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:

19 Dec 2024

(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:

32,359,899

2.34%

16,427,151

1.19%

(2)

Cash-settled derivatives:

and/or controlled:

12,605,686

0.91%

31,165,460

2.26%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

44,965,585

3.26%

47,592,611

3.45%

(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

455,556

5.3700 GBP

10p ordinary

Purchase

212,808

5.3701 GBP

10p ordinary

Purchase

66,237

5.3148 GBP

10p ordinary

Purchase

40,099

5.3128 GBP

10p ordinary

Purchase

18,538

5.3326 GBP

10p ordinary

Purchase

17,812

5.3206 GBP

10p ordinary

Purchase

13,649

5.3285 GBP

10p ordinary

Purchase

10,718

5.3675 GBP

10p ordinary

Purchase

10,253

5.3136 GBP

10p ordinary

Purchase

9,044

5.3189 GBP

10p ordinary

Purchase

8,426

5.3243 GBP

10p ordinary

Purchase

7,425

5.3195 GBP

10p ordinary

Purchase

7,133

5.3205 GBP

10p ordinary

Purchase

6,088

5.3708 GBP

10p ordinary

Purchase

5,677

5.3098 GBP

10p ordinary

Purchase

5,624

5.3151 GBP

10p ordinary

Purchase

4,642

5.3156 GBP

10p ordinary

Purchase

4,465

5.3144 GBP

10p ordinary

Purchase

3,734

5.3172 GBP

10p ordinary

Purchase

3,657

5.3121 GBP

10p ordinary

Purchase

2,984

5.3109 GBP

10p ordinary

Purchase

2,282

5.3254 GBP

10p ordinary

Purchase

2,159

5.2997 GBP

10p ordinary

Purchase

2,121

5.3249 GBP

10p ordinary

Purchase

1,701

5.3100 GBP

10p ordinary

Purchase

1,417

5.3625 GBP

10p ordinary

Purchase

1,201

5.3125 GBP

10p ordinary

Purchase

1,157

5.3250 GBP

10p ordinary

Purchase

769

5.3550 GBP

10p ordinary

Purchase

549

5.3552 GBP

10p ordinary

Purchase

476

5.3200 GBP

10p ordinary

Purchase

261

5.3000 GBP

10p ordinary

Sale

592,055

5.3698 GBP

10p ordinary

Sale

212,808

5.3701 GBP

10p ordinary

Sale

66,034

5.3700 GBP

10p ordinary

Sale

27,741

5.3436 GBP

10p ordinary

Sale

21,882

5.3617 GBP

10p ordinary

Sale

19,851

5.3689 GBP

10p ordinary

Sale

14,633

5.3210 GBP

10p ordinary

Sale

12,794

5.3395 GBP

10p ordinary

Sale

9,758

5.3217 GBP

10p ordinary

Sale

3,575

5.3051 GBP

10p ordinary

Sale

3,565

5.3000 GBP

10p ordinary

Sale

3,343

5.3324 GBP

10p ordinary

Sale

2,435

5.3199 GBP

10p ordinary

Sale

2,382

5.3369 GBP

10p ordinary

Sale

2,278

5.3383 GBP

10p ordinary

Sale

2,204

5.3421 GBP

10p ordinary

Sale

1,885

5.3593 GBP

10p ordinary

Sale

1,805

5.3401 GBP

10p ordinary

Sale

1,728

5.3184 GBP

10p ordinary

Sale

1,567

5.3608 GBP

10p ordinary

Sale

1,107

5.3600 GBP

10p ordinary

Sale

1,012

5.3100 GBP

10p ordinary

Sale

660

5.2925 GBP

10p ordinary

Sale

571

5.3250 GBP

10p ordinary

Sale

538

5.3550 GBP

10p ordinary

Sale

430

5.3625 GBP

10p ordinary

Sale

422

5.3274 GBP

10p ordinary

Sale

390

5.2800 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

Decreasing Short

752,701

5.4400 GBP

10p ordinary

SWAP

Increasing Short

63,300

5.3221 GBP

10p ordinary

SWAP

Increasing Short

752,701

5.4400 GBP

10p ordinary

SWAP

Decreasing Short

3,575

5.3051 GBP

10p ordinary

SWAP

Decreasing Short

14,633

5.3210 GBP

10p ordinary

SWAP

Decreasing Short

12,128

5.3225 GBP

10p ordinary

SWAP

Decreasing Short

27,741

5.3436 GBP

10p ordinary

SWAP

Decreasing Short

7,043

5.3492 GBP

10p ordinary

SWAP

Decreasing Short

19,851

5.3689 GBP

10p ordinary

SWAP

Decreasing Short

165,038

5.3700 GBP

10p ordinary

SWAP

Increasing Short

40,099

5.3128 GBP

10p ordinary

SWAP

Increasing Short

10,253

5.3136 GBP

10p ordinary

SWAP

Increasing Short

4,642

5.3156 GBP

10p ordinary

SWAP

Increasing Short

3,734

5.3172 GBP

10p ordinary

SWAP

Increasing Short

1,179

5.3250 GBP

10p ordinary

SWAP

Increasing Short

200

5.3300 GBP

10p ordinary

SWAP

Increasing Short

4,230

5.3682 GBP

10p ordinary

SWAP

Increasing Short

4,897

5.3700 GBP

10p ordinary

SWAP

Increasing Short

165

5.3800 GBP

10p ordinary

SWAP

Increasing Short

20,000

5.4859 USD

10p ordinary

CFD

Increasing Short

28,796

5.3082 GBP

10p ordinary

CFD

Increasing Short

20,000

5.3104 GBP

10p ordinary

CFD

Increasing Short

1,943

5.3367 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:

20 Dec 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213