Director Shareholding

Smith (DS) PLC
21 September 2004

                          DS Smith Plc ('the Company')



We hereby notify you that on 20 September 2004, Mr Jean-Paul Loison a Director
of DS Smith Plc exercised his option under the Company's Restricted Share Plan
and acquired 18,508 ordinary shares of the Company at a total exercise price of
100p.  At the same time he sold 1,910 ordinary shares in the Company at a price
of 146.25p per share in order to pay the French social charges due on the
exercise.



Mr Jean-Paul Loison holds a total of 16,598 shares of the Company, being 0.004%
of the issued share capital, following this notification.



Carolyn Cattermole

Company Secretary





21 September 2004


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