Holding(s) in Company

Smith & Nephew Plc
15 October 2003




15 October 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 that they
have a beneficial interest in 28,023,902 ordinary shares of 12 2/9p each (3.01%)
and a non-beneficial in 6,314,066 ordinary shares of 12 2/9p each (0.68%) in the
Company. The total of 34,377,968 represents 3.69% of the issued share capital of
the Company.



Yours faithfully,



P.R. Chambers
Company Secretary




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