Directors' Dealings

DAVID S. SMITH (HOLDINGS) PLC
17 August 1999


To Company Announcements Office

David S. Smith (Holdings) PLC ('the Company')

We hereby notify you that on 17 August 1999, Mr E C Smith, a Director of the
Company, exercised his option under the Company's Employee Benefit Trust and
acquired 14,169 ordinary shares of the Company at a total exercise price of
100p.  As the performance targets under the Company's Long Term Incentive Plan
for the three year period ending 31 July 1999 were not satisfied, the Director
is not eligible to exercise his performance related option totalling 28,338
shares which lapse.

Mr E C Smith holds a total of 102,696 shares of David S. Smith (Holdings) PLC
following this notification.