Director Shareholding

Smith & Nephew Plc
13 November 2003




13 November 2003


The Secretary

London Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP









Dear Sirs,



We have been notified today that Dudley Eustace, a director of Smith & Nephew
plc, has acquired 162 Ordinary shares of 12 2/9 pence each in the Company,
through the re-investment of a dividend paid on 12 September 2003. Each share
was purchased at 478.46 pence on 31 October 2003.



Mr. Eustace now has a beneficial interest in 50,295 Ordinary shares being
0.0054% of the issued share capital of the Company.



Yours faithfully,









P.R. Chambers

Company Secretary




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