Directors' Dealings

SMITH (DAVID S)(HOLDINGS) PLC
17 August 1999


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

We hereby notify you that on 17 August 1999, Mr J P Williams, a Director of
the Company, exercised his option under the Company's Employee Benefit Trust
and acquired 29,315 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
58,630 shares which lapse.

Mr J P Williams holds a total of 826,958 shares of David S. Smith (Holdings)
PLC following this notification.