Holding in Company

Smith (DS) PLC
30 November 2001


                                 SCHEDULE 10

                  NOTIFICATION OF MAJOR INTERESTS IN SHARES

1) Name of company

David S. Smith (Holdings) PLC

2) Name of shareholder having a major interest

Phillips & Drew

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

Phillips & Drew

5) Number of shares/amount of stock acquired

6) Percentage of issued class

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

29 November 2001

11) Date company informed

30 November 2001

12) Total holding following this notification

32,951,836

13) Total percentage holding of issued class following this notification

10.27%

14) Any additional information

The Company was informed on 30 November 2001 that Phillips & Drew have an
interest in 32,951,836 ordinary shares in the Company, being 10.27%
of the total issued share capital.

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 30 November 2001