Transaction in Own Shares

21 February 2020

Commencement of Quarterly Buy Back Programme

Smith & Nephew plc (the "Company") will now commence its Quarterly Buy Back Programme of 649,529 of its ordinary shares of US 20¢ each (the "Buy Back Programme") and has entered into an agreement with Merrill Lynch International ('MLI') under which it has issued an irrevocable instruction to MLI to manage the Buy Back Programme.

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

These shares were used in connection with employee share schemes in Quarter 4 2019.

The purpose of this Buy Back Programme is to reduce the share capital of the Company, in order to keep it broadly constant. The maximum pecuniary amount allocated to the Buy Back Programme is £14,000,000 and the maximum number of shares that will be purchased under the Buy Back Programme is 649,529. The Buy Back Programme will commence on 24 February 2020 and will end no later than 27 February 2020.

This announcement is made in accordance with Chapter 12 of the UKLA Listing Rules and Market Abuse Regulation 596/2014.

Vickie Reuben

Deputy Company Secretary

Smith & Nephew plc

Tel: 01923 477410