanium Interbody
Directional Stim DBS Lead Nerve Stim
RTG

Patient & Clinician Powered

Riptide™ Aspiration Bone Cranial
Programmer for DBS, Mounted DBS INFUSE®
System Biopsy
Drug Pump, SNM Clinical
Mazor X
Indication
IntellisTM VoyagerTM 5.5/6.0 Nerve Integrity Medina Expansion
Pain Stimulator & Diamond-like Coating FUSION™ Compact 2 System Monitoring 4.0 Intrasaccular Microstimulator for
LigaSureTM Sacral Neuromodulation
Programmer Platform for Drug Pump Vessel Device
Sealing Sonicision™
Platform Saber TLIF
MITG

update
SigniaTM Endo GIA™
Powered Capnostream™ 35 ~15 expected Portable
Linear Stapler Surgical Robotics product launches in
Stapler Portable Respiratory Parietene™ Hemodialysis
Monitor DS Composite NxGen TruClear™ Platform FY20 System
Mesh Hysteroscope
Multi-Therapy
Blood Purification
System
DIABETES

Advanced CL
Algorithms /
New Insulin
Delivery
Mio® 30 Guardian Mio® Next Gen
iPro™3 (OUS) System
CareLink® MiniMed®670G Connect® w/ MiniMed®670G Advance Sensor Sugar.IQ™
Pro Web (US) Sugar.IQ™ (US) (OUS) Glucose prediction

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DRIVING MIX SHIFT TO FASTER GROWTH MARKETS
FOCUSED ON INCREASING OUR WEIGHTED AVERAGE MARKET GROWTH RATE
Leading in Fast Growth Markets Today Investing in Future Growth Markets

Minimally
Atrial Neuro- Mitral Valve Neuro- Robotic Renal
TAVR Diabetes Invasive Diabetes LVADs
Fibrillation vascular Replacement modulation Surgery Denervation
Surgery

Technology Driving Shift to High Growth Markets

Growth
Market

Traditional
Market

FY12 TODAY FY22

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WHEN WE LEAD IN TECHNOLOGY – WHEN WE INNOVATE,
INVENT, AND DISRUPT – OUR OTHER INITIATIVES,
GLOBALIZATION AND ECONOMIC VALUE,
ONLY ENHANCE OUR GROWTH PROFILE

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GLOBALIZATION: DRIVING MIX SHIFT TO FASTER GROWING GEOGRAPHIES
INCREASING OUR WEIGHTED AVERAGE MARKET GROWTH RATE
Consistent Double Digit Growth Market Diversification Differentiated Strategies
15% 15%
Other India
Asia
~5%
~5% Channel Optimization
Y/Y CCCW Revenue Growth1

Central &
Eastern EU
10% 10% ~10%

% of Total Medtronic
Greater
China
Latin
~40% Functional
America Capabilities
~20%
5% 5%

Middle East &

Africa
~20% Localization
0% 0%
FY15 FY16 FY17 FY18
FY18 Revenue: $4.5 Billion
FY15 FY16 FY17 FY18

Emerging Markets: Single Largest Opportunity in Medtech

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GLOBALIZATION: ENHANCING TECHNOLOGY ADOPTION
ACCELERATED BY SELLING DIRECTLY TO OUR END CUSTOMER
EMEA (44% Direct)
Strategy:
• Distributor Terminations
• Joint Ventures

Key FY18 Transitions:

Strategic • Saudi Arabia
• Egypt
Better Meet
Customer Needs
CHINA (9% Direct)
Strategy:
• Platform model
Sustainability
Key FY18 Achievements:
Ensure System • Successful 2-invoice pilots
in multiple provinces
Integrity LATAM (52% Direct)
Strategy:
• Distributor Terminations APAC (44% Direct)
Organic Revenue Growth % • Acct by Acct transitions Strategy:
Financial Direct Channel Indirect Channel
• Distributor terminations
Key FY18 Transitions: • 4PL providers
Accelerate • Brazil
Growth +16% +10% Key FY18 Transitions:
• India

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ECONOMIC VALUE: LEADING THE DEVELOPMENT OF NEW BUSINESS MODELS
ACCELERATING TECHNOLOGY ADOPTION WITH ECONOMIC VALUE
Incremental
✓ Improved Share ✓ Growth ✓ Price Protection

CVG RTG MITG DIABETES

TYRX™ SmartShock™ AdaptivCRT® Cryoballoon IN.PACT® Endurant TYRX Respiratory Diabetes

Risk-Share Risk-Share Outcomes Outcomes Admiral® DCB Stent Graft for DBS, SCS & Compromise Preferred
Protection Protection Risk-Share Risk-Share Pelvic Health Partnerships

Protection Protection Coverage Protection Protection Protection Protection Reduction of Delivering

against CIED- against health for HF against AF- against against against device ‘Code Blues’ by improved
related care utilization hospitalization; related reintervention reintervention implant related use of outcomes
infection related to non- 30-day hospitalizations on target SFA within 4 years infection within Capnography through value
within 6 VT/VF shock readmission within 6 months lesion within 1 of AAA index 6 months of monitoring based
months of within 2 years within 12 of an index year of index procedure device implant healthcare
CIED implant of device months ablation procedure agreements
implant of CRT implant

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COMMITTED TO CREATING SHAREHOLDER VALUE

✓ We Will
We Will
Drive
Lead in
Operating
Technology
Leverage

2018 Investor Day | 14

ENTERPRISE EXCELLENCE: DRIVING OPERATING MARGIN EXPANSION
ENABLING REINVESTMENT IN R&D

Integrate and evolve global operations

Global Operations to improve quality, delivery, cost, and
cash flow
Leadership Team
✓ is in Place

Functional Evolve our global functions to support

Optimization
long-term growth and sustained
productivity ✓ Direction is Clear

Buy-In Across the

Commercial Operate commercial organization at ✓ Organization

scale while improving customer
Optimization service and experience

Successful Execution: Expands Margins, Enables Reinvestment, and

Enhances Long-Term Growth
2018 Investor Day | 15
MAKING THE WHOLE GREATER THAN THE SUM-OF-THE-PARTS
LEVERAGING OUR BREADTH

CVG MITG RTG Diabetes

Asia
EMEA Americas China Pacific

TECHNOLOGY SHARING

CLINICAL / REGULATORY EXPERTISE

Enterprise
Synergies
GLOBAL MANUFACTURING / OPERATIONS / DISTRIBUTION
Leveraging
Size & Scale
CROSS SELLING

SHARED SERVICES

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COMMITTED TO CREATING SHAREHOLDER VALUE

✓ We Will
✓ We Will
Drive
We Will
Improve
Lead in
Operating Cash Flow
Technology
Leverage Conversion

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STRONG FOCUS ON IMPROVING FREE CASH FLOW CONVERSION
TARGET 80% OVER NEXT 2-3 YEARS

MAKING FREE CASH FLOW A PRIORITY

▪ Realigned Management Incentives

▪ Focus in Every Business Review

▪ Primary Focus of Upcoming MDT Officers Meeting

▪ Determined to Reduce One-Time Impacts

Focused on Driving Accountability Throughout the Organization

2018 Investor Day | 18

DRIVING SUSTAINABLE GROWTH AND RETURN

Operating Margin EPS

Revenue
Expansion Target 8%
4%+ Organic1 Growth Adjusted2 EPS Growth
40-50bps Underlying1 / Year over Planning Period

Return to
Free Cash Flow
Shareholders
80% Conversion Ratio
Within Next 2-3 Years Minimum of 50%
of Free Cash Flow

1. Organic / Underlying: Excludes the impact of material acquisitions, divestitures and currency.
2. Non-GAAP basis. Assumes modest currency volatility. 2018 Investor Day | 19
COMMITTED TO CREATING SHAREHOLDER VALUE

✓ We Will
✓ We Will
Drive
✓ We Will
Improve
Lead in
Operating Cash Flow
Technology
Leverage Conversion

EXECUTION IS OUR TOP PRIORITY

2018 Investor Day | 20