& Medtronic Medtronic plc Pa tay eur ela RST Ciel} piesa) CATT 7 Condensed Statements of Earnings and Non-GAAP Reconciliations, ATi PLO} WY Updated to: (1) include Comparable Historical Revenue & Reconciliations for Q2-03 FY15 and \ tere cca ie eee mene ersa ti oe vel Reconciliations for Q1-Q3 FY15 & FY15 while removing these for Q1-Q4FV14 & FY14,TABLE OF CONTENTS Cae a De OI cacy Sere rhc Pec autcaa acd en cet cu uc cena cmon Tea ae eu a AE} + Combined Historical Condensed Statement of Eamings and Non-GAAP Reconciliations Sao Ciaae rade Q3FYI5 Crary elm oaey rues cue eRe gered I] * Cardiac & Vascular Group (CVG) See ee ere LO) + Restorative Therapies Group (RTG) Sees co 16-19 SOT rr) rie 43-44 ceed cra cat) cr Er} ey Ey cs & Medtronic 2Ke WAU St) ues Cee eee Cee ce ee ee ee ee ey contained in the presentation are based upon our historical performance and on our current plans, estimates and expectations. The Inclusion ofthis Ce eee eee ee se eee eee eed Par gee eee eer ee eee een ee er tener ers ‘operations, financial results, financial condition, business prospects, growth strategy and liquidity. F one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may very materially from those indicated in Neen ee it aoe a a acca More information about potential factors that could affect our business and financial results isincludedin filings with the SEC by Medtronic plc and Medtronic, Inc. (together, "Medtronic" and auch flings, the "Medtronic Filing’) and Covidien ple "Covidien" and such filing, the "Covidien Filing"), including each company’s Annual Report on Form 10-k, Quarterly Reports on Form 10-0 and Current Reports on Form &:K and the ener ere eee ee od ee ete eo eee ee eee eT eee POON ee Cede ‘The Company undertakes no obligation to update the forward-looking information or any of the information contained inthis presentation, even in the event thatthe infermation becomes materially inaccurate. Certain information contained inthis presentation includes calculations or figures that have been prepared internally and have not been reviewed or audited by our independent registered publicaccounting firm, includingbut not eee Demir ee nets beret en arent ean nee er icant) “Combined Historical Condensed Statements of Earnings and Non-GAAP Reconciliations (collectively, the “Combinad/Comparable Financial Information"). Use of diferent methods for preparing, calculating or presenting information may lead to different results and such differences may cen Pree a ‘There are non-GAAP measures used inthis presentation, including Combined Cash Earnings Per Share (“Combined Cash EPS"), Our management believes thatthe use of Combined Cash EPS provides key performance metrics useful for evaluating operating performance andiassessing the See eee eet en et ee cer tee er enn information for comperison of current eernings per share to that of prior periods. Reconeilltions of Combined Cash EPS to Combined Diluted Earnings Per Share ("Combined Diluted EPS") are provided in the section entitled “Combined Historical Condensed statements of Earnings end Non- GAAP Reconelliations.” & Medtronic EyKe WAU St) Cree Certain amounts included in this presentation, including the Combined/Comparable Financial Information, are presented strictly for illustrative eet ea eee neat ene ae enn ene ey Information, for periods prior to the Covidien transaction closing, does not and isnat intended to comply with Article 11 of Regulation SX in respect ‘of pro forme financial information, including in the following ways the Combined/Compereble Financial Information excludes the pro forme adjustment to record the estimated amortization expense on the definte-ved intangible assets; additionally, the periods presented within the ‘Combined/Comparable Financialinformetion included in this presentation difer from those required by Article 14 of RegulationS%. The Ce ene ee nee ee ce a cn ‘and Regulation SX, asit could dfr, including materially, from pro forma financial statements presented in accordance therewith. The Comibined/Comparable Financial information should be read in conjunction with the accompanying notes and assumptions as well asthe historical ee ee ee eee eee ere eee eee eee tc Te Sere eee eee eee oe ee ee ea certain reclassfcations of Covidien’s historical revenue to conform to Medtronic’s segment and geographical and fiscal quarter reporting inthe Combined Historical Revenue and Comparable Historical Revenue tables, The Combined/Comparable Financial Information is preliminary and i based upon available information and certain assumptions which management believes are reasonable under the circumstances and which are Ce ee ee eae ee ee eu Ln) ‘Combined/Comparable Financial information Is not necessarily indicative of the combined financlal position or results of operations that would have been realized had the Covidien acquisition occurred as ofthe dates or for the periods indicated, nor isit meant to be indicative of any anticipated combined financial position or future results of operetions of Medtronic ple In addition, because we were not involved inthe preperation ofthe Covidien Filings, we cannot assure you ofthe accuracy or completeness of the Covidien Filings. As a resit, the Combined Financial Information is subject to inherent uncertainties and risks and may be besed on underlying pee ear ee ee ener ee eee oat cee eet eeeetedr re eben cas eee eee eee ee ee eee oe eee ees basis, as follows: Pose nN cee eee ee eee ee ec Comparable Basis: Includes Covidien pe inthe prior year comparison and aligns Covidien’s prior year monthly cevenue to Medtronic’ fiscal pro & Medtronic ryNs ARCA REVENUE REPORTING CHANGES Ea ee pty SC UE A A Se eee re We uC ee ue ct) + Reportedas two divisions: Surgical Solutions and Patient Monitoring & Recovery formerly Medical Care Solutions) Sen aren eee a es eee et teloceteee) Sa ee el ene eee aca hee eee oa Covidien’s legacy Peripheral Stents, Directional Atherectomy and Chronic Venous Insufficiency productlines move from legacy Covidien PeripheralVascular to CVG's Aortic & Peripheral Vascular division + Covidien’s legacy Compression, Dialysis and Other Peripheral product lines move from legacy Covidien Peripheral Vascular to MITG's Patient Monitoring & Recovery division Covidien’s legacy Neurovascular division moves from legacy Covidien Vascular Therapies to RTG as a stand-alone division Sa eee eee eee Mo ey + Medtronicpic includes Puerto Rico in the US line (consistent with legacy Medtronic, Inc.), whereas legacy Covidien plc included Puerto Rico in their Non-US Developed line + Medtronicpic includes Israel, Greece and Korea in the Non-US Developed line (consistentwith legacy Medtronic, Inc), whereas legacy Covidien picincluded them in their Emerging Markets line Medtronic’ definition of Emerging Markets is consistentwith how legacy Medtronic, Inc.defined Emerging Markets ru nae et et + Provide appropriate level of detail to understand performance given size of Medtronic plc, including detailed look at growth in eter ec & Vascular Group (CVG), Restorative Therapies Group (RTG) and & Medtronic 5MEDTRONIC, INC. REPORTABLE SEGMENTS: PRIOR VIEW lel roe cae ; Lo Samco roa eA anole) ees menace ce) SOP a aA e| Seca ay are aul n j ary Note: Boxes representrevenue reporting lines. & Medtronic Geee aden tae) say Nh Ca eee ad Covidien ple Note: Boxes representrevenue reporting lines. & MedtronicMEDTRONIC PLC REPORTABLE SEGMENTS: NEW VIEW Ica ed u coats (34%) Stee (18%) easy Ea = (16%) Senet ea aL Pac euia tac oe See seeec nn composition of these reported lines is Mie leget sect aee ed (er Mena oie tears) Cee oa od ona SU acs esa Pens eP Lane ed Miiaar Kem SMR ect tec a a ars Cee eee ae OranVASCULAR THERAPIES MAPPING: PRIOR VS NEW VIEW aO)AUlag Ed covipien Se Toe Pe ol Sed een NaWAVaW] — Dit ey Baa! eas pee enone —— Peau Prog Sy eet Cenc tous ntUT Sep er Vie) AU ie) CR ea a al PRIOR VIEW Edd covipien EC USEC ccc fet o Read Surgical collapsed into one Se lead a) eet ar Sea Qe ncn ats ait Ren ued eee eie lel nee ene tasticcne | Dr ao Uae San a sels Bo) erelird & Medtronic 10PATIENT MONITORING & RECOVERY MAPPING: PRIOR VS NEW VIEW. aO)AUlag NEW VIEW Ed covipien 4} Medtronic Dede aed eee era oe Pays Et = vee (mite) & Medtronic 11NR MUL USA AO ea eee Ca ala LL PRIOR VIEW &} Medtronic Cae mee EAUt Other collapsed into one rarer T Cy + Nochangetothe underlying components of legacy CRHF vs Tse a Note: Boxes representrevenue reporting lines. & Medtronic 5dCORONARY & STRUCTURAL HEART MAPPING: PRIOR VS NEW VIEW. r jie): &} Medtronic = Paes reen katate is it collapsed into one reporting line Baten oii) eo euretad sec ER ee Ce Coronary& Structural Heart Nee oe eat es & Medtronic Be]Sd CH eA a a 7 jie): &} Medtronic Se See eM Ca neu) and BMP collapsed into one reporting line SRN Leree erga ure} eee Stole Ts peasy Rledeee eau te & Medtronic vAGEOGRAPHIC REGION REPORTING: PRIOR VS NEW VIEW PRIOR VIEW ca Ce ea ~$EL Od Sree ee ee et cen ec se eer ee el Co with legacy Medtronic, nc), whereas legacy Covidien plc Developed line (consistentwith legacy Medtronic, Inc.), whereas included Puerto Ricoin its Non-US Developed line legacy Covidien ple included them in its Emerging Marketsline & Medtronic 5)Combined FY14 Historical Revenue UnauditedWORLDWIDE COMBINED REVENUE (UNAUDITED) MEDTRONIC PLC COMBINED HISTORICAL REVENUE: FY14 (WW) (Salton) Cardiac & Vas Csi: Raytn & Hear Fae” Coronary & Staal Het Ati & Peripheral Vascular Restorative Therapies Growp Spine ‘Newomodulation Surpia Teehncogies Newroracola! Diabetes Covidien Group ‘Srp Schitions ‘Mesical Cae Solstions™ TOTAL MEDTRONIC ple Legacy Covidien Psipheral Vascular 5 208 Ta CVG Aortic & Pengherl Vascular 131 Ta Cosdien Medical Care Solitons “7 he data inthis table hs been Intentionally rounded to the nearest millonand, therefore, the quarter revenue may not sum t the otal revenue Feiner eee re eer te Teeter er eae a perreneet emer eae en ee ee re genre eae) perk vreaeurieere cu cies cer te rtcir arena eter teste pteeica teers eamniererrceer sree rrr eecierarrey vite trel Se eae a eae eee eT TE ena eee ees a ies Se tecuiteg afTP UsceoN ENaC Nah UL) MEDTRONIC PLC COMBINED HISTORICAL REVENUE: FY14 (US) (Smlone) REPORTED REVENUE, Cardiae & Vaseular Group ‘Cardiac Rv & Heart Faire” (Coronary & Stractrl Hest Aomic & Periph Vascutzx™ Restorative Therapies Group Spine ‘Neuromodulation ‘Surgical Technologies Neworstcaa” Diabetes Covidien Group Supe Soitions ‘Metical Care Solution TOTAL MEDTRONIC ple ‘Legacy Covidien Peripheral Vascular Ta CVG Aortic & Peripheral Vascular Ta Covidien Metical Cae Solutions Re ee ee as Feiner eee re eer {G) Legacy Covidien Neurovascular maved to Restorative Therapies Group Pee ea ee ane ener Seer eT ee Cea nee ge oe ae eae) saunas aie vere Beret aetna tea ver ner ees EICED ECP EL ne ree eens ETL Lenmar era seta teen) eee are on eer a ae aC Pet ee a torte PTE Ce etek ce ine ete ok ee ee eee ore Torte eg eee eee Se tecuiteg orMe RUce a aoa eM ona anteoMc Natasa UDO) MEDTRONIC PLC COMBINED HISTORICAL REVENUE: FY14 (GEO) (Saution) REPORTED REVENUE: us Non-US Develped Enea Mates (Cardin & Vaca Gro us ‘Now-S Develped Emery Makes Restraie Therapies Group?” us Now US Developed Emerg Mares Diabetes Now-U'S Developed Enerping Mates Cavin Group Nov US Developed Encrag Maes TOTAL MEDTRONIC ple Re eee ee eee es Feiner eee re eer {G) Legacy Covidien Neurovascular maved to Restorative Therapies Group Pee ea ee ane ener Seer eT ee Cea nee ge oe ae eae) saunas aie vere Beret aetna tea ver ner ees EICED ECP EL ne ree eens ETL Lenmar era seta teen) ere ee are pee ea UTC en eae CSTE } patie penne eee marae aia rtr pee et err Se tecuiteg 19Comparable FY15 Historical Revenue & Reconciliations UnauditedWORLDWIDE COMPARABLE REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE HISTORICAL REVENUE: FY15 (WW) Cardin & Vascular Group Cardia Rig & Heat File CCoroary& Strut Heat Aaatic & Pespheral Vascular Minimally Invasive Therapies Group, ‘Surgical Sohitions Patent Monitoring & Recovery Restorative Therapies Group Spine Neurontin ‘Surgical Technologies Neurovascul Diabetes Group Micron er et emcee erWORLDWIDE COMPARABLE REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE HISTORICAL REVENUE: FY15 (US) Toa Cardiac & Vascular Group a 3 rr Cardiac Rt & Heat File 2799 Corry & Stustual Heat 8 1.160 Aamtic & Peripheral Vascular oH Minimally Invasive Therapies Group e Asn ‘Surpcal Solutions aint Monitoring & Recovery Restorative Therapies Group Spine Nenromoduatio Surgical Technologies Neovaseua Diabetes Group Micron er et emcee erWORLDWIDE COMPARABLE REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE HISTORICAL REVENUE: FY15 (GEO)ieee oN WeMoae Ware R NA santa an Ae GC ees) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q1 (WW)RECONCILIATION OF Q2 FY15 WW REPORTED REVENUE TO WW COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q2 (WW)RECONCILIATION OF Q3 FY15 WW REPORTED REVENUE TO WW COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q3 (WW)tree Neue gee aP EN AVA eee aN aR Rea cee aaa AOU) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q4 (WW) See ie nae eet See cae ca page Sof thireleaee Re een Ce eres PEsRECONCILIATION OF FY15 WW REPORTED REVENUE TO WW COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: FY15 (WW) ‘Asset Pepe Var Peat Mentone eevey Retoatve Traps Group up Teco (s) Management believes that ening to comparable constant curency growth ates ia mote useful way to evalate the undeying performance of Medtronic’s peer er ee eae ar a dE er eo cea ere at ee ed [eens ee ee te eg eo [en ee eee ee ee ene ee Se tecuiteg PrRECONCILIATION OF Q1 FY15 US REPORTED REVENUE TO US COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q1 (US)RECONCILIATION OF Q2 FY15 US REPORTED REVENUE TO US COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q2 (US)Cech oM Uo ogee arene teeny eee Cea eevee) LAC UPL) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q3 (US)Cech on Won og arene teeny eh ree eC eevee, ACN UD) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q4 (US)RECONCILIATION OF FY15 US REPORTED REVENUE TO US COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: FY15 (US) ry ECD rs mis Canine &V coup ‘Cris Roy & Hest Fade Cotenary & Stat Heat Ao Peper Vee ‘Minimally Ivasiv Therapies Group Segal Sli Pat Menton & Recover Pra Forma Comparabie ne f ‘torial Revawe a5 eu Supe Tedzslopes ‘Newer Diabetes Gromp TOTAL (raat ers tt fering ocr wh ates etl wo aie he nein eon Medion sas See deciton Ce eae eee eee ead Se ee eer eee en ce MedtronicRECONCILIATION OF Q1 FY15 GEO REPORTED REVENUE TO GEO COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q1 (GEO)RECONCILIATION OF Q2 FY15 GEO REPORTED REVENUE TO GEO COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q2 (GEO)RECONCILIATION OF Q3 FY15 GEO REPORTED REVENUE TO GEO COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q3 (GEO)RECONCILIATION OF Q4 FY15 GEO REPORTED REVENUE TO GEO COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: Q4 (GEO)RECONCILIATION OF FY15 GEO REPORTED REVENUE TO GEO COMPARABLE HISTORICAL REVENUE (UNAUDITED) MEDTRONIC PLC COMPARABLE REVENUE RECONCILIATION: FY15 (GEO) eee en anetie as Ce tata et eect tee ee etree rer tere creas te ete cee eee eer a ee ee ee ee ee eee Se tecuiteg 38& Medtronic Combined Historical Condensed Statements of Earnings and Non-GAAP Reconciliations UnauditedsO ea OUP an + For the purposes of simplifying the combined P&Ls in these statements, we condensed some line items, as Cecio Oe gaa ier wee eac Ra Lee mee ecco) Going forward, these line items will be broken Orem eens concn? Perea ened ee ec SG&A & ae enters) Pee econ er MCU Ru Mua Cue eee oto ed eA: BRO CULe Rr ode n eee Nena aaa aces) Eo one aa Eee eee aCe ae eT MR ua Perea Rema emailer co ges Cot ee reece Other (expense) income,netand Loss (gain) on Pree ete ues elas rst See eee eee chs et es) eens & Medtronic 40UUs ke) Peek NUMER GN Co UAL DPPC Q1 FY15: MEDTRONIC PLC COMBINED HISTORICAL STATEMENT OF EARNINGS in mallions, except per share data Mucevoni NNetsles Selling. general and administrative expense Amortization of tangible ase (ther expense (income) net Esmings rom conning operations before inome tae ngs en comin operons from coniming operations per share Pen erence pi aT matt Retorenct Reforwnce!? ©Poa Anan Nee CA MeN cease LU} Q1 FY15: MEDTRONIC PLC NON-GAAP RECONCILIATION (UNAUDITED) ‘cline Combined earnings Combined eur nd ffom conning earings fm aime ceratonsbefere “continuing Combined Cents Medtronic pone noe GAAP ads Acspstion etd en” Covidien rept no GAAP austen Remacnnne ches. Acquistion sete cos® Lege Traction” Adguneat to ga cn dives? Inpetoftax ange asene™ Tecate? Asadjuted Cenbined anoriztion of angie a! Asadjuted excteg one! anoriztion of nape sets (Conbined Cah EDS! Rang ene cron . es Seen id related tothe sale of acquired inventory that had = pee a eed ee ee Tec) prec eehe ee cntaa etctPTs eo) Ps Re NUeRdGN Coe A Deke see ee! Q2 FY15: MEDTRONIC PLC COMBINED HISTORICAL STATEMENT OF EARNINGS Réclaeificadon Footnote, Financing Foomote, Ge ions. excep pr share dts) "Reference —_Aljerameis Reference! Combined Netsales sos Sa EE Cost of product sold o = 3 Seng. genera ant adnate expense = Resexch af development expense Csi ingation hes, et Resting charges et Interest expense, net Amortization of intangible assets mings fem contnsng operations before income taxes rsp ce conte perio Eanings fom coining operations per share Base ited Weighted average shares oustanding aera Perret 43FOR THE THREE MONTHS ENDED OCTOBER 24, 2014 (IN MILLIONS, EXCEPT PER SHARE DATA) Q2 FY15: MEDTRONIC PLC NON-GAAP RECONCILIATION (UNAUDITED) Conkindsanings Conbad erates bette “contin” Combined income tases operations __ due EPS Combed z a vo Mettosc repre non-GAAP austen ‘Specialties Acquistion selted ven” Covidien reported non-GAAP austen Resruuing charges, et Acquistion sete cos! paiment fin roces reset ad develope Tiamactin cons Inpoctoftax tang agent ‘Tocaates™ Asadjted Conbiedanoriztinof inane ase" Asagjuted, excoig combine ammtzation of tangible (Combis Cash EPS)” PO ec esha eee eae fee ten aera neat ieee eo ee ae ce ete er ener {a} To exclude the impact ofa charitable cash donation made tothe Medtronic Foundation, oieeeraest eee eee eee eee Peer mee a tae een ete eee Sees eee eet a er mr een a ee eee} {f) To exclude transaction costs incurred by Covidien resulting from Medtronic's acquisition of Covidien cere earn coer thang tare ceo oe Meat ca me ee eee arate ste cee eee ee te ean Vou e Icha iaee beeen reese Lennar eee ene neon eT eer a etree eee Medtronic orPUT) PsN URL Gao Ua Ae Nee ERT Q3 FY15: MEDTRONIC PLC COMBINED HISTORICAL STATEMENT OF EARNINGS Micra ceric Redaiicaton Foote, Comitions excep pre) Medironic? 4 Netsales Tan t_ 100 Cost products sold 1 ron 3) ral. nd admiistive expense Resench and development expense Resting ces, net lnverest expense et Anmertization of angble aeets Otter expense net Eamings fom contintng operation before income axes Protson for iacome taxes Eamangs fom contanizg operations mung fm coin operons peste Ditted Weighted average shares oustanding One Perret ree zt) Covidien”? —Aajustments”_Reference® Financing Footnote, Adjustments Reference® Combined To;Pe a en eee EN DMD as etaa ea} Q3 FY15: MEDTRONIC PLC NON-GAAP RECONCILIATION (UNAUDITED) Seng Combivd earings Combined Aatiecere ooiaene “Toteag tases operations Coabises Ta Tut aT ‘Medtonic parted soo GAAP agustnens Special (pins) cares Action sled tens Covidien eon non-GAAP austen -Resrcig cei 2 ‘Trasaction cess pact ax ring aseemea!* oot Tacnates® a) As adjusted v wes a $ 1m Ss 16 5 0m Combed snorizanon of agile ses? oor As ated, encoding coaned anorizaton of intangible asets (Combined Cash EPS) (38) oot Se ra ee ee Dene ee ee ee ee eee Pe aeee arse erento cenee tot eee rear tne aaa neta Cee Nn nec Se GUE Se cay Ronen ert en erat eee te ee es eee eee Se eee es ee a ea ea ee acne eee ee ee eee tae Se Aare eee es Roe aReL Teer tnt eco ct eee Medtronic rT ad not a a substute for, fancal performance measures prepared n accordance with US. GAAP.PO) PsP Nag ogo aU =e LN Ona ee) Q4 FY15: MEDTRONIC PLC HISTORICAL STATEMENT OF EARNINGS Cost of prot sold ale earings per share 04s ited caenings per share ou Basie weighted average shares outstanding sO 10m Dilued weighted average shares outstanding 0 1.1090FOR THE THREE MONTHS ENDED APRIL 24, 2015 (IN MILLIONS, EXCEPT PER SHARE DATA) Q4 FY15: MEDTRONIC PLC NON-GAAP RECONCILIATION (UNAUDITED) Tacome from Cost of Operating Operations —_Net Products Prof, Before = (Lass) NetSales "Sold _Pereent Percent Taxes Income GAAP 3 7308S 206 50.8% sis Si SS Adjustment: Impact of inventory step-up (@) (23) Impact of product technology commitment () am Restructuring charges, net (©) Cenain litigation charges, net (4) Acquistion elated items (€) Amortization of intangible assets () Certain tax adjustments (2) Non-GAAP oteke) Ps PRON UNL GN ae) Pa ee ey FY15: MEDTRONIC PLC COMBINED HISTORICAL STATEMENT OF EARNINGS (in millions, except per share data) Combined” — Medtronic pl? Comparable Net sales 3 21065 Tao S 25309 Cost of products sold 6304 2.934 9.238 Selling, general, and administrative expense 7337 i 10,109 Research and development expense 1534 Certain tigation charges, net 181 Restructuring charges, net 100 Interest expense, net 584 Amortization of intangible assets (iter expense (income), net Eamings from continuing operations before income taxes Provision for income taxes Eamings (loss) from continuing operations Eamings from continuing operations per share Basic Diluted ‘Weighted average shares outstanding Basic Diluted 49FOR THE FISCAL YEAR ENDED APRIL 24, 2015 (IN MILLIONS, EXCEPT PER SHARE DATA) FY15: MEDTRONIC PLC COMBINED NON-GAAP RECONCILIATION (UNAUDITED) Conbinet Mi redo GAAP a Speci ga) arses Resting ages. et Acquistion Resscting chars et Ingo of a staring arent to oan asc (Combines Cah sie}FOOTNOTES Pore near eRe ue Pea aerated Certain redlasiications have been made to Covidien’s historical financial statements to conform to Medtronic’s presentation, as follows: eee eo ee een eee ee 8. To reclassify Covidien’s amortization of defnite-ved intangible assets from cost of products sold and selling, general and administrative expense to pa oes .To reclassify Covidien’s net gains and losses on foreign exchange transactions and related gains and losses on associated hedge transactions from cost of products sold and seling, general, and administrative expense to other expense income), net. .To reclassify certain of Coviden’sstock-based compensation expense from sling, general and administrative expenseto cost of products sold and Cer ers To reclassify certain of Covidien’s shipping and handling costs from cost of products sold tolling, general and administrative expense ce eee eee ee eee Cee ee en To redassfy Covidion’s [tigation and environmental charges from selling, general and administrative expense tocertainItigation charges net. The ene ol eee ee eee ‘environmental charge related to probable and reasonably estimated incremental costs to remediate. site in Orrington, Maine following a court decision Sea ee te eg ine ecient ie H.To recassy Covidien’ gain ona previously-held investment associted with Covidien’s acquisition of CV Ingenuity from ather expense income), net toacquiston-velated tems, whichis included in sling, general and administrative expense these Condensed Combined Statements of Earnings. | To record pro forma incremental interest expense, net (including incremental interest expense and incremental debt issuance amortization expense {rom debs financing obtained by Medtronic Inc). Prior tothe Transaction closing, Medtronic, Ine. obtained $17 illon of debt financing across arange of maturities and a weighted average contractual interest rate of 3.50 percent. 4. To recognize acretion ofthe pro forma debt premium from Medtroni’s assumption of Covidien’s existing long-term debt. The premium to adjust ‘assumed Covidien debt to fair market value is amortized over the remaining maturky ofthe debt asa credit to pro forma interest expense, net. K The statutory tax rate was appliag, as appropriate, to Footnotes land J based on tho jurisdiction In which the adjustment was expected to occur. Pe ee ee eee eg eee ee ere ee eet te ee ay ere ont cen ce neces & Medtronic 51& Medtronic Medtronic plc Group Product Line MappingCARDIAC AND VASCULAR GROUP: PRODUCT LINE MAPPING* ee ee er Cardiac Rhythm & Heart Failure Cardiac Monitors Cath Lab Managed Coronary & Heart Valve Therapie Structural Heart Extracorporeal Aortic & ipheral Peripheral Vascular Atherectomy Chronic Venous nous insufticien uate “This product line mapping references selective product lines eee ee ee ets PE) alertTNR AAS NZS AV Sis Y a ec] 0 0 a ase) LOL en MN da chal ally Invasive Therapies Group Interventional Lung read ‘sui fairway Ventilation C ‘& Recovery ‘Medical Surgical [Share Safety Airway & Ventilation Patient Care & Safety Se tecuiteg “This product line mapping references selective product lines ye og ed eee) 3S Sea MrRESTORATIVE THERAPIES GROUP: PRODUCT LINE MAPPING* Creed Ere ered Core Spine [Other Biologics Balloon Interventional Spine phop ig atedan aks z Heir Deep Brain Stimulation (DBS) |DBS Therapy - ler ova = Control maging Navigation Neurosurgery Surgical surgical rls oes heii aa . Gee a SS Se tecuiteg Pe 8 ee eee) 3S Sea MrDIABETES GROUP: PRODUCT LINE MAPPING* Pines Erne are ea Intensive Insulin Me Non-intensive Therapies Diabetes 7 (ss Se uate Pee ee an ee eee) 3S Sea Mr