Holding in Company

Smith & Nephew Plc
8 January 2002

8 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 93,865,470 ordinary shares of
12 2/9p each in the Company representing 10.15% of the issued share capital of
the Company.

Yours faithfully,

P.R. Chambers

Assistant Company Secretary