Holding in Company

Smith & Nephew Plc
2 January 2002



2 January 2002


The Secretary

London Stock Exchange

Company Announcement Office

Old Broad Street

London

EC2N 1HP



Dear Sirs,

Smith & Nephew plc has been notified today, pursuant to Section 198 of the
Companies Act 1985 (as amended), by FMR Corp and Fidelity International
Limited that they have a notifiable interest in 87,136,596 ordinary shares of
12 2/9p each in the Company representing 9.42% of the issued share capital of
the Company.


Yours faithfully,




P.R. Chambers

Assistant Company Secretary