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Dealing in Securities

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Smith & Nephew's Code of Dealing in Securities imposes restrictions upon directors and employees of the Group that comply with those laid down by both the Listing Rules of the Financial Services Authority and the Financial Services and Markets Act. Its purpose is to ensure that directors, employees and persons connected with them do not place themselves under suspicion of abusing price sensitive information that they may have or be thought to have, especially in periods leading up to the announcement of results.
 

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