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:

29 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:

34,728,577

2.52%

13,256,567

0.96%

(2)

Cash-settled derivatives:

and/or controlled:

13,066,452

0.95%

32,329,104

2.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

47,795,029

3.46%

45,585,671

3.30%

(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

463,418

6.0274 GBP

10p ordinary

Purchase

387,830

6.0040 GBP

10p ordinary

Purchase

293,189

6.0019 GBP

10p ordinary

Purchase

179,296

6.0237 GBP

10p ordinary

Purchase

134,000

6.0422 GBP

10p ordinary

Purchase

128,014

6.0051 GBP

10p ordinary

Purchase

125,802

5.9901 GBP

10p ordinary

Purchase

125,768

5.9700 GBP

10p ordinary

Purchase

115,975

6.0217 GBP

10p ordinary

Purchase

91,722

5.9835 GBP

10p ordinary

Purchase

56,829

5.9815 GBP

10p ordinary

Purchase

36,788

6.0137 GBP

10p ordinary

Purchase

22,431

5.9881 GBP

10p ordinary

Purchase

20,956

6.0700 GBP

10p ordinary

Purchase

20,617

6.0107 GBP

10p ordinary

Purchase

19,289

6.0254 GBP

10p ordinary

Purchase

15,000

6.0336 GBP

10p ordinary

Purchase

12,249

6.0175 GBP

10p ordinary

Purchase

10,000

5.9717 GBP

10p ordinary

Purchase

9,327

5.9965 GBP

10p ordinary

Purchase

8,771

5.9600 GBP

10p ordinary

Purchase

7,936

5.9729 GBP

10p ordinary

Purchase

7,238

5.9772 GBP

10p ordinary

Purchase

5,962

5.9940 GBP

10p ordinary

Purchase

5,504

5.9800 GBP

10p ordinary

Purchase

5,165

5.9936 GBP

10p ordinary

Purchase

5,105

5.9929 GBP

10p ordinary

Purchase

4,064

6.0000 GBP

10p ordinary

Purchase

3,902

5.9658 GBP

10p ordinary

Purchase

3,887

5.9886 GBP

10p ordinary

Purchase

3,307

5.9963 GBP

10p ordinary

Purchase

2,948

5.9561 GBP

10p ordinary

Purchase

2,881

6.0108 GBP

10p ordinary

Purchase

2,705

6.0285 GBP

10p ordinary

Purchase

2,654

5.9575 GBP

10p ordinary

Purchase

2,493

5.9875 GBP

10p ordinary

Purchase

2,172

6.0160 GBP

10p ordinary

Purchase

1,895

6.0150 GBP

10p ordinary

Purchase

1,123

6.0466 GBP

10p ordinary

Purchase

1,094

5.9850 GBP

10p ordinary

Purchase

1,048

5.9972 GBP

10p ordinary

Purchase

715

6.0750 GBP

10p ordinary

Purchase

569

6.0100 GBP

10p ordinary

Purchase

553

6.0250 GBP

10p ordinary

Sale

177,700

5.9951 GBP

10p ordinary

Sale

133,810

5.9918 GBP

10p ordinary

Sale

97,049

5.9869 GBP

10p ordinary

Sale

50,000

5.9948 GBP

10p ordinary

Sale

39,609

5.9758 GBP

10p ordinary

Sale

31,665

6.0035 GBP

10p ordinary

Sale

29,684

6.0369 GBP

10p ordinary

Sale

29,389

5.9908 GBP

10p ordinary

Sale

27,882

6.0236 GBP

10p ordinary

Sale

23,790

5.9700 GBP

10p ordinary

Sale

22,972

6.0187 GBP

10p ordinary

Sale

20,956

6.0700 GBP

10p ordinary

Sale

18,017

6.0303 GBP

10p ordinary

Sale

16,250

5.9837 GBP

10p ordinary

Sale

10,577

6.0582 GBP

10p ordinary

Sale

8,771

5.9600 GBP

10p ordinary

Sale

6,684

5.9973 GBP

10p ordinary

Sale

6,666

6.0296 GBP

10p ordinary

Sale

6,253

6.0186 GBP

10p ordinary

Sale

5,349

5.9870 GBP

10p ordinary

Sale

5,088

6.0435 GBP

10p ordinary

Sale

4,223

5.9904 GBP

10p ordinary

Sale

3,990

5.9711 GBP

10p ordinary

Sale

3,972

6.0650 GBP

10p ordinary

Sale

3,902

5.9664 GBP

10p ordinary

Sale

3,547

5.9712 GBP

10p ordinary

Sale

2,948

5.9567 GBP

10p ordinary

Sale

2,337

6.0167 GBP

10p ordinary

Sale

1,895

6.0150 GBP

10p ordinary

Sale

1,560

6.0050 GBP

10p ordinary

Sale

1,267

6.0000 GBP

10p ordinary

Sale

1,105

6.0200 GBP

10p ordinary

Sale

1,072

6.0047 GBP

10p ordinary

Sale

1,049

5.9900 GBP

10p ordinary

Sale

715

6.0750 GBP

10p ordinary

Sale

617

5.9550 GBP

10p ordinary

Sale

553

6.0250 GBP

10p ordinary

Sale

548

5.9850 GBP

10p ordinary

Sale

47

6.0531 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

81,341

5.9700 GBP

10p ordinary

SWAP

Decreasing Short

39,609

5.9758 GBP

10p ordinary

SWAP

Decreasing Short

1,049

5.9900 GBP

10p ordinary

SWAP

Decreasing Short

70,767

5.9939 GBP

10p ordinary

SWAP

Decreasing Short

1,560

6.0050 GBP

10p ordinary

SWAP

Decreasing Short

47

6.0530 GBP

10p ordinary

SWAP

Decreasing Short

10,577

6.0582 GBP

10p ordinary

SWAP

Increasing Short

2,654

5.9576 USD

10p ordinary

SWAP

Increasing Short

106,454

5.9700 GBP

10p ordinary

SWAP

Increasing Short

14,055

5.9707 GBP

10p ordinary

SWAP

Increasing Short

77,730

5.9905 GBP

10p ordinary

SWAP

Increasing Short

30,000

5.9907 GBP

10p ordinary

SWAP

Increasing Short

5,484

6.0004 GBP

10p ordinary

SWAP

Increasing Short

387,830

6.0040 USD

10p ordinary

SWAP

Increasing Short

63,025

6.0063 GBP

10p ordinary

SWAP

Increasing Short

25,000

6.0089 GBP

10p ordinary

SWAP

Increasing Short

15,249

6.0107 GBP

10p ordinary

SWAP

Increasing Short

2,881

6.0108 GBP

10p ordinary

SWAP

Increasing Short

115,975

6.0217 GBP

10p ordinary

SWAP

Increasing Short

179,296

6.0237 USD

10p ordinary

SWAP

Increasing Short

19,289

6.0254 GBP

10p ordinary

SWAP

Increasing Short

463,418

6.0274 GBP

10p ordinary

SWAP

Increasing Short

23,024

6.0765 USD

10p ordinary

CFD

Decreasing Short

8,771

5.9600 GBP

10p ordinary

CFD

Decreasing Short

1

5.9700 GBP

10p ordinary

CFD

Decreasing Short

13,071

5.9765 GBP

10p ordinary

CFD

Decreasing Short

50,000

5.9811 GBP

10p ordinary

CFD

Increasing Short

82,951

5.9579 GBP

10p ordinary

CFD

Increasing Short

1

5.9700 GBP

10p ordinary

CFD

Increasing Short

5,753

6.0003 GBP

10p ordinary

CFD

Increasing Short

74,383

6.0199 GBP

10p ordinary

CFD

Increasing Short

103,999

6.0369 GBP

10p ordinary

CFD

Increasing Short

20,956

6.0700 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:

30 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213