Smurfit Kappa Group : Holding(s) in Company

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Smurfit Kappa Group plc.

2. Reason for the notification

(please place an X inside the appropriate bracket/s):

An acquisition or disposal of voting rights: ( X)

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: (     )

Other (please specify): (    )

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

GMT Capital Corp

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

Bay Resource Partners, LP

Bay II Resource Partners, LP

Bay Resource Partners Offshore Fund Ltd

Thomas E Claugus

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

20 December 2011

6. Date on which issuer notified:

22 December 2011

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 use ISIN CODE	Situation previous to the triggering transaction
	Number of shares	Number of voting rights
IE00B1RR8406	N/A	N/A

	Resulting situation after the triggering transaction
Class/type of shares if possible use ISIN CODE	Number of shares	Number of voting rights		% of voting rights
		Direct	Indirect	Direct	Indirect
IE00B1RR8406	8,761,496	8,761,496	Nil	3.95%	Nil

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument	Expiration date	Exercise/conversion period/date	No. of voting rights that may be acquired (if the instrument exercised/ converted)	% of voting rights
Nil

Total (A+B)

Number of voting rights	% of voting rights
8,761,496	3.95%

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

N/A

Proxy Voting:

10. Name of proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Michael O'Riordan / Jim Fitzharris

15. Contact telephone number:

[phone]

For notes on how to complete form TR-1 please see the FSA website.