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INVESTOR DAY

JUN 5, 2018
NEW YORK CITY
GEOFF MARTHA
EVP & GROUP PRESIDENT
RESTORATIVE THERAPIES 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.

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STRATEGY TO CAPTURE HEALTHCARE GROWTH OPPORTUNITIES
ALLOCATING CAPITAL TO HIGH GROWTH NEUROSCIENCE MARKETS

Therapy INNOVATION
Innovation Renewed cadence of clinical and technology innovation.

LOCALIZATION
Globalization Business strategies and portfolio localized for emerging
markets.

SOLUTIONS
Economic Aligning value through evidence-driven solutions
Value backed by risk share agreements.

EXECUTION
Enterprise
Excellence Improving execution and efficiency in R&D, Operations and
Quality through focused functional initiatives.

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STRATEGY TO CAPTURE HEALTHCARE GROWTH OPPORTUNITIES
ALLOCATING CAPITAL TO HIGH GROWTH NEUROSCIENCE MARKETS

Therapy INNOVATION
Innovation Renewed cadence of clinical and technology innovation.

LOCALIZATION
Globalization Business strategies and portfolio localized for emerging
markets.

SOLUTIONS
Economic Aligning value through evidence-driven solutions
Value backed by risk share agreements.

EXECUTION
Enterprise
Excellence Improving execution and efficiency in R&D, Operations and
Quality through focused functional initiatives.

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RTG STRUCTURE AND OPERATING FRAMEWORK
ORGANIZED TO LEVERAGE OUR BREADTH WHILE MAINTAINING MARKET FOCUS
GROUP

Disease / IPU Admin


Restorative Therapies Group
Focus
DIVISION

Specialty
Focused

Spine Brain Therapies Pain Therapies


Therapies

Core Spine Brain Modulation Spinal Cord Stimulation Pelvic Health


Therapy / Physician
BUSINESS UNIT

Focused

Biologics Neurovascular Targeted Drug Delivery Ear, Nose & Throat

CSF Management and


Kanghui Interventional Transformative Solutions
Critical Care

Neurosurgery Enabling Technologies

Movement Disorders, Orthopedics,


Degenerative Chronic / Cancer Pain
Epilepsy Joint Replacement
/ CONDITION
CHRONIC
DISEASE

Chronic Rhinosinusitis, Head


Deformity Stroke Severe Spasticity
& Neck Cancers
VCF, Overactive Bladder,
Tumor / Trauma Hydrocephalus
Interventional Oncology Fecal Incontinence

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RTG PARTICIPATES IN AND LEADS ATTRACTIVE MARKET SEGMENTS
~55% OF RTG TODAY AND WILL DRIVE ~80% OF FUTURE GROWTH
BRAINTHERAPIES PAIN THERAPIES SPECIALTYTHERAPIES4 SPINE THERAPIES +
Pelvic Health ENT ENABLING TECH

Transformative
Solutions

MARKET SIZE1 $4.5B $3.2B $2.4B $10.5B


~5.7% WAMGR2
MARKET CAGR2 LDD HSD MSD MSD (vs. ~5.3% Market CAGR)

MARKET POSITION 1 1 1 1
Growth In Line with
CONTRIBUTION TO
RTG GROWTH3
~34% ~14% ~19% ~33% Corporate Overall

RTG FY12 Today FY22


33%
Overall 41%
46% 54% 59%
67%

1. FY18 market estimates 4. Excludes Orthopedic Solutions


2. FY17-FY22 growth estimates
3. FY18-FY22 growth estimates
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RTG GROWTH ACCELERATING
SPINAL CORD STIMULATION & SPINE TURNAROUND DRIVING RENEWED GROWTH

FY18 REVENUE1 FY18 FULL YEAR FY18 H2


REVENUE GROWTH1 REVENUE GROWTH1

Spine Brain Spine: +0%* Spine: +0%*


35% 30% Brain: +11% Brain: +11%
$7.7B
Pain: +1% Pain: +9%
Pain Specialty Specialty +3% Specialty +5%
15% 20% RTG: +4% RTG: +6%

*Spine + Neurosurgery Enabling Technology growth 2%

1 FY18 revenue as compared to FY17 on a constant currency basis


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RTG
GROWTH
DRIVERS

1 2 3
NEUROMODULATION NEUROVASCULAR SPINE + ENABLING
THERAPIES TECHNOLOGY

SCS, TDD, DBS, Pelvic Health


PMD0213-1.0
REVITALIZED MOMENTUM IN PAIN STIMULATION
BEST IN CLASS TECHNOLOGY FOCUSED ON IMPROVING OUTCOMES

INTELLISTM + EVOLVESM + SNAPSHOTTM

SM

EVOLVE
WORKFLOW

▪ World’s smallest implantable SCS ▪ Balances simplicity and versatility, ▪ Provides patient activity data to
neurostimulator <14 cc providing the option for both high change the conversation from
dose and low dose stim subjective to objective
▪ 1-hour recharge
▪ ~95% of the capacity at 9 years ▪ Verdolin Study: 83% of 114 pts had
75% pain reduction during trialing;
▪ MRI conditionally safe At 3 months 85% of patients still
had good pain control (66%
reduction)

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TECHNOLOGY BUILDING BLOCKS DRIVING RENEWED CADENCE OF INNOVATON
BUILDING ON LEADERSHIP IN PAIN, BRAIN MODULATION & PELVIC HEALTH

MINIATURIZED SUPERIOR BATTERY VISUAL CONDITION OR


IMPLANTS TECHNOLOGY PROGRAMMING PATIENT-SPECIFIC
ALGORITHMS

PROCEDURE EXPERTISE + SERVICES & SOLUTIONS + CLINICAL EVIDENCE

PATIENT PROCEDURE /
ACCEPTANCE MANAGEMENT TIME OUTCOMES

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CONTINUED MOMENTUM IN NEUROVASCULAR
COMBINING LEADING TECHNOLOGY WITH MARKET DEVELOPMENT CAPABILITY

MARKET-LEADING TECHNOLOGY LEADERSHIP IN MARKET DEVELOPMENT

ISCHEMIC CLINICAL LEADERSHIP CARE CONTINUUM


World Leader in SOLUTIONS
Stroke
Solitaire™
Aspiration System
Riptide™

HEMORRAGHIC
2014 NEJM
Aneurysm Treatment Sanna
Flow Diversion
Breakthroughs
CRYSTAL AF Study MONITORING & ACCESS
Pipeline™

ROBUST STROKE PORTFOLIO THAT ADDRESSES A DISEASE THAT COSTS THE U.S. AN ESTIMATED $33 BILLION1 ANNUALLY

1 Stroke Facts, https://www.cdc.gov/stroke/facts.htm, accessed 2/14/17.


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SURGICAL SYNERGY
MEDTRONIC TECHNOLOGY ACROSS THE CARE CONTINUUM

SURGICAL GUIDANCE IMPLANT / IMAGE /


PLANNING ACCESS NAVIGATE SYSTEM / ROBOTICS BIOLOGICS CONFIRM

Stealth MidasTM Implants,


Nerve Integrity StealthStationTM Mazor XTM Instruments and O-armTM
Mazor XTM Monitor Biologics
PowerEaseTM

Procedure Expertise + Services & Solutions + Clinical Evidence

MEDTRONIC IS UNIQUELY POSITIONED TO IMPROVE SPINE CARE

1 Mazor X is a trademark of Mazor Robotics


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SURGICAL SYNERGY
VIDEO
INNOVATION PIPELINE
RTG HAS A BULLISH OUTLOOK BASED ON ROBUST PRODUCT PIPELINE
INVESTING FOR FUTURE GROWTH
LAUNCHED AND DRIVING
CURRENT GROWTH FY19/FY20 BEYOND
Meaningful Transformative

Mazor X™ Mazor X™ with Stealth™ StealthTM AutoGuide Cranial Mounted Injectable Tibial Medina
Innovation

Technology Integration DBS Nerve Stim Intrasaccular


Device

IntellisTM Diamond-like Coating Riptide™


T2 StratosphereTM Microstimulator for Directional Stim
Pain Stimulator & for Drug Pump Infinity™ Aspiration
Iteration

Sacral Neuromodulation DBS Lead


Programmer Platform System
ARTiC-LTM 3D
Titanium Next Gen Saber TLIF
Interbody Flow Diverter
Neuromodulation NIM 4.0
Stealth™ S8
Platform
Scalable

Programmers System ENT Power Console


Spinal O-arm™ O2 VisualaseTM V2 DBS Primary Cell + Sensing
Cranial
ENT
FUSION™
Compact 2 System
Indications
Expanded

VisualaseTM OsteocoolTM – DBS for INFUSE® Clinical


– CE Mark All Bone Epilepsy - US Indication Expansion
Anatomy

1 Mazor X is a trademark of Mazor Robotics


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RESTORATIVE THERAPIES GROUP
CONSISTENT, SUSTAINABLE GROWTH IN LINE WITH CORPORATE OVERALL

GROWTH DRIVERS
THERAPY Surgical SynergyTM procedural workflows link
INNOVATION
spinal implants with differentiated enabling
technologies with the goal of improving outcomes
CONSISTENT EXECUTION

and procedural economics.

Building on strong foundation in neuromodulation


GLOBALIZATION Sustainable RTG therapies with a new cadence of innovation and
Revenue Growth disruptive technology.

Improving the lives of more stroke patients


ECONOMIC through market development and market-leading
VALUE
technology.

ENTERPRISE
EXCELLENCE

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