Holding in Company

Smith & Nephew Plc
22 June 2001


22 June 2001


The Secretary

London Stock Exchange

Company Announcement Office

Old Broad Street

London

EC2N 1HP






Dear Sirs,


The Company has been notified on 22 June 2001, pursuant to Section 198 of the
Companies Act 1985 (as amended), that Zurich Financial Services and its Group
cease to have a notifiable interest in the ordinary share capital of
Smith & Nephew plc.


Yours faithfully,



P.R. Chambers

Assistant Company Secretary