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Biotech / Medical : Medtronic (MDT)
MDT 90.410.0%Nov 5 3:59 PM EST

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To: Thomas J Pittman who started this subject3/15/2002 11:42:57 AM
From: Jack Hartmann   of 687
 
GS on MDT
We continue to recommend purchase of Medtronic shares.Medtronic shares were weak
early yesterday due to reports that the company will be issuing a Dear Doctor letter with
regard to its Kappa 700 pacemaker.We expect there to be no financial impact as (1)the
warning affects only a small number of total patients,(2)the company is recommending
only an increased level of surveillance and not device replacement,and (3)the Kappa 900
has since replaced the Kappa 700 as Medtronic ’s main-line brady offering.Therefore,we
believe that the early weakness in the stock was unwarranted.

Jack
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