Director Shareholding

Smith & Nephew Plc
27 May 2004

27 May 2004

The Secretary
London Stock Exchange
Company Announcements Office
Old Broad Street
London
EC2N 1HP


Dear Sirs,

The following directors of Smith & Nephew plc were granted options on 19 May
2004 at an option price of 574.5 pence per share over the Company's ordinary
shares of 12 2/9p each under the Smith & Nephew 2004 Executive Share Option Plan
as follows:

     Sir Christopher O'Donnell     113,140
     P. Hooley                      60,050

The directors were notified of the grant of these options on 27 May 2004. The
period of exercise for these options is 19 May 2007 to 19 May 2014. No amount
was paid for the grant of these options.

Sir Christopher O'Donnell now has options over a total of 414,193 ordinary
shares and P. Hooley options over a total of 637,312 ordinary shares.

Yours faithfully,


P.R. Chambers
Company Secretary


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