Director Shareholding

Smith (DS) PLC
29 March 2004


In pursuance of the Company's obligations under Section 329 of the Companies Act
1985 and Chapter 16, paragraphs 16.13(a) and 16.13 (b) of the Listing Rules, I
hereby notify you of the following Directors share transactions which occurred
on 29 March 2004:

1)           The Directors listed below have notified the Company that they have
become interested in the number of ordinary shares of 10p each of the Company as
indicated below following taking up their rights under the 1 for 5 Rights Issue
offered to shareholders on 4 March 2004 ('the Rights Issue').

Director   Name of registered holder (if  Additional Total shares % of issued
           different from Director)       shares     now held     share
                                                                  capital
A P        Smith & Williamson Nominees      77,000      462,000           0.12
Hichens    Ltd
A D                                          9,400       56,400           0.01
Thorne
R G        FKI Trustees Ltd B a/c            5,000       30,000          0.008
Beeston
P M        Colstew Nominees Ltd              5,000       30,000          0.008
Johnson
R E C      Roy Nominees Ltd 460027 a/c       5,000       30,000          0.008
Marton

2)           The Directors listed below have today notified the Company that
they have become interested in the number of ordinary shares of 10p each of the
Company indicated below as a result of the Trustees of The David S. Smith Group
General Employee Benefit Trust ('the Trust') taking up 105,197 new shares in the
Rights Issue. These interests arise merely because the Directors are (together
with other Group employees) potential beneficiaries under the Trust. The Trust
now holds a total of 1,704,439 shares of the Company. The pro rata changes to
individual allotments will be made by the Trustees in due course.

Director

A D Thorne
G M Morris
J-P Loison



For and on behalf of DS Smith Plc
Company Official Responsible for making this notification: Carolyn Cattermole,
Company Secretary
Date of this notification: 29 March 2004



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