Moody's Rating

Smiths Group PLC
9 February 2001


                    Smiths secures A3 rating from Moody's

Smiths Group plc has been assigned a long-term issuer rating of A3 by Moody's
Investor Service, the agency confirming that the outlook for the rating is
stable, following completion of the merger between Smiths and TI Group. The
Moody's assessment follows a similar announcement by Standard & Poors, 30
January, affirming a 'single A minus' rating for Smiths.

Moody's rating reflects an assessment of Smiths' leading positions in several
niche markets. The agency notes the good track record of the merged entities
for sound margins and strong free cash-flow generation, as well as
management's commitment to maintain a prudent financial profile. The rating
and its stable outlook also anticipate a timely disposal of the automotive
division, as committed by management.

In the same announcement, Moody's confirmed the long-term A3 rating for
approximately EUR 543 million of bonds issued by TI Group which, prior to the
merger, had been under review for possible downgrade.

Alan Thomson, Financial Director of Smiths Group commented: 'We have now been
given a very good rating by both of the leading agencies because we have a
clear focus on the financial parameters which provide stability and a strong
platform for growth.'

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