Holding in Company

Smith & Nephew Plc
25 September 2001



25 September 2001


The Secretary
London Stock Exchange
Company Announcement Office
Old Broad Street
London
EC2N 1HP



Dear Sirs,


The Company has been notified on 24 September 2001 pursuant to Section 198 of 
the Companies Act 1985 (as amended), by AXA Investment Managers UK Limited that 
they have a beneficial interest in 53,908,065 ordinary shares of 12 2/9p
each (5.75%) and a non-beneficial in 37,586,884 ordinary shares of 12 2/9p
each (4.01%) in the Company. The total of 91,494,949 represents 9.76% of the
issued share capital of the Company.


Yours faithfully,





J.V. Sutton
Company Secretarial Manager