US$250m private placement will spread Smiths' debt

US $250 million private placement will spread Smiths' debt profile
Smiths Group has completed the private placement of US $250 in senior notes with eleven leading North American
institutional investors.  The notes have a ten-year term and a coupon of 5.45%, priced at 140 basis points over the
10-year US Treasury.

The funds raised are being used to repay bank borrowings and provide a better spread of debt maturity profile for the
company.  A substantial part of the new issue has already been swapped into floating rate debt, taking advantage of
current US interest rates.  Smiths Group generates more than half of its income in the US, and the company has a policy
of matching assets in the countries where it operates with borrowings in local currencies.

The initial offering of $200m was more than twice oversubscribed, allowing the company to increase the issue to $250m
while retaining an attractive coupon.  Smiths Group continues to be rated at A- by Standard & Poor's and A3 by Moody's.

Alan Thomson, Financial Director, commented: 'This private placement demonstrates Smiths' ability to raise debt in the
key markets on the back of a strong credit profile and a conservative balance sheet.  Our interest cover, based on
EBITDA, is more than 10 times at present.'

The placement was co-arranged by HSBC and Wachovia Securities.

Smiths Group has market leading positions in aerospace systems, medical devices, mechanical and polymer seals, and
interconnect products.  For further information visit www.smiths-group.com

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Enquiries :
Media: Bernard Carey  020 8457 8403                                                                                 
Investors: Russell Plumley 020 8457 8203
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