Investor PresentationJanuary – March 2021

Forward looking statements and non-IFRS measures

This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growthand trading profit margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate","well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements.Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materiallyfrom what is expressed or implied by the statements. For Smith+Nephew, these factors include: risks related to the impact of COVID-19, such as the depthand longevity of its impact, government actions and other restrictive measures taken in response, material delays and cancellations of elective procedures,reduced procedure capacity at medical facilities, restricted access for sales representatives to medical facilities, or our ability to execute business continuityplans as a result of COVID-19; economic and financial conditions in the markets we serve, especially those affecting health care providers, payers andcustomers (including, without limitation, as a result of COVID-19); price levels for established and innovative medical devices; developments in medicaltechnology; regulatory approvals, reimbursement decisions or other government actions; product defects or recalls or other problems with qualitymanagement systems or failure to comply with related regulations; litigation relating to patent or other claims; legal compliance risks and relatedinvestigative, remedial or enforcement actions; disruption to our supply chain or operations or those of our suppliers (including, without limitation, as aresult of COVID-19); competition for qualified personnel; strategic actions, including acquisitions and dispositions, our success in performing due diligence,valuing and integrating acquired businesses; disruption that may result from transactions or other changes we make in our business plans or organisation toadapt to market developments; relationships with healthcare professionals; reliance on information technology and cybersecurity; and numerous othermatters that affect us or our markets, including those of a political, economic, business, competitive or reputational nature. Please refer to the documentsthat Smith+Nephew has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, includingSmith+Nephew's most recent annual report on Form 20-F, for a discussion of certain of these factors. Any forward-looking statement is based on informationavailable to Smith+Nephew as of the date of the statement. All written or oral forward-looking statements attributable to Smith+Nephew are qualified bythis caution. Smith+Nephew does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances orin Smith+Nephew's expectations. The terms ‘Group’ and ‘Smith+Nephew’ are used for convenience to refer to Smith & Nephew plc and its consolidatedsubsidiaries, unless the context requires otherwise.

Certain items included in ‘trading results’, such as trading profit, trading profit margin, tax rate on trading results, trading cash flow, trading profit to cashconversion ratio, EPSA, leverage ratio, and underlying growth are non-IFRS financial measures. The non-IFRS financial measures in this announcement areexplained and reconciled to the most directly comparable financial measure prepared in accordance with IFRS in our Fourth Quarter and Full Year 2020Results announcement dated 18 February 2021. 2

3

1856Thomas James Smith

opened a chemist shop in Hull,UK and develops a new method

for refining cod liver oil

1986Key acquisitions of Richards Medical Company in Memphis, specialists in orthopaedic products

and DYONICS, an arthroscopy specialists based in Andover

1995Acquired

Acufex Microsurgical Inc, making us a market leader in arthroscopic surgicaldevices

1999We were listed on the New York Stock

Exchange and in 2001 became a constituent member of the UK FTSE-100 index

2001OXINIUM◊, a new material that

improves performance and increases the service life of total joint

replacement systems, firstintroduced

2011PICO◊, the first pocket-sized, single-use

system, revolutionizes the negative pressure wound therapymarket

2013JOURNEY◊II BCS sets a new standard inknee

implant performance,designedto empower patients to return

to an activelifestyle

We exist to restore people’sbodies and their self-belief by using technologies to take the limits off living.

We call this purpose “LifeUnlimited”

2014Acquired ArthrocareCorp.

to expand our sports medicine portfolio

2020We are proud of what we do

and value our 17,500 employeeswho make thispossible

1953We developed a special low-temperatureplaster for the Everest climbers on the 1953 expedition.

It enabled them to send back their camera films, sealed and airtight!. This same research led to the development

of importantindustrial products

1937We were listed on the

London stock exchange 1928We produced an

experimental bandage ElastoplastTM

1896Horatio Nelson Smith

entered into apartnership with his uncleformingTJ Smith & Nephew

1914Days after the outbreak of WW1, we received an order to provide

surgical and field dressing supplies to French

army within 5months

During WW1, staff grew from 50 to 1,200

From50To1200

Over 100

17,500+

◊Trademark of Smith & Nephew, ©2020 Smith & Nephew

1856Smith+Nephew

established

Todayand growing

Our history

2019Expanding in technologies of the future, investing inOrthopaedics,

Biologics and Digital Surgery.

4

100Smith+Nephew is a portfolio medical technology business that has been trading for over 160 years, and operates in more than 100 countries

A constituent of the UK’s FTSE 100, with ADRstraded on the New York Stock Exchange

FTSE 100

Annual sales in 2020 were $4.6 billion

$4.6bn

S+N has a progressive dividend policy, and has paid a dividend every year since 1937

Shares

We have around 18,000 employees globally

~18,000

A portfolio medical technology business

5

Other Recon

Advanced Wound Care

Advanced WoundBioactives

Arthroscopic Enabling Technologies

Sports MedicineJoint Repair Trauma

Hips

Knees

Advanced Wound Devices

ALLEVYN◊ LIFEAdvanced Foam Wound Dressings

Collagenase SANTYL◊ Ointment Enzymatic debrider

CORI◊Surgical System

COBLATION◊Wand

REGENETEN◊Bioinductive Implant

PICO◊

Negative Pressure Wound Therapy

JOURNEY◊ II BCSBi-Cruciate

StabilisedKnee System

$4.6bnRevenues

(2020)OR3O◊

Dual Mobility

EVOS◊ SMALLPlating System

ENT

Leading positions in attractive markets

Zimmer Biomet33%

Stryker22%

DePuy Synthes

19%

Smith+Nephew

11%

Others15%

Arthrex33%

Smith+Nephew

26%

DePuy Mitek13%

Stryker11%

Others17%

3M19%

Smith+Nephew

14%

Molnlycke9%

Convatec7%

Others51%

Data used in 2020 estimates generated by Smith+Nephew is based on publicly available sources and internal analysis and represents an indication of market shares1 A division of Johnson & Johnson.

$12.6bn market+2% 2017-19 average growth

-15% 2020 growth

$4.6bn market+5% 2017-19 average growth

-12% 2020 growth

$9.1bn market+5% 2017-19 average growth

-3% 2020 growth

#4 position #2 position #2 position

Hip & Knee Implants Sports Medicine Advanced Wound Management

6

1

1

Our performance

7* Underlying growth percentage after adjusting for the effect of currency translation, acquisitions and disposals.** 2020 net debt includes lease liabilities.

$4,560m -12.1%*

64.6¢

Revenue

Adjusted earnings per share (EPSA)

Trading cash conversion

Net debt

$683m 15.0% margin

37.5¢

Trading profit

Dividend per share

4669 4765 49045138

4560

2016 2017 2018 2019 2020

1020 1048 1123 1169

683

2016 2017 2018 2019 2020

82.694.5 100.9 102.2

64.6

2016 2017 2018 2019 2020

30.835.0 36.0 37.5 37.5

2016 2017 2018 2019 2020

15501281

1104

16001926

2016 2017 2018 2019 2020

75%90% 85% 83%

101%

2016 2017 2018 2019 2020

101%

$1,926m**

Priorities for 2021

Footer 8

Priorities for 2021 – Strategy and COVID

9

Return to top-line growth and recapture momentum

Drive further operational improvement

Continue to respond effectively to COVID

1

2

3

Return to top-line growth and recapture momentum

Clear strategy for growth• New commercial model • New commercial leadership • Portfolio enhanced through

M&A

Investment in innovation• Step up in R&D investment

New Leadership Team

Maximising portfolio potential• Driving higher return from portfolio and growing recent launches• Continuing to drive commercial excellence across franchises

Delivering value of the acquired assets• Driving synergistic growth in Trauma & Extremities, Joint Repair, ENT and

Bioactives• Adding further value-creating opportunities focused on high growth

segments

Launching expanded pipeline of innovation• High cadence of product launches across the franchises• Further increase in R&D investment

What we have achieved Driving sustainable revenue growth

10

Delivering pipeline of innovationKey late stage projects

11

Orthopaedics

Sports Medicine & ENT

Advanced Wound Management

Recently launched growth drivers Key 2021 projects*

OR3O Dual mobility Porous Knee systemHip & Knee implants HARMONY Modular Trays New Hip & Knee instruments Streamlined instrument set for THA and TKA

CORI TKARI.HIP Navigation on CORI

Tissue balancing for robotic-assisted TKA

Robotics & digital surgery

CORI TensionerHip 7 Navigation on Kick

EVOS Large Frag/Periprosthetic Broadening EVOS trauma plate portfolioTrauma & Extremities Digital Taylor Spatial Frame

Hip Capsular Blades/Hip Pack

HEALICOIL Knotless PEEK

INTELLIO Connected Tower

FASTFIX FLEX

DOUBLEFLO

Next generation meniscal repair

Arthroscopic tower fluid management

Sports Medicine Joint Repair

Arthroscopic Enabling Technologies

ENT

REGENETEN Expansion Product and region expansion

TULA

HALO WEREWOLF ENT Wand

PICO PROTECT

Lyopreserved biotissue

Next generation single-use NPWT

Advanced Wound Bioactives

Advanced Wound Devices

GRAFIX, PL XC & PL CORE

STRAVIX, PL & MESHED

Lyopreserved biotissue

LEAF 2.0PICO Region and Indication Expansion

Clinical Decision Support

Blue indicates products from recent acquisitions

Next generation Patient monitoring system

ARIA Home PT Remote physical therapy module

Porous offering for Knee portfolio

Navigation assisted Hip procedures

Increased efficiency in External fixation

*All innovation launches coming after completing relevant regulatory review, clearance and approval processes

Advanced Wound Care

Demonstrated launch excellenceGrowth inflections from new products in recent years

12

3.9%

-5.4%

-28.9%

9.8%4.4%

Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020

OR3O launch Q4 2019 6%

8%

14.0%

Q1 2017 Q3 2017 Q1 2018 Q3 2018 Q1 2019 Q3 2019

-2%

-4%

-1.1%-2.1%

0.8%

5.1%

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

FLOW 90 launch Q2 2019

LENS 4K launch Q3 2019

REGENETEN acquired end 2017

US Hips growth vs peers Sports Medicine Joint Repair quarterly growth

AET quarterly growth

PICO 7 sNPWT

PICO annual sales

2011 2013 2015 2017 2019

REGENETENBioinductive Implant

OR3O Dual Mobility

LENS 4KSurgical Imaging System

FLOW 90 Wand

Drive further operational improvementOperations transformation and process efficiencies

13

• Five year operations efficiency plan, with work started in late 2019• Targeting c.$200m of annualised cost savings• Restructuring costs of c.$350m in total, by end of 2023

Process efficiencies• Simplify end-to-end processes• Improve commercial execution and product launches• Invest in IT and Digital solutions

Operations transformation• Continuing manufacturing network optimisation• Outsourcing of warehousing and distribution• Process transformation, with Lean deployment and greater automation

Continue to respond effectively to COVID

14

• Flexible and updated working environments

• COVID secure sites with deployment of social distancing technology

• Control discretionary costs while COVID outbreak continues

• Support customers in person and remotely

• Transform medical education, with new online platform in 2021

Customers Employees Cost control

15

• COVID-19 impact expected to continue into H1 2021, timing of recovery unclear

• We expect substantial underlying revenue growth compared to 2020, with faster recovery in Established Markets

− Hips to continue to outperform Knees− Sports Medicine & ENT to rebound strongly− AWM growth trajectory to improve

• Trading margin elements compared to 2019:

− Ongoing COVID-19 impact on gross margin − Dilution from investment in R&D (c.100bps), M&A (c.150bps)− FX headwind (c.100bps)

• Tax rate on trading results in the range of 18-19%

2021 outlook

Sustainability targets

16

People Planet Products

Creating a lasting positive impact on our communities

Between 2020 and 2030, contribute 1 million volunteer hours to the communities in which we live and work.Empower and promote the inclusion of all.

A medical technology business with a positive impact

Achieve an 80% absolute reduction in total life cycle greenhouse gas emissions by 2050, beginning by implementing 100% renewable electricity (e.g. solar or wind) plans at our facilities in Memphis (US) and Malaysia by 2022, and at all of our strategic manufacturing facilities by 2025.Achieve zero waste to landfill at our facilities in Memphis (US) and Malaysia by 2025 and at all of our strategic manufacturing facilities by 2030.

Innovating sustainably

By 2022, include sustainability review in New Product Development phase reviews for all new products and product acquisitions.By 2025, incorporate at least 30% post-consumer recycled content into all packaging materials.By 2025, complete supply chain assessment of all suppliers and subsequent tier levels to assure compliance with our sustainability requirements.

To check our progress, please view the Annual Sustainability Report on

Smith+Nephew’s website.

www.smith-nephew.com/sustainability

Financials

17

Q4 revenue: $1,326m, -7.1% underlying, -5.8% reported

18

Product franchise growth

Global

US

Other Established Markets

Emerging Markets

Revenue split

Geographical growth

US$689m

Other Established Markets

$425m

Emerging Markets$212m

-14.9%

-6.2%

-4.9%

-7.1%

+0.2%

-9.9%

-2.1%

-4.4%

-33.1%

-5.0%

-0.3%

-5.2%

-1.3%

-45.6%

-0.5%

-16.2%

-10.2%

Arthroscopic Enabling Technologies

Orthopaedics

Hips

Knees

Advanced Wound Management

AWC

AWB

AWD

ENT

Sports Medicine, ENT

TraumaOther Recon

Sports Medicine Joint Repair

FY revenue: $4,560m, -12.1% underlying, -11.2% reported

19

Product franchise growth

Global

US

Other Established Markets

Emerging Markets

Revenue split

Geographical growth

US$2,339m

Other Established Markets

$1,450m

Emerging Markets$771m

-16.8%

-12.3%

-10.1%

-12.1%

-4.8%

-10.5%

-7.5%

-8.1%

-29.7%

-12.4%

-10.2%

-13.0%

-5.1%

-26.1%

-7.4%

-21.0%

-14.0%

Arthroscopic Enabling Technologies

Orthopaedics

Hips

Knees

Advanced Wound Management

AWC

AWB

AWD

ENT

Sports Medicine, ENT

TraumaOther Recon

Sports Medicine Joint Repair

2020 quarterly underlying sales development by region

20

US Other established markets Emerging markets

• Limited restrictions on elective surgery reintroduced in some states

• Patient cancellations due to positive COVID tests and staff shortages also affected surgery volumes

• Overall performance stable from Q3, with mixed trends by market

• UK and Japan strengthened; France and Italy slowed

• New restrictions in some markets into 2021

• Continued strong end-user demand in China

• Latin America and India remain under significant restrictions, some improvement in South Africa

Full year revenue by franchise

21

2020$m

2019$m

Reported growth

Underlying growth

Group 4,560 5,138 (11.2%) (12.1%)

Orthopaedics 1,917 2,222 (13.7%) (14.0%)

Sports Medicine & ENT 1,333 1,536 (13.2%) (13.0%)

Advanced Wound Management 1,310 1,380 (5.1%) (8.1%)

22

2020$m

2019$m

Reportedgrowth

Underlying growth

Revenue 4,560 5,138 (11.2%) (12.1%)

Cost of goods sold (1,375) (1,326)

Gross profit 3,185 3,812 (16.4%)

Gross profit margin 69.9% 74.2%

Selling, general and admin (2,223) (2,375)

Research and development (279) (268)

Trading profit 683 1,169 (41.6%)

Trading profit margin 15.0% 22.8%

IFRS operating profit 295 815 (63.8%)

IFRS operating profit margin 6.5% 15.9%

Adjusted earnings per share ("EPSA") 64.6¢ 102.2¢ (36.8%)

Earnings per share ("EPS") 51.3¢ 68.6¢ (25.2%)

Dividend per share 37.5¢ 37.5¢ -

Full year trading income statement

Trading profit margin

23

2020$m

2019$m

Trading profit 683 1,169

Share based payment 26 32

Depreciation and amortisation 397 368

Lease liability repayments (55) (46)

Capital expenditure (443) (408)

Movements in working capital and other 82 (145)

Trading cash flow 690 970

Trading cash conversion 101% 83%

Restructuring, acquisition, legal and other (216) (54)

Net interest paid (59) (52)

Taxation refunded/(paid) 22 (150)

Free cash flow 437 714

Full year free cash flow

24

Net debt and capital allocation

25*Net debt includes lease liabilities

Appendices

26

Technical guidance

27

February 2021

Foreign exchange and acquisitions

Translational FX impact on revenue growth(1) 2.8%

Acquisition impact on revenue growth 1.7%

Non-trading items

Restructuring costs $140-150m

Acquisition and integration costs $35-45m

European Medical Device Regulation (MDR) compliance costs c. $60m

Other

Amortisation of acquisition intangibles $170-180m

Income from associates c. $5m

Net interest(2) $75-80m

Other finance costs c. $15m

Tax rate on trading result 18-19%

(1) Based on the foreign exchange rates prevailing on 5th February 2021(2) Includes interest associated with IFRS 16 Leases

Franchise revenue analysis

2019 2020

Q1Growth

%

Q2Growth

%

Q3Growth

%

Q4Growth

%

Full Year

Growth %

Q1Growth

%

Q2Growth

%

Q3Growth

%

Q4Growth

%

Full YearRevenue

$m

Full Year

Growth %

Orthopaedics 3.9 3.6 3.4 5.1 4.0 (8.3) (34.0) (2.8) (10.2) 1,917 (14.0)

Knee Implants 4.1 4.3 4.6 4.7 4.4 (10.6) (46.9) (9.5) (16.2) 822 (21.0)

Hip Implants 2.4 2.9 2.6 0.7 2.1 (8.6) (26.9) 7.1 (0.5) 567 (7.4)

Other Reconstruction 6.9 3.5 1.5 31.6 12.6 19.4 (51.5) (3.1) (45.6) 68 (26.1)

Trauma 4.8 2.8 2.2 7.0 4.3 (7.1) (11.1) (1.4) (1.3) 460 (5.1)

Sports Medicine & ENT 5.3 5.6 6.9 10.1 7.0 (9.5) (33.3) (4.5) (5.2) 1,333 (13.0)

Sports Medicine Joint Repair 11.0 11.9 12.2 14.0 12.3 (7.1) (32.0) (2.7) (0.3) 710 (10.2)Arthroscopic Enabling Technologies (1.1) (2.1) 0.8 5.1 0.8 (11.2) (32.1) (1.6) (5.0) 517 (12.4)

ENT 4.2 6.3 5.3 10.7 6.7 (15.2) (44.0) (24.8) (33.1) 106 (29.7)

Advanced Wound Management 4.1 1.2 2.1 1.9 2.2 (4.0) (17.6) (6.1) (4.4) 1,310 (8.1)

Advanced Wound Care 2.4 (1.3) (2.3) 0.4 (0.2) (6.7) (14.6) (6.9) (2.1) 647 (7.5)

Advanced Wound Bioactives (0.7) (1.9) 2.8 (1.9) (0.4) (8.6) (18.7) (4.5) (9.9) 431 (10.5)

Advanced Wound Devices 16.6 16.3 15.4 15.4 15.9 13.0 (23.7) (6.9) 0.2 232 (4.8)

Total 4.4 3.5 4.0 5.6 4.4 (7.6) (29.3) (4.2) (7.1) 4,560 (12.1)

28All revenue growth rates are on an underlying basis and without adjustment for number of selling days.The 2019 growth rates for the Advanced Wound Care, Advanced Wound Bioactives and Advanced Wound Devices franchises have been re-presented in order to present consistent analysis to the 2020 results.There has been no change in growth for the Advanced Wound Management franchise or the total Group in any period for 2019.

Regional revenue analysis

29

2019 2020

Q1Growth

%

Q2Growth

%

Q3Growth

%

Q4Growth

%

Full YearGrowth

%

Q1Growth

%

Q2Growth

%

Q3Growth

%

Q4Growth

%

Full YearRevenue

$m

Full YearGrowth

%

US 4.0 2.3 2.7 4.2 3.3 (4.7) (31.8) 0.9 (4.9) 2,339 (10.1)

Other Established Markets(1) (0.1) (1.3) (0.3) 2.4 0.2 (6.3) (30.8) (6.2) (6.2) 1,450 (12.3)

Established Markets 2.2 0.9 1.5 3.5 2.1 (5.4) (31.4) (1.8) (5.4) 3,789 (11.0)

Emerging Markets 15.3 16.2 16.0 16.6 16.1 (17.9) (20.2) (14.5) (14.9) 771 (16.8)

Total 4.4 3.5 4.0 5.6 4.4 (7.6) (29.3) (4.2) (7.1) 4,560 (12.1)

(1) Other Established Markets’ are Australia, Canada, Europe, Japan and New Zealand. All revenue growth rates are on an underlying basis and without adjustment for number of selling days

Trading days per quarter

30

Q1 Q2 Q3 Q4 Full year

2019 63 63 63 62 251

2020 62 63 63 64 252

2021 64 64 63 60 251

2022 63 64 63 60 250