Director Shareholding

Smith (DS) PLC
29 July 2004


                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1. Name of company

DS Smith Plc

2. Name of director

Tony Thorne
Gavin Morris
Jean-Paul Loison

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

29 July 2004

18. Period during which or date on which exercisable

29 July 2007 to 28 July 2014

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

Nil

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

Director: Options Granted:
Tony Thorne         189,850
Gavin Morris        112,950
Jean-Paul Loison    113,800

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

158p for Tony Thorne/Gavin Morris (pursuant to the UK Scheme Rules); and
157p for Jean-Paul Loison (pursuant to the French Scheme Rules)

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

Tony Thorne          1,319,788
Gavin Morris         428,231
Jean-Paul Loison     942,133

23. Any additional information


24. Name of contact and telephone number for queries

Angela Hunter, 020 7932 5032

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

Carolyn Cattermole, Company Secretary

Date of Notification

29 July 2004

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for loss of business or loss of profits) arising in contract, tort or otherwise
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