Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES (i)

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: (ii)

DS Smith Plc

2. Reason for the notification (please mark as appropriate):

An acquisition or disposal of voting rights: ( X )

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: ( )

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments: ( )

An event changing the breakdown of voting rights: ( )

Other (please specify): ( )

3. Full name of person(s) subject to the notification obligation: (iii)

Standard Life Investments Ltd

4. Full name of shareholder(s) (if different from 3.): (iv)

Vidacos Nominees

5. Date of the transaction and date on which the threshold is crossed or reached:(v)

4 March 2011

6. Date on which issuer notified:

7 March 2011

7. Threshold(s) that is/are crossed or reached: (vi) (vii)

14%

8. Notified details:

A: Voting rights attached to shares (viii)(ix)

Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction
	Number of Shares	Number of Voting Rights
GB0008220112	60,562,410	60,562,410

Resulting situation after the triggering transaction

Class/type of shares if possible using the ISIN CODE	Number of shares	Number of voting rights		% of voting rights (x)
		Direct (xi)	Indirect (xii)	Direct	Indirect
	60,962,410	19,664,131	41,298,279	4.516%	9.485%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument	Expiration date (xiii)	Exercise/Conversion Period (xiv)	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments (xv)( xvi)

Resulting situation after the triggering transaction

Type of financial instrument	Exercise price	Expiration date (xvii)	Exercise/ Conversion period (xviii)	Number of voting rights instrument refers to	% of voting rights (xix) (xx)
					Nominal	Delta

Total (A+B+C)

Number of voting rights	Percentage of voting rights
60,962,410	14.001%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: ^(xxi)

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

investments_mo@standardlife.com

Standard Life Investments Ltd

15. Contact telephone number:

(0131) 245 6565

Annex: Notification of major interests in shares ^(xxii)

A: Identity of the persons or legal entity subject to the notification obligation
Full name (including legal form of legal entities)
Contact address (registered office for legal entities)
Phone number & email
Other useful information (at least legal representative for legal persons)

B: Identity of the notifier, if applicable
Full name	Carolyn Cattermole
Contact address	DS Smith Plc, Beech House, Whitebrook Park, Maidenhead SL68XY
Phone number & email	01628 583400 carolyn.cattermole@dssmith.co.uk
Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information