Tender Offer

Smith & Nephew Plc
22 February 2002

22 February 2002





                SMITH & NEPHEW COMMENCES TENDER OFFER FOR ORATEC



Smith & Nephew through a wholly-owned subsidiary today commenced its previously
announced tender offer for all of the common stock of ORATEC Interventions, Inc.
(NASDAQ: OTEC) at a purchase price of $12.50 per share in cash.  Smith & Nephew
is making the tender offer pursuant to an agreement and plan of merger dated 13
February 2002.  The tender offer will expire at midnight, New York City time, on
Thursday 21 March 2002, unless the offer is extended.



U.S. Bancorp Piper Jaffray is the dealer manager for the tender offer, American
Stock Transfer and Trust Company is the depositary and Morrow & Co., Inc. is the
information agent.



Enquiries:



Morrow & Co., Inc. Information Agents


Banks & Brokers:                 In US                       -    800 654 2468
                                 Outside US                  -    [phone]
Stockholders                     In US                       -    800 607 0088
                                 Outside US                  -    [phone]
email                            [e-mail]





About Smith & Nephew



Smith & Nephew plc, (London Stock Exchange: SN), (NYSE: SNN), is a global
advanced medical devices company with a highly successful track record in
developing, manufacturing and marketing a wide variety of innovative and
technologically advanced tissue repair products.  These products are primarily
in the areas of bone, joints, skin and other soft tissue.  Smith & Nephew has
extensive marketing and distribution capabilities, with established sales in
more than 90 countries.  For further information, visit Smith & Nephew's Web
site at www.smith-nephew.com.



Smith & Nephew Endoscopy (www.endoscopy1.com) is one of its major businesses,
and is a world leader in the development and commercialization of endoscopic
techniques.  Within endoscopy, Smith & Nephew is the recognized world leader in
arthroscopy (endoscopic procedures performed on articulating joints).



This news release does not constitute an offer to purchase or a solicitation of
an offer to sell any securities.  The complete terms and conditions of the
tender offer are set forth in an offer to purchase and a related letter of
transmittal, which are included in a Tender Offer Statement that is being filed
today with the Securities and Exchange Commission.  The offer to purchase and
related letter of transmittal will be mailed to ORATEC's stockholders.  The
Tender Offer Statement (including the offer to purchase, letter of transmittal
and related documents) will also be available for free on the Commission's Web
site at www.sec.gov.





                      This information is provided by RNS
            The company news service from the London Stock Exchange