Stryker Corporation (SYK, NYSE)
Industry: Medical Devices
Annual report, fiscal year 2011



## THE
INNOVATION
ADVANTAGE

STRYKER 2011 ANNUAL REVIEW






## Financial Overview

<table><tr><td>IN MILLIONS, EXCEPT PER SHARE AMOUNTS</td><td>2011</td><td>2010</td><td>% CHANGE</td></tr><tr><td>Sales</td><td>$ 8,307</td><td>$ 7,320</td><td>13.5</td></tr><tr><td>Earnings before income taxes</td><td>1,686</td><td>1,729</td><td>(2.5)</td></tr><tr><td>Net earnings</td><td>1,345</td><td>1,273</td><td>5.7</td></tr><tr><td>Adjusted net earnings \( ^{1} \)</td><td>1,448</td><td>1,329</td><td>9.0</td></tr><tr><td>Diluted net earnings per share common stock:</td><td></td><td></td><td></td></tr><tr><td>Reported</td><td>$ 3.45</td><td>$ 3.19</td><td>8.2</td></tr><tr><td>Adjusted \( ^{1} \)</td><td>3.72</td><td>3.33</td><td>11.7</td></tr><tr><td>Net cash provided by operating activities</td><td>$ 1.434</td><td>$ 1,547</td><td>(7.3)</td></tr><tr><td>Dividends paid per share of common stock</td><td>$ 0.72</td><td>$ 0.60</td><td>20.0</td></tr><tr><td>Cash and current marketable securities</td><td>3,418</td><td>4,380</td><td>(22.0)</td></tr></table>

 \( ^{1} \) Adjusted to exclude the impact of acquisition and integration-related charges in 2011, restructuring charges incurred in 2011, adjustments for uncertain tax positions related to certain settlements in 2011, a gain on the sale of property, plant and equipment recorded in 2010, income taxes on the repatriation of foreign earnings recorded in 2010, and an impairment of property, plant and equipment recorded in 2010.




# Curt R. Hartman

# INTERIM CHIEF EXECUTIVE OFFICER AND
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

## Our Company

Since Dr. Stryker’s first invention, we have been a company of inventors, experimenters and achievers — all united behind the single goal of improving the delivery of healthcare in ways that positively affect the work of caregivers and the lives of patients. We have maintained and expanded our Company’s foundation over the years based on the character and relentless work ethic of our employees around the world. Grounded in financial discipline, our drive for market-leading innovation and business excellence has allowed us to continue to advance in the face of an evolving healthcare market.

In 2011, we continued our journey of advancing innovation and delivering strong results. We grew our top line by $1 billion, to $8.3 billion in revenue, an increase of 13.5% over 2010. Our U.S. GAAP 2011 diluted net earnings per share finished at $3.45, and adjusted diluted net earnings per share' grew 12% to $3.72, finishing near the high end of our original guidance.

Our strong balance sheet continued to support our cash deployment strategy, which is focused on acquisitions, dividends and share buybacks and is designed to provide long-term value while maximizing shareholder returns. Our three-pronged focus on capital allocation helps ensure we are gaining access to fast growing markets, while also maintaining a disciplined and consistent approach to both buybacks and dividends. This strategy was evident in 2011 as we deployed $2.1 billion towards acquisition activity, while also increasing our dividend per share by 20% and directing $622 million into repurchasing stock to further benefit our shareholders.

We look forward to building on the successes of 2011, continuing to navigate the challenges and ensuring that the vision that began with Dr. Stryker will remain as our foundation in 2012 and beyond.

## Our 2011 Results

The story of our evolution as a company is the story of two complementary strengths: the ability to manage our business to deliver consistent financial performance year-over-year, alongside the ability to execute with excellence and speed. This year included a number of achievements that underscore our evolution and progress:

- Our MedSurg segment surpassed $3 billion in global revenue for the first time ever, growing at a market-leading 12.7% as reported, 11.2% in constant currency under the leadership of Group President Tim Scannell. This group of businesses continues to provide meaningful innovation in both devices and services that matter to caregivers, hospital partners and patients.

- We continued to execute a highly focused merger and acquisition (M&A) strategy under the leadership of Vice President, Strategy and Investor Relations Katherine Owen, that both supplemented our core businesses and added new growth platforms. We are now the world leader in two businesses that were not even in our portfolio two years ago: reprocessing and neurovascular.

- We completed the transition to a new company-wide Global Quality & Operations group under the leadership of twenty-three year Stryker veteran Lonny Carpenter, finishing the journey from a highly decentralized and independent manufacturing and quality network to one that is operationally aligned and focused on our continued commitment to world-class quality and manufacturing efficiency.

- We increased our research and development (R&D) spending by 17.3%, well above the industry norm, which is driving our internal innovation pipeline as well as fueling additional innovations in our acquired businesses. In addition, with the divestiture of the op-1 product line for orthopaedic bone applications, we freed additional resources that can now be channeled towards internal projects that hold greater growth promise. By optimizing our cash flow capabilities to pursue both focused M&A and investing in internally driven innovation, we believe we are well-positioned to outpace our competitors.



• We strengthened our leadership team. As we continue our focus on early-stage medical technology opportunities as well as emerging economies with complex healthcare needs, we have assembled a team with deep knowledge, expertise and skill in global execution — a combination that we believe will help us deliver above-market growth. This year we gained two valuable executives with substantial global experience in Kevin Lobo, who heads our Orthopaedics group, and Ramesh Subrahmianan, the new leader of our International group. As a whole, our talented team continues to enable us to evolve, innovate and execute.

We achieved these results in the midst of dramatic changes in the healthcare environment and ongoing challenges that face medical technology companies worldwide. Our reconstructive implant businesses, in particular, were affected as high unemployment and fears about job security drove down the number of elective surgical procedures. For the first time ever, visits to doctors' offices in the U.S. declined. At the same time, pricing pressures from hospitals and Europe's debt crisis further curtailed our revenues. Conversely, providers in emerging economies, such as India and China, are struggling with how to meet soaring healthcare demands. Despite these headwinds, we managed to post a year of solid growth as a company, largely due to our balanced diversification.

In a very challenging and dramatically changing healthcare environment, we are evolving and transforming in order to position Stryker for continued strong performance. We remain committed to and will continue on the journey established by former Chairman, President and CEO Steve MacMillan. This effort began more than three years ago to broaden our company's footprint and allow us to navigate through the changing environment and perform at a higher level for you, our shareholders. Our financial results underscore the strength of our unique footprint, which reflects balanced diversification both geographically and across a range of key business segments. With over 21,000 employees around the globe, Stryker is truly among the leaders in delivering innovative, life-changing and lifesaving medical technologies. It is the commitment of every one of us that ensures we are doing the very best each and every day for caregivers and patients.

## Our Actions

As we’ve witnessed rapid large-scale shifts in the global healthcare environment in recent years, our team has acted quickly and thoughtfully to develop strategies, products and solutions that meet the changing needs of caregivers and patients, and ultimately grow value for our shareholders.

Now more than ever, key decision makers are looking for cutting-edge products backed by clinical evidence and coupled with innovative business models, services and solutions. They’re looking for integrated teams that can bring services and systems to help caregivers and patients across the care spectrum, and they need these teams to spring to action quickly and to execute with precision. And all of this must be achieved with an unwavering focus on quality.

To meet these needs, a company must be willing to embrace change, move quickly and have the capacity for widespread innovation. Over the last three years, our employees have demonstrated a willingness to transform and embrace an enterprise-wide culture that inspires innovation — the special Stryker spirit that is forward thinking. As a company, our leadership teams have moved toward an innovation approach that challenges every aspect of our business model. From a product and services standpoint, our vital innovation process relies on the combination of a disciplined commitment to R&D and a well-executed acquisition strategy.

Our R&D efforts are delivering results with new product launches such as the Target Detachable Coil with Tenzing Technology for hemorrhagic stroke patients; MDM x3, a mobile bearing hip system for a broader patient population; and Stryker ADAPT, an image-guided adaptive positioning technology for more precise placement of implants. Beyond these products, each and every division of the Company introduced new product or service offerings to the market in 2011.

On acquisitions, we have executed a focused strategy as we acquired companies to supplement our core businesses and added key new growth platforms. With the acquisition of Orthovita, Inc. (Orthovita), we expanded our ornithologists portfolio and strengthened our competitive position in key segments of the spine, orthopaedics and biosurgery markets. Our acquisition of Memometal Technologies (Memometal) further established our Company as a key player in the rapidly growing foot and hand segments of the extremities market and created a strong presence for Stryker in the podiatric surgery market.

We added a new growth platform with the acquisition of Boston Scientific’s Neurovascular business (Neurovascular), which offers products for the treatment of hemorrhagic stroke, and Concentric Medical, Inc. (Concentric), a leader in the treatment of acute



## ASCENT

Launched us into the reprocessing and remanufacturing market, where we help customers control costs and eliminate millions of pounds of medical waste from landfills

## OTISMED

Enabled us to provide ShapeMatch Fitting Technology—instrumentation that is customizable for each patient and complements our Triathlon Knee System

2009

2010

## GAYMAR

Expanded our product offerings in hospital bed support surfaces and pressure ulcer and temperature management

## SONOPET

Enhanced the strength of our core instruments business with the innovative Sonopet Ultrasonic Aspirator—capable of removing soft tissue and making precise bone cuts without injuring the brain

## NEUROVASCULAR

Launched us into a leadership position in the interventional neurovascular market — one of the fastest-growing sectors in medical technology — with the Target Detachable Coil and other innovative products

## Seizing Opportunities Through Acquisitions

Over the past three years, we've seized opportunities to both supplement our core businesses and to add new growth platforms by acquiring a variety of medical technology businesses. From the acquisition of OtisMed in November 2009 to our most recent addition, Marshall Steele, our agility in acquiring and integrating these innovative businesses has contributed to our healthy growth and set the stage for success going forward.

## ORTHOVITA

Broadened our portfolio of ortho-
biologic products for the fusion and
fixation of bone, and strengthened
our competitive position in key
segments of the spine, orthopaedics
and biosurgery markets

## MARSHALL STEELE

Expanded our offering of services and systems that enable healthcare providers to achieve their clinical, operational and financial performance goals

## 2011

## CONCENTRIC

Deepened our commitment to the acute ischemic stroke market, broadening our capabilities in providing interventional stroke care

## MEMOMETAL

Helped to establish us as a key player in the rapidly growing foot and hand segment of the extremities market, and to create a strong presence in the podiatric surgery market



ischemic stroke (AIs). We made these moves after we identified the neurovascular interventions market as one of the fastest growing and most innovative sectors in medical technology, and as a complement to our existing presence in the spine and neurosurgery markets.

Additionally, the Neurovascular and Concentric acquisitions created what we think of as one of the most exciting stories in medical technology today. This is a story about Stryker and how we can bring together technologies and treatment capabilities not just to improve lives, but also to help save them. By coupling the hemorrhagic stroke treatment capabilities with Concentric's leading devices to treat AIs, Stryker is now a world leader in complete stroke care and is able to bring life-saving technologies to patients.

This year, our newly created Performance Solutions division also developed and piloted compelling new offerings. We are working to engage our customers on a deeper level than ever before by delivering services and systems that enable healthcare providers to achieve their clinical, operational and financial performance goals. These services and systems include performance management and other data-driven capabilities from newly acquired business Marshall Steele.

At the same time, the need to plan, produce and execute with excellence in an ever-evolving healthcare landscape has become even more of an imperative as cost pressures continue to rise. Amid global economic challenges, we’ve continued to advance our quality discipline — the result of the three-year, $200 million quality and compliance

EVOLVING SALES FOOTPRINT



overhaul we began in 2008. We are pleased with the strong impact of our substantial investments and the resulting “quality first” philosophy in our culture. As previously noted, we formally completed our operational reorganization, moving all of our quality and operational activities into one company-wide system with an independent reporting structure. Much like our commitment to innovation and delivering exceptional financial results, our commitment to a robust quality approach is now part of our DNA and will remain a focus for all our employees.

## Our Future

Today, as we continue to evolve the Company to face the changing healthcare markets of the future, we're working harder than ever to operate as one company whose strength is in our broad and deep collective skills. Any business operating today knows that external change is a constant. Yet it's the character of our employees and our ability to adapt to an ever-increasing rate of change that defines Stryker as a medical technology leader for the long haul.

Our responsiveness and hard work have helped us turn innovation and consistency into strong financial performance in 2011 and have positioned us well for 2012 and beyond. But the real payoff is the number of lives we help improve and the number of patients we help heal as we achieve our own transformation. Now more than ever, we're in a prime position to deliver the life-changing innovation that will drive forward the frontier of healthcare delivery. Although the recent announcement of a CEO transition creates a level of uncertainty, I am confident that the core values of this great Company, the stability of our employees and leadership teams, and the trust of the Board of Directors and their commitment to our strategy have this Company on a clear path that will remain unchanged moving forward.

I am excited about our future and our prospects for continued growth. To borrow a quote from John W. Brown, Chairman Emeritus, which graced these pages several years ago, “I am still long on Stryker.”

Sincerely,



Curt R. Hartman
Interim Chief Executive Officer and
Vice President and Chief Financial Officer




# William U. Parfet
NON-EXECUTIVE CHAIRMAN

As many of you undoubtedly know, Steve MacMillan resigned as Chairman, President and CEO of Stryker Corporation on February 8, 2012. Steve’s achievements during his almost nine years at the Company were admirable. Following the impressive track record of John Brown, Steve worked tirelessly to position Stryker for growth in a global marketplace that continues to undergo unprecedented change. These efforts included focusing on enhancing Stryker’s core competencies, expanding our global reach, improving operational effectiveness, broadening our product and service offerings, and positioning the Company as a key resource for all the people who have and will benefit from our products. Steve resigned for family reasons. I have worked with Steve for almost fifteen years, and very closely during the last nine years in my role as Lead Director on Stryker’s Board. We understand and support his decision, and we thank him for his contributions to our Company.

Steve leaves behind a very talented and diverse team of Stryker veterans and accomplished newcomers who are steadfastly committed to a culture of growth and achievement. This is an exciting company with a rewarding future that honors our proud history that began with Dr. Homer Stryker. Yet, we also recognize both the challenges and opportunities that exist in today's healthcare environment. I know I speak for the entire Board of Directors when I thank all the Stryker employees for their continued dedication and commitment to the great years that lie ahead.

In searching for a new leader, the entire Board will actively participate in a comprehensive search both within and outside the Company for the best possible person to build on the wonderful heritage, legacy and renowned talents of Dr. Homer Stryker, Lee Stryker, John Brown and Steve MacMillan. The effort will be led by the Governance and Nominating Committee, chaired by Louise Francesconi, with the addition of Howard Lance, the Chairperson of the Compensation Committee.
In the interim, the Board has chosen Curt Hartman, a twenty-two year Stryker veteran, and a person of incredible talent, knowledge, and a demonstrated track record of success, to serve as the Interim CEO. Curt has served in a broad range of capacities at Stryker, including building businesses, formulating strategies, finding and integrating acquisitions and always delivering impressive results. Most recently, and still today, Curt serves as the Company’s Chief Financial Officer and has been overseeing the newly acquired neurovascular business. The Board is very confident in Curt’s ability to lead this organization with energy, drive and continued impressive results until a permanent successor is selected.

Change brings opportunity, and in my entire professional career, no company is better able to turn change into terrific opportunities than Stryker. The entire Board of Directors is committed to our management team and dedicated to keeping this great company on its growth trajectory. We work well together, we understand the Stryker heritage and we see a bright future. I would especially like to thank my fellow directors for their ongoing hard work and dedication. It has been an honor to serve on Stryker’s Board for the past nineteen years, and I look forward to serving in my new role as Non-Executive Chairman.

This Company has a remarkable history, and your Board understands the expectations that you have placed on us to protect and perpetuate this history. We have terrific people, products and services that have made this possible. In traditional Stryker fashion, we know what needs to be done, and we will do our absolute best to deliver.

Sincerely,



William U. Parfet
Non-Executive Chairman










Left: Anatomically challenging aneurysms require the use of a flexible microcatheter, used to guide the Neuroform EZ Stent and Target Detachable Coil into place.

Right: Professors Jacques Moret, left, and Laurent Spelle at NEURI, the Brain Vascular Center, which the two founded to treat patients requiring highly technical medical management of brain vascular diseases.

# INNOVATION THAT
SAVES LIVES

As interventional neuroradiologists at NEURI, the Brain Vascular Center in Paris, France, professors Jacques Moret and Laurent Spelle know that stroke patients who don’t get immediate treatment can suffer death or handicap. So when a 45-year-old math professor and father of two arrived comatose at their hospital and a brain scan revealed a massive hemorrhage caused by a ruptured aneurysm, the doctors knew there was no margin for error if they were to save his life.

“NEUROFORM EZ AND TARGET COILS REPRESENT THE GOLD STANDARD OF MATERIAL CURRENTLY USED TO TREAT INTRACRANIAL ANEURYSM ENDOVASCULARLY, NOT ONLY BECAUSE THEY WERE PIONEERS IN THEIR CATEGORY, BUT ALSO BECAUSE OF THEIR ABILITY TO BE RELIABLE, EVEN IN VERY TORTUOUS ANATOMY.” — Pr. Laurent Spelle
Though many ruptured brain aneurysms can be treated by placing a platinum coil inside the aneurysm sac, this patient’s tiny aneurysm was without an identifiable “neck,” presenting what professors Moret and Spelle called “a very tricky situation.” Fortunately, Stryker’s Neuroform EZ Stent System allowed the duo to place a stent inside the blood vessel, next to the ruptured aneurysm sac. This enabled the successful placement of a Target Detachable Coil precisely where it was needed within the aneurysm sac to treat the rupture. “We pushed our technique to its extreme,” professor Spelle explained. “And it worked perfectly.”

Today the patient is back at work and enjoying his family. And in the hands of talented doctors like the team at NEURI, Stryker’s cutting-edge stroke care means that more stroke patients around the world now have a second chance at life.




Dr. Rick Ngo
General Surgeon
Memorial Hermann Healthcare System
Houston, Texas, U.S.



# INNOVATION THAT BUILDS
PARTNERSHIPS

Today’s healthcare environment challenges hospitals to examine the long-term environmental impact of their daily operations while minimizing their costs. Executives at Memorial Hermann Healthcare System in Texas, U.S., enlisted Stryker’s Sustainability Solutions team to help them do just that by developing a system-wide sustainability approach. A key component of the plan: greater use of reprocessed products offered by Stryker.

## $3,067,711

SAVED ON 2011 DEVICE
SPENDING FOR THE
MEMORIAL HERMANN
HEALTHCARE SYSTEM

## 77,937

POUNDS OF MEDICAL
WASTE FROM THE
MEMORIAL HERMANN
HEALTHCARE SYSTEM
DIVERTED FROM
LANDFILLS IN 2011





The move required changing the mind of re-processing skeptics — including Dr. Rick Ngo, a general surgeon at Memorial Hermann and chair of the committee that works with the hospital administrators on safety, quality and cost-saving initiatives. Dr. Ngo was concerned about patient infection risk until the Stryker team invited him for a tour of its Florida manufacturing facility. He was impressed with Stryker's ability to address his questions and left feeling he could make an informed decision for himself: agreeing to a trial use of reprocessed trocars and other equipment. Today, he considers the use of reprocessed products a proven, viable option for surgeons.

“I saw that there were more benefits to it than risks,” Ngo said of his decision.

This type of successful relationship has been repeated throughout the U.S., Canada and Israel. In 2011, Stryker helped healthcare providers save more than $206 million in total device spending, and divert close to 7 million pounds of medical waste from landfills.

Left: Blue Sustainability Solutions bins stationed throughout hospitals within the Memorial Hermann Healthcare System collect medical devices to be reprocessed instead of thrown away, sparing waste from landfills and saving millions of dollars for the health system each year.

Right: Supply chain executives Chris Toomes, left, and Dan Humphrey in their offices at Memorial Hermann Southwest Hospital, where they work to reduce costs while improving quality.








Left: Dr. Masafumi Uesugi, chief orthopaedic surgeon and director of rehabilitation at Tsukuba Medical Center Hospital in Japan.

Right: The medical team at Tsukuba Medical Center Hospital rushes to meet a medevac helicopter transporting a trauma patient who has been brought from a hospital 50 kilometers away for special care.

# INNOVATION THAT HEALS
COMMUNITIES

After the devastating earthquake and tsunami that rocked Japan in early 2011, Stryker rushed to help the many Japanese communities in dire condition. At designated emergency center Tsukuba Medical Center Hospital near Tokyo, chief orthopaedic surgeon Masafumi Uesugi needed immediate supplies to help the patients being treated at his hospital. He turned to his Stryker sales reps to get them.

“STRYKER DELIVERED TRAUMA DEVICES IMMEDIATELY. IF WE HAD NOT HAD THESE SUPPLIES, WE WOULD HAVE HAD GREAT DIFFICULTY IN TREATING PATIENTS.” — Dr. Masafumi Uesugi
Stryker was one of the first medical device companies to deliver supplies to the Tsukuba Hospital and to other customers. “The natural disaster meant that patients needed immediate attention — so I knew we needed to set up an emergency team,” Stryker Japan President Kay Deguchi recalled.

Despite lacking water and heat in their own homes, Deguchi’s team members worked quickly to establish a round-the-clock response team at the Tokyo head office. Thinking creatively, sales reps obtained special passes to use the freeway and get gasoline, driving urgently needed instruments and equipment to hospitals.

Stryker businesses and employees worldwide responded to this natural disaster by sending critically required products to hospitals in Japan and donations to the American Red Cross and Japan Red Cross. “If there are people in need, we know we can help them,” Deguchi said. “It’s in our DNA — we care for each other, and we care for our customers.”



## Board of Directors

LEFT TO RIGHT

WILLIAM U. PARFET  \( * \)  \( ^{\dagger} \) 
Non-Executive Chairman of Stryker Corporation; Chairman and Chief Executive Officer of MPI Research, Inc.; Director of Monsanto Company; Director of Taubman Centers, Inc.

HOWARD E. COX, JR.  \( \^{**} \)  \( ^{\dagger} \) 
Partner, Greylock

SRIKANT M. DATAR, PH.D.  \( * \)  \( * \) 
Professor at the Graduate School of Business
Administration of Harvard University; Director
of Novartis AG; Director of ICF International, Inc.;
Director of KPIT Cummins Infosystems Ltd.

ROCH DOLIVEUX, D.V.M.  \( \dagger \)  \( ^{\ddagger} \) 
Chief Executive Officer and Chairman of the Executive Committee of UCB S.A.

LOUISE L. FRANCESCONI  \( * \)  \( ^{\ddagger} \) 
Former President of Raytheon Missile Systems, a
Raytheon Company business; Director of UniSource
Energy Corporation; Chairman of the Tuscon Medical
Center Healthcare Board of Trustees

ALLAN C. GOLSTON  \( * \)  \( * \) 
President, United States Program for the Bill & Melinda
Gates Foundation; Director of Malt-O-Mel

HOWARD L. LANCE  \( * \)  \( ^{\dagger} \) 
Former Chairman, President and Chief Executive Officer of
Harris Corporation; Director of Eastman Chemical Company

RONDA E. STRYKER  \( \dagger \) 
Granddaughter of the founder of the Company
and daughter of the former President of the Company;
Vice Chairman and Director of Greenleaf Trust

JOHN W. BROWN (Not Pictured)
Chairman Emeritus and former Chairman, President and Chief Executive Officer of Stryker Corporation

* Audit Committee
** Finance Committee
† Compensation Committee
‡ Governance and Nominating Committee

















## Executive Leadership Team

CURT R. HARTMAN
Interim Chief Executive Officer and
Vice President and Chief Financial Officer

LONNY J. CARPENTER
Group President, Global Quality and Operations

CURTIS E. HALL, ESQ.
Vice President and General Counsel
KEVIN A. LOBO
Group President, Orthopaedics

KATHERINE A. OWEN
Vice President, Strategy and Investor Relations

MICHAEL W. RUDE
Vice President, Human Resources

TIMOTHY J. SCANNELL
Group President, MedSurg and Spine

RAMESH SUBRAHMANIAN
Group President, International



## Other Information

## STOCK LISTING

The company's common stock is traded on the New York Stock Exchange under the symbol SYK.

## DIVERSITY AND INCLUSION

Stryker values an inclusive work environment that hires and engages a talented and diverse workforce. Achieving the full potential of this diversity is a business priority that is fundamental to our competitive success. We encourage and expect each employee to embrace our commitment to an inclusive workplace that is free from any kind of discrimination, retaliation or bias.

## Recognizing Our Strengths



Ranked #95 out of 100 in the list's debut year



Recipient for the tenth consecutive year, ranked #3 in Medical & Other Precision Equipment in 2011

## TRADEMARKS

The following trademarks or service marks of Stryker Corporation, its divisions or other corporate affiliated entities appear in this annual review: Complete Stroke Care, Marshall Steele, MDM, MEDPOR, Neuroform EZ, Orthovita, OtisMed, ShapeMatch, Sonopet, Stryker, Stryker ADAPT, Target, Triathlon, X3. All other trademarks or service marks are trademarks or service marks of their respective owners or holders.

The products referenced within this review may not all be approved or cleared for sale, distribution or use in the United States.



Recipient for the first time, ranked #68 in 2011

## ANNUAL MEETING

The Annual Meeting of Shareholders of Stryker Corporation will be held at the Radisson Plaza Hotel & Suites at The Kalamazoo Center in Kalamazoo, Michigan, on Tuesday, April 24, 2012, at 2:00 p.m. ET.

## FORM 10-K

The company files a Form 10-K with the Securities and Exchange Commission. Shareholders wishing a copy of the 2011 report may obtain it free of charge at www.stryker.com or request it by writing to:

Investor Relations
Stryker Corporation
2825 Airview Boulevard
Kalamazoo, MI 49002





## Other Corporate Officers and Division Leadership

## Other Corporate Officers

DEAN H. BIRGY
Secretary

JEANNE M. BLONDIA
Vice President and Treasurer

ERIC LUM
Vice President, Tax

TONY M. MCKINNEY
Vice President, Chief Accounting Officer

ANNE L. MULLALLY
Vice President, Chief Compliance Officer

JAMES B. PRAEGER
Vice President, Finance Training, Development and Internal Audit

ELIZABETH A. STAUB
Vice President, Global Regulatory Affairs and Quality Assurance

## Division Leadership

SHARON W. BROWN
President, Performance Solutions

JAMES L. CUNNIFE
President, Emerging Markets

KAY DEGUCHI
President, Japan

WILLIAM R. ENQUIST
President, Endoscopy

JAMES N. HEATH
President, Instruments

WILLIAM J. HUFFNAGLE
President, Reconstructive

VIVIAN MASSON
President, Osteosynthesis

DAVID A. MURPHY
Vice President and General Manager, Canada

PHILLIP S. NICHOLL
Vice President and Managing Director, South Pacific

MARK H. PAUL
President, Neurovascular

LAURA PICCININI
President, Europe

BRADFORD L. SAAR
President, Medical

SPENCER S. STILES
President, Spine

BRIAN J. WHITE
President, Sustainability Solutions



stryker \( ^{®} \)