Director Shareholding

Smith & Nephew Plc
16 June 2003


16 June 2003


The Secretary
London Stock Exchange
RNS
Old Broad Street
London
EC2N 1HP


Dear Sirs,

Dealing by Director in Ordinary shares of Smith & Nephew plc

We have been informed today that Dudley Eustace, a director of Smith & Nephew
plc, has acquired 360 Ordinary shares of 12 2/9 pence each in the Company,
through the re-investment of a dividend paid on 16 May 2003. Each share was
purchased at 379.44 pence on 13 June 2003.

Mrs. Eustace, wife to Mr. Eustace, acquired 58 Ordinary shares of 12 2/9 pence
in the Company, through the re-investment of a dividend paid on 16 May 2003.
Each share was purchased at 416.1 pence on 16 May 2003.

Mr. Eustace now has a beneficial interest in 50,097 Ordinary shares being
0.0054% of the issued share capital of the Company.



Yours faithfully,

P.R. Chambers
Company Secretary




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