Barclays Regulatory News (BARC)

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:

13 May 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 CO

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:

24,601,025

1.78%

19,151,603

1.39%

(2)

Cash-settled derivatives:

and/or controlled:

8,125,639

0.59%

23,142,772

1.68%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

32,726,664

2.37%

42,294,375

3.07%

(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

438,596

3.6542 GBP

10p ordinary

Purchase

261,858

3.6709 GBP

10p ordinary

Purchase

237,106

3.6680 GBP

10p ordinary

Purchase

213,716

3.6630 GBP

10p ordinary

Purchase

162,117

3.6675 GBP

10p ordinary

Purchase

159,667

3.6706 GBP

10p ordinary

Purchase

138,385

3.6490 GBP

10p ordinary

Purchase

99,089

3.6761 GBP

10p ordinary

Purchase

92,320

3.6701 GBP

10p ordinary

Purchase

83,486

3.6594 GBP

10p ordinary

Purchase

70,116

3.6654 GBP

10p ordinary

Purchase

44,206

3.6704 GBP

10p ordinary

Purchase

23,100

3.6657 GBP

10p ordinary

Purchase

11,066

3.6861 GBP

10p ordinary

Purchase

8,346

3.6527 GBP

10p ordinary

Purchase

7,918

3.6498 GBP

10p ordinary

Purchase

7,883

3.6896 GBP

10p ordinary

Purchase

7,235

3.6195 GBP

10p ordinary

Purchase

6,614

3.6574 GBP

10p ordinary

Purchase

6,451

3.6849 GBP

10p ordinary

Purchase

6,391

3.6913 GBP

10p ordinary

Purchase

5,735

3.6240 GBP

10p ordinary

Purchase

5,673

3.6504 GBP

10p ordinary

Purchase

5,303

3.6431 GBP

10p ordinary

Purchase

4,927

3.6552 GBP

10p ordinary

Purchase

4,239

3.6760 GBP

10p ordinary

Purchase

4,030

3.6860 GBP

10p ordinary

Purchase

3,425

3.6858 GBP

10p ordinary

Purchase

3,305

3.6407 GBP

10p ordinary

Purchase

3,278

3.6740 GBP

10p ordinary

Purchase

2,992

3.6220 GBP

10p ordinary

Purchase

2,778

3.6425 GBP

10p ordinary

Purchase

2,649

3.6847 GBP

10p ordinary

Purchase

2,632

3.6351 GBP

10p ordinary

Purchase

2,481

3.6480 GBP

10p ordinary

Purchase

2,452

3.6780 GBP

10p ordinary

Purchase

2,402

3.6583 GBP

10p ordinary

Purchase

2,196

3.6260 GBP

10p ordinary

Purchase

2,194

3.6140 GBP

10p ordinary

Purchase

2,162

3.6610 GBP

10p ordinary

Purchase

2,094

3.6720 GBP

10p ordinary

Purchase

1,987

3.6365 GBP

10p ordinary

Purchase

1,981

3.6894 GBP

10p ordinary

Purchase

1,838

3.6306 GBP

10p ordinary

Purchase

1,792

3.6360 GBP

10p ordinary

Purchase

1,761

3.6500 GBP

10p ordinary

Purchase

1,722

3.6960 GBP

10p ordinary

Purchase

1,719

3.6440 GBP

10p ordinary

Purchase

1,717

3.6700 GBP

10p ordinary

Purchase

1,706

3.6449 GBP

10p ordinary

Purchase

1,705

3.6540 GBP

10p ordinary

Purchase

1,676

3.6419 GBP

10p ordinary

Purchase

1,670

3.6380 GBP

10p ordinary

Purchase

1,657

3.6400 GBP

10p ordinary

Purchase

1,585

3.6120 GBP

10p ordinary

Purchase

1,575

3.6880 GBP

10p ordinary

Purchase

1,505

3.6160 GBP

10p ordinary

Purchase

942

3.6180 GBP

10p ordinary

Purchase

880

3.6460 GBP

10p ordinary

Purchase

845

3.6920 GBP

10p ordinary

Purchase

824

3.6570 GBP

10p ordinary

Purchase

821

3.6800 GBP

10p ordinary

Purchase

813

3.6900 GBP

10p ordinary

Purchase

811

3.6940 GBP

10p ordinary

Purchase

805

3.6340 GBP

10p ordinary

Purchase

798

3.6660 GBP

10p ordinary

Purchase

780

3.6280 GBP

10p ordinary

Purchase

775

3.7080 GBP

10p ordinary

Purchase

775

3.6980 GBP

10p ordinary

Purchase

650

3.6300 GBP

10p ordinary

Sale

409,009

3.6635 GBP

10p ordinary

Sale

387,422

3.6644 GBP

10p ordinary

Sale

128,214

3.6672 GBP

10p ordinary

Sale

116,836

3.6781 GBP

10p ordinary

Sale

98,202

3.6680 GBP

10p ordinary

Sale

92,320

3.6701 GBP

10p ordinary

Sale

71,811

3.6622 GBP

10p ordinary

Sale

53,175

3.6507 GBP

10p ordinary

Sale

44,206

3.6704 GBP

10p ordinary

Sale

35,700

3.6259 GBP

10p ordinary

Sale

32,294

3.6764 GBP

10p ordinary

Sale

30,611

3.6863 GBP

10p ordinary

Sale

27,280

3.6599 GBP

10p ordinary

Sale

25,105

3.6520 GBP

10p ordinary

Sale

24,363

3.6373 GBP

10p ordinary

Sale

21,949

3.6291 GBP

10p ordinary

Sale

17,183

3.6340 GBP

10p ordinary

Sale

16,185

3.6700 GBP

10p ordinary

Sale

14,852

3.6581 GBP

10p ordinary

Sale

13,625

3.6637 GBP

10p ordinary

Sale

12,686

3.6486 GBP

10p ordinary

Sale

10,266

3.6871 GBP

10p ordinary

Sale

9,728

3.6454 GBP

10p ordinary

Sale

9,160

3.6536 GBP

10p ordinary

Sale

6,451

3.6849 GBP

10p ordinary

Sale

6,391

3.6913 GBP

10p ordinary

Sale

6,044

3.6901 GBP

10p ordinary

Sale

5,735

3.6240 GBP

10p ordinary

Sale

5,625

3.6794 GBP

10p ordinary

Sale

5,049

3.6609 GBP

10p ordinary

Sale

4,446

3.6757 GBP

10p ordinary

Sale

4,239

3.6760 GBP

10p ordinary

Sale

4,208

3.6860 GBP

10p ordinary

Sale

4,078

3.6740 GBP

10p ordinary

Sale

3,971

3.6197 GBP

10p ordinary

Sale

3,804

3.6636 GBP

10p ordinary

Sale

3,552

3.6853 GBP

10p ordinary

Sale

3,414

3.6880 GBP

10p ordinary

Sale

3,234

3.6617 GBP

10p ordinary

Sale

2,992

3.6220 GBP

10p ordinary

Sale

2,976

3.6720 GBP

10p ordinary

Sale

2,720

3.6960 GBP

10p ordinary

Sale

2,591

3.6822 GBP

10p ordinary

Sale

2,521

3.6246 GBP

10p ordinary

Sale

2,494

3.6540 GBP

10p ordinary

Sale

2,481

3.6480 GBP

10p ordinary

Sale

2,475

3.6273 GBP

10p ordinary

Sale

2,452

3.6780 GBP

10p ordinary

Sale

2,408

3.6728 GBP

10p ordinary

Sale

2,330

3.6160 GBP

10p ordinary

Sale

2,196

3.6260 GBP

10p ordinary

Sale

2,194

3.6140 GBP

10p ordinary

Sale

1,852

3.6250 GBP

10p ordinary

Sale

1,851

3.6400 GBP

10p ordinary

Sale

1,792

3.6360 GBP

10p ordinary

Sale

1,761

3.6500 GBP

10p ordinary

Sale

1,719

3.6440 GBP

10p ordinary

Sale

1,670

3.6380 GBP

10p ordinary

Sale

1,585

3.6120 GBP

10p ordinary

Sale

942

3.6180 GBP

10p ordinary

Sale

880

3.6460 GBP

10p ordinary

Sale

845

3.6920 GBP

10p ordinary

Sale

837

3.6560 GBP

10p ordinary

Sale

834

3.6970 GBP

10p ordinary

Sale

827

3.6510 GBP

10p ordinary

Sale

821

3.6800 GBP

10p ordinary

Sale

813

3.6900 GBP

10p ordinary

Sale

811

3.6940 GBP

10p ordinary

Sale

798

3.6660 GBP

10p ordinary

Sale

780

3.6280 GBP

10p ordinary

Sale

775

3.7080 GBP

10p ordinary

Sale

775

3.6980 GBP

10p ordinary

Sale

650

3.6300 GBP

10p ordinary

Sale

-6

3.6669 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 Long

1,838

3.6306 GBP

10p ordinary

CFD

Decreasing Short

145

3.6680 GBP

10p ordinary

SWAP

Decreasing Short

194

3.6400 GBP

10p ordinary

CFD

Decreasing Short

650

3.6300 GBP

10p ordinary

SWAP

Decreasing Short

717

3.6300 GBP

10p ordinary

SWAP

Decreasing Short

2,475

3.6273 GBP

10p ordinary

CFD

Decreasing Short

2,871

3.6936 GBP

10p ordinary

SWAP

Decreasing Short

9,436

3.6499 GBP

10p ordinary

SWAP

Decreasing Short

15,208

3.6831 GBP

10p ordinary

SWAP

Decreasing Short

19,001

3.6864 GBP

10p ordinary

SWAP

Decreasing Short

30,611

3.6863 GBP

10p ordinary

CFD

Decreasing Short

89,156

3.6775 GBP

10p ordinary

SWAP

Decreasing Short

387,422

3.6644 GBP

10p ordinary

SWAP

Increasing Long

71,811

3.6622 GBP

10p ordinary

SWAP

Increasing Short

1,018

3.6372 GBP

10p ordinary

SWAP

Increasing Short

1,987

3.6365 GBP

10p ordinary

SWAP

Increasing Short

2,402

3.6583 GBP

10p ordinary

SWAP

Increasing Short

2,632

3.6351 GBP

10p ordinary

SWAP

Increasing Short

2,778

3.6425 GBP

10p ordinary

SWAP

Increasing Short

5,673

3.6504 GBP

10p ordinary

SWAP

Increasing Short

6,179

3.6268 GBP

10p ordinary

SWAP

Increasing Short

45,885

3.6278 GBP

10p ordinary

SWAP

Increasing Short

45,943

3.6615 GBP

10p ordinary

SWAP

Increasing Short

54,058

3.6677 GBP

10p ordinary

SWAP

Increasing Short

70,116

3.6654 GBP

10p ordinary

CFD

Increasing Short

90,832

3.6680 GBP

10p ordinary

SWAP

Increasing Short

261,858

3.6709 GBP

10p ordinary

SWAP

Increasing Short

270,798

3.6607 GBP

10p ordinary

SWAP

Opening Long

61,139

3.6541 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:

14 May 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213