Well, good morning and welcome, everybody. Before Dave and Adrian take you through the full year results, I thought, in the light of the other announcement this morning that I should say a few words. You’ve seen the announcement of the succession, CEO succession at Smith & Nephew and the announcement of Dave’s retirement. The board is very sorry to see Dave go. Some evidence, I could go much beyond this. And that might come out with many questions you have. But this is what’s been happening under Dave’s tenure as CEO just to highlight one point, earnings per share 13% compound over the four years and we all recall this is probably the most difficult business environment and ever so been through. This is a stunning achievement and not at the expense of growth. What Dave leaves behind, platforms from growth as for the business level, and a wider geographical footprint. Dave’s nine years at Smith & Nephew have been characterized by a customer oriented approach, and of course, aimed at creating shareholder value. You can see from those numbers the compounding of value under his tenure has been excellent. But Dave has also evolved the culture of the company, deepening the innovative skills that are so essential, and you’ll have more of that later, but also to focus on efficiency. Efficiency, not as a program but as a deeply embedded process in order to fund future growth opportunities. So, we thank Dave very much and we’ll have lots of time for celebration and wish him well for the future. But looking to the future of Smith & Nephew, of course, we’re delighted to recruit an excellent successor from the healthcare segment, Oliver Bohuon, who has worked with GSK and more recently with Abbott in the States for a number of years, running their pharmaceutical business is an impressive health care professional. His leadership skills together with the team that Dave has created, the foundations for growth that have been established we’re very excited about. The underlying foundations of this industry and the segments were an of course, enormously powerful, as demographic trend now expanded to the emerging markets. That, without skills set the leadership team that’s been developed and the products coming through make us really excited. So, we look forward to introducing you to Olivia in due course. With those few remarks, let me pass it over to Dave and Adrian. Thank you.

Well thank you. I did have a little bit of a nightmare last night. I kind of woke up in the middle of night thinking that I had arrived here this morning, it was just me and the sound guy, no one else was here. So, I’m glad to – I’m glad to see that you all made it in. First of all, you know, we’ll, obviously make a couple of comments later on, but I do want to focus on the significant achievements of this company in the last quarter and the momentum that we have going in to 2011. I’ll go ahead and run through those and we’re going to go through the normal process and then I’m going to hand it over to Adrian to take you through the numbers and then I’ll come back and talk about our industry, our strategy and give you some details about how we’re planning on delivering on our strategy in 2011. So, starting out with the financial –with the highlights for 2010 and Q4, 2010 was a very, very good year for us. We gained momentum in the second half of the year as we had forecasted and expected and ended with a very strong finish having generated revenues just shy of US$4 billion and that represented 4% growth for the year. Our focus on our customers and on innovation paid off leading to our out performance of the market. Now, the fourth quarter was particularly strong for us, pretty much across the board with revenues of over $1 billion and 5% average daily sales growth. I’m going to talk a little bit about average daily sales throughout the presentation and it’s because we uniquely had a significant fewer number of sales days in the fourth quarter than we had…

Well, thank you Dave, and good morning ladies and gentlemen. You can turn firstly to slide 15 and the income statement. As you can see, revenue in the quarter was just over $1 billion. This represents flat underlying sales after adjusting for exchange rates on quarter four last year. There were of course four fewer sales days in quarter four this year. We estimate that average daily sales were about 5% higher than in the corresponding period. Trading profit in the quarter was $278 million, an underlying growth of 9%. The reported trading margin of 26% was 220 basis points higher than quarter four last year. For the full year, underlying sales grew at 4% and underlying trading profit grew at 11%. Full year trading margin was 24.5%. This benefited as you know from a $25 million accounting gain in respect to the purchase of BlueSky. Adjusting for this, the full year margin was 23.9%, a 120 basis points increase. Interest costs are down on last year reflecting both the lower debt and the lower interest rate. Turning to the next slide, slide 16, and moving further down the income statement, the tax charge for quarter four was 28.6%, giving a rate of 30.8% for the full year. The tax charge in quarter four last year was reduced to 25% and for the full year to 27.9 as a result of the favorable settlement of some tax disputes. Adjusted earnings per share in quarter four were 21.6 cents, an increase of 6% slightly lower than trading profit growth principally due to the lower tax charge last year. Adjusted earnings per share for the full year were 12% higher than in 2009. Turning to the next slide, slide 17, and analysis of revenue by business segment, you’ve heard from Dave on…

Okay. Thanks, Adrian. In the last few minutes before we go to Q&A, I’ll talk about our ongoing strategy and our plans for the year. In 2010, our strategy clearly drove market out-performance, improvement of our margins and helped us increase our generation of cash. At the same time, we made substantial investments as I talked about earlier including China and Negative Pressure Wound Therapy. We now have a strong base from which to move into the next phase of growth and our consistent strategy supports that. For example, last month in Fort Lauderdale we held our Annual Leadership Conference where we bring our top 100 leaders together to talk about strategic issues for our business and we worked for two days to challenge our approach to innovation in line with our strategy in 2011. I left that conference very excited about our people, the high level of energy in the business and our plans for 2011. I’d like to share with you just a few of the plans on the investment agenda for 2011. And I’ll start with Orthopedics, first, we are leveraging our strengths across the company, one of the examples is we’re linking our SUPARTZ marketing with the Rediscover Your Go campaign in reconstructive orthopedics giving us a broader and deeper presence in the market for knee repair. We formed a serious of cross functional tiger teams in the business to work on new product development. And we already have a new cross-linked polyethylene product in limited launch as a result of that effort. Our VISIONAIRE and VERILAST will continue to be the core of our efforts in the knee market as we look at options to extend some of the benefits of those technologies into our hip products as well. Our continued focus on margin includes…

That’s a great question. I think you have to understand what our strategy, again I’ll remind you, you have to understand what our strategy is in China; the first, it’s a multi-phase strategy. The first phase is getting our presence with a significant enough critical mass that we start learning the capabilities, that we get people on the ground, that we start understanding what the market forces are. Because it’s not good enough, and it’s sustainable to take products that are built in Boston and Memphis and Hall and ship them to India or China or any other market in the world and expect those products to be relevant. It just isn’t going to happen. So the first step of our strategy was to use manufacturing, use our desire to get lower cost of goods. We didn’t go to the lowest manufacturing cost site in the world, we went to a lower cost site in China. We have two factories now in China. The wound care business is producing tens of millions of products a year, and they are all being exported out of China. It’s not a market penetration strategy. Today it’s purely a way for us to lower our cost of goods. But with some factory in China comes, you then have to hire people to run that factory. Then all of a sudden you start hiring the engineers and then sustaining engineers. And then before you know you start making relationships with the local officials. And then you get involved with the folks who are setting policy for expansion of healthcare in these many cities around China. And the next phase that we are in right now is how do we start developing the right kind of localized products for sale into China. And then we’ll have…

I have two questions, one is for the Chairman, one is for Adrian. For the Chairman, can you talk a little bit about the selection process that you went through for the new CO, when did it start, are you looking more for a strategic or for an operational person. And also what importance does the background of this year have being in Pharma rather than medical devices. That would be the question for you. And then for Adrian, in terms of your margin outlook, when you say that some of the investment opportunities maybe offset by further efficiencies, should we be thinking about the margins in 2011 being sort of similar to 2010, or should we still expect some sort of margin improvement?

Well, Michael, let me start the process of selection over a period of months defining as you correctly point out the need. And of course, it’s an end and end approach the wish list, walking on water is an optional extra. But you don’t always get that. But we wanted the global plan of stature in healthcare industry, someone who’d achieved, not just a good salesman, someone of who demonstrated in various parts of the world. And like Dave Liviai (ph) has performed in Maryland, here in the States and significant achievements in the developing parts of the world. A healthcare professional, the leadership means rational skills as important as a secret knowledge, we believe. So the Pharma, who were probably leading us in terms of the environment we are finding ourselves in day-to-day increasing regulations et cetera, et cetera, I think will be good to Smith & Nephew. At the next level of course for Tine Davis for instance absolutely infused in medical devices technology. That’s right in the genes. So you want someone who can pull that leadership team together, someone who can operate at the strategic level, and also bring other things – marketing, operations and so on. So we were very fortunate, and not only really names of course, to have had an excellent short list. And Liviai (Ph) stood out even above the others. So, I hope that answers your question.

That was one ridiculous, the margins Michael. As you know we don’t give numerical guidance and you are not the one that with us – the reason Michael. The elements to the guidance, I shall repeat, we do see and that each element is important. We do see significant further improvements, potential for efficiency improvements is that they know end it well, we are very committed to getting those. We also see significant opportunities for investment, we are also very committed to taking them – we broadly think that’ll be equal. Therefore, we’ll be flat broadly.

Thank you.

Great. We’ll take two questions from the phone lines then.

Thank you, sir. Our first question is from Matt Miksic from Piper Jaffray. Please go ahead. Matt Miksic – Piper Jaffray: Hi, good morning. Thanks for taking my questions.

Okay. Matt Miksic – Piper Jaffray: One, follow up Dave on pricing. That seems like some of your peers in Orthopedics has charted out sequentially softening price environment in Q4, something that – it’s how that you are seeing something more stable, is just to be clear as (inaudible) 2% independent of mix like-for-like or why is it that you think that you might be saying it’s something that’s maybe better than some of your competitors?

Well, we can’t speak to the competitors, but just to clarify what we said, yes, we said in the Orthopedics space we’ve seen broadly comes from pricing pressure if you take it together on the world, around minus 2%, and we’ve seen this pretty much offset by mix. Matt Miksic – Piper Jaffray: So 2% or roughly a similar kind of number for mix?

Yes. Matt Miksic – Piper Jaffray: Okay. And then, a follow up on these very lines, wondering if you could talk about maybe what some of the impact of the direct consumer was in the fourth quarter, if you inspire that again, and then just in general, understanding there it’s a differentiate technology, face a little bit of a higher, it’s a little bit of a higher cost technology. How they could just be, I guess, in these available part of business could that be?

Good question. Let me try to take a shot at it. Let me first comment on the director to consumer because I can’t give you an absolutely definitive answer, because we don’t know what the answer is. We’re making some – we’re drawing some conclusions based upon the results that we’re seeing. Clearly we believe that their direct to consumer campaign is paying off for us in these. But I also remind you Michael, that we’ve been interrupting in direct to consumer for quite a while kind of off and on and we’ve been somewhat skeptical about how much impact that would actually have. I think the difference this time, at least the assumption we’re making and the conclusion that we’re drawing is that the difference this time is that, it’s not just direct to consumer advertising for the sake of getting our name out, but it really, truly is a product and a feature and a benefit to the customers that’s meaningful. I mean, this FDA wear claim of 30 years is creating a real buzz in the marketplace, people are talking about it, clearly, I think the younger more active patient who is could not enough decision making is getting their attention and we can’t quantify for you, we just can’t, we don’t have, we just don’t have the visibility, actually what’s driving what here. But, we’re drawing some conclusions and we think that given the clear differentiation in the products that the direct to consumers is probably having an accelerator effect on our success. So, we’re going to continue to test that theory and we’ll continue to have some very focused marketing campaigns with direct to consumer advertising both with VERILAST and some of the potentially other highly differentiated products that Smith & Nephew has. I think…

Thanks for your color on VISIONAIRE is actually looking healthy, maybe VERILAST could be, I’m sorry.

I mean VERILAST could be. Well, I think it’s still a, I think it still has to be a plug in the right place at the right time. I mean it is a more expensive technology. Clearly, there is some cost benefit tradeoffs that people have to be considered it out and I think that is happening in today’s healthcare world. So, it’s not going to completely take over our sales in these. But, I believe that if you’re a high demand younger more active patient, it’s going to be pretty meaningful for you to consider this technology. Matt Miksic – Piper Jaffray: Thanks so much. John Buchanan There you bet Mike, one more question from the phones?

Thank you. We’re moving to Julien Dormois from Exane. Please go ahead. Julien Dormois – Exane: Hi, good morning guys. Two quick questions if I may, the first one would be on the SG&A cost in Q4 that were released low in terms of percentage of sales. So how did you plan to evolve around that in the next two years? And the second one is about the US cash will be virtually debt to – cash positive somewhere in 2011. What are your plans for using the substantial cash generation you are forecasting for next two years?

afraid I didn’t understand that first question.

The first was the SG&A cost in Q4 as a percent of sales, do you have anything to comment on?

No there was nothing unusual in that, it was perfectly straightforward in evaluation from previous quarters and that was no unusual releases or extra cuts in SG&A in quarter four. In terms of the use of cash, yeah, I think the important consideration as the Blue considers borrowing and the use of cash is that. We are fundamentally in a growth industry and we believe that a strong balance sheet is an important thing for a successful player to have in this industry. And so we wish that we have a strong balance sheet, we still got half a billion borrowing which is more borrowing in most of peers. So, as at the moment, our use of cash is very much focused on paying that debt down. And clearly if we get to the point when we have significant net cash flow, we will look it again at the moment. Our focus is on paying that debt down and make sure we have a strong balance sheet so that we can – over the next medium term period of time use that cash sensibly for shareholders. Julien Dormois – Exane: Okay, thank you.

Okay, you there?

Thank you very much, I have two questions, the first question on the customized technologies that you are rolling out, can you comment on how that would change the barriers to entry to your Orthopedic markets? And then secondly in terms of your, the new products that you are going to launch, you usually have a slide showing what your key product launches will be in the coming year, can you comment on, what are the key things we should be focusing on for you there? Thank you.

Okay, well a couple of good, but tough questions, let me take the second one first. The reason why we haven’t put that slide in there is because next week is the AAOS most of you would be at the large Orthopedics convention in San Diego would be my guess and we will be show casing new products at that meeting. So, we typically at this final year we don’t talk too much about new products because we will be doing it 24 hours a day starting on Monday. In terms of the, it’s an interesting questions about barriers to entry I’m not sure that I can give you a really good answer but I would invite Adrian to supplement my comments here. I think it’s probably is going to be about the same, I think there is pretty hard barriers to entry today and the industries that we are in and that’s one of the reasons why you see almost 95% of the market is with the top 5 companies in the space, it’s quite concentrated it has very high cost associated with it and the cost are not just the inventory cost than of having instruments out the field. But it’s also of having the high touch service levels, that we have with our customers and I think that those high touch levels are going to continue for the foreseeable future. You could make an argument that if the custom implants works extremely well, that you might not need some of that high touch in the operating period and I think we are just going to have to wait and see how that evolves. But my – if I was going to take, if I was going to place it that right now I would bet that the barriers to entry is going to remain pretty high for the foreseeable future.

Yeah maybe there is one thing Dave, as we discussed this in the company most of the aspects industry do not change fundamentally because of direct to patient. The one area is potentially slightly different is how capital intensive it is because a large amount of the capital is deployed in the field and if you need less capitalized potentially a reduction of barrier that we see the use of capital is being a very small element of total barrier to entry, however it might shift the balance between smaller players and bigger players which is something we would look favorably upon the cause.

I think the other thing we have to consider is that just because we have custom implants I don’t think that there are going to be fundamentally, there are not going to be – not every implants could be unique, there is a strong consideration for quality and longevity and ware and all of these things that go into any kind of customizations are going to impact that and I believe that the Healthcare Community certainly our surgeons and the patients are going to and want to make sure that there is an assurance that we can be predictive about the quality and how well these implants are going to actually perform and where. I’m just giving Hennah a word out there, just opposite into the room.

Thank you very much (inaudible) continue distress the dramatic driver for demand, yeah with these low volumes, do this mean that there is huge inventory of the patients for knees and hips and is it rising and what are the trends there?

I think so, I think that I mean, we have been saying this for some time now, I don’t think that because of an economic recession that, an economic recession cure for arthritis, I just don’t believe it. I think that if you had osteoarthritis before the recession you probably have it now. And I think what happens is that the earlier stage that you have the issue and maybe the younger that you are, you might make choices about delaying the procedure. And I think that’s what going on, and I think it is linked to consumer confidence. I believe we’re starting to see some of that rebound, I don’t think it’s in a huge way at, I think we’re still are working through this, but I think those volumes are out there Peter, I do believe that.

Yes, that was three. I am sorry.

Thank you. First of all, Dave congratulations and wish you all the best. Just two quick questions back in one for Adrian on NPWT and wound specific, wound in general. Can you give us a sense in terms of the significant margin that improvement that we’ve seen in the fourth quarter? How much has come from manufacturing versus other parts of the business whether it’s the legal cost declining or you’re getting better efficiencies out of your sales force. And then for you Dave just one final time pricing in Europe austerity that a bit of a change from your part, how are you thinking about 2011 and what about your discussions with governments and experiences has been in Europe so far this year. Thank you.

I mean, clearly it was a very substantial increase in margin and wound in the quarter, both were significant and manufacturing has been consistent throughout the year, you’ve got the sense of that on the move, ongoing stuff if you look through the whole year. There was a bump from the fact that we had very significant NPWT investment in quarter for last year.

I think on pricing look, it’s no secret the pricing in Europe has been tough. It’s been under quite a bit of pressure. The thing that we had going forward that we worked very hard to achieve is not because we’re just lucky, is this balance, is this geographic balance and the balance within our businesses. I mean we have, we’re seeing some real mix up left with some very unique products that’s getting us some price in some areas and in markets like Europe we’re seeing continued price pressure. We’re seeing very good success and high growth rates in areas like China and India, and other developing parts of the world. So, we worked hard at having a balance business and balance portfolio businesses and geographies and it’s working out for us. I think we’re going to continue to see pressure in Europe on pricing and I think it’s going to work itself out in the next quarter. I think we’ll continue to deal with it, but we’ve been managing it pretty well.

Okay. We’ll go back to the phones. We have –

Thank you. We’re moving to the Ilan Chaitowitz from Redburn Partners. Please go ahead. Ilan Chaitowitz – Redburn Partners: Good morning. Thanks for taking the questions. It’s Ilan Chaitowitz from Redburn Partners. Just a couple of housekeeping questions I guess, could you maybe go back to last question. Could you give us a split out of the legal costs that you incurred in Q4 and 2010 for the full year just to give us some sort of idea what the impact of that was and how you might see that playing out in 2011? Second question relates to BHR and what the quarter-on-quarter trajectory is in the US, just trying to get a feel for how the pressure is playing out on metal-on-metal and if you are seeing that consistent or improving or worsening versus Q3? And the final question is just on the receivables could you just talk about why those ticked up in Q4 if there is any particular reason for that?

How you want to take, you want to split it up?

You wish.

Well, let me take the BHR first, I think we are certainly working through the weakness in the BHR product, I think it’s been multi-factorial and its genesis in nature, I think, clearly there has been some pricing pressure. The fact that we are, I won’t say we are the only resurfacing competitor in the US, we are the one with the most credible position and we have the vast majority of the market share. And I have always said and I think I have said to this group that I wish we had more competitors for this product because we are sitting here with 12% market share and yes so that means 88% of the market is trying to discredit our BHR product because we are quite unique. But the fact of the matter and it has been exacerbated by the fact that a couple of our competitors, very large competitors and credible competitors have withdrawn their metal-on-metal offerings from the market place. And it’s created this swirl of controversy around metal ions in particular, this issue about metal ions in the production of metal ions is really nothing new. What is clear is that unless you have the right product design and the right metallurgy, then you potentially could have issues. We have had this product on the market for a very long period of time, over a decade with over 100,000 procedures being done. We have well documented registry data that shows the survivability of this product. And right now what we are doing in BHR is re-educating and remarketing these products to make sure that the facts get out that metal-on-metal does not equate to the BHR and the resurfacing product that Smith & Nephew has. But, these issues are product specific, not technology specific. And that we feel very, very strong about it and that has been a little bit of an uphill climb for us, and it has not been an easy thing to do, but we are committed to it. We think it is a great technology, and we will continue to stand by it. So, I think we’re working through most of those issues as we speak. So with that, I’ll let you talk about the link for clause receivable.

We’re not going to give a figure for the legal cost for a whole variety of reasons and they have been substantial, there’s no question about that. And as for what they’ll be going forward, I guess you could probably ask KCI (ph) that question, but you can ask us since we tend to be the defensive side of most of that legal cost, not the offensive side. But, clearly has been a lesson intensity about legal action, but essentially it’s driven by them, not by us. And all the receivables – Yes, you’re quite right, quarter four did see a little bit of a tick up from the video of two components. One of them is just is open left, you do get quarterly variation. But, that is an underlying slight pickup, not un-associated within the European pressure, because most of the pickup is across Europe. And not alarming from our point of view in a sense of recoverability, but it’s another manifestation of European governments being under pressure.

Thank you. Can I just push back on the BHR trend macho? My question was more about what was going on in Q4 versus Q3?

Yeah. I’ll just yes – more numerically on quarter four that clearly was around the time of AOS last year, when the metal-on-metal debate took us to a job was a catalyst for a lot of metal-on-metal products have a bit of a hit so – and our product, our BHR was an exception there. So, we’re all getting on to be a year away from that. So, you might expect some sort of lessening of the decline. That’s certainly consistently with what we see. But it wasn’t just an AOS. It was a more protracted impact than that. So you shouldn’t expect a keen annualization, but you should expect some – because of our confidence in our product, which is firmly based on what we see in the marketplace, you should translate that gradually into numbers.

Right, has demands of BHR improved in Q4 2010 versus Q3 2010?

We’re not going to go into quarter-on-quarter changes in that granular way.

Okay. Thank you.

How we’re doing Phil. One more question? Okay, there’s likely one.

Ladies and gentlemen Florian Gaiser of Kepler Capital Markets. Florian Gaiser – Kepler Capital Markets: Thank you for taking my question. It was a good question that’s been asked previously, the question is in hips. You make a lot of progress in these with good clinical data and good product. What do you think it takes in hips to have a signal revival and also from R&D strategy point of view? And secondly, you mentioned, adjacent technology has grown stratus going forward, if you could comment on that, please?

Well, I think actually we’re seeing it in hips. I mean, we’re growing our hip business, overall hip business at market growth rates with still a bit of a drag from the metal-on-metal controversy that’s impacting our BHR. If you look at our core hips, we’re outgrowing in the market. So we feel pretty damn good about it. So, I think you’re seeing it now and as we work through some of those other controversy on BHR, I think it will have an uplift effect on it. So we’re claiming victory in that regard. In terms of the adjacencies – I’m not sure pretty, I understood –

I’m not sure I understand the question. Can you help me understand the adjacencies? Florian Gaiser – Kepler Capital Markets: You mentioned that the investing for growth in slide 23 adjacent technologies. What did you mean by that?

Well, I think that what we were referring to there is a for instance, in our Endoscopy business – we’re taking the technology that we have and investing in the gynecology market for instance. And that market has, that business has grown about 40% for us in 2010. Now from a very small base, but we really see some great opportunities. Hip arthroscopy is another area, I mean, that’s a joint that was never addressed in terms of our arthroscopic repair because it was so hard to access. And we worked with surgeons in the field and essentially created devices that allowed us to get better access that we could do these arthroscopic procedures and that adjacent space that anatomical adjacency is beginning to take off. We also look at other technology adjacencies along the way, but we’re not ready to really talk about those, some of the more, the more common adjacencies might be spine, like the dental things that have technology similarities across the businesses that we might be able to leverage as we go forward. So, that’s what we are referring to.