REDMOND, Wash., Sept. 16, 2002 - Medtronic Physio-Control annnounced its agreement with Masimo Corporation to incorporate Masimo's Signal Extraction Technology (Masimo SET®) for pulse oximetry into its recently introduced LIFEPAK® 20 defibrillator/monitor. Pulse oximetry continuously tracks pulse rate and oxygen saturation in the blood to determine trends and warn of dangerous saturation levels. The LIFEPAK 20 defibrillator/monitor offers both manual and AED (automated external defibrillator) functionality for hospital and clinic settings.

According to Jon Tremmel, president of Medtronic Physio-Control, the company chose Masimo's SET technology for the LIFEPAK 20 defibrillator/monitor because it provides accurate readings and fewer false alarms of dangerous saturation levels, particularly when patients are moving, or when there is little blood flow.

"Medtronic Physio-Control is a world-class supplier of lifesaving equipment for critically ill patients, and we're very honored that they have selected Masimo SET as its pulse oximetry technology for the LIFEPAK 20," stated Kevin Mosher, president of Masimo Americas. "Masimo SET pulse oximetry has been clinically proven superior under the most challenging patient conditions, for which Medtronic Physio-Control products are designed."

About Medtronic
Medtronic Physio-Control pioneered defibrillation technology nearly 50 years ago. Today, more than 350,000 LIFEPAK devices have been distributed worldwide, making the company the leading provider of defibrillation technology for saving the lives of people suffering sudden cardiac arrest. Four out of five emergency services use LIFEPAK defibrillators, and LIFEPAK defibrillator/monitors are used throughout the hospital from emergency rooms to intensive care, cardiac care and EP labs. For more information on LIFEPAK defibrillator/monitors, visit www.physiocontrol.com. Medtronic, Inc. (NYSE:MDT), 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.

Any statements made about the company's anticipated financial results and regulatory approvals are forward-looking statements subject to risks and uncertainties such as those described in Medtronic's Annual Report on Form 10-K for the year ended April 26, 2002. Actual results may differ materially from anticipated results.