Q4 FY22 Earnings Presentation

Table of Executive Portfolio Financial Guidance & Contents Summary Highlights Highlights Assumptions ESG Appendix Key messages Despite ups and downs of the pandemic, underlying business remains strong Medtronic transformation continues Building upon changes to operating model, culture, and incentives by strengthening global quality and operations; well-positioned to accelerate and sustain higher growth COVID-19 challenges accelerated in January End markets impacted by Omicron and absenteeism, particularly in the U.S. and in more deferable procedures Continued to advance the pipeline Launched >200 new products in the U.S., Western Europe, Japan, and China in last 12 months Environmental, social, and governance Comprehensive approach delivering results; recently published Global Inclusion, Diversity & Equity 2021 Annual Report Solid EPS leverage Controlled expenses and delivered 6% EPS growth and more than 450 bps of EPS leverage FY22 Q4 guidance Organic revenue growth approx. 5.5%; EPS guidance $1.56-1.58; both in line with consensus We continue to transform Medtronic through a challenging time. Our commitment to more durable and higher growth. remains steadfast." GEOFF MARTHA, CHAIRMAN & CEO 5 Q3 FY22 earnings presentation | February 22, 2022 Medtronic

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