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 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:

32,531,936

2.36%

17,691,956

1.28%

(2)

Cash-settled derivatives:

and/or controlled:

12,743,707

0.92%

31,103,080

2.25%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

45,275,643

3.28%

48,795,036

3.53%

(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

500,000

5.6483 GBP

10p ordinary

Purchase

206,149

5.7000 GBP

10p ordinary

Purchase

101,533

5.6904 GBP

10p ordinary

Purchase

19,620

5.6694 GBP

10p ordinary

Purchase

19,515

5.6580 GBP

10p ordinary

Purchase

13,932

5.6712 GBP

10p ordinary

Purchase

11,699

5.6851 GBP

10p ordinary

Purchase

10,299

5.6487 GBP

10p ordinary

Purchase

8,464

5.6626 GBP

10p ordinary

Purchase

8,122

5.6459 GBP

10p ordinary

Purchase

5,974

5.6710 GBP

10p ordinary

Purchase

5,695

5.6833 GBP

10p ordinary

Purchase

5,610

5.6676 GBP

10p ordinary

Purchase

5,159

5.6446 GBP

10p ordinary

Purchase

4,940

5.6500 GBP

10p ordinary

Purchase

4,515

5.6568 GBP

10p ordinary

Purchase

4,361

5.6444 GBP

10p ordinary

Purchase

2,974

5.6506 GBP

10p ordinary

Purchase

1,903

5.6826 GBP

10p ordinary

Purchase

1,878

5.6479 GBP

10p ordinary

Purchase

1,494

5.6950 GBP

10p ordinary

Purchase

1,145

5.6400 GBP

10p ordinary

Purchase

1,129

5.6657 GBP

10p ordinary

Purchase

1,009

5.6403 GBP

10p ordinary

Purchase

643

5.6390 GBP

10p ordinary

Purchase

541

5.6424 GBP

10p ordinary

Purchase

510

5.6648 GBP

10p ordinary

Purchase

510

5.6650 GBP

10p ordinary

Purchase

469

5.6786 GBP

10p ordinary

Purchase

452

5.6600 GBP

10p ordinary

Purchase

424

5.6850 GBP

10p ordinary

Purchase

366

5.6450 GBP

10p ordinary

Purchase

87

5.6700 GBP

10p ordinary

Purchase

35

5.6550 GBP

10p ordinary

Sale

125,179

5.6990 GBP

10p ordinary

Sale

92,141

5.6711 GBP

10p ordinary

Sale

84,317

5.7000 GBP

10p ordinary

Sale

55,777

5.6981 GBP

10p ordinary

Sale

50,000

5.6485 GBP

10p ordinary

Sale

48,463

5.6731 GBP

10p ordinary

Sale

44,060

5.6516 GBP

10p ordinary

Sale

28,056

5.6669 GBP

10p ordinary

Sale

12,034

5.6811 GBP

10p ordinary

Sale

10,808

5.6369 GBP

10p ordinary

Sale

10,187

5.6756 GBP

10p ordinary

Sale

9,336

5.6821 GBP

10p ordinary

Sale

5,406

5.6503 GBP

10p ordinary

Sale

4,986

5.6677 GBP

10p ordinary

Sale

2,903

5.6697 GBP

10p ordinary

Sale

2,776

5.6632 GBP

10p ordinary

Sale

2,499

5.6428 GBP

10p ordinary

Sale

2,332

5.6640 GBP

10p ordinary

Sale

1,673

5.6450 GBP

10p ordinary

Sale

1,554

5.6542 GBP

10p ordinary

Sale

1,510

5.6550 GBP

10p ordinary

Sale

1,243

5.6600 GBP

10p ordinary

Sale

701

5.6569 GBP

10p ordinary

Sale

510

5.6792 GBP

10p ordinary

Sale

510

5.6650 GBP

10p ordinary

Sale

477

5.6749 GBP

10p ordinary

Sale

424

5.6850 GBP

10p ordinary

Sale

276

5.6750 GBP

10p ordinary

Sale

270

5.6400 GBP

10p ordinary

Sale

270

5.6407 GBP

10p ordinary

Sale

87

5.6700 GBP

10p ordinary

Sale

86

5.6500 GBP

10p ordinary

Sale

48

5.6999 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

70,468

5.6735 GBP

10p ordinary

SWAP

Decreasing Short

10,808

5.6369 GBP

10p ordinary

SWAP

Decreasing Short

5,406

5.6503 GBP

10p ordinary

SWAP

Decreasing Short

44,060

5.6516 USD

10p ordinary

SWAP

Decreasing Short

28,056

5.6669 GBP

10p ordinary

SWAP

Decreasing Short

14,189

5.6693 GBP

10p ordinary

SWAP

Decreasing Short

92,141

5.6711 GBP

10p ordinary

SWAP

Decreasing Short

477

5.6749 GBP

10p ordinary

SWAP

Decreasing Short

16,002

5.6764 GBP

10p ordinary

SWAP

Decreasing Short

12,034

5.6811 GBP

10p ordinary

SWAP

Decreasing Short

30,946

5.6823 GBP

10p ordinary

SWAP

Decreasing Short

34,908

5.6862 GBP

10p ordinary

SWAP

Decreasing Short

48

5.6999 GBP

10p ordinary

SWAP

Decreasing Short

95,332

5.7000 GBP

10p ordinary

SWAP

Increasing Short

1,878

5.6479 GBP

10p ordinary

SWAP

Increasing Short

500,000

5.6483 GBP

10p ordinary

SWAP

Increasing Short

19,515

5.6580 GBP

10p ordinary

SWAP

Increasing Short

8

5.6600 GBP

10p ordinary

SWAP

Increasing Short

469

5.6786 GBP

10p ordinary

SWAP

Increasing Short

5,695

5.6832 GBP

10p ordinary

SWAP

Increasing Short

23,608

5.6959 GBP

10p ordinary

SWAP

Increasing Short

120,284

5.7000 GBP

10p ordinary

CFD

Decreasing Short

3,181

5.6450 GBP

10p ordinary

CFD

Decreasing Short

7,703

5.6857 GBP

10p ordinary

CFD

Decreasing Short

261

5.7000 GBP

10p ordinary

CFD

Increasing Short

3,181

5.6450 GBP

10p ordinary

CFD

Increasing Short

190

5.6628 GBP

10p ordinary

CFD

Increasing Short

14,206

5.7000 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:

13 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213