Mission-Driven Medtronic Ranks among Fortune Magazine's `100 Best Places to Work' for the Sixth Time-Company Recognized for Strong Support of Employees in Achieving Mission to 'Alleviate Pain, Restore Health and Extend Life' for Patients Worldwide

Business Wire

January 19, 2004

MINNEAPOLIS, Jan 19, 2004 (BUSINESS WIRE) -- Medtronic, Inc. (NYSE:MDT) today announced that FORTUNE magazine has named the company as one of the "100 Best Companies To Work For." This marks the sixth time in the list's seven-year history that Medtronic has been included.

"Medtronic recognizes that our most important resources are not listed on the balance sheet or the income statement. Our most important resources are the 30,000 Medtronic employees worldwide who individually and collectively represent the key to our success," said Art Collins, Medtronic Chairman and Chief Executive Officer. "We appreciate this recognition by FORTUNE, and we applaud our employees for their continued work to alleviate pain, restore health and extend life for millions of patients around the world."

Janet Fiola, Senior Vice President of Human Resources at Medtronic, added, "The company is committed to providing employees with a full range of benefits that allows them to be fully engaged in both their work and their personal lives. I congratulate our employees for their contributions in making Medtronic one of the best places to work."

Guided by the company mission, which has remained in place and unchanged since 1960, Medtronic offers resources that recognize the personal worth of employees and enable them to share in the company's success, Fiola said. Medtronic was one of the first large organizations to offer a consumer-driven health plan as an alternative to traditional health care plans. Medtronic provides a number of additional health and wellness resources, including free workplace wellness screenings for employees and their spouses. Further, to support the mission to share in the company's success, more than 95 percent of U.S.-based employees own company stock, and financial planning workshops are offered at many worksites. Medtronic also has an on-site child care center at its world headquarters location.

"Although these benefits and resources are important, Medtronic employees have continued to confirm that Medtronic is a great place to work because of the company's mission to alleviate pain, restore health and extend life," Fiola noted. For example, in a recent survey, 87 percent of employees indicated that the Medtronic mission is consistent with their personal values and 92 percent believe the work they do supports the mission.

To create the "100 Best Companies to Work For" list, Robert Levering and Milton Moskowitz of the Great Place to Work Institute surveyed 46,526 randomly selected employees from 304 candidate companies. In the surveys, employees shared their opinions about their workplaces. This information accounted for two-thirds of the score for each of the companies. The remaining one-third was determined by an evaluation of employee benefits, programs and other resources.

Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company, providing lifelong solutions for people with chronic disease. Its Internet address is www.medtronic.com.

SOURCE: Medtronic, Inc.

CONTACT: Medtronic, Inc., Minneapolis

Investor Relations:

Rachael Scherer, 763-505-2694

or

Public Relations:

Chris Campbell-Loth, 763-505-2633

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