ADR Ratio Change, etc

Smith & Nephew Plc
25 November 2003

Smith & Nephew Announces ADR Ratio Change and Quarterly Reporting in 2004



25 November 2003



Smith & Nephew plc (LSE: SN, NYSE:SNN) today announces a change in the ratio of
its American Depository Receipts (ADRs) traded on the New York Stock Exchange
and its intent to move to quarterly reporting from next year.



Since the company listed on the New York Stock Exchange in 1999 Smith & Nephew's
ADR price has risen from around $28 to about $78 per ADR.  In order to bring the
share price in line with other ADRs and improve liquidity, the company will be
changing the ratio from one ADR for every 10 ordinary shares to one ADR to every
5 ordinary shares effective 15 December, thereby halving the price of each ADR.
From the perspective of the ADR holder, the ratio change has the same effect as
a two-for-one stock split and Smith & Nephew ADR holders at the close of
business 5 December 2003 will receive one additional ADR for every ADR held.
There will be no change to Smith & Nephew's underlying shares.



Smith & Nephew is also pleased to announce today, in line with its commitment to
further improve financial information flow to investors, that it will report its
results on a quarterly basis beginning in 2004.  With this move Smith & Nephew
will improve transparency and be in line with standard peer group practice in
the medical devices industry.  A breakdown of 2003 results by quarter will be
made available for comparison purposes when the company announces Preliminary
Results on 5 February 2004.



Commenting on these two changes Chief Executive Chris O'Donnell: 'Today's
announcement demonstrates Smith & Nephew's firm commitment to making the company
even more accessible to the investment community.  The change in ADR ratio will
be useful in increasing NYSE volumes, creating a more liquid market for our
shares in the US, while quarterly reporting will make it easier for investors to
benchmark our performance versus our global peer group, the majority of which
are based in the US.'



The company's normal pre-close season briefing of financial analysts will be
held by conference call on Thursday 18 December 2003 at 3.00 pm UK time/10.00
Eastern Standard Time, and can be heard live on audio webcast via the Smith &
Nephew website at www.smith-nephew.com.  A recording of the briefing will be
available on the Smith & Nephew website immediately following the call.  The
company's Preliminary Results announcement is scheduled for 5 February 2004.



About us



Smith & Nephew (LSE:SN, NYSE:SNN) is one of the world's leading medical devices
companies, specialising in Orthopaedics, Endoscopy and Advanced Wound
Management.  Smith & Nephew ranks as the global leader in arthroscopy and
advanced wound management and is the fastest growing full-line orthopaedics
company in the world.



Smith & Nephew is dedicated to helping improve people's lives.  The company
prides itself in the strength of its relationships with its surgeon and
healthcare professional customers, with whom its name is synonymous with the
highest standards of performance, innovation and trust.  The company has over
7,500 employees and operates in 32 countries around the world, generating sales
of £1.1 billion.



Enquiries:

Smith & Nephew
Peter Nind                                              Tel: [phone]
Corporate Affairs Manager

Financial Dynamics
David Yates                                             Tel: [phone]






                      This information is provided by RNS
            The company news service from the London Stock Exchange