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:

An acquisition or disposal of voting rights: ( )

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: ( X )

Other (please specify): ( )

Change in the placing of new Ordinary Shares

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

Sparinvest Fondsmæglerselskab A/S

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

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

26 March 2012

6. Date on which issuer notified:

27 March 2012

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

3%

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	27,994,678	3.02%

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
	27,231,388		27,231,388	2.94%

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

Total (A+B)

Number of voting rights	% of voting rights
27,231,388	2.94%

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

Sparinvest Fondsmæglerselskab A/S is by proxy authorised to vote on behalf of the UCITS funds Investeringsforeningen Sparinvest and Investeringsforeningen Sparinvest SICAV.

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:
Thomas Rǿnnow

15. Contact telephone number:
+45 36 34 74 49

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