Holding in Company

Smith & Nephew Plc
13 November 2000



Smith  &  Nephew  plc  has been notified today pursuant to Section  198  of  the
Companies Act 1985 (as amended), by AXA Investment Managers UK Limited that they
have  a  material interest in 55,087,034 ordinary shares of 12 2/9p each (6.00%)
and  a  non-material interest in 53,505,639 ordinary shares  of  12  2/9p  each
(5.83%) in the Company. The total of 108,592,673 represents 11.83% of the issued
share capital of the Company.

Axa   Financial  Inc's  non-material  interest  is  53,505,639  ordinary  shares
following the acquisition by Alliance Capital, in which Axa Financial owns a 53%
economic interest, of Sanford C. Bernstein & Co Inc who hold 5.52% of the issued
share capital of the Company.