Medtronic Announces the Upsizing of its Maximum Tender Offers for Certain Outstanding Debt Securities Issued by Medtronic, Inc. and Covidien International Finance S.A.

DUBLIN - March 4, 2019 - Medtronic plc (the "Company") (NYSE:MDT) today announced the upsizing of the previously-announced cash tender offers by its wholly-owned subsidiaries, Medtronic, Inc. and Covidien International Finance S.A. ("CIFSA" and, together with Medtronic, Inc., the "Offerors") for up to $1.9 billion combined aggregate purchase price (excluding accrued and unpaid interest to, but not including, the applicable settlement date and excluding fees and expenses related to the tender offers) (the "Maximum Tender Offers") for the series of notes that are subject to the Maximum Tender Offers (the "Maximum Tender Offer Notes") as set forth in the Offer to Purchase, dated February 20, 2019 (the "Offer to Purchase"). The Offerors are increasing the aggregate maximum purchase price from $1.9 billion to $3.7 billion (the "Aggregate Maximum Purchase Price") and the Series Tender Cap applicable to CIFSA's 6.550% Senior Notes due 2037 as described in the Offer to Purchase from $75.0 million to $90.0 million. The terms of the tender offers (the "Any and All Tender Offers" and, collectively with the Maximum Tender Offers, the "Tender Offers") for any and all of the $3.1 billion in aggregate principal amount of the other two series of notes of the Offerors described in the Offer to Purchase (the "Any and All Notes" and, collectively with the Maximum Tender Offer Notes, the "Notes") remain unchanged. The Offerors reserve the right, subject to applicable law, to further increase or waive the Aggregate Maximum Purchase Price or the Series Tender Cap.

The Offerors' acceptance of the Notes is subject to a financing condition that the Offerors shall have closed one or more debt financings resulting in net proceeds to the Offerors in an amount not less than the amount required, upon the terms and subject to the conditions of the applicable Tender Offer, to purchase all the Notes validly tendered and accepted for purchase in the Tender Offers and to pay accrued interest thereon and fees and expenses associated therewith.

Information Relating to the Tender Offers
Barclays Capital Inc. and BofA Merrill Lynch are acting as the dealer managers (the "Dealer Managers") for the Tender Offers. The information agent and tender agent is Global Bondholder Services Corporation ("Global Bondholder"). Copies of the Offer to Purchase and related offering materials are available by contacting Global Bondholder at [phone] (U.S. toll-free) or [phone] (banks and brokers). Questions regarding the Tender Offers should be directed to Barclays Capital Inc., Liability Management Group at [phone] (collect) or [phone] (toll free) or BofA Merrill Lynch, Liability Management Group, at [phone] (collect) or [phone] (toll-free).