Business: Covidien commences registered exchange offer

Hamilton, Bermuda (BUSINESS WIRE) - Covidien Ltd. (NYSE: COV, BSX: COV) and Covidien International Finance S.A. ("CIFSA") today announced that they have commenced a registered exchange offer to exchange up to $250,000,000 of CIFSA's newly registered 5.150% Senior Notes due 2010 (the "New 2010 Notes") for an equal amount of its privately placed 5.150% Senior Notes due 2010 (the "Outstanding 2010 Notes"), exchange up to $500,000,000 of CIFSA's newly registered 5.450% Senior Notes due 2012 (the "New 2012 Notes") for an equal amount of its privately placed 5.450% Senior Notes due 2012 (the "Outstanding 2012 Notes"), exchange up to $1,150,000,000 of CIFSA's newly registered 6.000% Senior Notes due 2017 (the "New 2017 Notes") for an equal amount of its privately placed 6.000% Senior Notes due 2017 (the "Outstanding 2017 Notes"), and exchange up to $850,000,000 of CIFSA's newly registered 6.550% Senior Notes due 2037 (the "New 2037 Notes" and, together with the New 2010 Notes, the New 2012 Notes and the New 2017 Notes, the "New Notes") for an equal amount of its privately placed 6.550% Senior Notes due 2037 (the "Outstanding 2037 Notes" and, together with the Outstanding 2010 Notes, the Outstanding 2012 Notes and Outstanding 2017 Notes, the "Outstanding Notes"). The New Notes will be fully and unconditionally guaranteed by Covidien and are substantially identical to the Outstanding Notes, except that the New Notes have been registered under the Securities Act of 1933, as amended, and certain transfer restrictions, registration rights and additional interest provisions relating to the Outstanding Notes do not apply to the New Notes.

Covidien and CIFSA will accept for exchange any and all Outstanding Notes validly tendered and not withdrawn prior to the expiration of the exchange offer at 5:00 p.m., New York City time, on June 16, 2008, unless extended.

The terms of the exchange offer and other information relating to Covidien and CIFSA are set forth in a prospectus dated May 16, 2008.

Copies of the prospectus and the related letters of transmittal may be obtained from Deutsche Bank Trust Company Americas, which is serving as the exchange agent for the exchange offer.

The address, email, telephone and facsimile number of Deutsche Bank Trust Company Americas are as follows: Deutsche Bank Trust Company Americas By Mail: DB Services Tennessee, Inc.

Reorganization Unit P.O. Box 305050 Nashville, TN 37230 By Overnight Mail or Courier: DB Services Tennessee, Inc.

Trust and Securities Services Reorganization Unit 648 Grassmere Park Road Nashville, TN 37211 Email:
SPU-Reorg.Operations@db.com Information: (800)735-7777 Fax:
(615)835-3701

This announcement does not constitute an offer to sell or the solicitation of offers to buy or exchange the New Notes or the Outstanding Notes. The exchange offer is made solely pursuant to the prospectus dated May 16, 2008, including any supplements thereto.

Covidien Ltd. Bruce Farmer, 508-452-4372 Vice PresidentPublic Relationsbruce.farmer@covidien.com