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J.P. MORGAN 34TH ANNUAL HEALTHCARE CONFERENCE Mike Rousseau, President and Chief Executive Officer St. Jude Medical Jan. 13, 2016

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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company’s control and the risk factors and other cautionary statements described in the Company’s filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2015 and Quarterly Report on Form 10-Q for the fiscal quarter ended October 3, 2015. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.

The Company will be using non-GAAP financial measures (e.g., constant currency sales growth, adjusted net earnings, etc.) in this presentation. Investors should consider non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. For a reconciliation of our non-GAAP financial measures to our GAAP results, please see the Company’s Current Report on Form 8-K furnished January 13, 2016.

FORWARD-LOOKING STATEMENTS AND DISCLOSURES

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PRELIMINARY Q4 2015 FINANCIAL RESULTS

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Year-over-year constant currency sales increased approximately 7%, which includes Thoratec in Q4 2015, but not in Q4 2014 Total consolidated sales were within our guidance range for the quarter Comparable constant currency sales, which includes Thoratec in both comparable periods

decreased approximately 1% Currency had a negative $91 million impact year-over-year on Q4 2015 comparable sales Q4 2015 had five fewer days than year ago comparative quarter, which we estimate

decreased Q4 comparable sales growth rate 5 to 6 percentage points

Q4 adjusted EPS is now expected to be within the range of $1.01 to $1.02 versus previous guidance of $1.00 to $1.02

Will provide additional Q4 2015 results and 2016 guidance on Jan. 27 earnings call

PRELIMINARY Q4 2015 SALES APPROXIMATELY $1.447B

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AF and Neuromodulation product categories continue to perform at a high level due to new product launches

Thoratec Q4 sales were above the top end of the guidance range due to a successful first quarter launch of HeartMate 3 in Europe

CardioMEMS sales of $16 million were impacted by ongoing reimbursement challenges mentioned in October

Pressures in U.S. CRM were more severe than originally anticipated Total consolidated sales growth was within our guidance range for the quarter

PRELIMINARY Q4 2015 SALES BY PRODUCT CATEGORY

Dollars in Millions Q4 Sales Q4 Comparable

change* Normalized for fewer

selling days**

Atrial Fibrillation (AF) $276 4% 9 – 10% Neuromodulation $128 9% 14 – 15% Thoratec $136 15% 20 – 21% Cardiovascular $327 2% 7 – 8% CRM $580 (10)% (5) – (4)% Total $1,447 (1)% 4 – 5%

*Constant currency change, which also includes pre-acquisition Thoratec sales ** 5-6 percentage points due to five fewer selling days compared to Q4 2014

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Tailwinds Opportunity to expand our global leadership in Heart Failure, AF and Neuromodulation Expansion of HeartMate 3 launch in Europe Broadest product portfolio for Neuromodulation: proprietary St. Jude Medical Burst technology,

Proclaim™ Elite SCS System, U.S. DRG launch and Infinity™ DBS System Momentum in place to capture market share in worldwide AF market Full portfolio of MRI safe CRM devices in Japan Medical device tax suspension offers opportunity to invest in innovation

Headwinds Currency expected to negatively impact revenue approximately $125M to $145M or $0.20 to

$0.25 per share Mainly driven by non-hedged currencies (China, Australia, Brazil, Canada)

Product gap in U.S. CRM (LV MRI expected 1H:2016; HV MRI expected in 2017) Gross margin decline due to currency and U.S. CRM weakness (similar to 2H 2015) CardioMEMS reimbursement (tailwind possible with further data education)

2016 OUTLOOK

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2016 STRATEGIC DIRECTION AND AREAS OF FOCUS

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NEW REVENUE REPORTING ALIGNED WITH BUSINESS

Cardiac Resynchronization Therapy (CRT) Devices Remote Hemodynamic Monitoring System

(CardioMEMS) Ventricular Assist Devices (VADs)

Advanced Mapping Systems Cardiac Monitors Catheters and Introducers Left Atrial Appendage (LAA) Closure Devices Single and Dual Chamber Implantable Cardiac

Defibrillators (ICDs) Single and Dual Chamber Pacemakers

Fractional Flow Reserve (FFR) Pressure Wire Optical Coherence Tomography (OCT) Imaging System Percutaneous Heart Pump (PHP) Renal Denervation System Vascular Closure Devices Vascular Plugs Surgical Heart Valves Transcatheter Aortic Heart Valves Patent Foramen Ovale (PFO) Closure Devices

Spinal Cord Stimulation Dorsal Root Ganglion Radio Frequency Ablation Deep Brain Stimulation System

HEART FAILURE

ATRIAL FIBRILLATION

TRADITIONAL CRM

CARDIOVASCULAR

NEUROMODULATION

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NEW REVENUE REPORTING STRUCTURE

25%

19% 8%

27%

21%

2015 Sales Mix*

Heart FailureAtrial FibrillationNeurmodulationTraditional CRMCardiovascular

Product Categories 2015 Growth*

Heart Failure 6%

Atrial Fibrillation 14%

Neuromodulation 14%

Traditional CRM (4%)

Cardiovascular 1%

*comparable constant currency

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OUR MARKETS FOR 2015 EXCEED $22 BILLION IN SIZE AND ARE GROWING MID-SINGLE DIGITS*

Heart Failure Atrial Fibrillation

Neuromodulation Traditional CRM

Cardiovascular

~$4B

>$3.5B

>$2B ~$7B

~$6B Growth*

Heart Failure Mid-SD

Atrial Fibrillation Low/Mid-teens

Neuromodulation Mid/High-SD

Traditional CRM Flat to up

Cardiovascular Mid-SD

All dollar market sizes are based on estimated revenues St. Jude Medical market estimates

* excludes the impact from currency Flat to up: 0% to 2% growth Mid/SD – Middle-single digit percentage growth Mid/HSD: Middle to high-single digit percentage growth Low/Mid-teens: low to middle teens percentage growth

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ATRIAL FIBRILLATION – THE MARKET

Market Dynamics

Strong growth in ablation driven by catheter ablation and advanced technology adoption

WW ablation procedures projected to reach almost 950K in 2016 (double digit growth)

Market remains underpenetrated at approximately 10%

Force-sensing catheters quickly becoming standard of care

Continued steady catheter ablation growth expected for U.S. patients diagnosed with AF

31%

18% 15% 15%

11% 8%

2%

EP AblationEP DiagnosticEP Mapping & Recording SystemsCardiac MonitorsAccessICE/OtherLAA Closure

2015 Market Revenue >$3.5B Market Growth*: Low to mid-teens

* excludes the impact from currency All dollar market sizes are based on estimated revenues

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One of the best growth stories in MedTech and we are well positioned in the AF market

FlexAbilityTM and TactiCathTM ablation catheters continue to accelerate growth and capture share globally, addressing historical gap in our portfolio

Expect 1H 2016 launch of new EnSite PrecisionTM Cardiac Mapping System – biggest launch in the history of our AF portfolio

Market leading technology and most comprehensive EP portfolio

SURROUNDING ATRIAL FIBRILLATION

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80%

2% 18%

CRTs

CardioMEMS

Ventricular AssistDevices (VADs)

HEART FAILURE – MARKET OVERVIEW

Market Dynamics

Destination therapy continues to be primary growth driver WW for VADs

Establishing reimbursement market for remote hemodynamic monitoring

Continued shift in U.S. to CRT, increase in de novo mix, and a premium for new technologies

2015 Market Revenue ~$4B Market Growth*: Mid-single digits

* excludes the impact from currency All dollar market sizes are based on estimated revenues

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On the front lines developing multi-billion dollar heart failure device market

Focus on CardioMEMS clinical evidence to drive adoption and reimbursement globally

Recent The Lancet publication: 48% reduction in HF hospitalizations at 31 months

Launch of HeartMate 3TM in Europe; Recapturing share internationally

Opportunity to develop “smart” pump: HeartMate + CardioMEMS

Continue to lead in CRT-D and CRT-P markets with quadripolar pacing

STJ MultiPoint Pacing (MPP) offers physicians alternative means to reach non-responders

Market leading technology and most comprehensive HF portfolio

SURROUNDING HEART FAILURE

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Business momentum continues with revenue growth ahead of plan for Q3 and Q4

Continue to expect adjusted diluted earnings per share accretion in 2016

We have an integration plan in place focused on people, processes and technology and we are effectively executing on this plan

Added the broadest portfolio of mechanical circulatory support devices to treat the full range of clinical needs for patients suffering from advanced heart failure

THORATEC INTEGRATION UPDATE

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NEUROMODULATION – THE MARKET

Market Dynamics

Market remains underpenetrated

Replacement cycle driving new units

Stable ASPs

Intensifying competition expected to drive market growth as awareness is raised

68% 8%

1% 23%

Traditional Spinal Cord Stimulation (SCS)

Radio Frequency Ablation (RFA)

Dorsal Root Ganglion (DRG)

Deep Brain Stimulation (DBS)

2015 Market Revenue >$2B Market Growth*: Mid to high-single digits

* excludes the impact from currency All dollar market sizes are based on estimated revenues

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Only company able to treat chronic pain patients through the pain continuum

Radio frequency ablation: Interventional pain therapy offering potential relief earlier in the chronic pain continuum

Multiple offerings for spinal cord stimulation (SCS):

Establish St. Jude Medical Burst therapy as the market dominant SCS waveform to achieve superior pain relief

Launch Dorsal Root Ganglion as standard of care for targeted pain syndromes

Proclaim™ Elite SCS System can shift non-rechargeable mix in the market

Launch of InfinityTM DBS System will end U.S. monopoly

Market leading technology and most comprehensive neuromodulation portfolio

SURROUNDING NEUROMODULATION

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INNOVATION

TECHNOLOGIES ON THE HORIZON Portico™

Transcatheter Aortic Valve

EnligHTN™ multi-electrode renal denervation system

Nanostim™ leadless pacemaker

HeartMate PHP™ System

AMPLATZER™ Amulet™ LAA

AMPLATZER™ PFO Occluder

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Intensify our FOCUS by surrounding disease states Heart Failure, Atrial Fibrillation, Neuromodulation

Prioritizing programs and resources to surround care continuum

Continue to invest in INNOVATION to raise standards of care Innovation leadership is our competitive advantage

Leverage Cardiac Rhythm Management technology portfolio and expertise

Further develop ONE SJM CULTURE to mobilize employees In support of our mission; driving productivity, commitment and teamwork

Strengthen EXECUTION and grow markets and sales Product launches, market development and operating leverage

Deliver on EXPECTATIONS of our stakeholders Doing what we say we are going to do

INCREASING SHAREHOLDER VALUE

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