May 22, 2002
Guidant Endovascular Solutions to Restructure

Company to Hold Mid-Quarter Call Today

Indianapolis, Ind. and Menlo Park, Calif. - Guidant Corporation (NYSE and PCX: GDT), a world leader in the treatment of cardiac and vascular disease, today announced a restructuring of its Endovascular Solutions operation. As a result of the restructuring, Guidant Endovascular Solutions will reduce its workforce in Santa Clara, Menlo Park and Temecula, Calif., by about 200 employees, approximately half of whom will be offered positions at other Guidant sites.

Key product development initiatives will continue as planned, and Guidant customers will not be impacted by the reorganization. The workforce restructuring will be completed by the end of third quarter 2002.

"This restructuring will ensure enhanced long-term profitability by aligning our infrastructure with our revenue outlook," said Beverly Huss, president, Endovascular Solutions, Guidant. "The growth and opportunity for Endovascular Solutions remains strong, and Guidant is committed to the endovascular market. We will continue to focus on developing technologically innovative solutions for treating patients with abdominal aortic aneurysm, carotid, neurovascular and peripheral vascular disease."

Guidant will take a one-time charge of $28 million to $31 million in connection with the restructuring.

Guidant Corporation pioneers lifesaving technology, giving an opportunity for better life today to millions of cardiac and vascular patients worldwide. The company, driven by a strong entrepreneurial culture of more than 10,000 employees, develops, manufactures and markets a broad array of products and services that enable less invasive care for some of life's most threatening medical conditions.

Mid-Quarter Conference Call

As previously announced, Guidant will host a mid-quarter conference call today at 8 a.m. (EDT). The call will feature an update on Guidant's business, including an overview of the company's drug eluting stent program, endovascular solutions operations and a preview of the upcoming European Paris Course on Revascularization. Participating on the call will be Jay Graf, group chairman; Keith Brauer, vice president, finance and chief financial officer and John Capek, Ph.D., president, Vascular Intervention.

A live webcast of Guidant's conference call will be accessible through Guidant's website or at CCBN's individual investor center. The webcast will be archived on both websites for future on-demand replay.

System requirements for the webcast include Internet Explorer 5.0 (or higher) or Netscape Navigator 4.0 (or higher). Users also should have the most recent version of Windows Media Player, which can be downloaded for free. Users may experience varying levels of performance based on their connection speed, system capabilities and presence of a corporate firewall. To ensure a connection, users should go to the program five to 15 minutes before its start.