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 Jul 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:

37,325,549

2.71%

21,682,285

1.57%

(2)

Cash-settled derivatives:

and/or controlled:

8,219,697

0.60%

36,626,881

2.65%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

45,545,246

3.30%

58,309,166

4.23%

(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

643,539

4.1520 GBP

10p ordinary

Purchase

347,010

4.1518 GBP

10p ordinary

Purchase

302,898

4.1560 GBP

10p ordinary

Purchase

200,000

4.1590 GBP

10p ordinary

Purchase

135,421

4.1517 GBP

10p ordinary

Purchase

83,198

4.1548 GBP

10p ordinary

Purchase

60,459

4.1534 GBP

10p ordinary

Purchase

59,030

4.1535 GBP

10p ordinary

Purchase

20,745

4.1490 GBP

10p ordinary

Purchase

15,542

4.1380 GBP

10p ordinary

Purchase

12,500

4.1620 GBP

10p ordinary

Purchase

7,180

4.1544 GBP

10p ordinary

Purchase

4,991

4.1570 GBP

10p ordinary

Purchase

3,076

4.1595 GBP

10p ordinary

Purchase

2,918

4.1562 GBP

10p ordinary

Purchase

2,565

4.1479 GBP

10p ordinary

Purchase

882

4.1601 GBP

10p ordinary

Purchase

767

4.1600 GBP

10p ordinary

Purchase

199

4.1420 GBP

10p ordinary

Sale

500,000

4.1589 GBP

10p ordinary

Sale

324,879

4.1520 GBP

10p ordinary

Sale

37,776

4.1511 GBP

10p ordinary

Sale

29,273

4.1559 GBP

10p ordinary

Sale

12,500

4.1620 GBP

10p ordinary

Sale

4,991

4.1570 GBP

10p ordinary

Sale

3,172

4.1522 GBP

10p ordinary

Sale

3,145

4.1499 GBP

10p ordinary

Sale

2,162

4.1828 GBP

10p ordinary

Sale

1,247

4.1554 GBP

10p ordinary

Sale

994

4.1580 GBP

10p ordinary

Sale

227

4.1800 GBP

10p ordinary

Sale

130

4.1440 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

10p ordinary

CFD

Increasing Long

2,568

4.1520 GBP

10p ordinary

CFD

Decreasing Long

7,620

4.1478 GBP

10p ordinary

CFD

Decreasing Long

155,973

4.1519 GBP

10p ordinary

CFD

Decreasing Long

2,568

4.1520 GBP

10p ordinary

CFD

Decreasing Long

4,807

4.1584 GBP

10p ordinary

SWAP

Increasing Long

500,000

4.1589 GBP

10p ordinary

SWAP

Increasing Long

7,315

4.1678 GBP

10p ordinary

SWAP

Decreasing Long

49,582

4.1500 GBP

10p ordinary

SWAP

Closing Long

476,643

4.1520 GBP

10p ordinary

SWAP

Increasing Long

37,776

4.1511 GBP

10p ordinary

SWAP

Increasing Short

58,067

4.1535 GBP

10p ordinary

SWAP

Increasing Short

963

4.1535 GBP

10p ordinary

SWAP

Decreasing Short

130

4.1440 GBP

10p ordinary

SWAP

Decreasing Short

3,145

4.1499 GBP

10p ordinary

SWAP

Decreasing Short

2,856

4.1520 GBP

10p ordinary

SWAP

Decreasing Short

1,247

4.1554 GBP

10p ordinary

SWAP

Decreasing Short

227

4.1800 GBP

10p ordinary

SWAP

Increasing Short

76,866

4.1516 GBP

10p ordinary

SWAP

Increasing Short

90,748

4.1524 GBP

10p ordinary

SWAP

Increasing Short

302,238

4.1560 GBP

10p ordinary

SWAP

Increasing Short

2,918

4.1562 GBP

10p ordinary

SWAP

Increasing Short

3

4.1566 GBP

10p ordinary

SWAP

Increasing Short

60,000

4.1590 GBP

10p ordinary

SWAP

Increasing Short

3,076

4.1595 GBP

10p ordinary

SWAP

Increasing Long

994

4.1580 GBP

10p ordinary

SWAP

Decreasing Long

199

4.1420 GBP

10p ordinary

SWAP

Decreasing Long

4,000

4.1500 GBP

10p ordinary

SWAP

Decreasing Long

3,180

4.1599 GBP

10p ordinary

SWAP

Increasing Short

40,219

4.1520 GBP

10p ordinary

SWAP

Increasing Short

83,198

4.1548 GBP

10p ordinary

SWAP

Increasing Short

5

4.1556 GBP

10p ordinary

SWAP

Increasing Short

140,000

4.1590 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:

11 Jul 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213