Medtronic completed its stock exchange offer of MDT shares for shares of MiniMed on October 15, 2026. MDT shareholders received 4.5939 shares of MMED stock for each MDT share exchanged. The offer was over-subscribed so MDT shareholders who accepted the exchange offer did not have all shares offered for exchange accepted for exchange. A proration factor was used to determine the shares accepted for exchange. The proration factor reported by Medtronic was 18.2891%. This factor was applied to all tendered MDT shares with one exception. The exception was shareholders owning less than 100 MDT shares who tendered all their MDT shares. In this case, all tendered shares were accepted for exchange. An example of the exception: you offered all 50 shares owned for exchange. You would not be subject to proration and all 50 shares would be exchanged for 50 x 4.5939 = 229.695 MMED shares.
An example of proration: you offered 200 shares for exchange, only 0.182891 x 200 = 36.5782 would be exchanged. This would likely be rounded to 36 or 37 shares.
The Form S-4 SEC filing for this merger can be found through the SEC EDGAR web site at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0002062583/000162828026061669/mdt-20260914.htm

The companies received an opinion that the exchange would be a non-taxable event, if carried out as planned. We will assume they are successful in meeting the requirements and will treat this exchange as a non-taxable event. The information below is based on the information available from form S-4 filed with the SEC by MiniMed. Price information is from websites offering historical prices.
For any MDT shareholders who tendered all MDT shares and had all accepted for exchange, this transaction can be treated as a merger. For all other MDT shareholders who had only a portion of their MDT shares exchanged, at least 2 transactions will be needed to enter this corporate reorganization, a spinoff followed by a reverse stock split.

NOTE: The companies state they will endeavor to satisfy the conditions necessary to make this transaction non-taxable. However, there is the possibility the IRS will disagree that the companies met the requirements. These instructions assume the companies succeed in their efforts. New instructions will be written, if and when it becomes known the merger should be treated as a taxable event.

Special Case:

For MDT shareholders who had all MDT shares owned accepted for exchange.

The Merger Entry Go to Accounting > Securities > Record merger of securities in myICLUB. If you are unfamiliar with merger transactions you can get help at this URL: https://www.myiclub.com/faq/article.aspx?id=52

Here is the information needed for Medtronic shareholders to complete the merger.

Step 1

• Date: 10/15/2026
• Merging Company: MDT (Medtronic)
• Number of daughter companies: 1

Step 2

• Symbol of new company: MMED
• Shares received : 4.5939 x (# of MDT shares owned).
  • (Remember to include fractional shares.)
•  For example, if you owned 50 MDT shares, you should receive 4.5939 x 50 = 229.695 MMED shares.
• Price per share: 17.34   (Average of opening and closing price on 10/15/2026)
• Cash received:  See your broker statement for cash-in-lieu

Save the transaction and the merger has been entered.

For MDT shareholders who offered some of their MDT shares for exchange and were subject to proration:

The Spinoff Entry

Go to Accounting > Securities > Record spinoff of securities in myICLUB.com. If you are unfamiliar with spinoff transactions you can get help at this URL: https://www.myiclub.com/faq/article.aspx?id=54

Here is the information you need to complete the spinoff.

Step 1

• Date: 10/15/2026
• Parent Company : Medtronic (MDT)
• Number of daughter companies : 1

Step 2

• Choose Remaining Basis Percentage: This will be different for each MDT shareholder. The calculation is (MDT shares remaining after exchange)/(MDT shares held before exchange). For example, before the exchange 176 shares of MDT were owned. After proration only 13 shares were exchanged leaving 163 MDT shares owned. The remaining basis % would be 163/176 = .926136. This can be rounded to 92.61%
• Symbol of new company : MMED
• Shares received : (4.5939 x # of MDT shares accepted for exchange)
  • Include fractional part, if any.
  • For example, if after proration 13 shares of MDT were exchanged, then enter  4.5939 x 13 = 59.7207
• Price Per Share : 17.34 (Average of opening and closing price on 10/15/2026) 
• Cash received:  See your broker statement for cash-in-lieu received.  If nothing on the broker statement, leave blank. The fractional shares will remain in your portfolio.

The Stock split Entry

Go to Accounting > Securities > Record stock split in myICLUB.com.

Make this entry after the spinoff transaction described above !

Here is the information you need to complete the stock split.

Step 1

• Date: 10/15/2026
• Symbol: MDT

Step 2

• Split ratio: (# of MDT shares after the exchange) for (# of MDT shares after the exchange).
• Using the example above for calculating remaining basis %, the split ratio would be 163 for 176. This would reduce the # of MDT shares from 176 to 163 without realizing a gain or loss. The split ratio will be unique for each MDT shareholder who participated in the exchange and was subject to proration.
• Cash for fractional shares: Should not be relevant but see your broker statement. Do not confuse any cash received for the cash-in-lieu of fractional shares from the spinoff.

NOTE:

If you did not receive cash-in-lieu for MMED shares in the spinoff transaction in a timely manner and the cash appears in a later statement, treat that as a sale of the fractional shares of MMED for the cash received.