Director Shareholding

Smith & Nephew Plc
18 September 2003


18 September 2003

The Secretary
London Stock Exchange
RNS
Old Broad Street
London
EC2N 1HP


Dear Sirs,

Dealing by Directors in Ordinary shares of Smith & Nephew plc

We have been notified today of the following transactions by Directors of Smith
& Nephew plc:

Sir Christopher O'Donnell:

•    Acquired 9 Ordinary shares of 12 2/9 pence each in Smith & Nephew plc, by
     re-investment of a dividend, paid on 12 September 2003, through an ISA.  
     Each share was purchased at 415.25 pence on 12 September 2003.

•    Acquired 349 Ordinary shares of 12 2/9 pence each in Smith & Nephew plc
     and Lady Maria O'Donnell 182 Ordinary Shares, by re-investment of a 
     dividend, paid on 12 September 2003.  Each share was purchased at 415.22 
     pence on 12 September 2003.

Sir Christopher O'Donnell now has an interest in 123,543 shares representing
0.013% of the issued share capital.

Mr P Hooley acquired 9 Ordinary shares of 12 2/9 pence each in Smith & Nephew
plc, by re-investment of a dividend, paid on 12 September 2003, through an ISA.
Each share was purchased at 415.25 pence on 12 September 2003.

Mr P Hooley now has an interest in 129,594 shares representing 0.014% of the
issued share capital.

Mrs Diane Eustace (wife of Mr Dudley Eustace) acquired 36 Ordinary shares of 12
2/9 pence each in Smith & Nephew plc, by re-investment of a dividend, paid on 12
September 2003.  Each share was purchased at 415.22 pence on 12 September 2003.

Mr Dudley Eustace now has an interest in 50,133 shares representing 0.005% of
the issued share capital.


Yours faithfully,


P.R Chambers
Company Secretary


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