THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Medtronic, Incorporated (MDT)

7/21/2005 Proxy Information

During fiscal 2005, Tino Schuler, a son of director Jack W. Schuler, was employed by Medtronic as a director of marketing in the Medtronic Xomed business. Mr. Tino Schuler worked for Xomed beginning in August 1993, and Xomed was acquired by Medtronic in 1999. Mr. Tino Schuler was paid an aggregate salary and bonus of $143,200 for his services during fiscal 2005. Director Gordon M. SprengerŐs son, Michael G. Sprenger, also worked as a director of marketing for Medtronic during fiscal 2005, receiving an aggregate salary and bonus of $182,823. Mr. Michael Sprenger has been a Medtronic employee since May 1989, prior to his fatherŐs election to MedtronicŐs Board in September 1991. Both Mr. Tino Schuler and Mr. Michael Sprenger received in fiscal 2005, in addition to their salaries and bonuses, the standard benefits provided to other Company employees. Neither Mr. Tino Schuler nor Mr. Michael Sprenger is an executive officer of Medtronic.

On October 5, 2001, prior to the adoption of the Sarbanes-Oxley Act of 2002, Jeff Balagna received a $300,000 loan from Medtronic for the purchase of a home following his appointment as an executive officer of the Company and his agreement to relocate to Minnesota. The loan term is for ten years and is secured by a second mortgage on Mr. BalagnaŐs home. Early repayment of the loan is required following termination of employment and no interim payments are required. Aggregate interest on the loan will be an amount equal to 23% of the appreciated value of the home occuring during the period the loan is outstanding. The amount outstanding under the loan has been $300,000 since inception. Mr. Balagna recently tendered his resignation from the Company, effective July 22, 2005. Repayment of the loan, plus accrued interest, is expected to occur within 60 days of Mr. BalagnaŐs resignation following completion of requisite property appraisals.

7/23/2004 Proxy Information

During fiscal 2004, Tino Schuler, a son of director Jack W. Schuler, was employed by Medtronic as a director of marketing. Mr. Tino Schuler has worked for Xomed since August 1993. Xomed was acquired by Medtronic in 1999. Mr. Tino Schuler was paid an aggregate salary and bonus of $139,469 for his services during fiscal 2004. Director Gordon M. SprengerŐs son, Michael G. Sprenger, also worked as a director of marketing for Medtronic during fiscal 2004, receiving an aggregate salary and bonus of $157,189. Mr. Michael Sprenger has been a Medtronic employee since May 1989, prior to his fatherŐs election to MedtronicŐs Board in September 1991. Both Mr. Tino Schuler and Mr. Michael Sprenger received in fiscal 2004, in addition to their salaries and bonuses, the standard benefits provided to other Company employees.

7/28/2003 Proxy Information

During fiscal 2003, Tino Schuler, a son of director Jack W. Schuler, was employed by Medtronic as a director of marketing. Mr. Tino Schuler has worked for Xomed since August 1993. Xomed was acquired by Medtronic in 1999. Mr. Tino Schuler was paid an aggregate salary and bonus of $144,731 for his services during fiscal 2003. Director Gordon M. SprengerŐs son, Michael G. Sprenger, also worked as a director of marketing for Medtronic during fiscal 2003, receiving an aggregate salary and bonus of $176,525. Mr. Michael Sprenger has been a Medtronic employee since May 1989, prior to his fatherŐs election to MedtronicŐs Board in September 1991. Both Mr. Tino Schuler and Mr. Michael Sprenger received in fiscal 2003, in addition to their salaries and bonuses, the standard benefits provided to other Company employees.