Covidien: Corporate Overview

1. Covidien:Corporate Overview

2. Who We Are 42,000 employees 50,000 different medical products $11 billion company Top 10 healthcare company

3. Covidien is … • A global medical device and pharmaceutical manufacturing company with nearly $11 billion in annual revenue • Well positioned with a diverse portfolio of products and technologies in attractive franchises • A company with a committed to quality and innovation; dedicated to clinical solutions • Highly efficient and productive, producing strong margins and cash flow • A leading player across our portfolio

4. Our Mission and Goal Our Mission Create and deliver innovative healthcare solutions, developed in ethical collaboration with medical professionals, which enhance the quality of life for patients and improve outcomes for our customers and our shareholders. Our Goal Become the leading global healthcare products company by creating innovative medical solutions for better patient outcomes and delivering value through clinical leadership and excellence in everything we do.

5. Our Values We each take responsibility for delivering outstanding results to our partners, patients and teammates, while affirming our commitment to integrity and the highest standards of ethical conduct. Accountability We are integral partners working with our colleagues and customers to generate innovative ideas that solve challenging healthcare problems. Collaboration We are caring professionals committed to improving the health and well-being of patients around the world. Compassion We strive to fully understand our marketplace, our customers, our communities and our employees, and to enter into relationships with a sense of honesty, fairness and trust. Diversity

6. Strategic Focus Areas for Covidien Maintain a customer mindset in everything we do. We consistently act with our customer in mind and strive to understand their needs. We collaborate with both internal and external customers to create innovative solutions for better outcomes. Innovate for better outcomes We are committed to developing approaches and solutions throughout the organization that address unmet needs. We will challenge ourselves to think, listen and act differently to drive creativity in everything we do. Customer Focus Innovation Globalize to accelerate growth We seek to understand local requirements and needs to develop product portfolios that are relevant to the markets we serve. We leverage the full potential of our diverse workforce to employ a global mindset and infrastructure to maximize the Company’s potential throughout the world. Focus on communication and execution aligned to the Company’s mission We provide employees the information and tools to accelerate the execution of our objectives. We promote consistent accountability and encourage people to take risks. High-PerformanceOrganization Globalization

7. Covidien is Committed to… Managing portfolio for growth, margin and ROIC expansion Continuing to build new product flow with clinically relevant offerings Focusing on BD&L activity that complements current franchises Recruiting and retaining top talent throughout the organization Assuring commitment to service, quality and compliance Maintaining strong balance sheet and ample cash flow to support growth, investments and shareholder interests

8. Intense Focus On Innovation Doubled annual patent filings since 2004 Creating more intellectual property and more aggressively protecting our technology Launched an Innovation Council and Innovation Awards program Increased R&D investments from $262MM in 2006 to $438MM in 2009 Sales from new products increased 3X since 2006

9. Experienced Management Team Rich Meelia President, CEO Joe Almeida President, Medical Devices Amy Wendell SVP, Business Development Chuck Dockendorff EVP, Chief Financial Officer Tim Wright President, Pharmaceuticals & Imaging John Masterson SVP, General Counsel Jim Muse SVP, Global Supply Chain Jim Clemmer President, Medical Supplies Mike Dunford SVP, Human Resources Eric Kraus SVP, Corp. Communications Our management team averages over 25 years of healthcare and/or functional experience

10. Segment Overview • Surgical Devices • Energy-based Devices • Respiratory and Monitoring Solutions • Vascular Therapies Medical Devices Pharmaceutical & Imaging Products • Specialty Pharmaceuticals • Active Pharmaceutical Ingredients • Radiopharmaceuticals • Contrast Products • Nursing Care • Monitoring & OR Products • SharpSafety • Original Equipment Manufacture Medical Supplies

11. 2009 Sales by Business Segment$11 Billion Pharmaceuticals Medical Supplies • Dosage Pharmaceuticals • Active Pharmaceutical Ingredients • Radiopharmaceuticals • Contrast Agents 27% • Nursing Care • SharpSafety • Monitoring & OR Products • Original Equipment Manufacture 16% Medical Supplies $0.9B 57% Medical Devices • Surgical Devices • Energy-based Devices • Respiratory and Monitoring Solutions • Vascular Therapies

12. 2009 Net Sales by Business Segment$11 Billion Pharmaceutical Products $2.9B Medical Supplies $1.7B • Dosage Pharmaceuticals • Active Pharmaceutical Ingredients • Radiopharmaceuticals • Contrast Agents • Nursing Care • SharpSafety • Monitoring & OR Products • Original Equipment Manufacturer 27% 16% 57% Medical Devices $6.1B • Surgical Devices • Energy-based Devices • Respiratory and Monitoring Solutions • Vascular Therapies

13. 2009 Net Sales by Geography$11 Billion Other Americas $0.6B Asia-Pacific $1.4B United States $6.2B Europe $2.6B

14. Covidien’s Origin Year Major Acquisitions Specialty Wound Care, Urology, Vascular Compression, Incontinent Care 1994 Needles & Syringes, Sutures, Dialysis, Enteral Feeding 1998 Wound Closure, Laparoscopic Instruments, Electrosurgery 1998 Respiratory, Imaging and Pharmaceutical 2000 Acquired numerous smaller companies from 1996 – present

15. Strong Line-Up of Well Recognized Brands

16. Economic Environment Unprecedented recent foreign exchange volatility U.S. recession and global economic slowdown Restricted credit availability Raw material prices

17. Covidien Well Positioned Broad product line across multiple healthcare categories Less than 5% of revenues are considered capital equipment Modest exposure to elective surgical procedures Global footprint and growing non-US business Strong balance sheet, ample cash on hand, good cash flow generation

18. Medical Devices Update • 2009 sales growth 2% (8% operational) • Strong growth in endomechanical, soft tissue repair, vascular and energy • VNUS, Bacchus and Aspect acquisitions integrated and contributing to growth • ev3 acquisition expected to provide access to new markets • Focus on bariatric, hernia and biosurgery growth initiatives; vascular expansion; emerging market opportunities • Recent 2010 launches: new SILS™ instruments, next generation EGIA Universal, hemorrhoid stapler * Operational growth, net sales growth excluding the impact of foreign currency exchange, is a non-GAAP measure.

19. Pharmaceuticals Update • Acquired proven, patented drug technology to build pipeline • Developing capabilities in formulation, regulatory, clinical development and Risk Evaluation & Mitigation Strategies (REMS) • Expanding commercial sales force and medical affairs to market licensed products in branded pain • Maria announcement will help ease moly shortage, but supply chain remains fragile and unpredictable • New product releases:

20. Medical Supplies Update • 2009 sales growth (2%) (flat operational) • Broad portfolio with many products #1 or #2 in their markets • Continue to sell value beyond price in many commoditized markets • Pruning portfolio of lower margin, slow growth offerings • Managing business with minimal investment for cash and ROIC