INVESTOR DAY JUN 5, 2018 NEW YORK CITY

INVESTOR DAY JUN 5, 2018 NEW YORK CITY

KAREN PARKHILL EVP & CHIEF FINANCIAL 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

EXECUTING ON BROAD, SUSTAINABLE GROWTH PLATFORM LONG-RANGE PLAN DRIVING SHAREHOLDER VALUE REVENUE GROWTH Sustainable growth through innovation and globalization MARGIN EXPANSION Leverage size and scale to drive margin expansion and growth HEALTHY CASH CONVERSION Improve operational cash flow through increased discipline and accountability PURPOSEFUL CAPITAL DEPLOYMENT Disciplined approach to increase returns and drive long-term value 2018 Investor Day 4

GROUP VIEW REGIONAL VIEW MEDTRONIC POSITIONED TO DELIVER SUSTAINABLE REVENUE GROWTH DIVERSIFIED REVENUE BASE PROVIDES CONFIDENCE IN LONG-TERM PERFORMANCE Developed Markets Emerging Markets 3 5% Organic 1 CVG MITG RTG Low Double-Digit Organic 1 Diabetes Sustainable 4%+ Organic 1 Revenue Growth In line with Corporate Overall Above Corporate Overall 1 Organic: Excludes the impact of material acquisitions, divestitures and currency 2018 Investor Day 5

ENTERPRISE EXCELLENCE: LEVERAGING GLOBAL SIZE AND SCALE ENABLING REINVESTMENT AND LONG-TERM OPERATING MARGIN EXPANSION Global Operations Functional Optimization Commercial Optimization Integrate and evolve global operations to improve quality, delivery, cost, and cash flow Evolve our global functions to support long-term growth and sustained productivity Operate commercial organization at scale while improving customer service and experience Annual Underlying 1 Operating Margin Expansion 40 50 bps 1 Underlying: Excludes the impact of material acquisitions, divestitures and currency 2018 Investor Day 6

ENTERPRISE EXCELLENCE ROBUST STRUCTURE, PROCESSES & TOOLS TO DRIVE ACCOUNTABILITY & RIGOR EXECUTIVE COMMITTEE TRANSFORMATION MANAGEMENT OFFICE GROUPS REGIONS FUNCTIONS Dedicated teams Change and project management expertise Focused on sustained transformation PROGRAM RIGOR: Transparency, consistency and real-time updates to ensure we remain on track to meet commitments GOAL ORIENTED: Clear focus on goals and metrics to prioritize investments. Financial targets built into annual operating plan STRONG OPERATING MECHANISMS: Full Business, Regional and Functional engagement, accountability and ownership ORGANIZATIONAL ALIGNMENT: At all program levels, including critical intersection points and inter-dependencies 2018 Investor Day 7

GLOBAL OPERATIONS: IMPROVING QUALITY, DELIVERY, COST AND CASH FLOW LEVERAGING SCALE TO OFFSET PRICE PRESSURE MANUFACTURING INITIATIVES ~60% of Global Operations Savings NETWORK OPTIMIZATION Consolidating manufacturing footprint from 92 sites to ~55; 70 current sites Leveraging contract manufacturing where competitive advantage exists LEAN MANUFACTURING Improving both labor productivity and space utilization by ~25% Decreasing scrap and obsolescence SOURCING & SUPPLY CHAIN INITIATIVES ~40% of Global Operations Savings MATERIALS & SERVICES Driving growth to preferred suppliers; reducing supply base by ~50% by FY22 Increasing spend in best-cost countries, pursuing local-for-local FREIGHT & DISTRIBUTION Consolidating distribution center network to optimize cost and efficiency Implementing global freight management system; utilizing enterprise-wide agreements with preferred shipping vendors to leverage scale 2018 Investor Day 8

FUNCTIONAL & COMMERCIAL OPTIMIZATION IMPROVING EFFECTIVENESS AND DRIVING SUSTAINED PRODUCTIVITY FUNCTIONAL COMMERCIAL EXPAND SHARED SERVICES Driving efficiency and process standardization CONSOLIDATE FOOTPRINT Reducing distribution center and administrative facility footprint by ~15% to 20% APPLY PROCESS AUTOMATION Automating end-to-end business processes, including procure-to-pay and order-to-cash EVOLVE CERTAIN SALES MODELS EFFICIENTLY SERVICE CUSTOMERS Deploying incremental inside sales and ecommerce selling models Consolidating customer service and call centers 2018 Investor Day 9

FOCUSED ON DELIVERING ROBUST TOTAL SHAREHOLDER RETURN DRIVEN BY CONSISTENT LONG-TERM EPS GROWTH REVENUE GROWTH Sustainable revenue growth creates foundation for strong returns OPERATING LEVERAGE Enterprise Excellence programs create incremental operating leverage Target 8% Adjusted EPS Growth over Planning Period 1 Double-Digit Total Shareholder Return (EPS Growth + Dividend Yield) FINANCIAL LEVERAGE Access to global cash flow provides financial leverage flexibility 1 Non-GAAP basis. Assumes modest currency volatility. 2018 Investor Day 10

COMPANY-WIDE FOCUS ON IMPROVING FREE CASH FLOW ALIGNING INCENTIVES AND IMPLEMENTING PURPOSEFUL INITIATIVES ACCOUNTS PAYABLE 90 day payment terms for key suppliers Focused on Driving Accountability Throughout Organization ACCOUNTS RECEIVABLE Reducing operational drivers of slow payment INVENTORY OPTIMIZATION Reinvigorated supply chain team and programs aligned to key initiatives CAPITAL EXPENDITURES Heightened scrutiny with focus on achievable, timely savings Target 80% Conversion Ratio Within Next 2 3 Years ONE-TIME ITEMS Keen focus on reducing onetime items through diligent tracking & accountability Business, Region and Functional accountability in place Driving working capital improvement; moving away from consistent use of cash Disciplined management of large cash items: capital expenditures, restructuring, legal and tax 2018 Investor Day 11

HISTORICAL CASH CONVERSION AMONG MED TECH PEERS AVERAGE BELOW MEDTRONIC TARGET OF 80% FY16 FY17 FY18 3-Yr Avg 3 Peer A 36% 65% 39% 47% Peer B 35% 53% 63% 52% Near-Term Target 80% FCF Conversion Ratio 1 Above 3-Year Peer Average 2,3 Peer C 32% 68% 67% 57% MDT 67% 88% 55% 70% Peer D 57% 63% 101% 77% Peer E 77% 100% 88% 89% Peer F 88% 84% 102% 92% Peer G 114% 87% 87% 93% MDT FCF Conversion 1 100% 80% 60% 40% 20% ~80% 3-Year Peer Avg Peer H 88% 100% 100% 95% Peer I 99% 118% 91% 102% 0% FY16 FY17 FY18 Next 2 3 Years Average 3 66% 82% 76% 75% 1 Free Cash Flow (operating cash flows less property, plant and equipment additions) divided by Non-GAAP Net Income 2 S&P 500 Medical Supplies Index with Market Cap >$20B: ABT, BAX, BDX, BSX, DHR, EW, ISRG, MDT, SYK, ZBH 3 Weighted average based on Free Cash Flow and Non-GAAP Net Income 2018 Investor Day 12

BALANCED AND DISCIPLINED CAPITAL DEPLOYMENT STARTS WITH IMPROVED CASH FLOW AND ACCESS Improvement in Access to Global Cash Flow Balanced Capital Deployment Priorities Pre-Covidien Acquisition Post-Covidien Acquisition Post-U.S. Tax Reform Reinvestment Return ~35% ~65% ~55% ~45% Accessible Trapped ~95% ~5% Improved access to ongoing global cash flow provides significant financial flexibility Tuck-In Acquisitions: With strong, strategic fit and financial discipline Dividend: Growth in line with earnings Share Repurchase: Opportunistically deploying capital to enhance shareholder returns 2018 Investor Day 13

Dividend per Share STRONG TRACK RECORD OF RETURNING CAPITAL TO SHAREHOLDERS FULFILLING COMMITMENT TO RETURN AT LEAST 50% OF FREE CASH FLOW ANNUALLY 18% Dividend per Share CAGR over 40 Year History Member of S&P 500 Dividend Aristocrats Supplementing Dividend with Share Repurchase $2.00 $1.75 $1.50 $1.25 $1.00 $0.75 $0.50 $0.25 Dividend Payout Ratio 1 Dividend per Share 50% 45% 40% 35% 30% 25% 20% Dividend Payout Ratio 1 Payout Ratio 2 as % of FCF 3 140% 120% 100% 80% 60% 40% 20% Dividends Net Share Repurchases 60% 107% 98% 118% $0.00 15% 0% FY15 FY16 FY17 FY18 1 Annual dividend per share divided by prior year non-gaap diluted earnings per share. 2 Dividends plus net share repurchases, divided by free cash flow. 3 Operating cash flows less property, plant and equipment additions. 2018 Investor Day 14

DISCIPLINED PORTFOLIO MANAGEMENT INVESTMENT FOCUSED ON SHAREHOLDER VALUE Relative Strategic Attractiveness Robust Portfolio Management Framework Systematic Approach to Allocating Capital Protect Grow GROW: Drives important future growth Differentially Invest PROTECT: Sustains our long-term viability, supports strong cash generation Invest to Protect Review Relative Financial Attractiveness REVIEW: Ensure valid plan in place to improve over reasonable horizon Invest to Plan or Divest 2018 Investor Day 15

STRONG FOCUS ON CONTINUED ROIC IMPROVEMENT THROUGH EXECUTION AND DISCIPLINED REINVESTMENT Expect Continued Improvement in ROIC 15% 13% +/- 10% 5% WACC ~7 8% Target ROIC 1 of 13% Embedded in management long-term compensation plans 0% FY16 FY17 FY18 FY20 FY22 1 ROIC Calculation: (Non-GAAP Net Income + After Tax Interest Expense) / (Equity + Debt Cash + Cash Equivalents) 2018 Investor Day 16

COMPANY-WIDE INCENTIVES ALIGNED WITH SHAREHOLDERS INCREASED FOCUS ON FREE CASH FLOW AND TOTAL SHAREHOLDER RETURN FY17 Long-Term Performance Plan FY19 Long-Term Performance Plan 50% Revenue 50% ROIC 1/3 TSR 1 1/3 ROIC 1/3 Revenue Annual Incentive Plan Annual Incentive Plan All Applicable Employees 2 All Applicable Employees 2 1/3 Cash Flow Indicator 1/3 EPS 1/3 Revenue 1/3 FCF 1/3 EPS 1/3 Revenue 1 Relative Total Shareholder Return (TSR) = (End Average Share Price x Dividend Re-Investment Factor) / Start Average Share Price 2 Operating Units Annual Incentive Plan includes quality modifier 2018 Investor Day 17

EXECUTING ON BROAD, SUSTAINABLE GROWTH PLATFORM LONG-RANGE PLAN DRIVING SHAREHOLDER VALUE REVENUE GROWTH 4%+ Organic 1 Revenue Growth MARGIN EXPANSION 40 50 bps Annual Underlying 1 Operating Margin Expansion EPS GROWTH HEALTHY CASH CONVERSION PURPOSEFUL CAPITAL DEPLOYMENT Target 8% Adjusted EPS Growth over Planning Period 2 Target 80% Conversion Ratio within Next 2 3 Years Minimum 50% Free Cash Flow Returned to Shareholders 1 Organic / Underlying: Excludes the impact of material acquisitions, divestitures and currency 2 Non-GAAP basis. Assumes modest currency volatility. 2018 Investor Day 18

FINANCIAL Q&A PANELISTS Omar Ishrak Chairman and CEO Karen Parkhill EVP and CFO Moderated by Ryan Weispfenning VP, Investor Relations 2018 Investor Day 19