#1Medtronic Engineering the extraordinary Investor Handout November 2022 Ryan Weispfenning, VP, Head of Investor Relations [email protected]#2Forward-looking statements, non-GAAP financial measures, and comparisons Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation and general economic conditions and other risks and uncertainties described in the company's periodic reports on file with the U.S. Securities and Exchange Commission including the most recent Annual Report on Form 10-K of the company, as filed with the U.S. Securities and Exchange Commission. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this presentation, including to reflect future events or circumstances. Non-GAAP financial measures 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. This presentation contains financial measures and guidance which are considered "non-GAAP" financial measures under applicable SEC rules and regulations. 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. Non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), and investors are cautioned that Medtronic may calculate non-GAAP financial measures in a way that is different from other companies. Management strongly encourages investors to review the company's consolidated financial statements and publicly filed reports in their entirety. Starting with the quarter ended April 29, 2022, the Company will no longer adjust non-GAAP financial measures for certain license payments for, or acquisitions of, technology not approved by regulators due to recent guidance from the U.S. Securities and Exchange Commission. Historical non-GAAP financial measures have been recast for comparability. All GAAP to non-GAAP reconciliations are provided on our website. 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 organic revenue growth guidance excludes the impact of foreign currency fluctuations, as well as significant acquisitions or divestitures. Forward-looking diluted non-GAAP EPS guidance also excludes 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, the company believes 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. Financial comparisons References to results increasing, decreasing, or remaining flat are in comparison to the same period in the prior fiscal year. References to organic revenue growth exclude the impact of significant acquisitions or divestitures and currency. Unless stated otherwise, quarterly and annual rates and ranges are given on an organic basis. Unless stated otherwise, all references to share gains or losses are as of the most recently completed calendar quarter, on a revenue basis, and in comparison to the same period in the prior year. Unapproved devices The following presentation includes discussion of devices that are not cleared or approved in the United States or the European Union. The safety and effectiveness of these devices have not been established and features and performance of future technologies may vary. Information provided during this presentation may also include products that may not be available or distributed in regions or countries outside the U.S. or E.U. Access to these products are contingent upon regulatory approval or clearance. Approval or clearance timelines are subject to the regulatory process of individual countries and regions and are not guaranteed. 2 Investor Meetings | November 2022 Medtronic#3Committed to accelerating and sustaining higher growth over the long term Significant changes made and further changes underway; industry-leading technology pipeline coming to fruition Significant transformational efforts to position Medtronic for durable & accelerated innovation-driven growth New operating model and enhanced Medtronic Mindset are leveraging scale and accelerating decision making with incentives aligned to create shareholder value. Expect quarterly acceleration through FY23, driven by resolution of acute supply chain issues, easier comparisons, and new product launches ✓ Advancing scientific evidence and significant near-term catalysts in fast-growing MedTech markets Conducted over 230 clinical trials in FY22; 180 product approvals in last 12 months driving upcoming launches to support accelerated growth profile; Continued investments in mid-term programs to deliver durable growth consistent with long-range plan Committed to Environmental, Social, and Governance Progressing towards goal of becoming operationally carbon neutral by FY30; Continued focus on Patient Safety & Quality, Inclusion Diversity & Equity, Climate Stewardship, and Product Stewardship; published FY22 Integrated Performance Report in October ◉Rigorous portfolio management and capital allocation strategies focused on higher WAMGR and creating shareholder value Portfolio management process is ongoing: Planned separation of Patient Monitoring and Respiratory Interventions business; Renal Care Solutions will be part of NewCo with DaVitaⓇ; Intersect ENT acquisition closed May 2022; Affera acquisition closed August 2022; expanding our commercial solutions via Acutus* and CathWorks* deals. Dividend Aristocrat; returned $5.5B to shareholders through share repurchases and dividends, or 92% of FCF in FY22 * Announced intention to acquire Acutus' Left-Heart Access Portfolio; Signed a co-promote deal with CathWorks with the option to acquire in the future Investor Meetings | November 2022 3 Medtronic#4. . Q2FY23 highlights & financial summary following November 22nd earnings report Key Messages Earnings delivered despite revenue below expectations: Delivered revenue of $7.6B and adjusted EPS of $1.30; FX headwinds weighed on results, contributing over half of the miss vs. consensus Pace of procedure volume and supply recovery slower than expected in certain businesses: Certain procedure volumes slower to recover, primarily in developed markets due to continued healthcare system staffing challenges; Made meaningful recovery in supply, but some improvements came later than expected in Q2, delaying expected H2 momentum Seeing benefit of operating model changes in several businesses: Despite current operating environment challenges, strong growth in several businesses where our strategy, operating model, and execution are yielding solid results: CRM, CST, ENT, and International Diabetes Reduced H2 guidance, continue to expect organic revenue growth acceleration: Given slower pace of market and supply recovery combined with added VBP headwinds, driving expense reductions to help offset lower revenue and effects of cost inflation Confidence in path to deliver durable growth and shareholder value: Remain focused on delivering our pipeline, decisively allocating capital, improving our operational health, and streamlining the company Diluted EPS GAAP $0.32 Non-GAAP $1.30 Cash flow from operations YTD $2.0B Y/Y % -67% -2% Free cash flow 3 YTD CC Y/Y % N/A -1% $1.3B Diabetes $556M -5.0% Y/Y Rep +3.1% Y/Y Org² Medical Surgical $2,070M -10.0% Y/Y Rep -3.5% Y/Y Org² -1.3% ex-Vents Y/Y Org² Revenue by segment Total MDT $7,585M -3.3% Y/Y Rep +2.2% Y/Y Org Cardiovascular $2,773M -1.9% Y/Y Rep +4.4% Y/Y Org² Neuroscience $2,186M +2.3% Y/Y Rep +5.1% Y/Y Org² 1 Data has been intentionally rounded to the nearest million and, therefore, may not sum. 2Figures represent comparison to Q2 FY22 on an organic basis. 3Operating cash flows less property, plant, and equipment additions. 4 Investor Meetings | November 2022 Medtronic#5Q3 & H2FY23 guidance (as provided on November 22, 2022) Expectations reflect unique combination of timebound headwinds while investing in quality and pipeline сл 5 Q3 FY23 guidance¹ Outlook does not assume any material recovery in markets currently experiencing recovery challenges Organic revenue growth 2.5% to 3.0% $510M headwind FX: approximately $460M to Non-GAAP diluted EPS $1.25-$1.27 FX: approximately $0.05 headwind Investor Meetings | November 2022 H2 FY23 Revenue & FY23 EPS Guidance1 FY22 H2 Revenue base Organic revenue growth guidance Implied revenue FX1 range $15,852M +3.5% to +4.0% -$0.93B to -$1.03B ~$15.4B - $15.6B FY22 Non- GAAP EPS base Implied constant currency growth FX1 EPS guidance $5.55 -1% to -2% -$0.18 $5.25 $5.30 - EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year. 1 While FX rates are fluid, assumptions above are based on recent rates near the specific earnings call. Medtronic#6Significant changes underway to accelerate growth and win market share Initial changes implemented; key learnings and new top talent helping to drive continued improvements Ongoing Transformation . New operating model established . • Further aligned incentives with What we've done . • Operating Units Enhanced culture meaningful changes Established technology development centers Strategic customer relationships Key Learnings Attracting top talent Accelerating... • Operations and supply chain improvements Accountability and consistency in patient safety & quality processes Portfolio management 9 Investor Meetings | November 2022 Medtronic#7Significant changes to accelerate growth and improve competitiveness New operating model, culture enhancements, and incentives in place New operating model Enhancing culture Further aligned incentives Eliminated group infrastructure and moved to 19 focused and accountable operating units ✓ Operating units have full control of P&L, product development, and sales forces in larger geographies ✓ More decentralized and delayered ✓ Increased transparency and accountability ✓ Eliminated bureaucracy, with businesses moving much faster Injected new traits into our Mission-driven culture • • Act boldly Compete to win Move with speed and decisiveness Foster belonging Deliver results, the right way ✓ Employees quickly embracing change with high engagement scores Meaningful changes to our compensation plans to enhance competitiveness and reward performance ✓ Added market share as an annual metric, in addition to revenue growth, profit, and free cash flow ✓ Greater differentiation in payout based on individual and business/region/ function performance ✓ Increased emphasis on equity instead of cash 7 Investor Meetings | November 2022 Medtronic#8Significant changes to accelerate growth and improve competitiveness Leveraging enterprise synergies with tech development centers and strategic customer relationships 8 Tech development centers Strategic customer relationships Adding new centralized technology centers to existing battery and microelectronics centers to leverage across multiple operating units: • Cardiac implantables Becoming a true partner to our customers and driving strong strategic relationships ✓ Single point of contact for large customers such as governments, large healthcare systems, and GPOs to buy across the Medtronic portfolio • Enabling technologies Neuromodulation implantables . Surgical technologies ✓ Example: CRM team helped accelerate trajectory of Neuromod development Investor Meetings | November 2022 Medtronic#9Attracting top external talent to drive change Bringing outside-in thinking, new skills and capabilities, and diverse perspectives to our already talented leadership team Attracting top external talent Que Dallara EVP, President of Diabetes Torod Neptune Previous: CEO of Honeywell Connected Enterprise SVP, Chief Communications Officer Previous: Lenovo & Verizon Harry "Skip" Kiil President, Cranial and Spinal Technologies Previous: Smith & Nephew, Nuvasive 9 Investor Meetings | November 2022 Mei Jiang Head of Global Digital Innovation Previous: Iron Mountain, HP, Cisco Greg Smith Ivan Fong EVP, Global Operations & Supply Chain Previous: Walmart & Goodyear EVP, General Counsel and Corporate Secretary Previous: 3M, US DHS, Cardinal Health Mira Sahney President, Pelvic Health Previous: Hyalex Orthopaedics, Smith & Nephew Yarmela Pavlovic VP, Regulatory Strategy Previous: Manatt, Phelps & Phillips, LLP, Hogan Lovells Bob Hopkins Head of Global Strategy Previous: Bank of America Merrill Lynch Austin L. Chiang, M.D., M.P.H. Chief Medical Officer, Gastrointestinal Previous: Sidney Kimmel Medical College, Jefferson Health Medtronic#10Accelerating changes to create value and further leverage enterprise scale Adding value to our operating units, enabling stronger performance vs smaller competitors Operations and supply chain Patient safety and quality Portfolio management • • • Consolidating global operations to realize economies of scale, drive lower costs through reduced inventory and obsolete products & materials, and improve quality with Strategic Supplier base Investing in automation, digitalization, and Industry 4.0 Supply management team negotiates contracts across OUs to secure attractive terms and manage through supply chain. issues 10 Investor Meetings | November 2022 Accelerating plans to enhance patient safety and quality as a competitive advantage where we 'play big' Design, Reliability, and Manufacturability (DRM) being implemented enterprise- wide to deliver outcomes that are better for patient safety; on track to cover 100% of products Elevating quality as part of enhanced M&A due diligence & integration process Quality goals aligned with leadership incentives Newly created Capital Allocation Committee driving more decisive capital allocation; includes CEO, CFO, Portfolio Presidents and Head of Strategy 9 acquisitions since FY21 with total combined consideration of >$3.3B; Announced NewCo with RCS + DaVita and separation of PM & RI businesses Deeply committed to driving. shareholder value Medtronic Engineering the extraordinary intersect ENT AFFERA DavitaⓇ Kidney Care ACUTUS MEDICAL Left Heart Access Portfolio RIST NEUROVASCULAR ADDEDS MATTERS CATHWORKS Medtronic#11Allocating capital to balance investment with return to shareholders ① Organic R&D investments Increasing our R&D spend broadly across the company to fuel our robust pipeline $2.7B FY22: R&D Growth outpacing revenue growth R&D spend in FY22 Organic Minority investments & strategic partnerships Investments 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+ Companies $900M+ Invested as of Q2 FY23 11 Investor Meetings | November 2022 Tuck-in M&A Increasing our WAMGR, differentiating our portfolio, and accelerating our time to market 9 Acquisitions announced since beginning of FY21 MEDICREA Companion Medical AVENU MEDICAL > intersect* ACUTUS MEDICAL Left-heart access portfolio ENT >$3.3B Return to shareholders ↑ Dividend growth Committed to growing in line with earnings; raised dividend by 8% in May 2022 45 Years Member of S&P In total consideration of dividend increases 500 Aristocrats Cremma Health- sonarMED RIST NEUROVASCULAR ADDES MATTERS AFFERA Share repurchases Will continue to offset dilution from stock- based compensation $5.5B In net share repurchases and dividends in FY22 Total return 92% of Free Cash Flow 50% LRP Target Medtronic#12Diabetes Neuroscience Medical Surgical Cardiovascular Broad, robust pipeline to accelerate growth Visibility into multiple catalysts in fast-growth medical device end-markets; 180 approvals in the last 12 months Launched n Just launching/ expect in next few quarters Investing heavily in mid- to long-range pipeline DiamondTemp TM Micra TM AV and RF Ablation System Harmony VR Transcatheter Transcatheter PV Pacing System VenaSeal™ Closure System Abre TM Self- Expanding Stent EvolutTM FX TAVR System DCB AV LINQ™ II Access Onyx Frontier™ Indication Aurora Extravascular ICD (EV-ICD) Symplicity TN Renal Denervation TM Pulsed Field Ablation 80 99 IntrepidⓇ Mitral and Tricuspid Valve Replacement Half Moon Mitral Repair Illumisite Platform Signia T Powered Stapler TM TriStaple EEATM Circular Stapler Gl Genius ProdiGITM Sonicision™M 7mm Nellcor™ OxySoft Pulse Ox Sensor Touch Surgery T Enterprise Hugo TM RAS System Signia™ Circular RespArray™ Vital Sync™ Monitor Endoflip T 300 EXTANEL Vanta T Recharge the Intellis™ Free SCS platform DTMTM SCS on Solitaire TM X SenSightTM Percept™ Directional PC Deep Brain Stimulator Leads InterStim™ X SCS primary cell treatment device for DPN NuVent™ Next-gen NIMⓇ balloon Nerve Monitoring System Pipeline™ Vantage with Shield Technology TM Flow Diverter Guardian Connect™ Standalone Sensor InPen Smart Diabetes Pen MiniMed™ 770G Bluetooth Enabled Extended Infusion Set 12 Investor Meetings | November 2022 *MiniMed™ 780G is available OUS and is currently under review with the FDA Mini MedTM 780G Advanced Hybrid Closed-Loop System* Guardian TM 4 Sensor (Zeus) CGM Sensor Inceptiv SCS using Closed-Loop Intrasaccular Deep Brain Spine Enabling (ECAPS) Device Ⓡ nutrino *KLUE Exclusives: Personalization & Meal Handling Simplera TM CGM Sensor (Synergy) Medtronic Hemorrhagic Stroke Closed-Loop Stimulator Next-Gen Technologies#13Cardiovascular Portfolio growth drivers Over the next 12 - 18 months Transcatheter valves (TAVR) Continued global market growth and share capture opportunities with the rollout of our new Evolut™ FX system in the U.S. and entry into China Evolut™ FX TAVR system Micra leadless pacing Continued global growth as the only company with devices addressing half the pacing market; global expansion continues Medtronic Micra AV Safety and efficacy endpoints met in EV-ICD pivotal data just presented at ESC 2022; published in NEJM 13 Extravascular ICD Expect to disrupt ICD market with Aurora™ EV-ICD, a single device that can pace and shock without any leads in the heart; CE Mark expected in CY22 Medtronic Aurora EV-ICD™ MRI SureScan™ Aurora T Extravascular ICD (EV-ICD) Symplicity T Renal Denervation RDN Micra T transcatheter pacing system PMA package submitted to FDA for review and approval; SPYRAL HTN-ON MED missed ABPM* primary due to increased medication in sham and potential Covid-19 impact while hitting statistical significance for OSBP* Cardiac Diagnostics Broad U.S. commercialization of LINQ Il underway with improved supply; meaningful reduction/ elimination of AF and Pause false positives Cardiac Ablation Solutions Launching disruptive DiamondTemp™ ablation system; ramping awareness and adoption of our Arctic Front Advance Pro™ cryoablation as a first line treatment for paroxysmal AF Investor Meetings | November 2022 DiamondTemp™ Ablation System Arctic Front Advance ProTM Cryoballoon * ABPM 24-hour ambulatory systolic blood pressure; OSBP office-based systolic blood pressure LINQ™M || Medtronic#14Medical Surgical Portfolio growth drivers Over the next 12 - 18 months Surgical Innovations Surgical procedures are moving from open to minimally invasive along with innovation advancements in advanced energy and stapling; Continuing to address acute supply chain issues, and ongoing management of China VBP Hugo TM RAS System 14 Investor Meetings | November 2022 Signia™ Powered Stapler V-Loc TM Wound Closure Device Barbed Sonicision™ 7mm Sutures GI & Patient Monitoring P Investing in long term pipeline; Patient Monitoring received 510(k) clearance for the RespArray™ monitor, which includes Nellcor™ pulse ox technology Nellcor™ OxySoft Pulse Ox Sensor 80 991 20 20/80- RespArrayTM Monitor Gl Genius TM Surgical Robotics Entering surgical robotics market as second meaningful player; market highly underpenetrated due to cost and utilization barriers Limited market release of our Hugo TM RAS system continues, combined with our Touch Surgery TM Enterprise Al and image capturing platform; leverages our MIS instrument expertise; customer demand is high Expanding market access through regulatory approvals, including recent CE Mark clearance and Health Canada license to expand indication for General Surgery and MHLW approval for Uro/GYN in Japan, the 3rd largest RAS market in the world today First procedure for U.S. IDE urology clinical trial anticipated in the calendar year LAPAROSC CHOLECYSTECTOMY Touch Surgery™ Enterprise DS1 Medtronic#15Neuroscience Portfolio growth drivers Over the next 12 - 18 months Pain stim Above-market growth expected on continued adoption of Intellis™ with DTMTM SCS therapy and recent launch of Vanta TM recharge- free system; FDA approval of Intellis TM and Vanta™ for the treatment of diabetic peripheral neuropathy (DPN) Wwdontic Vanta™ Recharge Free SCS DTMTM SCS on the Intellis TM platform Pelvic Health Market leader and launching new technology into fast-growing sacral neuromodulation market; U.S. FDA approval of InterStim TM X recharge-free device granted InterStim TM X primary cell device Medtronic Cranial & Spinal Technologies Continued growth expected of this ~$4.5B business on the rollout of new spine hardware in the AibleTM Spinal Surgical Suite, adoption of market leading O-arm TM imaging, Stealth Station TM navigation, and Mazor™ robotics enabling technology, and surgeon adoption of the UNiD software platform and the Medicrea implant portfolio. Catalyft TM Expandable Interbody System Aible™ Spinal Surgical Suite Neurovascular & ENT Continued global growth at- or above-market in these two high- growth markets; just added Intersect ENT sinus implants Pipeline TM Shield Embolization Device with Shield Technology™ Deep brain stimulation PROPELⓇ and SINUVAⓇ sinus implants Continued above-market growth expected on continued adoption of recently launched sensing products MP Percept™ PC DBS SenSightTM Directional Leads Clinical catalysts Submitted Inceptiv™M SCS using closed-loop (ECAPS) technology to U.S. FDA ADAPT-PD U.S. pivotal trial for closed-loop DBS remains on track with enrollment nearing completion 15 Investor Meetings | November 2022 Medtronic#16Investing heavily in mid- to long-range pipeline Continued advancements and disruptions to fuel long-term and share gain/recapture across our Portfolios Cardiovascular Medical Surgical Neuroscience 16 Pulsed Field Ablation for Afib Symplicity™ procedure for hypertension Next-gen spine enabling technologies Diabetes Simplera™ CGM Sensor Hugo TM RAS System & Touch Surgery™ Enterprise advancements Spinal cord stim indication expansion Signia TM Circular Stapler Closed-loop deep brain stimulator Intrasaccular device for hemorrhagic stroke > nutrino KLUE Exclusives: Personalization & Meal Handling Multiple undisclosed development programs to deliver competitive CGM/patch pump technology IntrepidⓇ Mitral and Tricuspid Valve Replacement Investor Meetings | November 2022 Vital Sync™ patient monitoring enhancements Medtronic#17Leading ESG practices grounded in our Mission Focused sustainability areas and targets Top Priorities Emerging Priorities • Additional Priorities . • Innovation & access Patient safety & product quality • Inclusion, diversity & equity Climate risk & resilience Responsible supply mgmt Product stewardship Transparency ⚫ Integrated Care • • • Technology & Device Security Data privacy & security Ethics in sales & marketing Corruption & bribery Affordability & fair pricing Talent Good citizenship Patient Safety & Product Quality 10% Reduction in aggregate product complaint rate for identified product families by FY25 vs. FY20 Access & Innovation 20% MDT revenue from products and therapies released in the prior 36 months by FY25 85M Patients served annually by FY25 ESG targets Inclusion, Diversity & Equity 45% Global management positions held by women by FY26 30% U.S. management positions held by ethnically diverse talent by FY26 Climate Stewardship 50% Reduction in greenhouse gas emission intensity by FY25 vs. FY20 50% Sourced energy from renewable and alternative sources by FY25 vs. FY20 Carbon Neutral In our operations by FY30 Net Zero Emissions By 2045 Product Stewardship 25% Reduction in packaging waste for targeted high- volume products by FY25 vs. FY21 35% Reduction in paper associated Instructions for Use (IFUs) by FY27 vs. FY21 17 Investor Meetings | November 2022 Medtronic#18Q2 FY23 Revenue by portfolio and geography Worldwide U.S. Non-U.S. Developed Emerging Markets Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Revenue ($M)¹ As reported Y/Y% Organic Y/Y% Cardiovascular 2,773 -1.9% 4.4% 1,424 3.7% 3.7% 802 -15.4% 0.2% 546 7.9% 13.4% Cardiac Rhythm & 1,431 -2.7% 3.5% Hearth Failure Structural Heart & 757 0.9% 8.1% Aortic Coronary & Peripheral Vascular 584 -3.6% 1.7% Medical Surgical 2,070 -10.0% -3.5% 905 -6.7% -6.7% 719 -14.5% 0.8% 446 -8.6% -4.7% Surgical Innovations 1,398 -6.6% 0.5% Respiratory, Gastrointestinal, & Renal 671 -16.3% -11.1% Neuroscience 2,186 2.3% 5.1% 1,512 8.5% 6.7% 382 -11.8% 4.4% 292 -5.5% -0.6% Cranial & Spinal 1,081 1.3% 4.6% Technologies Specialty Therapies 686 8.2% 9.1% Neuromodulation 419 -3.7% 0.5% Diabetes 556 -5.0% 3.1% 228 -12.6% -12.6% 254 -0.8% 16.0% 74 7.2% 13.0% Total Medtronic 7,585 -3.3% 2.2% 4,069 1.8% 1.2% 2,157 -13.0% 2.8% 1,359 -0.9% 3.9% 18 1Data has been intentionally rounded to the nearest million and, therefore, may not sum Investor Meetings | November 2022 Medtronic#19Appendix: GAAP to non-GAAP reconciliation (in millions, except per share data) GAAP Non-GAAP Adjustments: Restructuring and associated costs (2) Acquisition-related items (3) (Gain)/loss on minority investments (4) Medical device regulations (5) Amortization of intangible assets RCS impairments/costs (6) Exit of business (7) Certain tax adjustments, net (8) Non-GAAP Currency impact Currency Adjusted MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS) (Unaudited) Three months ended October 28, 2022 See description of non-GAAP financial measures contained in the press release dated November 22, 2022. Net Sales Cost of Products Sold Gross Margin Percent Operating Profit Operating Profit Income Before Net Income Income Attributable Percent Taxes to Medtronic Diluted EPS Effective Tax Rate $ 7,585 $ 2,535 66.6 % S 1,404 18.5 % $ 1,395 $ 427 $ 0.32 68.7 % (3) དྷེཧཱུཾ།པེ། །སྐྱེ (21) 0.3 95 1.3 95 76 0.06 20.0 (13) 0.2 2 2 (6) - 400.0 (11) (11) (0.01) 0.3 37 0.5 37 30 0.02 18.9 421 5.6 421 356 0.27 15.4 24 0.3 24 24 0.02 4.2 (26) 0.3 37 0.5 37 37 0.03 793 0.60 $ 7,585 457 $ 2,454 150 67.6 % S 2,020 20 26.6 % $ 1.999 $ 1,725 $ 1.30 13.3 % $ 8,042 $ 2,604 67.6 % $ 2,040 (1.2) 25.4% 0.01 $ 1.31 Three months ended October 29, 2021 (1) The data in this schedule has been intentionally rounded to the nearest million or $0.01 for EPS figures, and, therefore, may not sum. (2) Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses. The charges primarily include business combination costs and changes in fair value of contingent consideration. (4) We exclude unrealized and realized gains and losses on our minority investments as we do not believe that these components of income or expense have a direct correlation to our ongoing or future business operations. (5) The charges represent incremental costs of complying with the new European Union (EU) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be duplicative of previously incurred costs and/or one-time costs, which are limited to a specific time period. (6) The charges predominantly include impairments related to changes in the carrying amount of the disposal group and other associated costs, as a result of the anticipated sale of half of the Company's Renal Care Solutions (RCS) business related to the May 25, 2022 agreement with DaVita Inc. (7) The charges relate to the exit of a business and are primarily comprised of inventory write-downs. (8) The charge primarily relates to a $764 million reserve adjustment that was a direct result of the U.S. Tax Court opinion, issued on August 18, 2022, on the previously disclosed litigation regarding the allocation of income between Medtronic, Inc. and its wholly owned subsidiary operating in Puerto Rico. (9) The charge includes the amortization on previously established deferred tax assets from intercompany intellectual property transactions. (in millions, except per share data) GAAP Non-GAAP Adjustments: Restructuring and associated costs (2) Acquisition-related items (3) Certain litigation charges (Gain)/loss on minority investments (4) Medical device regulations (5) Net Sales Cost of Products Sold Gross Margin Percent Operating Operating Profit Profit Income Before Net Income Income Attributable Percent Taxes to Medtronic Diluted EPS Effective Tax Rate $ 7,847 $ 2,497 68.2 % S 1,563 19.9 % $ 1,493 $ 1,311 $ 0.97 11.8 % MEDTRONIC PLC GAAP TO NON-GAAP RECONCILIATIONS) (Unaudited) Amortization of intangible assets | | | | | | (31) 0.4 (5) 0.1 (15) 0.2 431 FEཀྱན།མརྒ 1.0 77 62 0.05 19.5 (in millions) (13) (0.2) (13) (15) (0.01) (15.4) Net cash provided by operating activities 0.4 34 30 0.02 11.8 Additions to property, plant, and equipment 6 6 Free Cash Flow (2) 0.3 24 20 0.01 16.7 5.5 431 361 0.27 See description of non-GAAP financial measures contained in the press release dated November 22, 2022. 16.0 Certain tax adjustments, net (9) 16 0.01 (1) The data in this schedule has been intentionally rounded to the nearest million, and, therefore, may not sum. Non-GAAP $ 7,847 $ 2,447 68.8 % S 2,116 27.0 % $ 2,052 S 1,792 $ 1.32 12.4 % (2) Free cash flow represents operating cash flows less property, plant, and equipment additions. 19 Investor Meetings | November 2022 Six months ended October 28, 2022 Six months ended October 29, 2021 $ 2,005 $ 3,061 $ (749) 1,256 $ (649) 2,412 Medtronic