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 16 August 1999, Mr D F Buttfield, a Director of
the Company, exercised his option under the Company's Employee Benefit Trust
and acquired 14,364 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 options totalling
28,728 shares which lapse.

Mr D F Buttfield holds a total of 80,132 shares of David S. Smith (Holdings)
PLC following this notification.