Q4 FY22 Earnings Presentation

Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Capital allocation Balancing investment with return to shareholders Organic R&D investments Investments Increasing our R&D spend broadly across the company to fuel our robust pipeline FY22: ~$2.6B R&D Growth Forecasted organic R&D spend in FY22 outpacing revenue growth Tuck-in M&A Increasing our WAMGR, differentiating our portfolio, and accelerating our time to market 80 Acquisitions announced since beginning of FY21 >$3.2B In total consideration Return to shareholders Dividend ↑ growth Committed to growing in line with earnings; raised dividend by 9% in May 2021 44 Years of dividend increases Member of S&P 500 Aristocrats Minority investments & strategic partnerships Minority investments portfolio to develop and facilitate potential future tuck-in acquisitions Third-party funding to leverage our own R&D investment and accelerate growth 75+ $800M+ Companies Invested as of Q3 FY22 MEDICREA Companion Medical AVENU MEDICAL *Cremma Health sonarMED RIST NEUROVASCULAR ACOESS MATTEFO > intersect* ENT AFFERA Share repurchases Will continue to offset dilution from stock- based compensation Total return $3.3B In net share repurchases and dividends in FY22 77% of Free Cash Flow 50% LRP Target 24 Q3 FY22 earnings presentation | February 22, 2022 Medtronic

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