2014 annual review

Stryker Corporation 2825 Airview Boulevard

Kalamazoo, Michigan 49002 269 385 2600 | stryker.comSYK CORP 2015-02-002

To experience the online, interactive Annual Review, which features a video message from the Chairman

and CEO, please visit www.stryker.com/2014.

David Newman, Stryker Sales Representative, and Stephen Lewis, MD, MSc, FRCSC

“I have my surgeon, Dr. Lewis; Toronto Hospital for Sick Children; and Stryker’s products, technology and physician technical support team to thank.”

Galina Gheihman

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMErnst & Young LLP Grand Rapids, Michigan

TRANSFER AGENT AND REGISTRARAmerican Stock Transfer & Trust Company, LLC New York, New York

Shareholders needing information regarding their certificates or dividends should contact:

American Stock Transfer & Trust Company, LLC Operations Center 6201 15th Avenue New York, NY 11219 800 937 5449 info@amstock.com

INVESTOR CONTACTKatherine A. Owen Vice President, Strategy and Investor Relations

MEDIA CONTACTYin C. Becker Vice President, Communications, Public Affairs and Strategic Marketing

BUSINESS DEVELOPMENT CONTACTBryant S. Zanko Vice President, Business Development

ANNUAL MEETINGThe Annual Meeting of Shareholders of Stryker Corporation will be held at the Radisson Plaza Hotel at the Kalamazoo Center in Kalamazoo, Michigan, on Wednesday, April 29, 2015, at 2:00 p.m. ET.

STOCK LISTINGThe Company’s common stock is traded on the New York Stock Exchange under the symbol SYK.

FORM 10-KThe Company files a Form 10-K with the Securities and Exchange Commission. Shareholders wanting a copy of the 2014 report may obtain it free of charge at: www.stryker.com or request a copy by writing to: Investor Relations Stryker Corporation 2825 Airview Boulevard Kalamazoo, MI 49002

TRADEMARKSThe following trademarks or service marks of Stryker Corporation, its divisions or other corporate affiliated entities appear in this annual review: AGB, Berchtold, CoAlign Innovations, Concentric, Gaymar, MAKO, MAKO Surgical Corp., Memometal, Neptune, Orthovita, OtisKnee, OtisMed, Porex, Power-LOAD, Power-PRO, Rejuvenate, Safety-Sponge, Small Bone Innovations, Sonopet, STAR, Stryker, Stryker Flex Financial, SurgiCount, Surpass, Trevo ProVue, Trauson, Triathlon, Xia. All other trademarks or service marks are trademarks or service marks of their respective owners or holders.

The products referenced within this Annual Review may not all be approved or cleared for sale, distribution or use in the U.S.

DIVERSITY AND INCLUSIONStryker 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.

ADDITIONAL INFORMATION

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Galina Gheihman was a young athletic girl from Toronto who enjoyed basketball, springboard diving, ballroom dancing and being an excellent student. Unfortunately, she developed spondylolis­thesis, which is a displacement of one or more vertebral bodies out of the natural alignment of the spine.

Over time, Galina says, “What had been a dull, aching pain stretching across my lower back was soon joined by shooting, sharp nerve pain running down the backs of my legs and a tingling numbness in my calves.” This was no ordinary lower back pain.

Dr. Stephen Lewis of Toronto Hospital for Sick Children diagnosed Galina and performed a delicate surgical procedure using Stryker’s Xia 3 Spinal System, which features a buttress thread blocker that helps to eliminate cross­threading, prevents screw head splaying and helps ensure secure closure. With Dr. Lewis’

GALINA’S TIMELINE

PRE-2006Active childhood — enjoyed basketball and springboard diving.

EARLY 2006First signs of pain.

LATE 2006Chronic pain developed — affected ability to participate in activities.

2008Sharp shooting pain and numbness. First appointment with Dr. Lewis.

EARLY 2010Surgery performed using Xia 3 Spinal System.

MID-2010Resumed activities; began hiking and camping.

2011Completed a 50-mile sea kayaking trip in Vancouver, British Columbia.

NOWA thriving and active medical student.

PATIENT INSPIRED TO PURSUE MEDICAL SCHOOL DREAM

expertise and the Xia 3 Spinal System, Galina fully recovered from what had been a slow descent into pain and immobility and a halt to all of the activities she loved.

As she recuperated and regained her life, she flourished. In fact, today, inspired by her personal experience, Galina is a first­year medical student.

“It’s been a dream come true,” she says, “and I have my surgeon, Dr. Lewis; Toronto Hospital for Sick Children; and Stryker’s products, technology and physician technical support team to thank for it — not only for inspiring me to pursue medicine, but also for making it physically possible for me to do so.”

Xia 3 Spinal System

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FINANCIAL OVERVIEW(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2014 2013 % CHANGE

NET SALES $ 9,675 $ 9,021 7.3EARNINGS BEFORE INCOME TAXES 1,160 1,212 (4.3 )INCOME TAXES 645 206 213.1NET EARNINGS 515 1,006 (48.8 )ADJUSTED NET EARNINGS2, 3 1,810 1,714 5.6

DILUTED NET EARNINGS PER SHARE OF COMMON STOCK:REPORTED $ 1.34 $ 2.63 (49.0 )ADJUSTED1, 2, 4 4.73 4.49 5.3

DIVIDENDS PAID PER SHARE OF COMMON STOCK $ 1.22 $ 1.06 15.1CASH, CASH EQUIVALENTS AND CURRENT MARKETABLE SECURITIES 5,000 3,980 25.6

10.0

8.0

6.0

4.0

2.0

9.7

20141994

HISTORY OF REVENUE GROWTH$ IN BILLIONS

2.0

1.5

1.0

0.5

2009 2014

CASH FLOW PROVIDED BY OPERATING ACTIVITIES$ IN BILLIONS

1.8

1.5

1.0

0.5

2009 2014

DIVIDENDS PAID$ PER SHARE OF COMMON STOCK

1.22

5.0

4.0

3.0

2.0

1.0

2009 2014

ADJUSTED DILUTED NET EARNINGS$ PER SHARE1, 2, 4

4.73

1 A non-GAAP financial measure. The most comparable GAAP financial measure is diluted net earnings per share, which were $2.77, $3.19, $3.45, $3.39, $2.63 and $1.34 in 2009, 2010, 2011, 2012, 2013 and 2014, respectively. GAAP is defined as accounting principles generally accepted in the United States.

2 For a reconciliation between these non-GAAP financial measures and their most comparable GAAP financial measure, refer to our Annual Reports on Form 10-K, available on our website at www.stryker.com or at the SEC’s website at www.sec.gov.

3 A non-GAAP financial measure. The most comparable GAAP financial measure is net earnings.4 In 2014, we began excluding amortization of intangible assets from our adjusted diluted net earnings per share. Adjusted Diluted Net Earnings Per Share for 2013 and 2012 were restated in our Annual Report on Form

10-K for the year ended December 31, 2014.

FINANCIAL HIGHLIGHTS

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Extremities, largely due to issues related to the implementation of an enterprise resource planning system early in the year. The implementation issues have been overcome and we are working to recapture lost market share.

We completed a number of acquisitions in 2014 including Pivot Medical, Inc.; Patient Safety Technologies, Inc.; CoAlign Innovations, Inc.; Berchtold Holding AG; and Small Bone Innovations, Inc.:

• Pivot and Berchtold add a premium portfolio of innovative hip arthroscopy products and operating room equipment to our Endoscopy offering.

• Patient Safety adds a compliance software solution to our portfolio of Instruments products that prevents foreign objects from being retained in patients after surgery.

• CoAlign provides our Spine business with unique inter­body devices for this fast­growing segment of the market.

• Small Bone Innovations strengthens our product offering in Trauma & Extremities with a leading total ankle implant and other extremity products.

Management System led to an impressive 13% growth in our Instruments business; this contributed to an overall constant currency growth of almost 12% for our MedSurg business segment. In addition, our Orthopaedics and Neurotechnology & Spine segments both grew above 6% in constant currency.

We had another strong year of double­digit growth in emerging markets, although there was volatility in several countries. We delivered stellar results in China in both the premium and lower­priced markets, and our performance in India was strong. However, tough macroeconomic conditions in Russia, Turkey, Brazil and Mexico held back performance in those countries.

We had a difficult year in Japan, particularly in Hips, Knees and Trauma &

$9.7Bnet sales in 2014

In 2014 we continued to build on our legacy of above market performance by strengthening our leadership in Orthopaedics, Medical and Surgical (MedSurg) and Neurotechnology & Spine. We delivered solid growth and financial results, completed a number of acquisitions, opened a new European Regional Headquarters (RHQ) and articulated our unique culture through a new mission statement and core values.

GROWTH & INNOVATION

Our organic growth of nearly 6% was once again at the high end of the medical technology industry. The return to market of an improved Neptune Waste

DEAR SHAREHOLDERS

KEVIN A. LOBO CHAIRMAN AND CHIEF EXECUTIVE OFFICER

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Our balance sheet continues to be strong, as we finished the year with $5 billion of cash and current marketable securities and $4 billion of debt. We announced a 13% increase in our dividend rate and in March 2015 announced an additional $2 billion of share repurchase authorization, increasing our total remaining authorization to more than $2.5 billion. In the fourth quarter we announced a U.S. Settlement Program for Rejuvenate and AGB II modular neck hip stem product liability cases and settled our OtisKnee litigation with the Department of Justice. Finally, we opened a European Regional Headquarters and announced our intention to repatriate to the U.S. approximately $2 billion in cash in 2015.

ORGANIZATION AND CULTURE

At the beginning of 2015, we went live with our new Transatlantic Operating Model that is designed to accelerate growth in Europe where we have had historically lower market share. We spent 2014 preparing for this change — ideally timed with the opening of our European Regional Headquarters — and have appointed new divisional leaders in Europe to drive the businesses forward.

Additionally, we completed our first full year following the acquisition of MAKO Surgical Corp. and its robotic­ arm assisted surgery technology. While we had some initial challenges bringing the two organizations together, I am excited about our recent successes and the product launches planned for 2015. In our second year following the acquisition of Trauson Holding Company Limited, we continue to achieve excellent growth in China. We have worked through some product registration challenges

outside of China and now look forward to launching Trauson products in India and Brazil over the next two years.

Meanwhile, we have continued our focus on internal research and development. Our spending in this area has increased at a compound annual growth rate in excess of 10% over the past three years. I am pleased with these innovation efforts and the strength of our product pipelines, as well as service innovations like Flex Financial financing solutions that help our customers acquire capital equipment.

STRONG FINANCIAL RESULTS

We achieved net sales of $9.7 billion and growth of 7% and delivered adjusted diluted earnings per share1 of $4.73, an increase of 5%. Sales and net earnings were negatively impacted by the strong U.S. dollar. Adjusting for the impact of foreign exchange, we delivered solid earnings leverage in 2014. Gross margins as a percent of sales decreased due to price pressure, product mix and the impact of foreign exchange. However, we had strong leverage in our selling, general and administrative expenses and increased our investments in research and development as a percent of sales to drive continued new product growth into the future. Cash provided by operations remained steady at $1.8 billion and we increased our spending in information technology systems and plant automation.

1 Please refer to footnotes 1, 2 and 4 on page 2.

A model of the Triathlon Knee System on display at the European Regional Headquarters

13%increase in the dividend rate for 2014

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that sets us apart. We were recognized again by FORTUNE Magazine as among the 100 Best Companies to Work For in the U.S. and we received many other accolades from organizations such as Glassdoor and Gallup, as well as from similar groups in other countries.

Exceptional performance is highly valued at Stryker and we remain committed to operating as a sustainable and socially responsible business. We have achieved U.S. LEED and European BREEAM green building certifications in many of our facilities and have contributed millions of dollars’ worth of equipment, personnel, training and funding for medical missions that bring resources to those in desperate need of care.

WELL POSITIONED FOR THE FUTURE

While healthcare environments around the world are challenged, there continue to be opportunities for innovation that drive long­term value. For example, our Power­LOAD cot fastener system is designed to prevent injuries to ambulance workers and our SurgiCount Safety­Sponge System is designed to prevent foreign objects from being retained in patients after surgery. We will continue to focus on strengthening our businesses, delivering improved outcomes for patients, enhancing

caregiver safety and providing economic value. This focus, combined with our financial and organizational strength and our aligned leadership team and Board of Directors, positions us well for the future.

Sincerely,

KEVIN A. LOBOChairman and Chief Executive Officer

A Power-PRO XT powered ambulance cot demonstration at the European Regional Headquarters

We are fortunate to have a talented leadership team, which now includes Michael Hutchinson, General Counsel, and Bijoy Sagar, Chief Information Officer. While we remain committed to our decentralized model, we are working hard to streamline our systems and drive improved operational efficiency and effectiveness.

I thank the entire Stryker team for its efforts in an extremely busy year of integrating acquisitions, preparing for a new organizational model, launching the new European Regional Headquarters and driving large regulatory projects, such as Unique Device Identification and Physician Payment Reporting.

The Stryker culture remains our most distinguishing characteristic, embodied in our mission: Together with our customers, we are driven to make healthcare better; and in our values: Integrity, Accountability, People and Performance.

Dr. Stryker, our founder, was passionate about high quality medical care, improving outcomes and enhancing the patient experience. His drive and passion live on in the hearts and minds of Stryker employees today.

Regardless of the business segment, function or geography, there is a common purpose that unites us and a work ethic

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CMF: 2%

INSTRUMENTS: 15%

OTHER RECON: 3%

$9.7BIN SALES

SPINE: 8%

NEUROVASCULAR: 5%

NSE: 3%

KNEES: 14%

HIPS: 13%

TRAUMA & EXTREMITIES: 13%

SUSTAINABILITY SOLUTIONS: 2%

MEDICAL: 8%

ENDOSCOPY: 14%

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LEADING IN MEDTECH

ORTHOPAEDICS | 43%

This segment includes hips, knees, robotic­arm assisted technology, trauma & extremities, foot & ankle, bone cement and performance solutions.

MEDSURG | 39%

This segment includes power tools and surgical equipment, computer assisted surgery, minimally invasive surgical solutions, sports medicine, infrastructure and integration, patient care, patient handling & EMS equipment and reprocessing & remanufacturing.

NEUROTECHNOLOGY & SPINE | 18%

This segment includes craniomaxillofacial, interventional spine, neuro powered instruments, neurovascular and spinal products.

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RAMESH SUBRAHMANIAN Group President, International

KEVIN A. LOBO Chairman and Chief Executive Officer

YIN C. BECKER Vice President, Communications, Public Affairs and Strategic Marketing

BIJOY S.N. SAGAR Vice President, Chief Information Officer

KATHERINE A. OWEN Vice President, Strategy and Investor Relations

MICHAEL D. HUTCHINSON General Counsel

LONNY J. CARPENTER Group President, Global Quality and Operations & European Business Operations

DAVID K. FLOYD Group President, Orthopaedics

TIMOTHY J. SCANNELL Group President, MedSurg and Neurotechnology

WILLIAM R. JELLISON Vice President, Chief Financial Officer

STEVEN P. BENSCOTER Vice President, Global Human Resources

Front row Middle row Back row

STRYKER LEADERSHIP TEAM

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STRYKER AT A GLANCEStryker is one of the world’s leading medical technology companies and together with our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative medical technologies, including orthopaedics, medical and surgical, and neurotechnology & spine products to help people lead more active and more satisfying lives. Stryker products and services are available in over 100 countries around the world. For more information, please visit our website at www.stryker.com.

INNOVATION AND ACQUISITIONSWe target our core markets and key adjacent markets to drive innovation and acquisitions.

$614Mspent on Research & Development in 2014, 6.3% of sales

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STRYKER AT A GLANCE

GROWTH AND GLOBALIZATION75+ years of innovation have led to a broad and deep portfolio of

60,000 +products and services, sold in over 100 countries worldwide

PEOPLE AND CULTUREStryker’s employees set high standards for themselves and one another. This desire to achieve, combined with hard work, has placed us among the most admired companies in the medical technology industry.

26,000 +employees worldwide at the end of 2014

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6,000total knee replacements completed as of January 2015

6,000 TOTAL KNEE REPLACEMENT PROCEDURES…AND COUNTING

Around the globe, we have loyal customers who use Stryker products, including Dr. Tadashi Kikuchi of Bange Kosei Hospital in Japan. In January 2015 he performed his 6,000th total knee replacement (TKR). What made it possible for Dr. Kikuchi to perform so many TKRs? First, there’s his drive and commitment to constantly improve his skills, and then there’s his patient­first philosophy. But his strong working relationship with his sales representative, Toshikazu Shimazu, also plays a major role. As a sales partner, Shimazu­san understands Dr. Kikuchi’s philosophy. The relationship between Dr. Kikuchi and Shimazu­san is a model of success as we work together with our customers to make healthcare better.

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SURGICOUNT SAFETY-SPONGE SYSTEM IS DESIGNED TO REDUCE MISTAKES

Hospitals strive to eliminate the possibility of mistakes in the operating room (O.R.) to meet the industry’s continuing demand for quality and safety, while also reducing malpractice costs and payment penalties. This is where the Stryker SurgiCount Safety­Sponge System comes in — a clinically proven approach to eliminating one of the most common yet preventable medical errors — foreign objects remaining inside a patient after surgery. The System, added to our Instruments portfolio through the Patient Safety Technologies acquisition, provides real­time counts in the O.R., as well as an

auditable, postoperative documentation system. “With SurgiCount, there is a specific ID for each sponge. And that allows you to completely rectify what went into the surgical field and what came off,” says Jeffrey Ashford, MSN, RN, CNOR, Director of Surgery at Ochsner Medical Center, in Louisiana. In fact, with 376 customer hospitals at the end of 2014, the Safety­Sponge System is used in more hospitals than all other sponge technologies combined.

COMMITTED TO O.R. SAFETY

In late 2013 Stryker announced the FDA’s post­recall 510(k) clearance of the Neptune 2 Waste Management System, which reflected usability testing and feedback from more than 1,000 customers. The Neptune System combines the demonstrated performance that customers expect and enhanced features and functionality that support best O.R. practices. Stryker’s ability to overcome the challenge of a product recall so successfully is due to the fierce determination of the Neptune team and customer loyalty. Our commitment to the surgical waste management market as well as to patient and caregiver safety has never been stronger.

Stryker’s SurgiCount360 software application provides a complete postoperative documentation solution.

Neptune 2 Waste Management System

Sponges are scanned before procedure begins.

Sponges are scanned as they’re removed.

SurgiCount System properly flags all missing sponges and averts patient harm.

1 2 3AS EASY AS:

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POWER-LOAD REDUCES TRAUMA INJURIES

The Power­LOAD cot fastener system lifts and lowers cots into and out of ambulances. As a result, it reduces spinal loads and the risk of cumulative injuries to operators, while improving patient safety. Case in point: The EMS team of the Norman Health System of central Oklahoma, which responds to 16,000 calls per year, experienced three cot lifting back injuries from 2012 to 2013. The next year, after implementing the Power­LOAD system and the Power­PRO XT cot, the team decreased its back injuries to zero.

CREATING FLEXIBLE FINANCING OPTIONS

Stryker Flex Financial combines strategic financial consulting with innovative and flexible payment solutions to make it easier for customers to purchase Stryker products. With customized payment options and competitive rates, customers can upgrade or acquire Stryker equipment easily, reducing the risk of obsolescence and inefficiency while stabilizing operating costs. For Stryker, providing these customized programs helps to strengthen customer loyalty.

After Stryker acquired MAKO Surgical Corp. in late 2013, Flex Financial made it possible for Lafayette General Health

Systems, based in southern Louisiana, to acquire pioneering robotic­arm assisted surgery technology that simplifies joint reconstruction. Flex Financial was able to secure a lower rate than a bank and offer competitive terms and conditions to Lafayette General for this purchase.

“We were able to help them acquire the equipment they needed, while still meeting their financial goals,” says James Cress, Vice President and General Manager for the Flex Financial business.

“We have the flexibility to customize programs to create an optimal solution for customers.”

M&A STRENGTHENS KEY MARKET SEGMENTS

Stryker’s approach to mergers and acquisitions is based on a disciplined strategy that keeps the Company focused on our three key market segments — Orthopaedics, MedSurg and Neurotechnology & Spine. Through such acquisitions, we target our core markets and key adjacent markets to drive innovation, improve operations and accelerate growth.

2009 2010 2011

Core Business

Adjacency

OtisMed

Ascent Neurovascular

Sonopet Gaymar

Porex

Orthovita

Concentric

Memometal

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CULTURE OF SERVICE AND ACCOUNTABILITY

Surgeon Craig Cranford, DPM, in Denison, Texas, and Bernie Diamond, a Foot & Ankle sales representative for the Dallas area, continue to build on their relationship. “I’ve known him since he was a resident,” explains Bernie, who consistently provides Dr. Cranford and his staff with information on studies, Stryker products and continuing medical education opportunities.

Bernie’s work ethic and knowledge of procedures has strengthened the relationship with Dr. Cranford and has proven to be a win for both the surgeon and his patients. In early 2015 Bernie

plans to introduce and offer medical education on Small Bone Innovations’ STAR Ankle, a Stryker acquisition in 2014. “We’re committed to making sure surgeons are educated about the latest tools to help them improve the lives of their patients,” says Bernie.

Bernie Diamond, Sales Representative (left) and C. Craig Cranford, DPM

2012 2013 2014

Surpass

Trauson MAKO

Pivot

Patient SafetyCoAlign

Small Bone Innovations

Berchtold

5,300patents owned globally at the end of 2014

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Jerry Rudzinski, Senior Area Director of Sales, accepts the Gallup Great Manager Award

#19ON FORTUNE MAGAZINE’S 2015 100 BEST COMPANIES TO WORK FOR LIST

ENGAGED EMPLOYEES MAKE HEALTHCARE BETTER

Stryker employees come to work every day to make healthcare better. They are the reason why our Company is a great place to work and why we have earned outstanding customer loyalty. Third­party recognition, such as LinkedIn’s Most InDemand Employers, Gallup’s Great Workplace Award (which we have won seven times), our 2015 #19 ranking on FORTUNE Magazine’s 100 Best Companies to Work For list, and Great Place to Work awards in other countries, are notable evidence of our engaging workplace culture. Additional evidence includes our employees’ individual achievements, such as the 2014 Gallup Great Manager Award won by Jerry Rudzinski, senior area director of sales, which celebrates a manager who consistently performs in the 90th percentile or above in employee engagement measurements, shows high levels of performance and maintains high employee retention levels.

A SECOND CHANCE AT LIFE

In 2013 after struggling with an incorrect cancer diagnosis and unnecessary radiation therapy that damaged her jaw and left her face disfigured, Lessya Kotelevskaya came to Louisville, Kentucky, from Kazakhstan. Dr. Jarrod Little, a renowned plastic and reconstructive surgeon with University of Louisville Physicians, agreed to help pro bono. After a long preparatory process, Dr. Little reconstructed her face and jaw in a procedure that lasted over 24 hours. A key product used in the surgery was Stryker’s Customized Mandible Reconstruction Plate (CMRP), which is used in atypical and challenging cases. Based on a patient’s anatomical data and the surgeon’s analysis, the Customized Mandible Reconstruction Plate can be designed specifically for each patient — right down to the number and position of its screw holes. It’s also manufactured according to the planned patient outcome, which eliminates the need for intraoperative adaptation. Released from the hospital this past July, Lessya continues to do well and is excited to begin a new stage of her life.

Jarrod Little, MD, Division of Plastic & Reconstructive Surgery, Division of Otolaryngology — Head & Neck Surgery, University of Louisville

Rendering of CMRP and reconstructed mandible

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STRYKER’S NEW EUROPEAN REGIONAL HEADQUARTERS

After evaluating a range of operating models, Stryker implemented a Transatlantic Operating Model in 2015, aligning our businesses in Europe and the U.S. The goal is to build on the success of the European team, accelerate growth through greater product line focus, and build global leadership capabilities. To support the strategy around the Transatlantic Operating Model, and to ensure that internal resources and teams are aligned with customer needs, Stryker established a European Regional Headquarters in 2014. Based in Amsterdam, this hub was designed to increase communication and collaboration and help the Company achieve greater operational efficiencies. “The Regional Headquarters is the next logical step to continue fueling Stryker’s growth in Europe and to bring the best of Stryker to our customers,” says Xavier Berling, President, Europe.

AMSTERDAM, THE NETHERLANDS

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PROVIDING REGULATORY TRAINING IN CHINA

In 2014 Jiangsu Food and Drug Administration (JSFDA) and Trauson agreed to jointly develop the JSFDA Education Training Center, a site providing regulatory and quality assurance training to JSFDA officials in Jiangsu Province. The first training session took place in December for 21 regulatory officials. Yingnian Wu, the team leader of the Jiangsu Provincial Discipline Inspection Commission, called Trauson a pioneering enterprise in the Chinese orthopaedic industry with its high standard of quality control and said Trauson has laid a solid foundation for the future success of the training center. Trauson signed a five­year agreement with JSFDA, reinforcing its commitment to assist JSFDA in promoting the sound development of the medical device industry in Jiangsu Province.

TAKING RESPONSIBILITYOur business is built on making long­term contributions, in a responsible way, to our customers and their patients, to our employees, to our communities and to our shareholders.

SUSTAINABILITY STATS

Stryker helped hospitals divert over

10.5Mpounds of medical waste from landfills in 2014. That’s an increase of 1.6 million pounds over 2013.

Sustainability Solutions helped customers save a record-setting

$258Min supply expenses.

During the past 20 years Stryker’s customers have collectively eliminated an estimated 35 million pounds of waste and reduced more than

$1Bin supply costs.

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STRYKER MOBILITY ZONE PROMOTES JOINT HEALTH EDUCATION

Stryker Orthopaedics’ business and the PGA TOUR formed a relationship in 2014 that designated Stryker’s products as the “Official Joint Replacement Products of the PGA TOUR and Champions Tour.” The agreement advanced Stryker’s commitment to educating golf fans about joint health by enhancing the fan experience at tournaments with its premier on­site joint health destination, the Stryker Mobility Zone. At this exhibit, orthopaedic surgeons educate attendees about hip and knee treatment options and about how Stryker’s products may help them regain their mobility and return to their everyday activities.

The Stryker Mobility Zone appeared at key PGA TOUR and Champions Tour events across the U.S. “We enjoyed a great response from golf fans across the country who were really interested in learning more about their joint pain and treatment options. We’re excited to continue the momentum and bring the Stryker Mobility Zone to PGA TOUR and Champions Tour events in 2015,” said Bill Huffnagle, President of Stryker’s Reconstructive Division.

11The Stryker Mobility Zone made its debut in 2014 with 11 stops on the PGA TOUR and Champions Tour.

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RONDA E. STRYKER ‡ Vice Chair and Director, Greenleaf Trust; Vice Chair, Spelman College; Trustee, Kalamazoo College; Member, Harvard Medical School Board of Fellows; granddaughter of the founder of the Company and daughter of a former president of the Company

HOWARD E. COX, JR.** Partner, Greylock; Director Secretary, Defense Business Board; Member, Harvard Medical School Board of Fellows; Member, investment committees of the Dana Farber Cancer Institute, Partners Healthcare System, Inc. and the Boston Museum of Fine Arts

ALLAN C. GOLSTON** President, United States Program for the Bill & Melinda Gates Foundation

KEVIN A. LOBO Chairman and Chief Executive Officer, Stryker Corporation; Director, Parker Hannifin Corporation

WILLIAM U. PARFET*† ‡ Chairman and Chief Executive Officer, MPI Research, Inc.; Director, Monsanto Company; Director, Taubman Centers, Inc.

ROCH DOLIVEUX, D.V.M.† ‡ Former Chief Executive Officer and Chairman of the Executive Committee, UCB S.A.

ANDREW K. SILVERNAIL** Chairman, President and Chief Executive Officer, IDEX Corporation; Trustee, Manufacturers Alliance for Productivity and Innovation

BOARD OF DIRECTORS

* Lead Independent Director ** Audit Committee † Compensation Committee ‡ Governance and Nominating Committee

LOUISE L. FRANCESCONI † ‡ Former President, Raytheon Missile Systems; Former Vice President, Raytheon Company; Chair, Tucson Medical Center Healthcare Board of Trustees; Director, UNS Energy Corporation

SRIKANT M. DATAR, PH.D.** Arthur Lowes Dickinson Professor at the Graduate School of Business Administration, Harvard University; Director, Novartis AG; Director, ICF International, Inc.; Director, T­Mobile US, Inc.

From left to right

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CURTIS E. HALL, ESQ.

The Board of Directors and Management of Stryker acknowledge Curtis Hall as he stepped down as Vice President and Chief Legal Officer, following a remarkable 20­year career with the Company. Mr. Hall was the first attorney and General Counsel hired by Stryker in 1994 and helped guide the Company through an extraordinary period of growth. When he joined Stryker, sales were $682 million and have since grown to $9.7 billion. During his tenure, Mr. Hall’s judgment was relied upon time and time again to navigate complex legal matters and provide our leadership with strategic advice and counsel. The acquisition of Howmedica in 1998 was

a defining moment, as the Company doubled in size and there were only two attorneys on staff at the time, including Mr. Hall. Over the next 15 years he built an excellent Legal & Compliance organization that is valued by our divisions as a true business partner. He also developed a successor for his role and has helped ensure a seamless transition. Mr. Hall is a role model of Integrity (one of our core values) and has consistently demonstrated the courage to make difficult decisions. We are fortunate that Mr. Hall has chosen to stay involved with Stryker on a part­time basis to continue assisting us with legal and compliance matters.

WITH APPRECIATION

OTHER CORPORATE OFFICERS

Businesses

WAYNE D. DAHLBERG Performance Solutions

JAMES N. HEATH Instruments

WILLIAM J. HUFFNAGLE Reconstructive

VIVIAN MASSON Trauma & Extremities

MARK H. PAUL Neurovascular

J. ANDREW PIERCE Endoscopy

BRADFORD L. SAAR Medical

SPENCER S. STILES Spine

BRIAN J. WHITE Sustainability Solutions

Regions

MAURICE BEN-MAYOR South Pacific

XAVIER BERLING Europe

LAURENCE F.I. HIPKIN Eastern Europe, Middle East, Africa

GRAHAM A. MCLEAN Japan

DAVID A. MURPHY Americas

M. BRENT SCOTT Asia

DIVISION PRESIDENTS

CHAIRMAN EMERITUS

JOHN W. BROWN Chairman Emeritus and former Chairman, President and Chief Executive Officer

DEAN H. BERGY VP, Corporate Secretary

WILLIAM E. BERRY, JR. VP, Corporate Controller

JEANNE M. BLONDIA VP, Finance and Treasurer

IRENE B. CORBE VP, Internal Audit

DAVID G. FURGASON VP, Tax

ELIZABETH A. STAUB VP, Regulatory Affairs and Quality Assurance

BRONWEN R. TAYLOR VP, Compliance and Risk Management

The Stryker Leadership Team, who are also Corporate Officers,

are pictured on page 7.

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GLOBAL RECOGNITION

FORTUNE WORLD’S MOST ADMIRED COMPANIES IN MEDICAL EQUIPMENT#6 in 2015; recipient for the fourteenth consecutive year

TOP EMPLOYERS SCHWEIZ SUISSE2014 certification; recipient for the first time

FORTUNE 100 BEST COMPANIES TO WORK FOR (U.S.)#19 in 2015; recipient for the fifth consecutive year — moved up 23 places from 2014

2014 PRIX GALIEN AWARD FOR BEST MEDICAL TECHNOLOGYFor the Trevo ProVue Retriever

FORTUNE 500 LARGEST U.S.-BASED COMPANIES#306 in 2014; joined the list in 2003

GALLUP’S GREAT WORKPLACE AWARDRecipient for the seventh time in 2014

GREAT PLACE TO WORK INSTITUTE — Australia, Canada & Mexico#25 for Australia in 2014 #30 for Canada in 2014 #69 for Mexico in 2014

THE SUNDAY TIMES 100 BEST COMPANIES TO WORK FOR#31 in 2015; Stryker UK recipient for the ninth consecutive year

WOMAN ENGINEER MAGAZINE’S TOP 50 EMPLOYERS#26 in 2014

“This is an amazing place to work! Our culture is a result of our employees’

dedication and passion.”Kevin A. Lobo, Chairman and CEO

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David Newman, Stryker Sales Representative, and Stephen Lewis, MD, MSc, FRCSC

“I have my surgeon, Dr. Lewis; Toronto Hospital for Sick Children; and Stryker’s products, technology and physician technical support team to thank.”

Galina Gheihman

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMErnst & Young LLP Grand Rapids, Michigan

TRANSFER AGENT AND REGISTRARAmerican Stock Transfer & Trust Company, LLC New York, New York

Shareholders needing information regarding their certificates or dividends should contact:

American Stock Transfer & Trust Company, LLC Operations Center 6201 15th Avenue New York, NY 11219 800 937 5449 info@amstock.com

INVESTOR CONTACTKatherine A. Owen Vice President, Strategy and Investor Relations

MEDIA CONTACTYin C. Becker Vice President, Communications, Public Affairs and Strategic Marketing

BUSINESS DEVELOPMENT CONTACTBryant S. Zanko Vice President, Business Development

ANNUAL MEETINGThe Annual Meeting of Shareholders of Stryker Corporation will be held at the Radisson Plaza Hotel at the Kalamazoo Center in Kalamazoo, Michigan, on Wednesday, April 29, 2015, at 2:00 p.m. ET.

STOCK LISTINGThe Company’s common stock is traded on the New York Stock Exchange under the symbol SYK.

FORM 10-KThe Company files a Form 10-K with the Securities and Exchange Commission. Shareholders wanting a copy of the 2014 report may obtain it free of charge at: www.stryker.com or request a copy by writing to: Investor Relations Stryker Corporation 2825 Airview Boulevard Kalamazoo, MI 49002

TRADEMARKSThe following trademarks or service marks of Stryker Corporation, its divisions or other corporate affiliated entities appear in this annual review: AGB, Berchtold, CoAlign Innovations, Concentric, Gaymar, MAKO, MAKO Surgical Corp., Memometal, Neptune, Orthovita, OtisKnee, OtisMed, Porex, Power-LOAD, Power-PRO, Rejuvenate, Safety-Sponge, Small Bone Innovations, Sonopet, STAR, Stryker, Stryker Flex Financial, SurgiCount, Surpass, Trevo ProVue, Trauson, Triathlon, Xia. All other trademarks or service marks are trademarks or service marks of their respective owners or holders.

The products referenced within this Annual Review may not all be approved or cleared for sale, distribution or use in the U.S.

DIVERSITY AND INCLUSIONStryker 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.

ADDITIONAL INFORMATION

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2014 annual review

Stryker Corporation 2825 Airview Boulevard

Kalamazoo, Michigan 49002 269 385 2600 | stryker.comSYK CORP 2015-02-002

To experience the online, interactive Annual Review, which features a video message from the Chairman

and CEO, please visit www.stryker.com/2014.