Result of Rights Issue

Smith (DS) PLC
26 March 2004


NOT FOR PUBLICATION, DISTRIBUTION OR TRANSMISSION, DIRECTLY OR INDIRECTLY IN OR
INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH
AFRICA.

26 March 2004


DS SMITH PLC

RESULT OF THE RIGHTS ISSUE


98.5% take up of DS Smith Rights Issue


DS Smith PLC ('DS Smith') today announces that it has received valid acceptances
in respect of 63,563,583 new DS Smith shares, representing 98.5% of the total
number of new DS Smith shares offered to shareholders pursuant to the 1 for 5
Rights Issue announced  on 3 March 2004 (the 'Rights Issue'). A total of
64,540,651 new DS Smith shares were offered to shareholders in the Rights Issue,
which closed at 11.00 a.m. today.

Subscribers have been procured for the remaining 977,068 new DS Smith shares,
for which valid acceptances were not received, at a price of 162 pence per
share. The net proceeds from the sale of these shares, after the deduction of
the Rights Issue price of 112 pence per new DS Smith share and relevant costs,
will be paid to shareholders who have not taken up their entitlements, pro rata
to their lapsed provisional allotments (save that if the proceeds due to any
person do not exceed £3, the proceeds will be retained by DS Smith for the
benefit of all shareholders).

The Rights Issue was fully underwritten by Cazenove & Co. Ltd. As a result of
the procurement of subscribers, neither the underwriter nor the sub-underwriters
will be required to subscribe for any new DS Smith shares.


Enquiries

DS Smith Plc                                              020 7932 5000
Tony Thorne, Group Chief Executive
Gavin Morris, Group Finance Director

Cazenove & Co. Ltd                                        020 7588 2828
Malcolm Moir/Dermot McKechnie

Financial Dynamics                                        020 7269 7291
Richard Mountain/Robert Gurner


This announcement does not constitute, or form part of, an offer or solicitation
of an offer, to purchase or subscribe for any rights, shares or other securities
in DS Smith

This announcement is not an offer for sale of securities in or into the United
States, Canada, Japan, Australia, the Republic of South Africa or in any other
jurisdiction.  The securities referred to herein may not be offered or sold in
or into the United States as such term is defined in Regulation S under the US
Securities Act 1933, as amended (the 'Securities Act') absent registration
under, or an exemption from such registration under, the Securities Act.  There
will be no public offer of securities in the United States.

Cazenove is acting exclusively for DS Smith and no one else in connection with
the Rights Issue and will not be responsible to anyone other than DS Smith for
providing the protections afforded to clients of Cazenove nor for providing
advice in relation to the Rights Issue.


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