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:

10 May 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:

24,763,171

1.80%

19,121,679

1.39%

(2)

Cash-settled derivatives:

and/or controlled:

7,994,427

0.58%

22,283,499

1.62%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

32,757,598

2.37%

41,405,178

3.00%

(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

464,197

3.6248 GBP

10p ordinary

Purchase

442,477

3.6044 GBP

10p ordinary

Purchase

327,091

3.6089 GBP

10p ordinary

Purchase

295,716

3.6009 GBP

10p ordinary

Purchase

266,842

3.6300 GBP

10p ordinary

Purchase

184,556

3.6177 GBP

10p ordinary

Purchase

170,620

3.6298 GBP

10p ordinary

Purchase

145,841

3.6217 GBP

10p ordinary

Purchase

121,103

3.6151 GBP

10p ordinary

Purchase

107,698

3.6165 GBP

10p ordinary

Purchase

102,514

3.6167 GBP

10p ordinary

Purchase

64,134

3.6295 GBP

10p ordinary

Purchase

62,498

3.6091 GBP

10p ordinary

Purchase

60,546

3.6158 GBP

10p ordinary

Purchase

38,946

3.6064 GBP

10p ordinary

Purchase

24,188

3.6074 GBP

10p ordinary

Purchase

23,491

3.6221 GBP

10p ordinary

Purchase

18,959

3.6141 GBP

10p ordinary

Purchase

18,828

3.6070 GBP

10p ordinary

Purchase

18,694

3.6142 GBP

10p ordinary

Purchase

18,507

3.6294 GBP

10p ordinary

Purchase

17,373

3.5962 GBP

10p ordinary

Purchase

16,328

3.6146 GBP

10p ordinary

Purchase

14,831

3.6094 GBP

10p ordinary

Purchase

13,393

3.5973 GBP

10p ordinary

Purchase

12,551

3.6115 GBP

10p ordinary

Purchase

12,475

3.5972 GBP

10p ordinary

Purchase

12,443

3.6137 GBP

10p ordinary

Purchase

8,806

3.5863 GBP

10p ordinary

Purchase

7,873

3.6080 GBP

10p ordinary

Purchase

7,555

3.5900 GBP

10p ordinary

Purchase

6,840

3.6060 GBP

10p ordinary

Purchase

5,728

3.6035 GBP

10p ordinary

Purchase

5,344

3.6121 GBP

10p ordinary

Purchase

4,463

3.6075 GBP

10p ordinary

Purchase

4,316

3.5893 GBP

10p ordinary

Purchase

4,204

3.6280 GBP

10p ordinary

Purchase

3,724

3.6011 GBP

10p ordinary

Purchase

3,701

3.5870 GBP

10p ordinary

Purchase

3,216

3.5891 GBP

10p ordinary

Purchase

2,031

3.6007 GBP

10p ordinary

Purchase

2,020

3.6157 GBP

10p ordinary

Purchase

1,935

3.6100 GBP

10p ordinary

Purchase

1,844

3.6000 GBP

10p ordinary

Purchase

1,678

3.5780 GBP

10p ordinary

Purchase

1,493

3.6220 GBP

10p ordinary

Purchase

1,449

3.5980 GBP

10p ordinary

Purchase

1,403

3.6340 GBP

10p ordinary

Purchase

1,285

3.6140 GBP

10p ordinary

Purchase

962

3.6240 GBP

10p ordinary

Purchase

538

3.6020 GBP

10p ordinary

Purchase

177

3.6105 GBP

10p ordinary

Purchase

95

3.6025 GBP

10p ordinary

Purchase

10

3.6279 GBP

10p ordinary

Purchase

2

3.6260 GBP

10p ordinary

Sale

716,456

3.6300 GBP

10p ordinary

Sale

148,206

3.6151 GBP

10p ordinary

Sale

134,714

3.6052 GBP

10p ordinary

Sale

106,609

3.6224 GBP

10p ordinary

Sale

103,039

3.6021 GBP

10p ordinary

Sale

90,561

3.6202 GBP

10p ordinary

Sale

76,819

3.5960 GBP

10p ordinary

Sale

73,392

3.6400 GBP

10p ordinary

Sale

58,309

3.6031 GBP

10p ordinary

Sale

55,715

3.6222 GBP

10p ordinary

Sale

49,100

3.6062 GBP

10p ordinary

Sale

42,628

3.5991 GBP

10p ordinary

Sale

37,177

3.6067 GBP

10p ordinary

Sale

35,925

3.6041 GBP

10p ordinary

Sale

34,618

3.6127 GBP

10p ordinary

Sale

28,837

3.6100 GBP

10p ordinary

Sale

23,141

3.6229 GBP

10p ordinary

Sale

16,968

3.6058 GBP

10p ordinary

Sale

15,523

3.6017 GBP

10p ordinary

Sale

15,499

3.6095 GBP

10p ordinary

Sale

14,711

3.6024 GBP

10p ordinary

Sale

13,393

3.5973 GBP

10p ordinary

Sale

12,475

3.5972 GBP

10p ordinary

Sale

10,202

3.6337 GBP

10p ordinary

Sale

10,103

3.6057 GBP

10p ordinary

Sale

8,806

3.5863 GBP

10p ordinary

Sale

8,073

3.6240 GBP

10p ordinary

Sale

7,931

3.6083 GBP

10p ordinary

Sale

7,802

3.6380 GBP

10p ordinary

Sale

7,423

3.5900 GBP

10p ordinary

Sale

7,227

3.6217 GBP

10p ordinary

Sale

7,091

3.6080 GBP

10p ordinary

Sale

7,088

3.6104 GBP

10p ordinary

Sale

6,519

3.6069 GBP

10p ordinary

Sale

6,397

3.6015 GBP

10p ordinary

Sale

5,836

3.6133 GBP

10p ordinary

Sale

5,005

3.6000 GBP

10p ordinary

Sale

4,715

3.6060 GBP

10p ordinary

Sale

4,204

3.6280 GBP

10p ordinary

Sale

3,966

3.6073 GBP

10p ordinary

Sale

3,347

3.6263 GBP

10p ordinary

Sale

3,275

3.5920 GBP

10p ordinary

Sale

3,216

3.5891 GBP

10p ordinary

Sale

2,980

3.5998 GBP

10p ordinary

Sale

2,792

3.6366 GBP

10p ordinary

Sale

2,462

3.6125 GBP

10p ordinary

Sale

2,437

3.5904 GBP

10p ordinary

Sale

2,426

3.6061 GBP

10p ordinary

Sale

2,302

3.5974 GBP

10p ordinary

Sale

2,031

3.6007 GBP

10p ordinary

Sale

1,872

3.6082 GBP

10p ordinary

Sale

1,860

3.6178 GBP

10p ordinary

Sale

1,678

3.5780 GBP

10p ordinary

Sale

1,597

3.5927 GBP

10p ordinary

Sale

1,552

3.5800 GBP

10p ordinary

Sale

1,449

3.5980 GBP

10p ordinary

Sale

1,403

3.6340 GBP

10p ordinary

Sale

1,285

3.6140 GBP

10p ordinary

Sale

943

3.6320 GBP

10p ordinary

Sale

919

3.5910 GBP

10p ordinary

Sale

538

3.6020 GBP

10p ordinary

Sale

95

3.6029 GBP

10p ordinary

Sale

62

3.6200 GBP

10p ordinary

Sale

57

3.6299 GBP

10p ordinary

Sale

12

3.6238 GBP

10p ordinary

Sale

2

3.6260 GBP

10p ordinary

Sale

100

3.6279 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

12

3.6238 GBP

10p ordinary

SWAP

Decreasing Short

57

3.6299 GBP

10p ordinary

SWAP

Decreasing Short

62

3.6199 GBP

10p ordinary

SWAP

Decreasing Short

168

3.5900 GBP

10p ordinary

CFD

Decreasing Short

282

3.6336 GBP

10p ordinary

SWAP

Decreasing Short

2,462

3.6125 GBP

10p ordinary

SWAP

Decreasing Short

2,980

3.5998 GBP

10p ordinary

CFD

Decreasing Short

5,993

3.6235 GBP

10p ordinary

CFD

Decreasing Short

10,480

3.6300 GBP

10p ordinary

SWAP

Decreasing Short

34,618

3.6127 GBP

10p ordinary

SWAP

Decreasing Short

37,942

3.6283 GBP

10p ordinary

SWAP

Decreasing Short

58,309

3.6031 GBP

10p ordinary

CFD

Decreasing Short

76,819

3.5959 GBP

10p ordinary

SWAP

Decreasing Short

143,515

3.6151 GBP

10p ordinary

SWAP

Increasing Long

2,437

3.5904 GBP

10p ordinary

SWAP

Increasing Short

54

3.6300 GBP

10p ordinary

SWAP

Increasing Short

454

3.6100 GBP

10p ordinary

SWAP

Increasing Short

3,724

3.6011 GBP

10p ordinary

SWAP

Increasing Short

4,972

3.6060 GBP

10p ordinary

SWAP

Increasing Short

10,810

3.6300 GBP

10p ordinary

SWAP

Increasing Short

10,859

3.6090 GBP

10p ordinary

SWAP

Increasing Short

24,188

3.6074 GBP

10p ordinary

SWAP

Increasing Short

36,296

3.6102 GBP

10p ordinary

SWAP

Increasing Short

51,463

3.6296 GBP

10p ordinary

SWAP

Increasing Short

55,559

3.6130 GBP

10p ordinary

SWAP

Increasing Short

70,000

3.6050 GBP

10p ordinary

SWAP

Increasing Short

121,103

3.6151 GBP

10p ordinary

SWAP

Increasing Short

170,620

3.6298 GBP

10p ordinary

CFD

Increasing Short

244,612

3.6300 GBP

10p ordinary

SWAP

Increasing Short

327,091

3.6089 GBP

10p ordinary

SWAP

Increasing Short

328,768

3.6191 GBP

10p ordinary

SWAP

Opening Long

60,802

3.6131 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:

13 May 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213