Director Shareholding

Smith & Nephew Plc
26 November 2001



26 November 2001



The Secretary

London Stock Exchange

Company Announcement Office

Old Broad Street

London

EC2N 1HP



Dear Sirs,

We have been notified today that Mr Richard De Schutter, a director of Smith &
Nephew plc, acquired a total of 5,000 American Depositary Shares ('ADSs')
representing 50,000 ordinary shares of the Company on 23 November 2001. 1,000
ADSs were acquired at $52.10 each and 4,000 ADSs at $52.35 each. Mr De
Schutter now has an interest in 100,000 ordinary shares representing 0.01% of
the issued ordinary share capital of the Company.

Yours faithfully,


P.R. Chambers

Assistant Company Secretary