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:

16 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:

33,815,611

2.45%

16,357,583

1.18%

(2)

Cash-settled derivatives:

and/or controlled:

12,534,205

0.91%

32,705,464

2.37%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

46,349,816

3.36%

49,063,047

3.55%

(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

4,090,281

5.5750 GBP

10p ordinary

Purchase

227,957

5.4722 GBP

10p ordinary

Purchase

83,504

5.4850 GBP

10p ordinary

Purchase

81,673

5.4700 GBP

10p ordinary

Purchase

24,887

5.4711 GBP

10p ordinary

Purchase

15,662

5.5081 GBP

10p ordinary

Purchase

14,632

5.5239 GBP

10p ordinary

Purchase

13,622

5.5049 GBP

10p ordinary

Purchase

11,762

5.5147 GBP

10p ordinary

Purchase

10,263

5.5080 GBP

10p ordinary

Purchase

7,832

5.5177 GBP

10p ordinary

Purchase

6,012

5.5178 GBP

10p ordinary

Purchase

4,505

5.5122 GBP

10p ordinary

Purchase

4,398

5.5079 GBP

10p ordinary

Purchase

3,862

5.5121 GBP

10p ordinary

Purchase

3,218

5.5215 GBP

10p ordinary

Purchase

2,472

5.5068 GBP

10p ordinary

Purchase

2,262

5.5241 GBP

10p ordinary

Purchase

2,118

5.5135 GBP

10p ordinary

Purchase

2,070

5.5021 GBP

10p ordinary

Purchase

1,954

5.5327 GBP

10p ordinary

Purchase

1,811

5.5164 GBP

10p ordinary

Purchase

1,541

5.4900 GBP

10p ordinary

Purchase

1,097

5.5152 GBP

10p ordinary

Purchase

984

5.5050 GBP

10p ordinary

Purchase

952

5.4952 GBP

10p ordinary

Purchase

949

5.5260 GBP

10p ordinary

Purchase

846

5.5025 GBP

10p ordinary

Purchase

691

5.5219 GBP

10p ordinary

Purchase

561

5.5096 GBP

10p ordinary

Sale

185,807

5.4700 GBP

10p ordinary

Sale

139,174

5.4967 GBP

10p ordinary

Sale

129,899

5.4689 GBP

10p ordinary

Sale

76,311

5.5000 GBP

10p ordinary

Sale

56,869

5.4943 GBP

10p ordinary

Sale

46,148

5.5083 GBP

10p ordinary

Sale

29,640

5.5099 GBP

10p ordinary

Sale

27,208

5.5086 GBP

10p ordinary

Sale

12,700

5.4861 GBP

10p ordinary

Sale

4,975

5.5136 GBP

10p ordinary

Sale

4,505

5.5122 GBP

10p ordinary

Sale

2,795

5.4900 GBP

10p ordinary

Sale

2,587

5.5207 GBP

10p ordinary

Sale

2,417

5.5065 GBP

10p ordinary

Sale

2,079

5.5002 GBP

10p ordinary

Sale

1,450

5.4975 GBP

10p ordinary

Sale

1,054

5.5329 GBP

10p ordinary

Sale

846

5.4950 GBP

10p ordinary

Sale

91

5.5050 GBP

10p ordinary

Sale

2

5.5750 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

62,956

5.5147 GBP

10p ordinary

SWAP

Decreasing Short

129,899

5.4689 GBP

10p ordinary

SWAP

Decreasing Short

232

5.4700 GBP

10p ordinary

SWAP

Decreasing Short

30,256

5.4753 GBP

10p ordinary

SWAP

Decreasing Short

12,700

5.4861 GBP

10p ordinary

SWAP

Decreasing Short

56,869

5.4942 GBP

10p ordinary

SWAP

Decreasing Short

139,174

5.4967 GBP

10p ordinary

SWAP

Decreasing Short

22,134

5.5052 GBP

10p ordinary

SWAP

Decreasing Short

2,417

5.5065 GBP

10p ordinary

SWAP

Decreasing Short

46,148

5.5083 GBP

10p ordinary

SWAP

Decreasing Short

27,208

5.5086 GBP

10p ordinary

SWAP

Decreasing Short

10,993

5.5107 GBP

10p ordinary

SWAP

Decreasing Short

4,975

5.5136 GBP

10p ordinary

SWAP

Decreasing Short

86

5.5750 GBP

10p ordinary

SWAP

Increasing Short

134,322

5.4700 GBP

10p ordinary

SWAP

Increasing Short

4,706

5.4761 GBP

10p ordinary

SWAP

Increasing Short

1,882

5.4764 GBP

10p ordinary

SWAP

Increasing Short

145,000

5.4787 USD

10p ordinary

SWAP

Increasing Short

371

5.4900 GBP

10p ordinary

SWAP

Increasing Short

952

5.4952 GBP

10p ordinary

SWAP

Increasing Short

2,472

5.5068 GBP

10p ordinary

SWAP

Increasing Short

14,661

5.5079 GBP

10p ordinary

SWAP

Increasing Short

3,862

5.5121 GBP

10p ordinary

CFD

Decreasing Short

1,002

5.4700 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:

17 Dec 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213