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:

21 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:

34,242,544

2.48%

29,729,791

2.15%

(2)

Cash-settled derivatives:

and/or controlled:

12,548,639

0.91%

32,142,899

2.33%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

46,791,183

3.39%

61,872,690

4.48%

(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

429,929

6.0150 GBP

10p ordinary

Purchase

325,735

5.9497 GBP

10p ordinary

Purchase

89,343

6.0100 GBP

10p ordinary

Purchase

73,340

6.0042 GBP

10p ordinary

Purchase

55,185

5.9429 GBP

10p ordinary

Purchase

37,076

5.9648 GBP

10p ordinary

Purchase

24,770

5.9645 GBP

10p ordinary

Purchase

22,551

5.9672 GBP

10p ordinary

Purchase

21,441

5.9206 GBP

10p ordinary

Purchase

21,272

5.9855 GBP

10p ordinary

Purchase

17,785

5.9674 GBP

10p ordinary

Purchase

13,923

5.9538 GBP

10p ordinary

Purchase

12,686

5.9319 GBP

10p ordinary

Purchase

10,334

5.9223 GBP

10p ordinary

Purchase

10,299

5.9522 GBP

10p ordinary

Purchase

7,182

5.9688 GBP

10p ordinary

Purchase

6,581

5.9553 GBP

10p ordinary

Purchase

6,412

5.9240 GBP

10p ordinary

Purchase

6,250

5.9545 GBP

10p ordinary

Purchase

5,953

5.9743 GBP

10p ordinary

Purchase

5,497

5.9443 GBP

10p ordinary

Purchase

3,825

5.9427 GBP

10p ordinary

Purchase

3,711

5.9041 GBP

10p ordinary

Purchase

3,294

5.8950 GBP

10p ordinary

Purchase

3,284

6.0013 GBP

10p ordinary

Purchase

3,159

6.0105 GBP

10p ordinary

Purchase

2,820

5.9466 GBP

10p ordinary

Purchase

2,525

5.9835 GBP

10p ordinary

Purchase

2,295

5.9598 GBP

10p ordinary

Purchase

2,248

5.9817 GBP

10p ordinary

Purchase

2,199

5.9650 GBP

10p ordinary

Purchase

2,168

6.0006 GBP

10p ordinary

Purchase

1,808

5.9619 GBP

10p ordinary

Purchase

1,807

5.9915 GBP

10p ordinary

Purchase

1,515

5.9420 GBP

10p ordinary

Purchase

1,348

6.0040 GBP

10p ordinary

Purchase

1,281

5.9092 GBP

10p ordinary

Purchase

1,185

6.0025 GBP

10p ordinary

Purchase

1,101

6.0012 GBP

10p ordinary

Purchase

1,000

5.9217 GBP

10p ordinary

Purchase

990

5.9968 GBP

10p ordinary

Purchase

561

5.9100 GBP

10p ordinary

Purchase

456

5.9702 GBP

10p ordinary

Purchase

437

6.0068 GBP

10p ordinary

Purchase

358

5.9200 GBP

10p ordinary

Purchase

190

5.9125 GBP

10p ordinary

Purchase

32

6.0248 GBP

10p ordinary

Purchase

32

6.0250 GBP

10p ordinary

Sale

174,179

5.9962 GBP

10p ordinary

Sale

109,523

5.9389 GBP

10p ordinary

Sale

100,000

6.0057 GBP

10p ordinary

Sale

95,755

6.0150 GBP

10p ordinary

Sale

16,500

5.9890 GBP

10p ordinary

Sale

14,836

5.9729 GBP

10p ordinary

Sale

14,041

5.9822 GBP

10p ordinary

Sale

13,959

5.9809 GBP

10p ordinary

Sale

11,542

5.9591 GBP

10p ordinary

Sale

7,798

5.9858 GBP

10p ordinary

Sale

6,602

5.9237 GBP

10p ordinary

Sale

6,543

6.0126 GBP

10p ordinary

Sale

5,713

5.9687 GBP

10p ordinary

Sale

4,463

6.0137 GBP

10p ordinary

Sale

3,960

6.0032 GBP

10p ordinary

Sale

3,455

5.9147 GBP

10p ordinary

Sale

2,923

5.9852 GBP

10p ordinary

Sale

1,923

6.0062 GBP

10p ordinary

Sale

1,774

5.9200 GBP

10p ordinary

Sale

1,423

5.9150 GBP

10p ordinary

Sale

1,092

5.9600 GBP

10p ordinary

Sale

994

6.0050 GBP

10p ordinary

Sale

548

6.0075 GBP

10p ordinary

Sale

418

5.9199 GBP

10p ordinary

Sale

32

6.0250 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

116,670

5.9704 GBP

10p ordinary

SWAP

Increasing Short

12,857

5.9754 GBP

10p ordinary

SWAP

Decreasing Short

3,455

5.9147 GBP

10p ordinary

SWAP

Decreasing Short

418

5.9199 GBP

10p ordinary

SWAP

Decreasing Short

5,082

5.9386 GBP

10p ordinary

SWAP

Decreasing Short

109,523

5.9389 GBP

10p ordinary

SWAP

Decreasing Short

1,092

5.9600 GBP

10p ordinary

SWAP

Decreasing Short

14,836

5.9729 GBP

10p ordinary

SWAP

Decreasing Short

5,086

6.0009 GBP

10p ordinary

SWAP

Decreasing Short

4,463

6.0137 GBP

10p ordinary

SWAP

Decreasing Short

27,732

6.0150 GBP

10p ordinary

SWAP

Decreasing Short

69,319

6.0154 GBP

10p ordinary

SWAP

Increasing Short

1,281

5.9092 GBP

10p ordinary

SWAP

Increasing Short

21,441

5.9206 GBP

10p ordinary

SWAP

Increasing Short

1,000

5.9218 GBP

10p ordinary

SWAP

Increasing Short

250,000

5.9257 USD

10p ordinary

SWAP

Increasing Short

16,648

5.9284 GBP

10p ordinary

SWAP

Increasing Short

10,526

5.9327 GBP

10p ordinary

SWAP

Increasing Short

55,185

5.9429 GBP

10p ordinary

SWAP

Increasing Short

456

5.9701 GBP

10p ordinary

SWAP

Increasing Short

134,073

5.9776 GBP

10p ordinary

SWAP

Increasing Short

2,248

5.9817 GBP

10p ordinary

SWAP

Increasing Short

1,807

5.9915 GBP

10p ordinary

SWAP

Increasing Short

437

6.0068 GBP

10p ordinary

SWAP

Increasing Short

29,297

6.0137 GBP

10p ordinary

SWAP

Increasing Short

189,536

6.0150 GBP

10p ordinary

CFD

Decreasing Short

358

5.9200 GBP

10p ordinary

CFD

Decreasing Short

30,000

5.9958 GBP

10p ordinary

CFD

Decreasing Short

2,703

6.0150 GBP

10p ordinary

CFD

Decreasing Short

3

6.0166 GBP

10p ordinary

CFD

Increasing Short

239,001

5.9296 GBP

10p ordinary

CFD

Increasing Short

96,064

6.0150 GBP

10p ordinary

CFD

Increasing Short

3

6.0166 GBP

10p ordinary

SWAP

Decreasing Short

3,960

6.0032 GBP

10p ordinary

SWAP

Decreasing Short

100,000

6.0058 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:

22 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213