Holding in Company

Smith(David S)(Holdings) PLC
28 November 2000


SHAREHOLDING IN THE COMPANY

'David S.Smith (Holdings) PLC (the 'Company') received notification today
(letter dated 24 November 2000 - copy below) that Phillips & Drew are interested
in a total of 32,206,838 ordinary shares of 10p each representing 10.03%
(previously 10.74%) of the Company's total issued share capital.'




LETTER TO:  SMITH (DAVID S) (HOLDINGS) PLC

Re: S.198 Companies Act 1985: as amended by The Disclosure of Interest in
    Shares (Amendment) Regulations 1993

In accordance with the Companies Act 1985, (as amended) I write to notify you
that UBS Asset Management Limited, Phillips & Drew Life Limited and UBS Asset
Management International Limited have an interest in 32,206,838 ord 10p shares
of the Company. This represents 10.03% of the issued share capital of the
Company.


UBS Asset Management Limited, Phillips & Drew Life Limited and UBS Asset
Management International Limited are subsidiaries of UBS Asset Management
Holding (No.2) Limited which is also treated as having an interest in the above
shares.  We are authorised to make this aggregate disclosure on behalf of 
UBS Asset Management Holding (No.2) Limited the registered address of which is:

                   Triton Court
                   14 Finsbury Square
                   London EC2A 1PD


LETTER FROM PHILLIPS & DREW