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Dear Shareholders,

As I complete my second year at Medtronic, I continue to be inspired by our Mission and I’m even more excited about the opportunities ahead of us. We are building a broad-based platform that can address the fundamental challenges in healthcare, enabling new standards of care for millions of people around the world. Every region in the world is challenged with continuously improving outcomes for better care, increasing access so more people get treated, and improving the efficiency of healthcare delivery. In developed markets, the primary focus is on better, higher quality care at reduced costs, while emerging markets are trying to bring vast populations to accepted standards of care in an affordable fashion.

To address these global opportunities, we are working to reinvent, redefine, and reposition our company as a healthcare solutions company, grounded in our key therapy areas and focused on three major imperatives – New Therapies to continually improve clinical outcomes, Economic Value to ensure cost efficiency across the continuum of care, and Globalization to increase access to quality healthcare for patients around the world. In Fiscal Year 2013 (FY13) we made progress toward all three of these imperatives.  

New Therapies, Economic Value, and Globalization

Developing innovative, new therapies to improve clinical outcomes and driving them to standard of care will always be our central value proposition in the marketplace. New therapies remain our core strength, and our transformational efforts for growth will revolve around our products and therapies for patients and physicians. We brought several new therapies to market in FY13 that had a meaningful impact on patient care, including our Resolute Integrity drug-eluting stent for the treatment of coronary artery disease in Japan, which has a unique diabetes indication in the U.S. We also launched the Advisa MRI pacemaker for the treatment of abnormally slow heart rhythm in the U.S. and Japan; the RestoreSensor SureScan MRI spinal cord stimulation system for the treatment of chronic pain in Europe; and the CD Horizon Solera spinal implants and surgical instruments to treat a variety of spinal conditions in the U.S. and other global markets.