Q3 FY23 Earnings Presentation

Free cash flow Macro headwinds impacting free cash flow conversion in FY23 97% 55% $3.6 83% Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Included in free cash flow: FY18 FY19 FY20 FY21 FY22 ($ in billions) FY23 YTD 81% 80% 80% target instituted Certain Litigation Payments, net 1,2 $0.3 $0.5 $0.2 $0.2 $0.2 $0.0 $5.9 $6.0 $6.0 $4.9 FY18 FY19 in FY19 Pre-Tax Restructuring Payments¹ $0.2 $0.4 $0.5 $0.5 $0.4 $0.3 Other Payments 1,3 $0.3 $0.2 $0.2 $0.1 $0.3 $0.3 Puerto Rico IRS Pre- Payment $1.1 $0.3 $2.5 Certain Other Tax Payments $0.4 $0.4 $0.1 $0.2 $0.2 $0.5 FY20 FY21 FY22 FY23 YTD Free Cash Flow* FCF Conversion** *Operating cash flows less property, plant, and equipment additions; FCF shown in billions **Conversion ratio = free cash flow divided by non-GAAP net income 17 Q3 FY23 Earnings Presentation | February 21, 2023 1 Cash flow impact does not reflect associated tax cost/benefit, as timing and amount are difficult to estimate. 2 Includes payments accrued as "Non-GAAP" charges, as well as Covidien acquisition opening balance sheet adjustments. 3 Includes acquisition-related, divestiture-related, charges associated with stopping the distribution and sales of LVADs, European Union medical device regulations charges, and contributions to the Medtronic Foundation Medtronic

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