INVESTOR DAY

JUN 5, 2018
NEW YORK CITY
MIKE COYLE
EVP AND GROUP PRESIDENT
CARDIAC AND VASCULAR GROUP
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

STRATEGY TO CAPTURE HEALTHCARE GROWTH OPPORTUNITIES
CVG STRATEGIES

Therapy CVG Driving Therapy Innovation Across all Businesses with Structured
Innovation Portfolio Prioritization led by the Most Innovative Talent in the Industry

Our Global Footprint, Breadth and Scale give us a Fundamental

Globalization Advantage in Driving Emerging Market Therapy Penetration and Market
Share

Economic Services and Solutions Driving Growth and Leading the Shift to Value-
Value Based Healthcare

Enterprise Leveraging Medtronic and CVG Size and Scale to Enhance Operating
Excellence Profitability and Free Cash Flow Generation

2018 Investor Day | 4

THERAPY AND DISEASE FOCUSED; CAPITALIZING ON LEVERAGING SIZE AND SCALE
CVG STRUCTURE AND OPERATING FRAMEWORK
FY18 REVENUE

Administrator
GROUP
Cardiac & Vascular Group

Focus
CRHF

Disease / IPU
DIVISION

Focused
Coronary & Structural Cardiac Rhythm & Aortic & Peripheral
$11.4B Heart (CSH) Heart Failure (CRHF) Vascular (APV)

CSH
Coronary and Renal
Heart Failure Aortic
APV Denervation

Therapy / Physician
BUSINESS UNIT

Focused
Arrhythmia
Structural Heart Peripheral Vascular
Management
FY18 REVENUE GROWTH
CRHF: +3% Services and
Cardiac Surgery endoVenous
Solutions
CSH: +12%
APV: +5% Coronary Artery Bradycardia /
Aortic Aneurysms
Disease Tachycardia
CVG: +6%
CHRONIC
DISEASE

Valvular Heart Peripheral Vascular

Atrial Fibrillation
Disease Disease
Leveraging the portfolio to drive growth
Structural Heart
in line with overall Corporate Growth Heart Failure Venous Insufficiency
Disease
1. Growth Rates: FY18 Constant Currency
2018 Investor Day | 5
CVG CREATING NEW GROWTH MARKETS TO ACCELERATE PORTFOLIO GROWTH
~30% OF CVG TODAY DRIVES ~80% OF FUTURE GROWTH
TAVR ATRIAL ENDOVENOUS IMPLANTABLE LVADs OTHER TRADITIONAL
FIBRILLATION / DCB DIAGNOSTICS HIGH- MATURE
GROWTH MARKETS
MARKETS

MARKET SIZE1 ~$3B ~$4B ~$2B ~$1B ~$1B -- ~$25B+

MID- HSD / MID - ~4-5% WAMGR2
MARKET CAGR2
TEENS HSD LDD TEENS HSD -- LSD

MARKET POSITION 2 3 1 1 2 -- -- Growth In Line

CONTRIBUTION TO
~17% ~16% ~13% ~10% ~8% ~16% ~20% with Corporate
CVG GROWTH3
7%
32%
42%
FY12 Today 68%
FY22 58%

93%
Traditional Mkts Growth Mkts
Core Mkts Growth Mkts Core Mkts Growth Mkts

Market leading positions and differential investments in high-growth markets

drive growth in line with overall Corporate revenue performance
1. FY18 market estimates
2. FY17-FY22 growth estimates
3. FY18-FY22 growth estimates
2018 Investor Day | 6
CVG THERAPY INNOVATION PIPELINE
ROBUST PIPELINE BASED ON HIGHLY PRODUCTIVE R&D AND SELECT INVESTMENTS
INVESTING FOR FUTURE GROWTH (Areas covered in product updates)

LAUNCHED AND DRIVING

CURRENT GROWTH FY19 / FY20 BEYOND

Reveal LINQ™ CoreValve™ VenaSeal™ CoreValve™ Intrepid™ Symplicity

TruRhythm™ Evolut™ PRO Closure System Evolut™ PRO (TMVR) Spyral™
34 mm AF – Pulse Field
Endurant™ Ablation
HVAD Heli-FX™
Micra™ Micra™ AV
ExtraVascular
Reimbursement Short Neck (VDD) MVAD™ ICD
Micra™
Resolute Avalus™ Surgical Arctic Front Expansion
Visia AF™ Onyx™ Valve Advanced™
PRO Horizon
Azure™ Wireless Polaris
SmartSync™ (Next-Gen TAVI)
Pacemaker (HP Bluetooth) ALTAIR

Percepta™ CRT-P LINQ II™ Next Gen

(Bluetooth + Waferscale)
Quad Resolute
CoreValve™ Evolut R™ Onyx™
IR Cohort LVAD TYRX™ Admiral DCB™
Destination WRAP-IT - AVF
Therapy TAVR TAVR Admiral™ DCB –
LVAD Bicuspid (Low Risk) Below-the-Knee
Thoracotomy

2018 Investor Day | 7

CSH: TRANSCATHETER AORTIC VALVE REPLACEMENT (TAVR)
CONSTANT CADENCE OF MEANINGFUL INNOVATION
Global TAVR Market $4.5B to $5.5B Medtronic TAVR Product Pipeline
5.0 Low Risk
4.0
Intermediate Risk
3.0
$Billions

2.0
High Risk
1.0
Extreme Risk
-
FY18 FY19 FY20 FY21 FY22

APPROVED LAUNCHING FY20 BEYOND….

▪ Continued penetration into ER/HR/IR cohorts
▪ Pursuing expanded indications into lower risk
patients and those with a bicuspid valve
▪ Additional growth opportunities in adjacent
markets
▪ Evolut platform iterations improving ease of use to complement
market leading safety and efficacy
▪ Transformative Horizon platform meeting the needs of low risk
patients while maintaining key benefits of MDTs self-expanding,
supra-annular platforms

2018 Investor Day | 8

CSH: TRANSCATHETER MITRAL VALVE REPLACEMENT (TMVR)
POTENTIAL LARGE MARKET OVER THE NEXT DECADE
Global TMV Repair & Replacement Market ~$4B
5.0 Intrepid™
Transcatheter Mitral Valve
4.0

3.0 ▪ Active R&D programs to expand valve size range,

$Billions

TMV Repair
improve screening yield, and advance
2.0 Trans Femoral/Trans Septal (TF/TS) to FIH

1.0 TMV
Replacement ▪ TF/TS FIH expected in back half of FY19
-
▪ APOLLO Trial (US FDA approved IDE trial) rapidly
FY20

FY22

FY24
FY18

FY19

FY21

FY23

FY25

FY26

FY27
enrolling with 40+ sites activated

▪ Most comprehensive TMVR outcomes published in

▪ Evidence for intervention in Secondary MR will lead to accelerated
JACC in January 2018
penetration of transcatheter therapies
▪ Device implant success in 48/49 (98%)
▪ TMV replacement will be the preferred procedure in the long- ▪ No device malfunction, hemolysis, or thrombosis
term due to superior efficacy and ease of use ▪ 79% of patients in NYHA class I or II in follow-up

2018 Investor Day | 9

CSH: RENAL DENERVATION
FROM LAST RESORT TO COMPLEMENTARY THERAPY
INITIAL STUDY RESULTS HYPERTENSION A LARGE UNMET NEED
SPYRAL OFF SPYRAL ON Single largest contributor to cardiovascular death
OBP ABPM OBP ABPM Population with HTN
>1.0B Today >1.6B 2025
-10.0 -5.5 -9.4 -9.0
mmHG mmHG mmHG mmHG

Symplicity SpyralTM SPYRAL HTN PIVOTAL

▪ BP lowering effect confirmed in 2 randomized sham-
controlled trials, including patients prescribed anti-HTN
medications
▪ Continued safety profile with zero major adverse events
reported at 6-months
▪ Uniquely “always on” and provides 24-hr BP lowering at
high risk periods of nighttime and early morning when there
is an increase in clinical events
▪ Randomized up to 433 patients across 50 sites in the
U.S., Europe, Australia, and Japan
o 30 sites activated with 160 patients randomized
▪ Complete patient enrollment in 1 – 2 years
▪ Develop a foundation of clinical and economic
evidence for reimbursement
▪ FDA Approval: Beyond FY20

Office Blood Pressure (OBP)

Ambulatory Blood Pressure Monitoring (ABPM) 2018 Investor Day | 10
CRHF: LOW POWER
DISRUPTING THE CRM MARKET WITH MICRA™ AND ITS FUTURE DERIVATIVES
LAUNCHED FY20 BEYOND….

Micra™ VR (VVIR) Micra™ AV (VDD) Micra™ AR (AAIR) Micra™ DDD (DDDR)

• World’s smallest pacemaker • AV Synchronous Ventricular • Atrial pacing • Dual chamber pacing &
• Approved globally (First pacing • Redesigned fixation sensing
transcatheter pacemaker • Mechanical (accelerometer) • Modular approach will change
approved in the US) based atrial sensing from the prevailing dual
• Approved for 1.5 & 3T full- ventricle
body MRI Chamber
• 17,000+ patients Implant
paradigm
AVB + AVB + AVB + AVB +
AF SND Only AF SND Only AF SND Only AF SND Only
16% 30% 16% 30% 16% 30% 16% 30%

SND + SND + AVB SND + SND +

AVB Only AVB Only AVB Only
AVB AVB Only AVB AVB
40% 40% 40%
14% 14% 40% 14% 14%

16% of Total Eligible Market 56% of Total Eligible Market 86% of Total Eligible Market 100% of Total Eligible Market

Single Chamber: VVIR= pacing and sensing VDD= dual chamber sensing and AV AAIR= pacing and sensing the Atrium plus Dual Chamber: DDDR= dual chamber
the ventricle plus rate response feature synchronized ventricular pacing rate response feature pacing plus rate response feature

2018 Investor Day | 11

CRHF: HIGH POWER
TRANSFORMATIONAL THERAPY INNOVATION WITH EXTRAVASCULAR ICD

PROTECTION FROM SUDDEN CARDIAC DEATH ▪ Address limitations of S-ICD and provide benefits
WITHOUT COMPROMISE of traditional ICDs, including painless termination
of arrhythmias via ATP, through a single device
Spec Traditional ICD EV-ICD Conventional SubQ-ICD and with a lead outside the heart and vasculature
Size ~30cc ~33cc ~60cc ▪ Acute Substernal Defibrillation 2 (ASD2)
Max Energy 35J 40J 80J feasibility study successfully completed and
Projected ~11 years ~11 years ~7 years
presented at 2018 HRS meeting
Longevity
Features Defibrillation Defibrillation Defibrillation
▪ First chronic implants: FY19
Post-Shock Pacing Post-Shock Pacing Post-Shock Pacing
ATP ATP ▪ OUS & US release: Beyond FY20
Brady Pacing Brady Support Pacing
Lead Placement Intravascular Extravascular Subcutaneous
(Substernal) (on top of ribs)

2018 Investor Day | 12

CRHF: DIAGNOSTICS
TECHNOLOGY ENHANCEMENTS AND INDICATION EXPANSION

TODAY FY19/FY20
LINQ LINQ II™
TruRhythm™ Wafer Scale Platform
Fifth Generation Detection Algorithm

▪ 99.7% AF episode detection accuracy ▪ Up to 5 year battery life

▪ 8x fewer false positives than other ICMs ▪ Bluetooth connectivity
▪ 3 year battery life ▪ Even better accuracy / AI
▪ Indicated for: ▪ Vital Signs sensors
✓ Cryptogenic stroke ▪ Current indications plus:
✓ Syncope ✓ Chronic disease management
✓ AF ✓ AF management in heart failure
✓ Renal arrhythmias
2018 Investor Day | 13
CRHF: AF SOLUTIONS BEYOND PAROXYSMAL ATRIAL FIBRILLATION TREATMENT
DELIVERING A CADENCE OF MEANINGFUL AND TRANSFORMATIVE INNOVATION
LAUNCHED / LAUNCHING BEYOND….
Arctic Front NG Cryoballoon & NG Cryo Console & Pulsed Field
Advance™ Pro ArcticLine NG CardioInsight Ablation

+
Volts

0V

-
Volts

▪ Simple, safe and effective ▪ Ability to treat variable ▪ Simple to use plus smarter, ▪ From Cryo and RF to non-
treatment of PAF vein anatomies and connected and predictive thermal energy solutions
electrodes for navigation
▪ Improved ability to see ▪ Improve EP lab efficiency ▪ Potential to improve
real-time isolation of the ▪ From simple to complex with streamlined workflow durability and safety of
pulmonary veins arrhythmias catheter ablation

NG: Next Generation

2018 Investor Day | 14
CRHF: VENTRICULAR ASSIST DEVICES FOR END STAGE HEART FAILURE
SMALLER DEVICES, FEWER COMPLICATIONS

LAUNCHED FY19 / FY20 BEYOND….

HVAD PAL Controller & MVADTM Fully Implantable
RPM

▪ Smallest LVAD ▪ U.S. Thoracotomy ▪ 40% Smaller LVAD ▪ HVAD, MVAD and CircuLite™
▪ Destination Therapy ▪ Remote Patient ▪ Smaller incision ▪ No External Driveline
▪ Superior Clinical Data Monitoring (RPM) ▪ Less Shear Stress ▪ Better Patient Acceptance
▪ Transforming Patient ▪ Broader Range of
Care Patients
2018 Investor Day | 15
APV: DRUG COATED BALLOONS AND VENASEAL
TRANSFORMATIVE INNOVATION AND MEANINGFUL ITERATIONS
DRUG COATED BALLOONS ENDOVENOUS
IN.PACTTM VenaSeal™ Closure System
AdmiralTM ▪ Unique non-thermal solution to resolve venous reflux in
▪ Clinically proven with the largest base of 4 year evidence on Superficial Venous disease
3,500+ patients that consistently outperforms ▪ Improved patient comfort, reduce recovery time,
eliminate risk of nerve injury
▪ Expanding global access:
– US SFA long lesions: 1st to market with 200mm lengths ▪ Favorable US reimbursement secured and coverage
(FY19) rapidly expanding
– Japan SFA: 1st to market & superior data (FY19)
– China SFA: entry into large potential market (FY20)
Deep Venous
▪ Innovative therapy expansion: ▪ Expansion into the deep venous market; initiating the
AbreTM Venous Stent PMA trial and OUS launch
– AV Access: IDE enrollment completion in early FY19
– BTK: EU trial enrollment completion in FY19

GLOBAL DCB MARKET ~$1B GLOBAL ENDOVENOUS MARKET ~$1.5B

1.5 2.0
OUS SFA
1.5 Superficial
1.0 US SFA
$Billions

$Billions
1.0
WW BTK
0.5 Deep
WW AV Access 0.5
- -
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
2018 Investor Day | 16
CARDIAC AND VASCULAR GROUP
CONSISTENT ANNUAL GROWTH IN LINE WITH CORPORATE PERFORMANCE
GROWTH DRIVERS

THERAPY Therapy Innovation driven by Transformative Innovation and

INNOVATION Meaningful New Product Iteration
CONSISTENT EXECUTION

Continued sustainable Globalization, through Emerging Market growth will drive

double digit growth
GLOBALIZATION
growth in line with
Corporate revenue
Expanding Services and Solutions revenue streams led by
growth Integrated Health Solutions, Diagnosis and Referral Mgmt
Services, Patient Management as well as shifts towards Value-
ECONOMIC
VALUE Based Healthcare

Enterprise Excellence Programs to provide foundation for

further leverage and optimization; driving increased
profitability and cash flow generation
ENTERPRISE
EXCELLENCE

2018 Investor Day | 17