Holding(s) in Company

Smith & Nephew Plc
21 May 2003




21 May 2003





The Secretary
London Stock Exchange
RNS
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 AXA Investment Managers UK Limited Limited
that they have a beneficial interest in 37,046,327 ordinary shares of 12 2/9p
each (3.98%) and a non-beneficial in 9,191,609 ordinary shares of 12 2/9p each
(0.99%) in the Company. The total of 46,237,936 represents 4.97% of the issued
share capital of the Company.



Yours faithfully,




P.R. Chambers
Company Secretary




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