SMITH (DAVID S) (HOLDINGS) PLC
13 September 1999
David S. Smith (Holdings) PLC ('the Company')
We hereby notify you that on 27 August 1999, Mr O A Stratton a Director of
David S. Smith (Holdings) PLC exercised his option under the Company's
Employee Benefit Trust and acquired 15,146 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 30,292 shares which lapse.
Mr O A Stratton holds a total of 832,793 shares of David S. Smith (Holdings)
PLC following this notification.
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