Director Shareholding

Smith (DS) PLC
18 December 2002

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

DS Smith Plc

2) Name of director

Mr Gavin Mathew Morris

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 or in
respect of a non-beneficial interest

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

7) Number of shares/amount of
stock acquired

8) Percentage of issued class

9) Number of shares/amount
of stock disposed

10) Percentage of issued class

11) Class of security

12) Price per share

13) Date of transaction

14) Date company informed

15) Total holding following this notification

16) Total percentage holding of issued class following this notification

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

18 December 2002

18) Period during which or date on which exercisable

Between third and tenth anniversary of date of grant

19) Total amount paid (if any) for grant of the option

NIL

20) Description of shares or debentures involved: class, number

Options over 150,300 Ordinary Shares

21) Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise

153.00p

22) Total number of shares or debentures over which options held
following this notification

150,300

23) Any additional information

24) Name of contact and telephone number for queries

Carolyn Cattermole, Tel No. 020 7932 5030

25) Name and signature of authorised company official responsible for
making this notification

Date of Notification 18 December 2002


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