DS Smith Update Regarding Disposal of Spicers

Following the announcement made on 6 July 2011, that DS Smith had received a binding offer for Spicers from Unipapel S.A, DS Smith today announces that it has entered into a binding legal agreement with Unipapel S.A. in respect of the sale by DS Smith of its European office products wholesaling business ("Spicers") for an enterprise value of £200 million. This sale is expected to be completed on or before 31 December 2011. The agreement is subject to certain conditions, including anti-trust approval, and completion price adjustments.