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)

JPMorgan Asset Management Holdings Inc.

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

JPMorgan Asset Management (UK) Limited

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

16 December 2010

6. Date on which issuer notified:

17 December 2010

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

5% upwards

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

Below 5%

Below 5%

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


21,286,923

4.91%

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)




Contract for Difference

422,958

Nominal

Delta

0.09%

Total (A+B+C)

Number of voting rights


Percentage of voting rights


21,709,881

5.00%

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

Total disclosable holding for JPMorgan Asset Management Holdings Inc: 21,709,881 (5.00%)

JPMorgan Asset Management (UK) Limited: 21,709,881 (5.00%)

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:

Kartik Parekh

15. Contact telephone number:

0207 325 9387



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