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)

1 June 2012

6. Date on which issuer notified:

5 June 2012

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

12%

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	110,328,850	110,328,850

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
	112,726,143	37,627,735	75,098,408	4.059%	8.101%

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
112,726,143	12.161%

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

Identity of the notifier, if applicable (xvii)

Full name:

Matthew Jowett

Contact address:

DS Smith Plc, Beech House, Whitebrook Park, Maidenhead SL6 8XY

Phone number:

01628 583400