Holding(s) in Company



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

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 stateYes/No):

An acquisition or disposal of voting rights:( X )

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

An event changing the breakdown of voting rights:( )

Other (please specify) : Initial notification as per regulatory requirement( )

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

AXAS.A., 25 Avenue Matignon, 75008 Paris and its group of companies

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

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

25November2008

6. Date on which issuer notified:

26 November2008

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

10%

8. Notified details:

A: Voting rights attached to shares

Resulting situation after the triggering transaction (vii)

B: Financial Instruments

Resulting situation after the triggering transaction(xii)

Total (A+B)

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

See attached schedule.

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:
Kyere Tabiri

15. Contact telephone number:
020 70031510

Identity of the notifier, if applicable(xvii)

Full name:

Carolyn Cattermole

Contact address:

DS Smith Plc, 4-16 Artillery Row,LondonSW1P 1RZ

Phone number:

020 7932 5030

SCHEDULE

*We have been advised by AXAS.A.that the previous disclosure overstated the position by an unspecified amount.