Annual General Meeting Chairmans Statement

Speaking at the AGM held at 12:00 noon today at the companys HQ, Keith Orrell-Jones, Chairman of Smiths Industries said:

With respect to the current trading of the company, I can confirm, as indicated in the documentation sent to shareholders on 20th October, that the growth in sales and profits recorded last year has continued satisfactorily in the current financial year to date, and the directors are confident that the outcome for the year to July 2001 will be satisfactory.

As mentioned earlier, this is not the occasion for me to comment on the proposed merger with TI Group. However, I can also confirm that the process for bringing the two companies together, which is subject - of course - to shareholder approval, is proceeding in accordance with the timetable outlined in the documents you have received on this matter.

ENDS