Director Shareholding

Smith & Nephew Plc
19 May 2004


19 May 2004



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 225 Ordinary shares of 12 2/9 pence each in the Company,
through the re-investment of a dividend paid on 14 May 2004. Each share was
purchased at 565.98 pence on 17 May 2004.



Mr. Eustace now has a beneficial interest in 50,563 Ordinary shares being
0.0054% of the issued share capital of the Company.



Yours faithfully,









P.R. Chambers

Company Secretary




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