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:

17 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:

34,499,758

2.50%

16,443,626

1.19%

(2)

Cash-settled derivatives:

and/or controlled:

12,610,829

0.91%

33,376,759

2.42%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

47,110,587

3.41%

49,820,385

3.61%

(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

301,107

5.4477 GBP

10p ordinary

Purchase

256,422

5.4350 GBP

10p ordinary

Purchase

98,859

5.4229 GBP

10p ordinary

Purchase

18,509

5.4376 GBP

10p ordinary

Purchase

16,414

5.4579 GBP

10p ordinary

Purchase

12,048

5.4621 GBP

10p ordinary

Purchase

9,496

5.4502 GBP

10p ordinary

Purchase

7,045

5.4355 GBP

10p ordinary

Purchase

4,113

5.4434 GBP

10p ordinary

Purchase

3,932

5.4413 GBP

10p ordinary

Purchase

2,787

5.4397 GBP

10p ordinary

Purchase

2,409

5.4488 GBP

10p ordinary

Purchase

1,534

5.4400 GBP

10p ordinary

Purchase

1,343

5.4591 GBP

10p ordinary

Purchase

1,144

5.4388 GBP

10p ordinary

Purchase

864

5.4275 GBP

10p ordinary

Purchase

805

5.4383 GBP

10p ordinary

Purchase

642

5.4250 GBP

10p ordinary

Purchase

455

5.4406 GBP

10p ordinary

Purchase

444

5.4384 GBP

10p ordinary

Purchase

296

5.4550 GBP

10p ordinary

Purchase

277

5.4700 GBP

10p ordinary

Purchase

80

5.4356 GBP

10p ordinary

Purchase

1

5.4450 GBP

10p ordinary

Sale

136,124

5.4350 GBP

10p ordinary

Sale

71,630

5.4344 GBP

10p ordinary

Sale

39,181

5.4445 GBP

10p ordinary

Sale

36,918

5.4396 GBP

10p ordinary

Sale

35,995

5.4240 GBP

10p ordinary

Sale

35,600

5.4437 GBP

10p ordinary

Sale

29,163

5.4459 GBP

10p ordinary

Sale

28,233

5.4311 GBP

10p ordinary

Sale

23,150

5.4233 GBP

10p ordinary

Sale

17,404

5.4250 GBP

10p ordinary

Sale

17,311

5.4385 GBP

10p ordinary

Sale

13,763

5.4455 GBP

10p ordinary

Sale

13,054

5.4482 GBP

10p ordinary

Sale

10,216

5.4442 GBP

10p ordinary

Sale

7,045

5.4355 GBP

10p ordinary

Sale

6,373

5.4441 GBP

10p ordinary

Sale

6,241

5.4540 GBP

10p ordinary

Sale

6,185

5.4420 GBP

10p ordinary

Sale

5,857

5.4677 GBP

10p ordinary

Sale

5,420

5.4549 GBP

10p ordinary

Sale

4,994

5.4431 GBP

10p ordinary

Sale

3,495

5.4377 GBP

10p ordinary

Sale

3,346

5.4552 GBP

10p ordinary

Sale

2,819

5.4475 GBP

10p ordinary

Sale

2,199

5.4612 GBP

10p ordinary

Sale

1,745

5.4347 GBP

10p ordinary

Sale

1,319

5.4490 GBP

10p ordinary

Sale

1,273

5.4339 GBP

10p ordinary

Sale

882

5.4427 GBP

10p ordinary

Sale

740

5.4425 GBP

10p ordinary

Sale

671

5.4450 GBP

10p ordinary

Sale

330

5.4400 GBP

10p ordinary

Sale

322

5.4449 GBP

10p ordinary

Sale

277

5.4700 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

35,793

5.4513 GBP

10p ordinary

SWAP

Decreasing Short

71,630

5.4344 GBP

10p ordinary

SWAP

Decreasing Short

12,068

5.4345 GBP

10p ordinary

SWAP

Decreasing Short

9,158

5.4350 GBP

10p ordinary

SWAP

Decreasing Short

3,495

5.4376 GBP

10p ordinary

SWAP

Decreasing Short

5,900

5.4385 GBP

10p ordinary

SWAP

Decreasing Short

1,464

5.4420 GBP

10p ordinary

SWAP

Decreasing Short

35,600

5.4437 GBP

10p ordinary

SWAP

Decreasing Short

13,531

5.4438 GBP

10p ordinary

SWAP

Decreasing Short

39,181

5.4445 GBP

10p ordinary

SWAP

Decreasing Short

322

5.4449 GBP

10p ordinary

SWAP

Decreasing Short

13,136

5.4460 GBP

10p ordinary

SWAP

Decreasing Short

13,054

5.4482 GBP

10p ordinary

SWAP

Decreasing Short

296

5.4850 GBP

10p ordinary

SWAP

Decreasing Short

73,647

5.5108 GBP

10p ordinary

SWAP

Increasing Short

34,098

5.4350 GBP

10p ordinary

SWAP

Increasing Short

5,840

5.4352 GBP

10p ordinary

SWAP

Increasing Short

80

5.4356 GBP

10p ordinary

SWAP

Increasing Short

1,204

5.4400 GBP

10p ordinary

SWAP

Increasing Short

301,107

5.4477 GBP

10p ordinary

SWAP

Increasing Short

8,914

5.4579 GBP

10p ordinary

SWAP

Increasing Short

500,000

5.4997 GBP

10p ordinary

CFD

Decreasing Short

789

5.4350 GBP

10p ordinary

CFD

Increasing Short

906

5.4457 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:

18 Dec 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213