Commentary & Deal Flow

Final Books > €3.4bn. Peak book in excess of €3.55bn (pre-reconciliation)
Launched: 12yr: €500m @ MS+118bp - Books in excess of €3.55bn (pre-reconciliation)
Guidance: 12yr: MS+120a (+/-2bps) WPIR - Books in excess of €3.4bn (pre-reconciliation)
IPTs: 12yr: MS+155bp area

• Issuer: Smith & Nephew plc (Ticker: SNLN; Country: UK)
• Issuer LEI: 213800ZTMDN8S67S1H61
• Issuer Ratings: Baa2 (Positive) / BBB+ (Stable) / BBB+ (Stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: BBB+/BBB+ (S&P/Fitch)
• Format: Senior, Unsecured, Reg S, Bearer, TEFRA D
• Settlement: 03-Jun-26 (T+5)
• Size: €500m
• Maturity: 03-Jun-38
• Coupon: Fixed, Annual, Act/Act (ICMA)
• Denominations: €100,000 and integral multiples of €1,000
• Issuer Calls: 3 Month Par Call, Make Whole Call, Clean-Up Call (75%)
• Investor Put: Change of Control Put applicable (at Par)
• Documentation: Under the Issuer’s $5,000,000,000 Euro Medium Term Note Programme dated 17-Mar-26, as supplemented on 15-May-26
• Listing: London Stock Exchange’s Main Market
• Clearing / Settlement: Euroclear / Clearstream
• Governing Law: English Law
• Selling Restrictions: As set out in the Base Prospectus
• Use of Proceeds: General Corporate Purposes, including the repayment of existing indebtedness
• Joint Bookrunners: BNP Paribas (B&D), HSBC, Société Générale
• ISIN / Common Code: XS3384821834 / 338482183
• Reference Gilt: DBR 1 15-May-38 (HR: 108%)
• Hedge Deadline: 14.05 UKT / 15.05 CET
• Target Market / PRIIPs/CCI: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is MiFID II / UK MiFIR Professionals & Eligible Counterparties only (all distribution channels). No EU PRIIPs key information document (KID) or UK PRIIPs KID / CCI product summary has been prepared as not available to retail in EEA or the United Kingdom
• Stabilisation: Relevant stabilisation regulations including FCA / ICMA will apply
• Advertisement: The Base Prospectus is available and the Final Terms, when published, will be available on https://www.smith-nephew.com/en/who-we-are/investors
• Marketing: https://dealroadshow.com | Entry code: SPECTRE26 Direct Link: https://dealroadshow.com/e/SPECTRE26
• Sales into Canada: Yes, via exemption
• Timing: Books closed, allocation and pricing to follow