Exhibit 99.3 This presentation is neither an offer to purchase nor a solicitation of an offer to sell shares of ORATEC. At the time a subsidiary of Smith & Nephew commences its offer, it will file a Tender Offer Statement with the Securities and Exchange Commission and ORATEC will file a Solicitation/Recommendation Statement with respect to the offer. THE TENDER OFFER STATEMENT (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER. The offer to purchase, the related Letter of Transmittal and certain other offer documents, as well as the Solicitation/Recommendation Statement will be made available to all stockholders of ORATEC, at no expense to them. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and all other offer documents filed with the Commission) and the Solicitation/Recommendation Statement will also be available for free at the Commission's Web site at www.sec.gov Acquisition of ORATEC Interventions, Inc. Smith+Nephew Slide 1 of 12 ORATEC Acquisition Announcing a $310m tender offer of $12.50 a share Major advantages for Smith & Nephew Endoscopy - A leadership position in RF in arthroscopy New position in emerging minimally-invasive spine market Potential for other endoscopic procedures Substantial distribution leverage opportunities Significant integration benefits Earnings enhancing (pre goodwill) in first full year Smith+Nephew Slide 2 of 12 Smith & Nephew Endoscopy Value Drivers Access Visualization Resection Repair Focus on Technique not Product Arthroscopy - Market Leader Digital OR Innovator Vascular - minimally invasive phlebectomy - TriVex Specialty Abdominal - HandPort(TM) 2001 sales growth - 14% [Pie Chart] Global Endoscopy Market $5 billion S&N 7% BSCI 9% Storz 6% Olympus 11% Stryker 4% Medtronic 4% Linvatec 4% J&J 15% Bard 4% Tyco 6% Guidant 3% Other 27% Smith & Nephew 30% Linvatec 14% Arthrex 13% Stryker 8% Mitek 11% Arthrocare 7% ORATEC 3% Others 14% Smith+Nephew Slide 3 of 12 ORATEC RF focus arthroscopic and spine segments Sales of $48 million in 2001 Products leverage unique advantage in temperature control and feedback Strong IP Innovator in tissue shrinkage applications [Pie Chart] 2001 Global Arthroscopy RF Market $122M Mitek 25% $30M ORATEC 22% $27M Arthrocare 52% $63M Other 2% $2M Smith+Nephew Slide 4 of 12 Minimally Invasive Spine One of the fastest growing specialties in the spine market SpineCATH(TM) IntraDiscal ElectroThermal Therapy (IDET(TM)) Controlled heat to modify tissue in the disc wall Direct spine sales force Clinical studies to drive reimbursement [Pie Chart] ORA-50 S ElectroThermal Spine Generator ORAflex(TM) probe with deflectable tip SpineCATH(R) Catheter Smith+Nephew Slide 5 of 12 Acquisition Synergies Technology Sales Operations New Techniques One of the broadest RF technology portfolios in the world Global endoscopy market coverage and capabilities Industry leading cost, quality and service Expanded offering in rapidly growing procedure segments Smith+Nephew Slide 6 of 12 Technology Synergy Only company to offer RF cutting, ablation, shrinkage and mechanical resection combined in a bipolar format Only company providing temperature control with feedback Broad generator knowledge base #1 position in minimally invasive spine procedures Complete line of arthroscopic tips Able to transfer Catheter capability to new techniques / specialties Opportunity to be 1st to market with RF Central & Voice Control Smith+Nephew Slide 7 or 12 Sales Synergy Most comprehensive RF technology supplier in the World World's largest arthroscopy sales organization Experienced direct US sales organization for spine Emerging leader in surgeon training with over 4000 surgeons trained on new techniques in 2001 Leader in endoscopic equipment financing programs - eFast(TM) Comprehensive sales training capability including web based training Smith+Nephew Slide 8 of 12 Consolidation Synergy World's best RF / Electromechanical Endoscopic R&D team Significant economies of scale with sales and marketing expenditures World class capital equipment assembly, quality & cost control Superior quality & cost management #1 global service capability in RF Inventory management Comprehensive post acquisition plan Smith+Nephew Slide 9 of 12 ORATEC Cost of Acquisition $m Tender offer 291 Options/warrants 19 Cash and investments assumed (52) ---- 258 Transaction costs 11 Integration costs 12 ---- 281 ==== Smith+Nephew Slide 10 of 12 ORATEC As if acquired for full year $m Sales 48 EBIT reported (2) Integration benefits 11 ---- 9 Interest on $281m (11) ---- (2) Tax 1 ---- Earnings effect (1) ---- EPS effect -1/2% Before: Amortization (for 20 years) (12) Tax losses (cash benefit for 4 years) 5 Sales growth 2002 +10% 2003 +25% Smith+Nephew Slide 11 of 12 PPT Slide Smith+Nephew First Choice in Medical Devices Slide 12 of 12