J.P. Morgan Healthcare Conference January 13, 2009

Rich Meelia Chairman, President and CEO

January 13, 20092 |

Forward-Looking Statements

This presentation contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements.The forward-looking statements in this presentation may include statements addressing the following subjects: future financial condition and operating results, economic, business, competitive and/or regulatory factors affecting our business. Any of the following factors may affect our future results:

– Our ability to effectively introduce and market new products or keep pace with advances in technology– The reimbursement practices of a small number of large public and private insurers– Cost-containment efforts of customers, purchasing groups, third-party payers and governmental

organizations– Intellectual property rights disputes– Complex and costly regulation, including healthcare fraud and abuse regulations– Manufacturing or supply chain problems or disruptions– Recalls or safety alerts and negative publicity relating to Covidien or its products– Product liability losses and other litigation liability– Rising prices for oil, gas and other commodities

January 13, 20093 |

Forward-Looking Statements (cont.)

– Divestitures of some of our businesses or product lines– Our ability to execute strategic acquisitions of, investments in or alliances with other

companies and businesses– Competition– Risks associated with doing business outside of the United States– Foreign currency exchange rates– Potential environmental liabilities– Implementation of the ongoing reorganization of our operating structure

These are examples of factors, among others, that could cause actual results to differ materially from those described in the forward-looking statements. In addition, our historical combined financial information prior to June 29, 2007 is not necessarily representative of the results we would have achieved as an independent, publicly-traded company and may not be a reliable indicator of our future results. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise. More detailed information about these and other factors is set forth in Covidien Ltd.’s Annual Report on Form 10-K and other periodic filings with the SEC.

January 13, 20094 |

June 2007 Stated “Post-Spin” Objectives

Accelerate growth in higher margin franchises and products

Continued improvement in gross margins

Grow non-U.S. sales faster than U.S. sales

Renewed focus on manufacturing improvements and company-wide quality control

Focus R&D and business development on new technologies

Manage portfolio for growth, margin and ROIC

January 13, 20095 |

Key Challenges

Become more competitive in Respiratory and Monitoring

Manage through Oxycodone ER opportunity

Increase profitability of Imaging Solutions

Determine best use of excess cash to increase shareholder value

January 13, 20096 |

Commitment to Innovation

January 13, 20097 |

Research & Development

R&D % of Sales 2.1% 2.6% 2.7% 3.0% 2.9% 3.4%

147204 221

248

341

260

2003 2004 2005 2006 2007 2008

$ Millions

Goal4 - 5% of sales

over next few years

+31%

January 13, 20098 |8 |

OptimarkEurope

RFIDInjector

Pleuraseal

Safety Dialysis

CathetersEndoClip III

VersaportBladeless

Trocar

15mmVersastep

PrevadMesh

SprayShieldEurope

SandmanPocket

ProlapseMesh

SandmanIntroCPAP

Vascuseal

LigaSureAdvance

Parietex Progrip Mesh

ParastomalMesh

FilacElectronic

Thermometers

2008 - 2009 Selected Product Launches Medical Devices

Imaging Solutions

Pharmaceutical Products

Oxy ERTaper Guard

`AbsorbaTack MicrowaveAblation

SandmanInfo, Auto

CPAP

OptistarElite

Tussicaps

2008 2009*

Seal Guard

AirwayProduct

EGIAButtress

New Suture

Next GenEGIA

Universal

Next GenEndoStitch

Next GenCollection

System

* Excludes 3 ANDA’s awaiting approval at FDA.

RapidVac

SILS™ Port

SandmanProduct

540 Ventilator

January 13, 20099 |

Recent Acquisitions

ScandiusNov 2007

TSLMar 2008

PinyonsMay 2008

CardioDigitalAug 2008

PNavelOct 2008

Expands current product offerings

Provides adjacent market opportunities

Benefits from geographic footprint

Bolsters intellectual property portfolio

Date Announced

January 13, 200910 | Covidien | January 13, 200910 |

2009 Initiatives

January 13, 200911 |

Medical Devices

SurgicalLaparoscopic instruments and staplers

Focus on hernia

Expand biosurgery

EnergyForce Triad and related instruments

Expand market penetration

Tumor ablation business

January 13, 200912 |

Medical Devices

Respiratory

Improve position in monitoring

Targeted VAP initiative

Expand ventilation

Patient Care & Safety ProductsVascular compression and dialysis

Accelerate growth outside US

Healthcare-acquired infections

January 13, 200913 |

Imaging Solutions & Pharmaceutical Products

Pharmaceutical ProductsOptimize launch of oxycodone extended releaseBuild Tussicaps® businessAccelerate new products and FDA approvals

Imaging SolutionsManage supply issues in radiopharmaceuticalsExecute generic sestamibi launch

Improve operating margin

January 13, 200914 |

• Continue sales growth and market share gains in base business

• Focus on higher margin products in key growth categories

• Accelerate pace of acquisition / licensing activity

• Leverage SG&A

• Deliver savings from 2008 restructuring program

• Lower tax rate

How do we Plan to Mitigate Loss of Oxy ER in 2010?

January 13, 200915 |

External Environment

January 13, 200916 |

Economic Environment

Unprecedented recent foreign exchange volatility

U.S. recession and global economic slowdown

Restricted credit availability

Raw material prices

January 13, 200917 |

Covidien Well Positioned

Broad product line across multiple healthcare categories

Less than 5% of revenues are considered capital equipment

Modest exposure to elective surgical procedures

Global footprint and growing non-US business

Strong balance sheet, ample cash on hand, good cash flow generation

January 13, 200918 |

Incorporation in Ireland

Announced relocation of tax residency and plan to move executive office from Bermuda to Ireland in December 2008

Incorporation requires shareholder and Bermuda court approval; shareholder vote later in 2009

No impact on 2009 guidance

J.P. Morgan Healthcare Conference January 13, 2009

Rich Meelia Chairman, President and CEO

January 13, 200920 |

Appendix

In connection with the Irish reorganization, Covidien intends to file with the SEC a proxy statement and mail the proxy statement to its shareholders. Shareholders are urged to read such proxy statement when it becomes available because it will contain important information. The proxy statement will be, and other documents filed or to be filed by Covidien with the SEC are or will be, available free of charge at the SEC’s web site (www.sec.gov) and at Covidien’s web site (www.covidien.com).

Covidien and its directors and executive officers and other persons may be deemed participants in the solicitation of proxies in connection with the proposed reorganization. Information about the direct or indirect interests of the participants, by security holdings or otherwise, is available in Covidien’s Annual Report on Form 10-K for the year ended September 26, 2008 and proxy statement for Covidien’s 2008 annual meeting, which were filed on November 21, 2008 and January 24, 2008, respectively, and will be available in the proxy statement to be filed in connection with the reorganization.