INVESTOR DAY

JUN 5, 2018
NEW YORK CITY
BOB WHITE
EVP & GROUP PRESIDENT
MINIMALLY INVASIVE
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.

2018 Investor Day | 3

DOING THE MOST GOOD WHILE TOUCHING THE PATIENT LESS
MITG STRUCTURE AND OPERATING FRAMEWORK
FY18 REVENUE
GROUP Administrator
Focus MINIMALLY INVASIVE THERAPIES GROUP
SI
Disease / IPU Respiratory, Gastrointestinal
DIVISION Surgical Innovations (SI)
Focused & Renal (RGR)
$8.7B
CSH
Therapy /
APV BUSINESS Advanced General
Specialties
Respiratory & Renal Care
RGR UNIT Physician
Focused
Surgical Surgical Gastrointestinal Solutions

FY18 REVENUE GROWTH1 Advanced

Sutures Lung Health
Patient
Renal Access
Stapling Monitoring
SI: +5%
Gynecologic Respiratory
Advanced Energy Instruments Dialyzers
RGR: +1% Health Interventions

MITG: +4% Obesity and Gastrointestinal Renal Replacement

Hernia
Metabolic Health Solutions Therapies

Colorectal Advanced
Positioned for
Health Ablation
Greater Growth
General Surgery

1. Growth Rates: FY18 Comparable Constant Currency 2018 Investor Day | 4

STRATEGY TO CAPTURE HEALTHCARE GROWTH OPPORTUNITIES
MITG STRATEGY ENABLES BETTER PATIENT OUTCOMES

FOCUS ON GROUP GROWTH DRIVERS

Therapy We have a robust therapy innovation pipeline, focused on our Growth Drivers
Innovation delivering strong revenue and margins, as well as continued growth

DRIVE ESTABLISHED EMERGING MARKETS STRATEGIES

Globalization We have globalized our Growth Drivers with clear paths to leadership, expecting to
drive double-digit growth in all sub-regions within Emerging Markets

FOCUS ON VALUE-BASED HEALTHCARE

Economic
We are driving VBHC initiatives such as NOK and Outcomes Pledge, allowing us to
Value
set prices that are a fair reflection of the value we create

LEVERAGE GLOBAL SIZE AND SCALE

Enterprise We will focus on global commercial optimization and operations strategies to drive
Excellence long-term business growth and sustainable efficiency

2018 Investor Day | 5

INNOVATION PIPELINE
MITG HAS A COMPELLING PIPELINE FOR GROWTH

INVESTING FOR FUTURE GROWTH

RECENTLY LAUNCHED FY 19/FY 20 LONGER TERM
Signia™ Stapling System LigaSure™ Vessel Sealing Sonicision™ Multitherapy Blood
Capnostream™ OEM Monitor
Platform Purification System
Update

Capnostream™ 35 Portable Emprint™ SX Ablation

Respiratory Monitor System
Endo-bronchial Ablation Next-generation
Colorectal Stapler Catheter Dialyzer
Microstream™ Sampling Lines

Parietene™ DS VersaOne™ Fascial

Composite Mesh Closure System
Robotic Assisted RAS Instrument
Surgery (RAS) Enhancements
Platform — Stapler
— Energy

DRIVING CURRENT GROWTH 75+ PRODUCTS LAUNCHING

2018 Investor Day | 6

MITG HOLDS LEADERSHIP POSITIONS IN MANY ATTRACTIVE MARKETS
MULTIPLE GROWTH DRIVERS
#1 #2 #3 #4 #5 #6

ADVANCING MIS EMERGING ADVANCED GASTRO- RENAL SPECIALTY OTHER CORE

(Target Markets) MARKETS4 PARAMETERS AND INTESTINAL DISEASE DIVERSIFICATION MARKETS
INFORMATICS DISEASES

MARKET SIZE1 ~$8B ~$6B ~$0.7B ~$0.6B ~$9B ~$0.4B ~$15B Attractive,
Aggregated
MARKET CAGR2 LDD MSD LDD MSD MSD LDD LSD >4% WAMGR

MARKET LEADING
POSITION ✓ ✓ ✓ ✓ ✓ ✓ ✓ Mid-Single Digit
CONTRIBUTION TO
~70% ~20% ~10% MITG Growth
MITG GROWTH3

FY17 TODAY FY22

59 41 45 55 40% 60%
% % % %

Cor Growt Cor Growt Cor Growt

e h e h e h
1. FY18 market estimates
2. FY17–FY22 growth estimates
3. FY18 – FY22 growth estimates
4. Exclusive of other Group Growth Drivers
2018 Investor Day | 7
MITG
GROWTH
DRIVERS
#1 #2 #3 #4 #5 #6
ADVANCING MIS EMERGING MARKETS ADVANCED GASTRO- RENAL SPECIALTY
(Target Markets) PARAMETERS AND INTESTINAL DISEASE DIVERSIFICATION
INFORMATICS DISEASES
GROWTH DRIVER #1: ADVANCING MIS - MITG'S MOST COMPELLING OPPORTUNITY
SIGNIFICANT ECONOMIC BENEFIT WITH IMPROVED PATIENT OUTCOMES

OPEN SURGERY vs. MIS MARKET ▪ ~$10B incremental market opportunity by shifting
LOW WORLDWIDE MIS ADOPTION OPPORTUNITY patients from open to MIS
▪ Currently a ~$19B mid-single digit growth market
MIS Fewer than 40% (Inclusive of Advancing MIS (Target Markets), Emerging Markets, and Other Core Markets)

Open <40% of core surgical

>60% procedures are done
minimally invasively
BARRIERS ▪ Lack of surgical skills and capabilities
▪ Perceived higher cost — lack of awareness of
MIS clinical and economic benefits
▪ Insufficient operating room infrastructure
6-21% UP TO 5 DAYS
Increased Increased
complications hospital stay

SOLUTIONS Therapy Innovation Training and Education

▪ Traditional open/MIS ▪ Basic surgical skills
and advanced and product training
5-22 DAYS UP TO $13,000 technology/robotics
Increased
▪ Advanced MIS
Until normal
activities resumed overall cost

2018 Investor Day | 9

ADVANCING MIS: 1% MARKET PENETRATION > $200M INCREMENTAL OPPORTUNITY
SUBSTANTIAL MARKET EXPANSION POTENTIAL AS WELL

TRADITIONAL
30–35% of procedures

MINIMALLY INVASIVE
OPEN SURGERY Market: ~$8 billion
Market growth: Mid-single digits
>60% of procedures

Market: ~$8 billion

Market growth: Low-single digits
ROBOTIC ASSISTED
<5% of procedures
Market: ~$3 billion
Market growth: Mid-teens

Strong Business. Strong Markets. Strong Growth . . . Even Before Robotics

2018 Investor Day | 10

ADVANCED STAPLING
IMPROVING OUTCOMES BY REDUCING SURGICAL VARIABILITY

REAL-TIME FEEDBACK + AUTOMATION + CLINICAL EVIDENCE

EEA™ Circular Stapler
Signia™ Stapler Endo GIA™ Reinforced Reload with Tri-Staple™ Technology

Single-handed stapler combines Tri-Staple™ technology with the Tri-Staple™ technology reloads with preloaded buttress material The first circular stapler incorporating Tri-Staple™ technology,
power of real-time feedback, delivering consistent staple lines improve ease of use, so surgeons get extra confidence in staple delivering consistent stapling performance.
across variable tissue. lines with no extra steps.

Market Size: $3B+ Market Position: #1 Growth Rate: MSD

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2018 Investor Day | 11

ADVANCED ENERGY
SOLVING EVOLVING CLINICAL CHALLENGES, ADVANCING PATIENT CARE

INNOVATION + CLINICAL EVIDENCE + BROAD PORTFOLIO

Valleylab™ FT10 LigaSure™ Technology LigaSure™ Exact LigaSure™

Energy Platform Nano-coating Dissector L-hook Instrument

Improving the performance of all our energy- Vessel-sealing technology with nonstick nano- The fine, curved jaw provides precision and One instrument with five functions, including
based devices with faster sealing and cutting coating on the jaws maximize OR efficiency efficiency for better dissection monopolar dissection and sealing, improves
times procedural flow and OR efficiency

Market Size: $3B+ Market Position: #1 Growth Rate: MSD

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2018 Investor Day | 12

SURGICAL LEADERSHIP
ADVANCING THE PORTFOLIO –
ROBOTIC ASSISTED SURGERY

Play Video
ROBOTIC ASSISTED SURGERY
A LONG RUNWAY FOR GROWTH

Designed for 60+ year history

Surgeons & Patients of surgical innovations

Global Opportunity Only 2% penetration globally —

we can increase access to MIS

Confident in Progress to Our platform is designed for continuous

Launch & Beyond
improvement to meet customer needs.

2018 Investor Day | 14

GROWTH DRIVER #6: SPECIALTY DIVERSIFICATION STRATEGY
CREATING NEW AVENUES FOR GROWTH

LUNG HEALTH GYNECOLOGIC HEALTH

Capture Patients Improve Diagnostics Optimize Treatment Less Invasive Therapy Optimize Treatment

LungGPS™ software platform to
help manage incidental nodules
and screened patients
Navigation platform to help
increase diagnostic yield for
biopsy diagnosis and staging
while aiding in diagnosis/
treatment options
Stapling and energy innovations to The TruClear™ hysteroscopic system minimizes Energy innovation and next generation
further lung care damage by mechanical resection of hysteroscopic device to further GYN care
intrauterine tissue under direct visualization

Market Size: ~$0.4B Market Position: #1 or #2 Growth Rate: LDD

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2018 Investor Day | 15

MITG
GROWTH
DRIVERS
#1 #2 #3 #4 #5 #6
ADVANCING MIS EMERGING MARKETS ADVANCED GASTRO- RENAL SPECIALTY
(Target Markets) PARAMETERS AND INTESTINAL DISEASE DIVERSIFICATION
INFORMATICS DISEASES
GROWTH DRIVER #3: ADVANCED PARAMETERS AND INFORMATICS
SPECTRUM OF TECHNOLOGIES ENABLES EARLY WARNING OF DETERIORATION

MONITORING EXPERTISE + CLINICAL EVIDENCE + SERVICES & SOLUTIONS

Capnography BIS™ Monitoring INVOS™ System Vital Sync™ System

Measures level of carbon dioxide to help prevent Provides level of consciousness monitoring Monitors cerebral/somatic-oximetry to help Aggregates data, uses intelligent algorithms to
respiratory compromise during anesthesia to help prevent cerebral reduce postoperative cognitive decline mitigate or help prevent adverse events
compromise

Market Size: ~$0.7B Market Position: #1 or #2 Growth Rate: LDD

2018 Investor Day | 17

GROWTH DRIVER #4: GASTROINTESTINAL DISEASES
SOLUTIONS ACROSS THE CARE CONTINUUM

DISRUPTIVE TECHNOLOGIES + CLINICAL EVIDENCE + BETTER OUTCOMES

Capsule Endoscopy Functional Diagnostics Esophagus Ablation Liver Tumor Ablation

Enables GI tract visualization with a small, Enables full evaluation of the motor functions of Allows diseased tissue to be removed while Designed to precisely heat and destroy diseased
disposable capsule used to monitor and the esophagus to support disease diagnosis minimizing injury, reducing procedural steps, soft tissue and non-resectable liver tumors
diagnose disorders and decreasing procedural time

Market Size: ~$0.6B Market Position: #1 or #2 Growth Rate: MSD

2018 Investor Day | 18

GROWTH DRIVER #5: RENAL DISEASE
THERAPIES ADDRESSING GLOBAL NEEDS OF PATIENTS, PROVIDERS, AND PAYORS

COMPREHENSIVE END-TO-END SOLUTIONS

Renal Access Renal Replacement Therapies HD Multi-pass System

Full suite of renal access devices for hemodialysis and Acute therapies and chronic renal replacement therapies for AKI and Compact, high purity hemodialysis requiring
peritoneal dialysis ESRD patients 75 percent less water, enabling scalable and
affordable dialysis delivery models

Market Size: ~$9B Market Position: #1 or #2 in Access Growth Rate: MSD

*Not all products are available in the United States. 2018 Investor Day | 19
MINIMALLY INVASIVE THERAPIES GROUP
A LONG RUNWAY FOR GROWTH

GROWTH DRIVERS
THERAPY
INNOVATION Six compelling
CONSISTENT EXECUTION

Growth Drivers for MITG

Multiple Growth
GLOBALIZATION
Drivers and then Advancing MIS most
comes robotics material opportunity

ECONOMIC
VALUE
Emerging Markets significant
contributor to MITG growth

ENTERPRISE
EXCELLENCE

2018 Investor Day | 20