2008 Summary Financial Review

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2008 Summary Financial Review

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Summary Financial Statement

The Companies Act 2006 (the ‘Act’) permits companies to make their Annual Report available on the internet as the default option, as opposed to mailing printed copies of the document to shareholders. At the Annual General Meeting in 2007 Smith & Nephew plc’s shareholders passed a resolution that enables the Company to take advantage of this option. As a result of the AGM resolution, the impact on the environment of distributing the Annual Report will be significantly reduced.

The Act also allows companies to provide a Summary Financial Statement as an alternative to the full Annual Report. In order to provide the majority of users with the accounts in a simpler, shorter format, the Group is now producing an internet-only version of the Summary Financial Statement which can be seen on the following pages.

The content included in the 2008 Summary Financial Review is based on the preliminary announcement.

This Summary Financial Statement is a summary of information in the Group’s full annual accounts and was approved by the Board on 17 March 2009 and signed on its behalf by John Buchanan, David Illingworth and Adrian Hennah. It does not contain sufficient information to allow a full understanding of the results of the Group and state of affairs of the Company or of the Group. A review of the business is included in the directors’ report. The report of the auditors on the full accounts for the year ended 31 December 2008 was unqualified and did not contain a statement made under either Section 237(2) of the Companies Act 1985 (accounting records or returns inadequate or accounts not agreeing with records or returns) or Section 237(3) (failure to obtain necessary information and explanations).

For further information the full accounts and the auditors’ report on those accounts should be consulted. Shareholders have the right to demand, free of charge, a copy of Group’s full Annual Report, which may be downloaded from this website (www.smith-nephew.com/annualreport) or obtained from the Company’s registrars.

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.