Medtronic Prices Stock Offering.

MINNEAPOLIS, Sept. 18 /PRNewswire/ -- Medtronic, Inc. (NYSE: MDT), today announced its public offering of 12,500,000 shares of Common Stock at a price of $56.75 per share. Medtronic has granted to the underwriters an option to purchase up to an additional 1,875,000 shares of Common Stock to cover over-allotments, if any. Goldman, Sachs & Co., Morgan Stanley Dean Witter, BT Alex. Brown Incorporated, J.P. Morgan Securities Inc., PaineWebber Incorporated, Dain Rauscher Wessels, a division of Dain Rauscher Incorporated, and Piper Jaffray Inc. are acting as representatives of the underwriting syndicate. The offering is necessary to permit Medtronic to effect a pooling transaction under generally accepted accounting principles in connection with its previously announced merger with Physio-Control International, Inc. Net proceeds from the offering will be used by Medtronic for general corporate purposes, including acquisitions. The offering is being made pursuant to a shelf registration statement filed with the SEC.

Medtronic, Inc., headquartered in Minneapolis, is the world's leading medical technology company specializing in implantable and interventional therapies. Its Internet address is www.medtronic.com.

A copy of the prospectus supplement relating to this offering may be obtained from Goldman, Sachs & Co., attn: Prospectus Department, 85 Broad Street, New York, New York 10004, Tel. (212) 902-1171 or Goldman Sachs International, attn: Prospectus Department, Peterborough Court, 133 Fleet Street, London EC4A 2BB, Tel. 171-74-344.