The two‐impurity s‐d Hamiltonian with an added exchange term of the form − WS o · S 1 is examined; the equations of motion of the relevant Green's functions are solved self‐consistently. We find that the quantity G (ω) = N −1 ∑ k ( n k − ½)/(ω − ε k ) arising in the single‐impurity Kondo effect is replaced by G (ω)⇒ ½ [ G (ω + W ′)+ G (ω − W ′)] , where W ′ is an energy approximately equal to W .