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Contact: Abby More Andrew J. Groveman

Thompson & Berry Belz

(901) 322-5233 (901) 260-7278

Belz Provides Total Package of Location, Design and Construction

For Smith & Nephew’s Largest Distribution Center Worldwide.

Memphis, Tennessee– It was the total package offered by Belz which led to Smith & Nephew’s decision to build a new distribution center at the Memphis Logistics and Technology Center (MELTECH). Belz offered a strategic location which combined with the company’s design and construction capabilities, made the partnership a perfect match.

The 210,000 square-foot, Class A warehouse / distribution facility will be constructed on 37 acres of land at MELTECH which Belz sold to Smith & Nephew.

“MELTECH is a prime warehouse distribution park, strategically positioned close to the Memphis International Airport and FedEx hub. It also provides easy access to the interstate systems for trucking routes,” said Andrew J. Groveman, senior vice president, Belz. “MELTECH’s location combined with our vertical capabilities to design and build is what sold this deal to Smith & Nephew.”

Belz Architecture & Construction is designing and constructing the state-of-the-art distribution center. The new distribution center will be the largest Smith & Nephew distribution facility in the world. Belz Architecture & Construction will provide turnkey design / build services, providing one single source of contact and responsibility for the state-of-the-art facility. The new center will be taller and more modern than the existing Smith & Nephew facility and it will be climate controlled for the surgical orthopedic products. The facility will also have a 1,200 square-foot “clean room” designed to eliminate dust particles to avoid contamination of the surgical products. Back-up generators will also be installed in case of a power outage.

“The turnkey service we will be providing on the design and construction of this facility will ultimately reduce the cost of these services for Smith & Nephew and will increase efficiency in the design / build process,” said Jack Bearden, managing director, Belz Architecture & Construction.

The new facility will be built to the 2006 International Building Code (IBC) seismic code. This will be the first facility of its kind in Memphis built to these new, more restrictive seismic codes.

“This is going to be our largest distribution facility in the world and we are very pleased to partner with Belz on this project,” Bill Griffin, SVP Global Operations, Smith & Nephew. “This is going to be the world’s premier distribution facility of its kind with a fully automated inventory system and other state-of-the-art amenities.”

Construction is scheduled to be complete by the summer of 2008.

MELTECH is a 233 acre development, characterized by attractive building facades and landscaped grounds. The Park includes occupants such as UPS, Vital Records Control, PODS Modular Systems, Fairmont Industries and the local hub for Xtra Lease Intermodal.

About Belz

Headquartered in Memphis, Tenn., Belz is a leading innovator in real estate development with interests throughout the Southern United States. Belz develops, owns and/or manages more than 25 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels, including The Peabody hotels in Memphis, Orlando and Little Rock. Additional information about Belz is available at www.belz.com.

About Smith & Nephew

Smith & Nephew (NYSE: SNN, LSE: SN) (www.smith-nephew.com) is a global medical technology business, specializing in Orthopaedic Reconstruction, Orthopaedic Trauma & Clinical Therapies, Endoscopy and Advanced Wound Management products. Smith & Nephew ranks as the global leader in arthroscopy and one of the world’s leaders in advanced wound management and is one of the fastest growing orthopaedics companies in the world.

Smith & Nephew is dedicated to helping improve people's lives. The company prides itself on the strength of its relationships with its surgeon and professional healthcare customers, with whom its name is synonymous with the highest standards of performance, innovation and trust. The company has more than 8,800 employees and operates in 31 countries around the world and generated sales of nearly $2.8 billion.

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