Holding in Company

Smith (DS) PLC
4 January 2002


                                 SCHEDULE 10

                  NOTIFICATION OF MAJOR INTERESTS IN SHARES

1) Name of company

DS Smith Plc

2) Name of shareholder having a major interest

Standard Life Investments

3) Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a
non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18

As above

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them

Stanlife Nominees Limited

5) Number of shares/amount of stock acquired

600,000

6) Percentage of issued class

0.19%

7) Number of shares/amount of stock disposed

N/A

8) Percentage of issued class

N/A

9) Class of security

Ordinary shares of 10p each

10) Date of transaction

4 January 2002

11) Date company informed

4 January 2002

12) Total holding following this notification

16,396,511

13) Total percentage holding of issued class following this notification

5.11%

14) Any additional information

15) Name of contact and telephone number for queries

Angela Hunter

020 7932 5032

16) Name and signature of authorised company official responsible for
making this notification

Carolyn Cattermole, Company Secretary


Date of notification 4 January 2002