DS Smith Pre-Close Statement

The encouraging overall trading reported in our IMS of 6 September 2011 has continued.

Like-for-like volumes in corrugated packaging are up 3% for the financial year to date and are set against strong comparatives in the corresponding period. This is in line with the previously announced Group targets, reflecting our resilient fast-moving consumer goods (FMCG) customer base. At the same time, we have continued to generate strong cashflow and to make progress on margins. As a consequence of this, and due to a strong contribution from Otor, we expect the half year to 31 October 2011 to show significant EPS growth compared to the comparable period last year.