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: ( 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):

Standard Life Investments (Holdings) Limited (Parent Company) -       9.963%

Standard Life Investments Limited - 9.412%

Ignis Investment Services Limited - 0.055% 

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

Vidacos Nominees\HSBC

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

24 March 2016

6. Date on which issuer notified:

25 March 2016

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

Standard Life Investments (Holdings) Limited - 10%

Standard Life Investments Limited - 10%

8. Notified details:

A: Voting rights attached to shares ^{viii, ix}

B: Qualifying Financial Instruments

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments ^{xv, xvi}

Total (A+B+C)

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

Standard Life Investments (Holdings) Limited (Parent Company) - 9.963% comprised of:

Standard Life Investments Limited - 9.412%

Ignis Investment Services Limited -  0.551%

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:

GIOS@standardlife.com
Standard Life Investments Ltd

15. Contact telephone number:

(0131) 245 6565

Identity of the notifier, if applicable (xvii)

Full name:

Michael Hampson

Contact address:

DS Smith Plc, 7^th Floor, 350 Euston Road, London NW1 3AX

Phone number:

020 7756 1800