Transaction in Own Shares

17 May 2018

Smith & Nephew plc (the "Company")

Transaction in Own Shares

The Company today purchased 294,820 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 1 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 15 May 2018. Details of the relevant purchase transactions are set out below:

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

Following the purchase of these shares, the Company holds 14,741,876 of its shares in Treasury. The Company's issued share capital, with one voting right per share consists of 875,097,950 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/4946O_-2018-5-17.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