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:

20 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:

33,508,671

2.43%

29,895,095

2.17%

(2)

Cash-settled derivatives:

and/or controlled:

12,818,526

0.93%

31,612,286

2.29%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

46,327,197

3.36%

61,507,381

4.46%

(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

173,677

5.8850 GBP

10p ordinary

Purchase

172,415

5.9016 GBP

10p ordinary

Purchase

44,505

5.9007 GBP

10p ordinary

Purchase

44,056

5.8831 GBP

10p ordinary

Purchase

11,989

5.8801 GBP

10p ordinary

Purchase

8,246

5.8973 GBP

10p ordinary

Purchase

6,104

5.9050 GBP

10p ordinary

Purchase

5,523

5.9059 GBP

10p ordinary

Purchase

4,597

5.8815 GBP

10p ordinary

Purchase

4,359

5.8768 GBP

10p ordinary

Purchase

4,181

5.8907 GBP

10p ordinary

Purchase

3,772

5.8713 GBP

10p ordinary

Purchase

2,795

5.9000 GBP

10p ordinary

Purchase

2,557

5.9090 GBP

10p ordinary

Purchase

2,455

5.9025 GBP

10p ordinary

Purchase

2,246

5.8922 GBP

10p ordinary

Purchase

2,140

5.8615 GBP

10p ordinary

Purchase

1,946

5.8930 GBP

10p ordinary

Purchase

1,522

5.8600 GBP

10p ordinary

Purchase

1,165

5.9100 GBP

10p ordinary

Purchase

1,154

5.9207 GBP

10p ordinary

Purchase

1,085

5.9327 GBP

10p ordinary

Purchase

944

5.9250 GBP

10p ordinary

Purchase

637

5.8550 GBP

10p ordinary

Purchase

472

5.9148 GBP

10p ordinary

Purchase

472

5.8940 GBP

10p ordinary

Purchase

472

5.9150 GBP

10p ordinary

Purchase

362

5.8549 GBP

10p ordinary

Purchase

181

5.8650 GBP

10p ordinary

Sale

584,787

5.9250 GBP

10p ordinary

Sale

96,390

5.8881 GBP

10p ordinary

Sale

76,310

5.9013 GBP

10p ordinary

Sale

70,639

5.8895 GBP

10p ordinary

Sale

62,950

5.9007 GBP

10p ordinary

Sale

59,009

5.8850 GBP

10p ordinary

Sale

20,498

5.9035 GBP

10p ordinary

Sale

16,437

5.8970 GBP

10p ordinary

Sale

16,384

5.9088 GBP

10p ordinary

Sale

10,465

5.8997 GBP

10p ordinary

Sale

10,290

5.8910 GBP

10p ordinary

Sale

9,713

5.8963 GBP

10p ordinary

Sale

9,028

5.8825 GBP

10p ordinary

Sale

7,781

5.8918 GBP

10p ordinary

Sale

7,602

5.9018 GBP

10p ordinary

Sale

7,529

5.8975 GBP

10p ordinary

Sale

7,302

5.9074 GBP

10p ordinary

Sale

7,116

5.9096 GBP

10p ordinary

Sale

5,230

5.9047 GBP

10p ordinary

Sale

4,658

5.9019 GBP

10p ordinary

Sale

3,934

5.8899 GBP

10p ordinary

Sale

3,065

5.8725 GBP

10p ordinary

Sale

1,976

5.9224 GBP

10p ordinary

Sale

1,411

5.8798 GBP

10p ordinary

Sale

1,344

5.9000 GBP

10p ordinary

Sale

1,296

5.8738 GBP

10p ordinary

Sale

1,180

5.9075 GBP

10p ordinary

Sale

1,119

5.9050 GBP

10p ordinary

Sale

999

5.8550 GBP

10p ordinary

Sale

716

5.9200 GBP

10p ordinary

Sale

587

5.9245 GBP

10p ordinary

Sale

537

5.9100 GBP

10p ordinary

Sale

472

5.9150 GBP

10p ordinary

Sale

11

5.8884 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

32,975

5.8914 GBP

10p ordinary

SWAP

Decreasing Short

3,065

5.8725 GBP

10p ordinary

SWAP

Decreasing Short

6,477

5.8776 GBP

10p ordinary

SWAP

Decreasing Short

35,043

5.8839 GBP

10p ordinary

SWAP

Decreasing Short

224

5.8850 GBP

10p ordinary

SWAP

Decreasing Short

3,934

5.8899 GBP

10p ordinary

SWAP

Decreasing Short

10,290

5.8910 GBP

10p ordinary

SWAP

Decreasing Short

7,781

5.8918 GBP

10p ordinary

SWAP

Decreasing Short

3,281

5.9019 GBP

10p ordinary

SWAP

Decreasing Short

16,384

5.9088 GBP

10p ordinary

SWAP

Increasing Short

181

5.8650 GBP

10p ordinary

SWAP

Increasing Short

3,772

5.8713 GBP

10p ordinary

SWAP

Increasing Short

11,989

5.8801 GBP

10p ordinary

SWAP

Increasing Short

60,264

5.8850 GBP

10p ordinary

SWAP

Increasing Short

472

5.8939 GBP

10p ordinary

CFD

Decreasing Short

57,060

5.8850 GBP

10p ordinary

CFD

Decreasing Short

7

5.8857 GBP

10p ordinary

CFD

Increasing Short

2,569

5.8850 GBP

10p ordinary

CFD

Increasing Short

1,047

5.8853 GBP

10p ordinary

CFD

Increasing Short

7

5.8857 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:

21 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213