Form 8.3 - DS SMITH PLC

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR

MORE

Rule 8.3 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Full name of discloser:

Barclays PLC.

(b)

Owner or controller of interest and short

positions disclosed, if different from 1(a):

(c)

Name of offeror/offeree in relation to whose

DS SMITH PLC

relevant securities this form relates:

(d)

If an exempt fund manager connected with an

offeror/offeree, state this and specify identity of

offeror/offeree:

(e)

Date position held/dealing undertaken:

08 Jan 2025

(f)

In addition to the company in 1(c) above, is the discloser making

YES:

disclosures in respect of any other party to the offer?

INTERNATIONAL PAPER COMPANY

2.

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing(if any)

Class of relevant security:

10p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

32,435,387

2.35%

16,460,874

1.19%

(2)

Cash-settled derivatives:

and/or controlled:

12,840,397

0.93%

31,025,315

2.25%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

45,275,784

3.28%

47,486,189

3.44%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Number of

Price per unit

security

securities

10p ordinary

Purchase

500,000

5.4727 GBP

10p ordinary

Purchase

200,714

5.5215 GBP

10p ordinary

Purchase

132,976

5.5174 GBP

10p ordinary

Purchase

84,032

5.4892 GBP

10p ordinary

Purchase

74,861

5.5400 GBP

10p ordinary

Purchase

68,167

5.5160 GBP

10p ordinary

Purchase

29,086

5.4914 GBP

10p ordinary

Purchase

28,263

5.4777 GBP

10p ordinary

Purchase

26,684

5.5020 GBP

10p ordinary

Purchase

26,474

5.5089 GBP

10p ordinary

Purchase

23,394

5.5365 GBP

10p ordinary

Purchase

21,084

5.5366 GBP

10p ordinary

Purchase

20,796

5.5047 GBP

10p ordinary

Purchase

19,885

5.5036 GBP

10p ordinary

Purchase

19,486

5.5227 GBP

10p ordinary

Purchase

16,156

5.4741 GBP

10p ordinary

Purchase

15,742

5.5002 GBP

10p ordinary

Purchase

13,302

5.5076 GBP

10p ordinary

Purchase

12,627

5.4852 GBP

10p ordinary

Purchase

11,105

5.4842 GBP

10p ordinary

Purchase

10,328

5.4795 GBP

10p ordinary

Purchase

6,864

5.4846 GBP

10p ordinary

Purchase

5,954

5.5135 GBP

10p ordinary

Purchase

5,879

5.5230 GBP

10p ordinary

Purchase

5,258

5.5267 GBP

10p ordinary

Purchase

4,998

5.5261 GBP

10p ordinary

Purchase

4,920

5.5241 GBP

10p ordinary

Purchase

4,683

5.4979 GBP

10p ordinary

Purchase

4,282

5.5074 GBP

10p ordinary

Purchase

4,017

5.4673 GBP

10p ordinary

Purchase

3,779

5.4570 GBP

10p ordinary

Purchase

3,635

5.5200 GBP

10p ordinary

Purchase

3,557

5.5350 GBP

10p ordinary

Purchase

3,489

5.4863 GBP

10p ordinary

Purchase

3,371

5.5450 GBP

10p ordinary

Purchase

3,230

5.4600 GBP

10p ordinary

Purchase

3,208

5.4841 GBP

10p ordinary

Purchase

2,689

5.4750 GBP

10p ordinary

Purchase

2,663

5.4736 GBP

10p ordinary

Purchase

2,646

5.4650 GBP

10p ordinary

Purchase

2,264

5.5150 GBP

10p ordinary

Purchase

2,146

5.4811 GBP

10p ordinary

Purchase

2,121

5.4967 GBP

10p ordinary

Purchase

1,700

5.4800 GBP

10p ordinary

Purchase

1,679

5.4700 GBP

10p ordinary

Purchase

1,434

5.4706 GBP

10p ordinary

Purchase

1,310

5.4679 GBP

10p ordinary

Purchase

950

5.4975 GBP

10p ordinary

Purchase

774

5.5300 GBP

10p ordinary

Purchase

589

5.5013 GBP

10p ordinary

Purchase

585

5.5375 GBP

10p ordinary

Purchase

567

5.5050 GBP

10p ordinary

Purchase

546

5.5325 GBP

10p ordinary

Purchase

516

5.5000 GBP

10p ordinary

Purchase

484

5.4651 GBP

10p ordinary

Purchase

454

5.5100 GBP

10p ordinary

Purchase

454

5.4550 GBP

10p ordinary

Purchase

52

5.4500 GBP

10p ordinary

Sale

395,210

5.5139 GBP

10p ordinary

Sale

153,306

5.5245 GBP

10p ordinary

Sale

133,812

5.4766 GBP

10p ordinary

Sale

105,164

5.4955 GBP

10p ordinary

Sale

82,150

5.5400 GBP

10p ordinary

Sale

74,484

5.5312 GBP

10p ordinary

Sale

67,087

5.5121 GBP

10p ordinary

Sale

62,489

5.5004 GBP

10p ordinary

Sale

41,553

5.4639 GBP

10p ordinary

Sale

41,022

5.4940 GBP

10p ordinary

Sale

39,412

5.5011 GBP

10p ordinary

Sale

23,394

5.5366 GBP

10p ordinary

Sale

12,854

5.4713 GBP

10p ordinary

Sale

12,757

5.4641 GBP

10p ordinary

Sale

12,201

5.5032 GBP

10p ordinary

Sale

10,463

5.4874 GBP

10p ordinary

Sale

9,210

5.4764 GBP

10p ordinary

Sale

8,724

5.4877 GBP

10p ordinary

Sale

7,696

5.4652 GBP

10p ordinary

Sale

6,538

5.5007 GBP

10p ordinary

Sale

5,751

5.5054 GBP

10p ordinary

Sale

5,140

5.4979 GBP

10p ordinary

Sale

5,068

5.5419 GBP

10p ordinary

Sale

4,615

5.4873 GBP

10p ordinary

Sale

4,498

5.5077 GBP

10p ordinary

Sale

3,716

5.4722 GBP

10p ordinary

Sale

3,635

5.5200 GBP

10p ordinary

Sale

3,007

5.5143 GBP

10p ordinary

Sale

2,962

5.5350 GBP

10p ordinary

Sale

2,854

5.5150 GBP

10p ordinary

Sale

2,689

5.4750 GBP

10p ordinary

Sale

2,646

5.4650 GBP

10p ordinary

Sale

2,574

5.5129 GBP

10p ordinary

Sale

2,558

5.5052 GBP

10p ordinary

Sale

2,292

5.5169 GBP

10p ordinary

Sale

2,194

5.4700 GBP

10p ordinary

Sale

2,010

5.4550 GBP

10p ordinary

Sale

1,865

5.4986 GBP

10p ordinary

Sale

1,719

5.4881 GBP

10p ordinary

Sale

1,718

5.4600 GBP

10p ordinary

Sale

1,700

5.4800 GBP

10p ordinary

Sale

1,655

5.4966 GBP

10p ordinary

Sale

1,389

5.4543 GBP

10p ordinary

Sale

1,349

5.4785 GBP

10p ordinary

Sale

1,202

5.5199 GBP

10p ordinary

Sale

1,183

5.4825 GBP

10p ordinary

Sale

1,005

5.5450 GBP

10p ordinary

Sale

950

5.4975 GBP

10p ordinary

Sale

915

5.4741 GBP

10p ordinary

Sale

784

5.4900 GBP

10p ordinary

Sale

774

5.5300 GBP

10p ordinary

Sale

607

5.5399 GBP

10p ordinary

Sale

567

5.5050 GBP

10p ordinary

Sale

546

5.5325 GBP

10p ordinary

Sale

516

5.5000 GBP

10p ordinary

Sale

454

5.4551 GBP

10p ordinary

Sale

242

5.3800 GBP

10p ordinary

Sale

52

5.4500 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

10p ordinary

SWAP

Increasing Short

91,441

5.5036 GBP

10p ordinary

SWAP

Decreasing Short

1,389

5.4543 GBP

10p ordinary

SWAP

Decreasing Short

12,757

5.4641 GBP

10p ordinary

SWAP

Decreasing Short

3,716

5.4722 GBP

10p ordinary

SWAP

Decreasing Short

9,210

5.4764 GBP

10p ordinary

SWAP

Decreasing Short

133,812

5.4766 USD

10p ordinary

SWAP

Decreasing Short

28,104

5.4806 GBP

10p ordinary

SWAP

Decreasing Short

784

5.4900 GBP

10p ordinary

SWAP

Decreasing Short

105,164

5.4956 GBP

10p ordinary

SWAP

Decreasing Short

15,777

5.5007 GBP

10p ordinary

SWAP

Decreasing Short

34,937

5.5014 GBP

10p ordinary

SWAP

Decreasing Short

5,751

5.5054 GBP

10p ordinary

SWAP

Decreasing Short

1,665

5.5103 GBP

10p ordinary

SWAP

Decreasing Short

64,013

5.5132 GBP

10p ordinary

SWAP

Decreasing Short

3,007

5.5142 GBP

10p ordinary

SWAP

Decreasing Short

55,703

5.5242 GBP

10p ordinary

SWAP

Decreasing Short

607

5.5399 GBP

10p ordinary

SWAP

Decreasing Short

47,347

5.5400 GBP

10p ordinary

SWAP

Decreasing Short

5,068

5.5419 GBP

10p ordinary

SWAP

Increasing Short

70

5.3800 GBP

10p ordinary

SWAP

Increasing Short

1

5.4600 GBP

10p ordinary

SWAP

Increasing Short

4,087

5.4604 GBP

10p ordinary

SWAP

Increasing Short

484

5.4651 GBP

10p ordinary

SWAP

Increasing Short

4,017

5.4673 GBP

10p ordinary

SWAP

Increasing Short

500,000

5.4727 GBP

10p ordinary

SWAP

Increasing Short

2,663

5.4736 GBP

10p ordinary

SWAP

Increasing Short

4,282

5.5073 GBP

10p ordinary

SWAP

Increasing Short

23,928

5.5400 GBP

10p ordinary

CFD

Decreasing Short

18

5.4750 GBP

10p ordinary

CFD

Decreasing Short

2,052

5.4853 GBP

10p ordinary

CFD

Decreasing Short

9,955

5.5090 GBP

10p ordinary

CFD

Decreasing Short

23,394

5.5365 GBP

10p ordinary

CFD

Decreasing Short

153

5.5400 GBP

10p ordinary

CFD

Increasing Short

18

5.4750 GBP

10p ordinary

CFD

Increasing Short

153

5.5400 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

09 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213