|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

----

|              |
|--------------|
|              |  |  |  |  |
| Section      |  |   | Page |  |
| ARTICLE I.   | DEFINITIONS AND ACCOUNTING TERMS | 1 |  |
| 1.01         |  | Defined Terms | 1 |  |
| 1.02         |  | Other Interpretive Provisions | 16 |  |
| 1.03         |  | Accounting Terms | 17 |  |
| 1.04         |  | Rounding | 17 |  |
| 1.05         |  | References to Agreements and Laws | 17 |  |
| 1.06         |  | Times of Day | 18 |  |
|         |   |   |
| ARTICLE II.  | THE TERM LOAN | 18 |  |
| 2.01         |  | The Term Loan | 18 |  |
| 2.02         |  | Conversions and Continuations of Loans | 18 |  |
| 2.03         |  | Prepayments | 19 |  |
| 2.04         |  | Repayment of the Term Loan | 19 |  |
| 2.05         |  | Interest | 19 |  |
| 2.06         |  | Fees | 20 |  |
| 2.07         |  | Computation of Interest and Fees | 20 |  |
| 2.08         |  | Evidence of Debt | 20 |  |
| 2.09         |  | Payments Generally | 20 |  |
|         |   |   |
| ARTICLE III. | TAXES, YIELD PROTECTION AND ILLEGALITY | 21 |  |
| 3.01         |  | Taxes | 21 |  |
| 3.02         |  | Illegality | 23 |  |
| 3.03         |  | Inability to Determine Rates | 24 |  |
| 3.04         |  | Increased Costs; Reserves on Eurodollar Rate Loans | 24 |  |
| 3.05         |  | Compensation for Losses | 26 |  |
| 3.06         |  | Mitigation Obligations | 27 |  |
| 3.07         |  | Survival | 27 |  |
|         |   |   |
| ARTICLE IV.  | CONDITIONS PRECEDENT TO TERM LOAN | 27 |  |
| 4.01         |  | Conditions Precedent to Term Loan | 27 |  |
|         |   |   |
| ARTICLE V.   | REPRESENTATIONS AND WARRANTIES | 28 |  |
| 5.01         |  | Existence and Power | 28 |  |
| 5.02         |  | Authorization; No Contravention | 29 |  |
| 5.03         |  | Governmental Authorization | 29 |  |
| 5.04         |  | Binding Effect | 29 |  |
| 5.05         |  | Litigation | 29 |  |
| 5.06         |  | No Default | 30 |  |
| 5.07         |  | ERISA Compliance | 30 |  |
| 5.08         |  | Use of Proceeds; Margin Regulations | 31 |  |

----

|              |
|--------------|
|              |  |  |  |  |
| Section      |  |   | Page |  |
| 5.09         |  | Title to Properties | 31 |  |
| 5.10         |  | Taxes | 31 |  |
| 5.11         |  | Financial Condition | 31 |  |
| 5.12         |  | Environmental Matters | 32 |  |
| 5.13         |  | Regulated Entities | 32 |  |
| 5.14         |  | No Burdensome Restrictions | 32 |  |
| 5.15         |  | Copyrights, Patents, Trademarks and Licenses, Etc | 32 |  |
| 5.16         |  | Subsidiaries | 32 |  |
| 5.17         |  | Insurance | 32 |  |
| 5.18         |  | Full Disclosure | 33 |  |
| 5.19         |  | Taxpayer Identification Number | 33 |  |
| 5.20         |  | Solvency | 33 |  |
|         |   |   |
| ARTICLE VI.  | AFFIRMATIVE COVENANTS | 33 |  |
| 6.01         |  | Financial Statements | 33 |  |
| 6.02         |  | Certificates; Other Information | 34 |  |
| 6.03         |  | Notices | 34 |  |
| 6.04         |  | Preservation of Corporate Existence, Etc | 35 |  |
| 6.05         |  | Maintenance of Property | 36 |  |
| 6.06         |  | Insurance | 36 |  |
| 6.07         |  | Payment of Obligations | 36 |  |
| 6.08         |  | Compliance with Laws | 36 |  |
| 6.09         |  | Inspection of Property and Books and Records | 37 |  |
| 6.10         |  | Environmental Laws | 37 |  |
| 6.11         |  | Use of Proceeds | 37 |  |
|         |   |   |
| ARTICLE VII. | NEGATIVE COVENANTS | 37 |  |
| 7.01         |  | Limitation on Liens | 37 |  |
| 7.02         |  | Disposition of Assets | 39 |  |
| 7.03         |  | Consolidations and Mergers | 39 |  |
| 7.04         |  | Loans and Investments | 40 |  |
| 7.05         |  | Limitation on Subsidiary Indebtedness | 41 |  |
| 7.06         |  | Transactions with Affiliates | 42 |  |
| 7.07         |  | Use of Proceeds; Regulation U | 42 |  |
| 7.08         |  | Limitation on Subsidiary Dividends | 42 |  |
| 7.09         |  | Joint Ventures | 42 |  |
| 7.10         |  | Restricted Payments | 42 |  |
| 7.11         |  | Change in Business | 43 |  |
| 7.12         |  | Accounting Changes | 43 |  |
| 7.13         |  | Consolidated Leverage Ratio | 43 |  |

----

|               |
|---------------|
|               |  |  |  |  |
| Section       |  |   | Page |  |
| ARTICLE VIII. | EVENTS OF DEFAULT AND REMEDIES |   |
| 8.01          |  | Events of Default | 43 |  |
| 8.02          |  | Remedies Upon Event of Default | 45 |  |
| 8.03          |  | Application of Funds | 46 |  |
|          |   |   |
| ARTICLE IX.   | MISCELLANEOUS | 46 |  |
| 9.01          |  | Amendments, Etc | 46 |  |
| 9.02          |  | Notices; Effectiveness; Electronic Communication | 46 |  |
| 9.03          |  | No Waiver; Cumulative Remedies | 47 |  |
| 9.04          |  | Expenses; Indemnity; Damage Waiver | 47 |  |
| 9.05          |  | Payments Set Aside | 48 |  |
| 9.06          |  | Successors and Assigns | 49 |  |
| 9.07          |  | Treatment of Certain Information; Confidentiality | 49 |  |
| 9.08          |  | Set-off | 50 |  |
| 9.09          |  | Interest Rate Limitation | 50 |  |
| 9.10          |  | Counterparts | 51 |  |
| 9.11          |  | Integration | 51 |  |
| 9.12          |  | Survival of Representations and Warranties | 51 |  |
| 9.13          |  | Severability | 51 |  |
| 9.14          |  | Governing Law; Jurisdiction; Etc. | 51 |  |
| 9.15          |  | Waiver of Right to Trial by Jury | 52 |  |
| 9.16          |  | No Advisory or Fiduciary Responsibility | 53 |  |
| 9.17          |  | USA PATRIOT Act Notice | 53 |  |
| 9.18          |  | Most Favored Lender | 53 |  |
|          |   |   |
| SIGNATURES    |   | S-1 |  |

----

----

----

|       |
|-------|
|       |  |  |  |
| Level | Debt Rating | LIBOR Loans | Base Rate Loans |
| I     | A / A2 / A or higher | 0.500% | 0.000% |
| II    | A- / A3 / A- | 0.625% | 0.000% |
| III   | BBB+ / Baa1 / BBB+ or lower | 0.750% | 0.000% |

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|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
|                         |
|                         |   |   |   |   |   |   |   |
|                         | March 30, 2013 |   | December 29, 2012 |
| Silzone legal accrual        | $ | 5 |   |   | $ | 4 |   |
| Silzone insurance receivable | $ | 3 |   |   | $ | 3 |   |

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|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Pacesetter, Inc. – Sylmar, California; Scottsdale, Arizona; and Maven, South Carolina (Delaware corporation) (dba St. Jude Medical, Implantable Electronic Systems Division) |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | St. Jude Medical S.C., Inc. – Austin, Texas (Minnesota corporation) |

|         |                                                       |
|---------|-------------------------------------------------------|
| ◦ | AGA Medical LLC (Minnesota limited liability company) |

|         |                                                                                  |
|---------|----------------------------------------------------------------------------------|
| • | St. Jude Medical Europe, Inc. – St. Paul, Minnesota (Delaware corporation) |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | St. Jude Medical Canada, Inc. – Mississauga, Ontario (Ontario, Canada corporation) |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | St. Jude Medical (Shanghai) Co., Ltd. – Shanghai, China (Chinese corporation) |

|   |                                                        |
|---|--------------------------------------------------------|
| o | Beijing, Shanghai and Guangzhou representative offices |

|         |                                                                                                                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Australia Pty., Ltd. – Sydney, Australia (Australian corporation) (67.11% (1,438,624 shares) held by St. Jude Medical, Inc. and 32.89% (705,000 shares) held by St. Jude Medical Asia Pacific Holdings GK) |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Brasil, Ltda. – Sao Paulo and Belo Horizonte, Brazil (Brazilian corporation) |

|         |                                                                                                                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical, Atrial Fibrillation Division, Inc. (Formerly St. Jude Medical, Daig Division, Inc.) – Minnesota and California (Minnesota corporation)(dba St. Jude Medical, Cardiovascular and Ablation Technologies Division) |

|   |                                                   |
|---|---------------------------------------------------|
| o | Endocardial Solutions NV/SA (Belgian corporation) |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | St. Jude Medical Colombia, Ltda. – Bogota, Colombia (Colombian corporation) |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | Eagle Merger Corporation – (Delaware corporation) |

|         |                                                                 |
|---------|-----------------------------------------------------------------|
| • | Nantucket Subsidiary Corporation – (Delaware corporation) |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | St. Jude Medical ATG, Inc. – Maple Grove, Minnesota (Minnesota corporation) (Shell) |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | Irvine Biomedical, Inc. – Irvine, California (California corporation) |

|         |                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical, Cardiology Division, Inc. (Formerly Velocimed, Inc.) – Minnesota (Delaware corporation) (dba St. Jude Medical, Cardiovascular and Ablation Technologies Division) |

|   |                                                                               |
|---|-------------------------------------------------------------------------------|
| o | LightLab Imaging, Inc. – Westford, Massachusetts (Delaware corporation) |

|   |                                                                           |
|---|---------------------------------------------------------------------------|
| o | Sealing Solutions, Inc. – Plymouth, Minnesota (Georgia corporation) |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | SJ Medical Mexico, S. de R.L. de C.V. – (Mexican corporation) |

|         |                                                                                           |
|---------|-------------------------------------------------------------------------------------------|
| • | St. Jude Medical Argentina S.A. – Buenos Aires, Argentina (Argentinean corporation) |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | Advanced Neuromodulation Systems, Inc. – Plano, Texas (Texas corporation) (dba St. Jude Medical Neuromodulation Division) |

|   |                                                                                 |
|---|---------------------------------------------------------------------------------|
| o | Hi-Tronics Designs, Inc. – Budd Lake, New Jersey (New Jersey corporation) |

|         |                                                                               |
|---------|-------------------------------------------------------------------------------|
| • | AGA Medical Holdings, Inc. – Plymouth, Minnesota (Delaware corporation) |

|   |                                                                             |
|---|-----------------------------------------------------------------------------|
| o | AGA Medical Corporation – Plymouth, Minnesota (Minnesota corporation) |

----

|         |                                                |
|---------|------------------------------------------------|
| ▪ | AGA Medical Belgium SPRL (Belgian corporation) |

|         |                                                                            |
|---------|----------------------------------------------------------------------------|
| • | SJM International, Inc. – St. Paul, Minnesota (Delaware corporation) |

|         |                                                  |
|---------|--------------------------------------------------|
| • | St. Jude Medical Sweden AB (Swedish corporation) |

|         |                                                   |
|---------|---------------------------------------------------|
| • | St. Jude Medical Danmark A/S (Danish corporation) |

|         |                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical (Portugal) - Distribuição de Produtos Médicos, Lda. (Portuguese corporation) |

|         |                                                           |
|---------|-----------------------------------------------------------|
| • | St. Jude Medical Export Ges.m.b.H. (Austrian corporation) |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | St. Jude Medical Medizintechnik Ges.m.b.H. (Austrian corporation) |

|         |                                                      |
|---------|------------------------------------------------------|
| • | St. Jude Medical Italia S.p.A. (Italian corporation) |

|         |                                                |
|---------|------------------------------------------------|
| • | St. Jude Medical Belgium (Belgian corporation) |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | St. Jude Medical España S.A. (Spanish corporation) |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | St. Jude Medical France S.A.S. (French corporation) |

|         |                                                    |
|---------|----------------------------------------------------|
| • | St. Jude Medical Finland O/y (Finnish corporation) |

|         |                                                |
|---------|------------------------------------------------|
| • | St. Jude Medical Sp.zo.o. (Polish corporation) |

|         |                                            |
|---------|--------------------------------------------|
| • | St. Jude Medical GmbH (German corporation) |

|         |                                              |
|---------|----------------------------------------------|
| • | St. Jude Medical Kft (Hungarian corporation) |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | St. Jude Medical UK Limited (United Kingdom corporation) |

|   |                                                  |
|---|--------------------------------------------------|
| o | AGA Medical Limited (United Kingdom corporation) |

|         |                                                   |
|---------|---------------------------------------------------|
| • | St. Jude Medical (Schweiz) AG (Swiss corporation) |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | UAB “St. Jude Medical Baltic” (Lithuanian corporation) |

|         |                                                    |
|---------|----------------------------------------------------|
| • | St. Jude Medical Norway AS (Norwegian corporation) |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | St. Jude Medical Luxembourg Holding II S.a.r.l. (Luxembourg) |

|   |                                                                                            |
|---|--------------------------------------------------------------------------------------------|
| o | SJM Delaware Holding, LLC – St. Paul, Minnesota (Delaware limited liability company) |

|   |                                                                                                                                                          |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| o | St. Jude Medical Bermuda GP (Bermuda partnership) (SJM International, Inc. is the majority partner and SJM Delaware Holding LLC is the minority partner) |

|        |                                                                            |
|--------|----------------------------------------------------------------------------|
| § | St. Jude Medical Luxembourg Holding S.à r.l. (Luxembourg corporation) |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | U.S. Branch of St. Jude Medical Luxembourg Holding S.à r.l. |

|         |                                                     |
|---------|-----------------------------------------------------|
| ◦ | MediGuide, LLC (Delaware limited liability company) |

|         |                                      |
|---------|--------------------------------------|
| ▪ | MediGuide Ltd. (Israeli corporation) |

|         |                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Nederland B.V. (Netherlands corporation) (wholly owned subsidiary of St. Jude Medical Luxembourg Holding S.à r.l.) |

|         |                                                                                                                                            |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Puerto Rico LLC (Puerto Rican corporation) (wholly owned subsidiary of St. Jude Medical Luxembourg Holding S.à r.l.) |

|         |                                                                                                                                   |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|
| • | SJM Coordination Center BVBA (Belgian corporation) (wholly owned subsidiary of St. Jude Medical Luxembourg Holding S.à r.l.) |

|   |                                                 |
|---|-------------------------------------------------|
| o | Cardio Life Research S.A. (Belgian corporation) |

|   |                                                      |
|---|------------------------------------------------------|
| o | St. Jude Medical Balkan d.o.o. (Serbian corporation) |

|   |                                                         |
|---|---------------------------------------------------------|
| o | St. Jude Medical Estonia OÜ (Estonian corporation) |

|   |                                                                                                                   |
|---|-------------------------------------------------------------------------------------------------------------------|
| o | SJM Hellas Limited Liability Trading company (Greece)(SJM Coordination Center BVBA holds 99.3% (149 portions) and |

----

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Operations (Malaysia) Sdn. Bhd. (Malaysian corporation) (wholly owned subsidiary of St. Jude Medical Luxembourg Holding S.à r.l.) |

|         |                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Costa Rica Limitada (Costa Rica corporation) (wholly owned subsidiary of St. Jude Medical Luxembourg Holding S.à r.l.) |

|         |                                                   |
|---------|---------------------------------------------------|
| • | St. Jude Medical Luxembourg S.a.r.l. (Luxembourg) |

|   |                                                                                                                                                                              |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| o | St. Jude Medical Holdings B.V. (Netherlands corporation)                                      (wholly owned subsidiary of St. Jude Medical Luxembourg Holding S.à r.l.) |

|        |                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| § | St. Jude Medical AB (Swedish corporation) (formerly Pacesetter AB)(wholly owned subsidiary of St. Jude Medical Luxembourg Holding S.à r.l.) |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | St. Jude Medical Systems AB (formerly Radi Medical Systems AB) (Swedish corporation) |

|         |                                                   |
|---------|---------------------------------------------------|
| ◦ | Radi Medical Systems Co., Ltd. (Thai corporation) |

|         |                                                           |
|---------|-----------------------------------------------------------|
| ◦ | Radi Medical Systems Pte., Ltd. (Singaporean corporation) |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | HB Betakonsult (Swedish partnership) (St. Jude Medical AB holds a 99% interest and St. Jude Medical Systems AB holds a 1% interest) |

|        |                                                                                                                         |
|--------|-------------------------------------------------------------------------------------------------------------------------|
| § | St. Jude Medical India Private Limited (Indian corporation) (wholly owned subsidiary of St. Jude Medical Holdings B.V.) |

|        |                                                                                                                            |
|--------|----------------------------------------------------------------------------------------------------------------------------|
| § | St. Jude Medical New Zealand Limited (New Zealand corporation) (wholly owned subsidiary of St. Jude Medical Holdings B.V.) |

|        |                                                                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------|
| § | St. Jude Medical Asia Pacific Holdings GK (Japanese corporation) (wholly owned subsidiary of St. Jude Medical Holdings B.V.) |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Japan Co., Ltd. (Japanese corporation) (wholly owned subsidiary of St. Jude Medical Asia Pacific Holdings GK) |

|         |                                                                                                                                         |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical (Singapore) Pte. Ltd. (Singaporean corporation) (wholly owned subsidiary of St. Jude Medical Asia Pacific Holdings GK) |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical (Malaysia) Sdn Bhd (Malaysian corporation) (wholly owned subsidiary of St. Jude Medical Asia Pacific Holdings GK) |

----

|         |                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Taiwan Co. (Taiwan corporation) (wholly owned subsidiary of St. Jude Medical Asia Pacific Holdings GK) |

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical Korea YH (Korean corporation) (wholly owned subsidiary of St. Jude Medical Asia Pacific Holdings GK) |

|         |                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical (Hong Kong) Limited (Hong Kong corporation) (wholly owned subsidiary of St. Jude Medical Asia Pacific Holdings GK) |

|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude Medical (Thailand) Co., Ltd. – Bangkok, Thailand (Thai corporation) (wholly owned subsidiary of St. Jude Medical Asia Pacific Holdings GK) |

----

|                                |
|--------------------------------|
|                                |  |  |  |
| Coverage                       | Limits | Retention | Insurance Companies |
| Commercial Property/earthquake | Based on valuation$3 billion aggregate | Various | FM Global |
| General Liability              | $ 2 million aggregate$ 1 million/occurrence | Various | Old Republic  Insurance |
| Auto Insurance                 | $ 1 million | $1,000,000 | Old Republic Insurance |
| Workers’ Compensation    | Statutory | $900,000 | Old Republic Insurance |
| Umbrella                       | $ 30 million | Underlying policy | Zurich |
| Foreign DIC etc.               | Various | Various | ACE |
| Directors & Officers       | $ 75 million | $ 10 million (Securities claims) $5 million other claims | ACEXLChartisAxisRLIChubbXL |
| Crime                          | $10 million | $250,000 | Chartis |
| Cargo                          | Various | $100,000 | Ace INA |
| Fiduciary                      | $ 15 million | $100,000 | Chubb |

----

----

|    |                           |
|----|---------------------------|
| 1. | Preservation of principal |

|    |           |
|----|-----------|
| 2. | Liquidity |

|    |                             |
|----|-----------------------------|
| 3. | Competitive after-tax yield |

|    |                         |
|----|-------------------------|
| 1. | Chief Executive Officer |

|    |                         |
|----|-------------------------|
| 2. | Chief Operating Officer |

|    |                         |
|----|-------------------------|
| 3. | Chief Financial Officer |

|    |           |
|----|-----------|
| 4. | Treasurer |

|    |                     |
|----|---------------------|
| 5. | Assistant Treasurer |

|    |                                |
|----|--------------------------------|
| 6. | Manager of Treasury Operations |

|    |                      |
|----|----------------------|
| 7. | Sr. Treasury Analyst |

|    |                                                                                                                                                      |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8. | Other designees as approved in writing by the Chief Executive Officer or the Chief Financial Officer and either the Treasurer or Assistant Treasurer |

----

|    |                 |
|----|-----------------|
| 1. | Audit Committee |

|    |                                                  |
|----|--------------------------------------------------|
| a. | Annual review of investment activity and results |

|    |                                                                            |
|----|----------------------------------------------------------------------------|
| b. | Annual review of the Company’s internally prepared compliance report |

|    |                         |
|----|-------------------------|
| 2. | Chief Financial Officer |

|    |                             |
|----|-----------------------------|
| a. | Annual review of the Policy |

|    |                                    |
|----|------------------------------------|
| b. | Overall compliance with the Policy |

|    |                                                                                                        |
|----|--------------------------------------------------------------------------------------------------------|
| c. | Approval of any changes in Authorized Individuals or Authorized Brokers/Issuers or Authorized Managers |

|    |                                                                                 |
|----|---------------------------------------------------------------------------------|
| d. | Execution of agreements with Authorized Brokers/Issuers and Authorized Managers |

|    |                                                                            |
|----|----------------------------------------------------------------------------|
| e. | Distribution of annual investment and audit reports to the Audit Committee |

|    |                                                                                                                                                                                           |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| f. | Decision on appropriate remedial strategy regarding any investment where that investments’ value may be affected because of a negative credit rating change subsequent to purchase. |

|    |                                  |
|----|----------------------------------|
| 3. | Treasurer or Assistant Treasurer |

|    |                                                      |
|----|------------------------------------------------------|
| a. | Direct responsibility for compliance with the Policy |

|    |                                                                                                                              |
|----|------------------------------------------------------------------------------------------------------------------------------|
| b. | On at least a quarterly basis, review the list of Authorized Brokers/Issuers and Authorized Managers and recommend revisions |

----

|    |                                                                                                                                     |
|----|-------------------------------------------------------------------------------------------------------------------------------------|
| c. | Approval of any changes in Authorized Individuals or Authorized Brokers/Issuers or Authorized Managers (also requires CFO approval) |

|    |                                                                                |
|----|--------------------------------------------------------------------------------|
| d. | Execution of agreements with Authorized Brokers/Issuers or Authorized Managers |

|    |                                                |
|----|------------------------------------------------|
| e. | Distribution of periodic reports to management |

|    |                                                                                                                                                                                                                                                                               |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| f. | As soon as known by the Treasurer or Assistant Treasurer, report to the Chief Financial Officer any negative credit rating change that may affect any existing investments’ value. This report shall include viable elections with respect to the investment of concern |

|    |                        |
|----|------------------------|
| 4. | Authorized Individuals |

|    |                                    |
|----|------------------------------------|
| a. | Ongoing compliance with the Policy |

|    |                                                                                   |
|----|-----------------------------------------------------------------------------------|
| b. | Preparation of accurate and timely reports for management and the Audit Committee |

|    |                                                                                                                                                 |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | As soon as known by the Individual, report to the Treasurer or Assistant Treasurer any negative credit rating change of any existing investment |

|    |                         |
|----|-------------------------|
| 5. | Internal Audit Function |

|    |                                                                                    |
|----|------------------------------------------------------------------------------------|
| a. | Preparation and distribution of an annual compliance audit for the Audit Committee |

|    |                                                 |
|----|-------------------------------------------------|
| 1. | Annual investment report to the Audit Committee |

|    |                                                                     |
|----|---------------------------------------------------------------------|
| 2. | Monthly report to Chief Financial Officer, Treasurer and Controller |

|    |                                |
|----|--------------------------------|
| 3. | Annual compliance audit report |

|    |                                 |
|----|---------------------------------|
| 4. | Other as directed by management |

----

|                                                                                                                                                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                 |  |  |  |
| Instrument                                                                                                                                      | MinimumRating on trade date(S&P or Equiv.) | Expected Average Life | MaximumExposure Per Issue/IssuerOn trade date |
|                                                                                                                                            | See Definitions and Clarifications below table |
| Bank deposits/Eurodollar depositsWells FargoBank of AmericaJP MorganBank of Tokyo MitsubishiSvenska HandelsbankenUS BankTD BankAll other banks: | NANANANANANANAAAA | NANANANANANA | $75 million or 5% of portfolio$75 million or 5% of portfolio$75 million or 5% of portfolio$75 million or 5% of portfolio$75 million or 5% of portfolio$75 million or 5% of portfolio$75 million or 5% of portfolio$75 million or 5% of portfolioA rated - $50 million or 5% of portfolioAA rated $75 million or 5% of portfolio |
| Certificates of deposit/Yankee certificates of deposit(rating based on underlying institution)                                                  | AAA | 90 days90 days | A rated - $20 million or 5% of portfolioAA rated - $50 million or 5% of portfolio |
| Bankers’ acceptances                                                                                                                      | A2 | 180 days | $20 million or 5% of portfolio |
| Commercial paper                                                                                                                                | A1A2 | 270 days60 days | $40 million or 5% of portfolio$20 million or 5% of portfolio |
| Asset backed commercial paper                                                                                                                   | A1 | 60days | $20 million or 5% of portfolio |
| Asset backed securities                                                                                                                         | AAA | 1 year | $20 million or 5% of portfolio |
| Corporate bonds or notes                                                                                                                        | AA | Two years | $20 million or 5% of portfolio |
|                                                                                                                                            |   |   |   |
| Money market funds                                                                                                                              | AAA | N/A | $75 million or 5% of portfolio |
|                                                                                                                                            |   |   |   |
|                                                                                                                                            |   |   |   |
| Municipal bonds or notes                                                                                                                        | A | One year | $20 million or 5% of portfolio |
| Municipal variable rate notes                                                                                                                   | SP-2 | 14 days | $20 million or 5% of portfolio |
| Repurchase agreements                                                                                                                           | AA | 7 days | $20 million or 5% of portfolio |
| U.S. government agencies                                                                                                                        | N/A | Three years | N/A |
| U.S. government obligations                                                                                                                     | N/A | Three years | N/A |

----

|    |                               |
|----|-------------------------------|
| 1. | Minimum rating on trade date: |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | For Split rated securities, the lowest of the ratings is used |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | Repurchase agreements must be collateralized by U.S. Government or Agency securities |

|    |                        |
|----|------------------------|
| 2. | Expected average life: |

|         |                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investments managed internally shall be governed solely by the Expected Average Life in the table above.  For securities which have put dates or reset dates the first put date or first reset date will be used instead of the final legal maturity date. |

|         |                                                                                                                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ◦ | The next reset date will be used for floating rate securities, the put date for putable securities, the call date for securities trading on a yield-to-call basis, and the average life on securities with periodic principal payments prior to maturity such as mortgage backed securities and asset backed securities. |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| ◦ | The final legal maturity date of any single issue cannot exceed 3 years from the date of purchase. |

|    |                                                  |
|----|--------------------------------------------------|
| 3. | Maximum exposure per issue/issuer on trade date: |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | St. Jude investments managed internally shall be governed solely by the $ maximum exposure limits per issue/issuer outlined in the table above and: |

|         |                                            |
|---------|--------------------------------------------|
| ◦ | Shall be consolidated for all SJM entities |

|         |                                             |
|---------|---------------------------------------------|
| ◦ | Shall be consolidated for each issue/issuer |

|         |                                 |
|---------|---------------------------------|
| ◦ | Shall consist of principal only |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | To determine maximum exposure per issue/issuer for investments denominated in currencies other than US$: |

|   |                                                                                  |
|---|----------------------------------------------------------------------------------|
| o | A spot exchange rate shall be obtained from Reuters on the investment trade date |

|   |                                                                                                                            |
|---|----------------------------------------------------------------------------------------------------------------------------|
| o | A foreign currency equivalent maximum shall be calculated using the rate obtained and the US$ maximum from the table above |

|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | Maximum exposure limits [for any single issue/issuer] are 5% of the portfolio under management |

|         |                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Investments shall be managed such that the final legal maturity of a security is no more than 5 years from date of purchase, with an overall average duration of the portfolio to be no longer than 18 months |

|         |                                                                                     |
|---------|-------------------------------------------------------------------------------------|
| • | Investments shall be managed to an overall portfolio quality rating of AA or better |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | No single investment shall be rated lower than A- at time of purchase |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Authorized investment instruments are listed in the table Exhibit A. |

|         |                                                                                            |
|---------|--------------------------------------------------------------------------------------------|
| • | Repurchase agreements must be collateralized by U.S. Government or Agency securities.  |

----

|                                                   |
|---------------------------------------------------|
|                                                   |
| Commercial Banks / Brokers                        |
| Banco Popular                                     |
| Bank of America Merrill Lynch                     |
| JP Morgan                                         |
| Wells Fargo                                       |
| KBC Bank                                          |
| Svenska Handelsbanken                             |
| Suntrust                                          |
| Northern Trust                                    |
| Comerica Bank                                     |
| Sumitomo Mitsui                                   |
| Royal Bank of Scotland                            |
| TD Bank                                           |
| US Bank                                           |
| Fifth Third                                       |
| Piper Jaffray                                     |
| PNC Bank                                          |
| Mizuho Corporate Bank                             |
| BNP Paribas                                       |
| Bank of Tokyo Mitsubishi/Union Bank of California |
| Lloyds Bank                                       |

----

----

----

----

----

----

|                        |
|------------------------|
|                        |  |  |
| ST. JUDE MEDICAL, INC. |
|                   |   |   |
| By:                    |   |   |
| Name:                  |   |
| Title:                 |   |   |

----

|    |                                                   |
|----|---------------------------------------------------|
| I. | Section 7.13 – Consolidated Leverage Ratio. |

|    |                                                                                                               |
|----|---------------------------------------------------------------------------------------------------------------|
| A. | Consolidated EBITDA for four consecutive fiscal quarters ending on above date (“Subject Period”): |

|    |                                                                                |
|----|--------------------------------------------------------------------------------|
| 1. | Consolidated Net Income for Subject Period:    $__________ |

|    |                                                                                      |
|----|--------------------------------------------------------------------------------------|
| 2. | Consolidated Interest Charges for Subject Period:    $__________ |

|    |                                                                                   |
|----|-----------------------------------------------------------------------------------|
| 3. | Provision for income taxes for Subject Period:    $__________ |

|    |                                                                              |
|----|------------------------------------------------------------------------------|
| 4. | Depreciation expenses for Subject Period:    $__________ |

|    |                                                                                              |
|----|----------------------------------------------------------------------------------------------|
| 5. | Amortization expenses for intangibles for Subject Period:    $__________ |

|    |                                                                                                           |
|----|-----------------------------------------------------------------------------------------------------------|
| 6. | Non-cash expenses reducing Consolidated Net Income for Subject Period:    $__________ |

|    |                                                                                                          |
|----|----------------------------------------------------------------------------------------------------------|
| 7. | Non-cash items increasing Consolidated Net Income for Subject Period:    $__________ |

|    |                                                                                                |
|----|------------------------------------------------------------------------------------------------|
| 8. | Consolidated EBITDA (Lines I.A.1 + 2 + 3 + 4 + 5 + 6 - 7):     $__________ |

|    |                                                                                        |
|----|----------------------------------------------------------------------------------------|
| B. | Consolidated Funded Indebtedness at Statement Date:    $__________ |

|    |                                                                                            |
|----|--------------------------------------------------------------------------------------------|
| C. | Consolidated Leverage Ratio (Line I.B ÷ Line I.A):    _______to 1 |

----

|     |                                                                                                                                                                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| RE: | Term Loan Agreement, to be dated on or about June 26, 2013, by and between St. Jude Medical, Inc., a Minnesota corporation (the “Borrower”), and Bank of America, N.A., as the Lender (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Term Loan Agreement”) |

----

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |
| ST. JUDE MEDICAL, INC., a Minnesota corporation |
|                                                 |   |   |
| By:                                                  |   |   |
| Name:                                                |   |
| Title:                                               |   |   |

----

|                        |
|------------------------|
|                        |  |  |
| ST. JUDE MEDICAL, INC. |
|                   |   |   |
| By:                    |   |   |
| Name:                  |   |
| Title:                 |   |   |

----

|                        |
|------------------------|
|                        |  |  |
| ST. JUDE MEDICAL, INC. |
|                   |   |   |
| By:                    |   |   |
| Name:                  |   |
| Title:                 |   |   |

----

|        |
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| Date   |   | Type of  Loan Made |   | Amount of Loan Made |   | End of Interest Period |   | Amount of Principal or Interest Paid This Date |   | Outstanding Principal Balance  This Date |   | Notation Made By |
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----