2007 Financial Results

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Review from our Chairman and Chief Executive

Outlook

The revenue outlook for 2008 for both the individual businesses and for the business as a whole continues to be positive. Underlying demographic trends are creating strong demand and our innovative products and customer focused approach to the market enables the Company to meet this demand.

In addition the EIP is progressing well and Smith & Nephew continues to expect to achieve, on average, at least a 1% improvement in trading margin per annum, before the impact of acquisitions and any change in pricing environment, between the start of the programme and the end of 2010.

There are several factors driving the Company's confidence in continued growth, including the growth in demand for current products, continued emphasis on new products, acquisition gains and the momentum from the EIP.

Smith & Nephew faces 2008 and beyond with confidence.

The maintenance and integrity of the Smith & Nephew plc web site is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the Annual report and Summary Financial Statement since they were initially presented on the web site.