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News Release

Medtronic Board Approves Quarterly Cash Dividend

MINNEAPOLIS – Oct. 19, 2007 – The board of directors of Medtronic, Inc. (NYSE: MDT), today approved a cash dividend of $0.125 per share of the company’s common stock. Medtronic has paid a dividend since the beginning of fiscal 1978 and has increased its dividend each year.

The dividend is payable on January 25, 2008, to shareholders of record at the close of business on January 4, 2008.

Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology – alleviating pain, restoring health and extending life for millions of people around the world.

Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s Quarterly Report on Form 10-K for the year ended April 27, 2007. Actual results may differ materially from anticipated results.

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