Transaction in Own Shares

13 February 2019

Smith & Nephew plc

Transaction in Own Shares

Smith & Nephew plc (the "Company") announces today it has purchased the following number of its ordinary shares of US 20¢ each through J.P. Morgan Securities plc, in accordance with the authority granted by shareholders at the Company's Annual General Meeting on 12 April 2018. These shares were issued in connection with employee share schemes in Quarter 4 2018 and have been purchased as part of a programme to reduce the Company's share capital, in order to keep it broadly constant, as announced on 8 February 2019. Details of the relevant purchase transactions are set out below:

The Company intends to hold these shares in Treasury and then cancel them.

Since 8 February 2019, the Company has purchased 648,000 shares at a cost (including dealing and associated costs) of £9,571,168.19.

Following the purchase of these shares, the Company holds 12,770,258 of its shares in Treasury. The Company's issued share capital, with one voting right per share consists of 875,229,190 ordinary shares of US20¢ each (excluding treasury shares). This is the figure which should be used by shareholders as the denominator when determining whether they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

These purchases were made by J.P Morgan Securities plc on behalf of the Company and a full breakdown of the individual trades is attached to this announcement.

http://www.rns-pdf.londonstockexchange.com/rns/9457P_1-2019-2-13.pdf

This announcement is made in accordance with the requirements of LR 12.4.6 and Market Abuse Regulation 596/2014.

Susan Swabey

Company Secretary

Smith & Nephew plc

Tel: 01923 477216