Directors' Dealings

SMITH (DAVID S) (HOLDINGS) PLC
13 September 1999



DAVID S. SMITH HOLDINGS PLC ('the Company')

This notification is made pursuant to the Company's obligations under Section
329 of the Companies Act 1985 and Chapter 16, paragraphs 16.13(a) and 16.13(c)
of the Listing Rules.

Following the exercise of outstanding options in the David S Smith Employee
Benefit Trust Limited, as trustee of the David S Smith General Employee
Benefit Trust (the 'Trust') (those relating to Directors of the Company have
already been notified to the London Stock Exchange) and as a result of a grant
of further options to certain executives (not being Directors of the Company),
the Trust now holds a balance of 296,587 ordinary shares of 10p each in the
Company.  No further purchases of shares were made by the Trust to arrive at
this balance.  The Directors listed below (together with other Group
employees) are potential beneficiaries of the Trust, and therefore on 10
September 1999 notified the Company that each of them is interested in these
296,587 shares.  For the avoidance of doubt, none of the Directors are
beneficially interested nor have any outstanding options in shares held by the
Trust.

J P Williams
D F Buttfield
J S Russell
E C Smith
O A Stratton