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 state Yes/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): ( )

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

Lloyds Banking Group plc

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

See section 9

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

7 February 2012

6. Date on which issuer notified:

8 February 2012

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

Indirect holdings increased to above 15% (see section 13)

8. Notified details:

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction (vi)
	Number of shares	Number of voting Rights (viii)
Ordinary GB0008220112	30,917,119 30,917,119

Resulting situation after the triggering transaction (vii)

Class/type of shares if possible using the ISIN CODE	Number of shares	Number of voting rights (ix)		% of voting rights
	Direct	Direct (x)	Indirect (xi)	Direct	Indirect
			32,055,700		7.348%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of financial instrument	Expiration Date (xiii)	Exercise/Conversion Period/ Date (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

Resulting situation after the triggering transaction (xii)

Type of financial instrument	Exercise price	Expiration Date (xiii)	Exercise/ Conversion Period/ Date (xiv)	Number of voting rights that may be acquired if the instrument is exercised/ converted	% of voting rights
					Nominal	Delta
Ord 10p Nil Paid GB00B3XS7R79		21/02/2012		36,055,048	8.265% (see section 13)

Total (A+B+C)

Number of voting rights	% of voting rights
68,110,748	15.614%

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

Holding consists of the following positions:

Shares

31,282,253 shares (7.171%) are under the control of Scottish Widows Investment Partnership Ltd, a wholly owned subsidiary of Scottish Widows Investment Partnership Group Ltd, a wholly owned subsidiary of Scottish Widows Group Ltd, a wholly owned subsidiary of Lloyds TSB Bank plc, a wholly owned subsidiary of Lloyds Banking Group plc.

Nil Paid Rights

35,192,521 rights (8.068%) are under the control of Scottish Widows Investment Partnership Ltd, a wholly owned subsidiary of Scottish Widows Investment Partnership Group Ltd, a wholly owned subsidiary of Scottish Widows Group Ltd, a wholly owned subsidiary of Lloyds TSB Bank plc, a wholly owned subsidiary of Lloyds Banking Group plc.

Proxy Voting:

10. Name of the proxy holder: N/A

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

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

13. Additional information:

This disclosure is made in accordance with FSA Policy Statement PS 09/3 published in March 2009, and the associated Questions & Answers (Q&A's) published on 11June2009.

As instructed by the Q&A's, this notification has been made using the most recently announced DTR 5.6 figure of 436,224,468 as the denominator.

If this disclosure was made on the basis of the issuer's Total Voting Rights figure on completion of the Rights Issue (926,976,137), then Lloyds Banking Group plc and its subsidiaries would have a discloseable interest of 7.348% of the voting rights of the issuer.

14. Contact name:
Glen Johnstone

15. Contact telephone number:
0113 235 7729

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