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:

07 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 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:

22,488,403

1.63%

20,364,114

1.48%

(2)

Cash-settled derivatives:

and/or controlled:

7,985,091

0.58%

20,493,352

1.49%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

30,473,494

2.21%

40,857,466

2.96%

(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

1,612,258

3.5847 GBP

10p ordinary

Purchase

756,540

3.5692 GBP

10p ordinary

Purchase

706,801

3.5882 GBP

10p ordinary

Purchase

481,592

3.6113 GBP

10p ordinary

Purchase

339,154

3.5809 GBP

10p ordinary

Purchase

327,758

3.5800 GBP

10p ordinary

Purchase

308,203

3.6250 GBP

10p ordinary

Purchase

286,964

3.6470 GBP

10p ordinary

Purchase

242,727

3.6396 GBP

10p ordinary

Purchase

218,400

3.6222 GBP

10p ordinary

Purchase

167,687

3.6292 GBP

10p ordinary

Purchase

145,194

3.6445 GBP

10p ordinary

Purchase

97,000

3.6793 GBP

10p ordinary

Purchase

78,017

3.6610 GBP

10p ordinary

Purchase

78,017

3.5740 GBP

10p ordinary

Purchase

68,802

3.6376 GBP

10p ordinary

Purchase

62,778

3.6954 GBP

10p ordinary

Purchase

57,891

3.6111 GBP

10p ordinary

Purchase

56,855

3.6331 GBP

10p ordinary

Purchase

49,733

3.6405 GBP

10p ordinary

Purchase

47,448

3.5871 GBP

10p ordinary

Purchase

47,181

3.6041 GBP

10p ordinary

Purchase

42,160

3.6814 GBP

10p ordinary

Purchase

34,436

3.6275 GBP

10p ordinary

Purchase

32,514

3.6700 GBP

10p ordinary

Purchase

26,437

3.6433 GBP

10p ordinary

Purchase

24,835

3.6440 GBP

10p ordinary

Purchase

24,120

3.6583 GBP

10p ordinary

Purchase

20,497

3.6249 GBP

10p ordinary

Purchase

17,197

3.5487 GBP

10p ordinary

Purchase

15,015

3.5983 GBP

10p ordinary

Purchase

13,960

3.6691 GBP

10p ordinary

Purchase

10,125

3.6351 GBP

10p ordinary

Purchase

9,325

3.6422 GBP

10p ordinary

Purchase

9,002

3.6125 GBP

10p ordinary

Purchase

8,129

3.5520 GBP

10p ordinary

Purchase

7,364

3.6666 GBP

10p ordinary

Purchase

6,747

3.6537 GBP

10p ordinary

Purchase

5,186

3.5400 GBP

10p ordinary

Purchase

4,172

3.6465 GBP

10p ordinary

Purchase

4,047

3.6025 GBP

10p ordinary

Purchase

3,497

3.5900 GBP

10p ordinary

Purchase

3,431

3.6527 GBP

10p ordinary

Purchase

2,868

3.6478 GBP

10p ordinary

Purchase

2,797

3.6020 GBP

10p ordinary

Purchase

2,697

3.5691 GBP

10p ordinary

Purchase

2,619

3.6140 GBP

10p ordinary

Purchase

2,289

3.5820 GBP

10p ordinary

Purchase

2,219

3.7020 GBP

10p ordinary

Purchase

2,215

3.6875 GBP

10p ordinary

Purchase

1,865

3.5920 GBP

10p ordinary

Purchase

1,511

3.5780 GBP

10p ordinary

Purchase

1,471

3.5560 GBP

10p ordinary

Purchase

1,373

3.7160 GBP

10p ordinary

Purchase

1,342

3.6602 GBP

10p ordinary

Purchase

1,260

3.5320 GBP

10p ordinary

Purchase

1,218

3.6200 GBP

10p ordinary

Purchase

1,161

3.5500 GBP

10p ordinary

Purchase

1,075

3.5640 GBP

10p ordinary

Purchase

1,068

3.5880 GBP

10p ordinary

Purchase

1,065

3.6540 GBP

10p ordinary

Purchase

1,001

3.7060 GBP

10p ordinary

Purchase

999

3.6660 GBP

10p ordinary

Purchase

985

3.5660 GBP

10p ordinary

Purchase

952

3.6000 GBP

10p ordinary

Purchase

937

3.5460 GBP

10p ordinary

Purchase

933

3.5760 GBP

10p ordinary

Purchase

902

3.6080 GBP

10p ordinary

Purchase

866

3.5940 GBP

10p ordinary

Purchase

852

3.6160 GBP

10p ordinary

Purchase

778

3.6180 GBP

10p ordinary

Purchase

778

3.6100 GBP

10p ordinary

Purchase

410

3.5840 GBP

10p ordinary

Purchase

367

3.6600 GBP

10p ordinary

Purchase

276

3.5789 GBP

10p ordinary

Purchase

194

3.6860 GBP

10p ordinary

Purchase

154

3.6480 GBP

10p ordinary

Purchase

121

3.6120 GBP

10p ordinary

Sale

11,123,514

3.6700 GBP

10p ordinary

Sale

702,408

3.5800 GBP

10p ordinary

Sale

532,103

3.6376 GBP

10p ordinary

Sale

526,533

3.5762 GBP

10p ordinary

Sale

521,923

3.5830 GBP

10p ordinary

Sale

432,728

3.6069 GBP

10p ordinary

Sale

394,713

3.5785 GBP

10p ordinary

Sale

389,327

3.6063 GBP

10p ordinary

Sale

383,669

3.6384 GBP

10p ordinary

Sale

378,709

3.5692 GBP

10p ordinary

Sale

350,983

3.6120 GBP

10p ordinary

Sale

323,052

3.5633 GBP

10p ordinary

Sale

167,321

3.5271 GBP

10p ordinary

Sale

143,300

3.6415 GBP

10p ordinary

Sale

141,274

3.5516 GBP

10p ordinary

Sale

97,000

3.4806 GBP

10p ordinary

Sale

78,017

3.5740 GBP

10p ordinary

Sale

65,851

3.5313 GBP

10p ordinary

Sale

54,399

3.6589 GBP

10p ordinary

Sale

50,167

3.6083 GBP

10p ordinary

Sale

47,448

3.5874 GBP

10p ordinary

Sale

47,181

3.6045 GBP

10p ordinary

Sale

27,169

3.5907 GBP

10p ordinary

Sale

26,069

3.6592 GBP

10p ordinary

Sale

14,121

3.5975 GBP

10p ordinary

Sale

12,572

3.5734 GBP

10p ordinary

Sale

12,430

3.6614 GBP

10p ordinary

Sale

11,694

3.5805 GBP

10p ordinary

Sale

7,993

3.5871 GBP

10p ordinary

Sale

6,033

3.5173 GBP

10p ordinary

Sale

5,186

3.5400 GBP

10p ordinary

Sale

4,365

3.6475 GBP

10p ordinary

Sale

3,687

3.5326 GBP

10p ordinary

Sale

3,497

3.5900 GBP

10p ordinary

Sale

2,815

3.5695 GBP

10p ordinary

Sale

2,797

3.6020 GBP

10p ordinary

Sale

2,740

3.5337 GBP

10p ordinary

Sale

2,697

3.5694 GBP

10p ordinary

Sale

2,619

3.6140 GBP

10p ordinary

Sale

2,560

3.6060 GBP

10p ordinary

Sale

2,523

3.5860 GBP

10p ordinary

Sale

2,289

3.5820 GBP

10p ordinary

Sale

2,223

3.5881 GBP

10p ordinary

Sale

2,219

3.7020 GBP

10p ordinary

Sale

1,865

3.5920 GBP

10p ordinary

Sale

1,511

3.5780 GBP

10p ordinary

Sale

1,471

3.5560 GBP

10p ordinary

Sale

1,294

3.7060 GBP

10p ordinary

Sale

1,260

3.5320 GBP

10p ordinary

Sale

1,218

3.6200 GBP

10p ordinary

Sale

1,161

3.5500 GBP

10p ordinary

Sale

1,079

3.6596 GBP

10p ordinary

Sale

1,075

3.5640 GBP

10p ordinary

Sale

1,068

3.5880 GBP

10p ordinary

Sale

1,065

3.6540 GBP

10p ordinary

Sale

1,002

3.5720 GBP

10p ordinary

Sale

999

3.6660 GBP

10p ordinary

Sale

985

3.5660 GBP

10p ordinary

Sale

952

3.6000 GBP

10p ordinary

Sale

942

3.5340 GBP

10p ordinary

Sale

937

3.5460 GBP

10p ordinary

Sale

933

3.5760 GBP

10p ordinary

Sale

902

3.6080 GBP

10p ordinary

Sale

885

3.6440 GBP

10p ordinary

Sale

852

3.6160 GBP

10p ordinary

Sale

778

3.6180 GBP

10p ordinary

Sale

778

3.6100 GBP

10p ordinary

Sale

410

3.5840 GBP

10p ordinary

Sale

367

3.6600 GBP

10p ordinary

Sale

194

3.6860 GBP

10p ordinary

Sale

154

3.6480 GBP

10p ordinary

Sale

110,915

3.5789 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

145,194

3.6445 GBP

10p ordinary

SWAP

Decreasing Short

293

3.7060 GBP

10p ordinary

SWAP

Decreasing Short

4,365

3.6475 GBP

10p ordinary

SWAP

Decreasing Short

15,473

3.5800 GBP

10p ordinary

CFD

Decreasing Short

19,814

3.6553 GBP

10p ordinary

CFD

Decreasing Short

170,714

3.5710 GBP

10p ordinary

SWAP

Decreasing Short

192,059

3.6275 GBP

10p ordinary

CFD

Decreasing Short

213,923

3.5800 GBP

10p ordinary

SWAP

Decreasing Short

237,027

3.6324 GBP

10p ordinary

CFD

Decreasing Short

274,689

3.5652 GBP

10p ordinary

SWAP

Decreasing Short

323,052

3.5633 GBP

10p ordinary

SWAP

Decreasing Short

378,709

3.5692 GBP

10p ordinary

SWAP

Decreasing Short

432,728

3.6069 GBP

10p ordinary

SWAP

Decreasing Short

526,533

3.5762 GBP

10p ordinary

SWAP

Increasing Long

54,399

3.6589 GBP

10p ordinary

SWAP

Increasing Short

1,342

3.6602 GBP

10p ordinary

SWAP

Increasing Short

2,215

3.6875 GBP

10p ordinary

SWAP

Increasing Short

2,240

3.6860 GBP

10p ordinary

SWAP

Increasing Short

2,715

3.5823 GBP

10p ordinary

SWAP

Increasing Short

4,047

3.6025 GBP

10p ordinary

SWAP

Increasing Short

6,747

3.6537 GBP

10p ordinary

SWAP

Increasing Short

7,364

3.6666 GBP

10p ordinary

SWAP

Increasing Short

10,125

3.6351 GBP

10p ordinary

SWAP

Increasing Short

11,072

3.6583 GBP

10p ordinary

SWAP

Increasing Short

13,695

3.6406 GBP

10p ordinary

SWAP

Increasing Short

16,325

3.5669 GBP

10p ordinary

SWAP

Increasing Short

17,197

3.5488 GBP

10p ordinary

CFD

Increasing Short

32,514

3.6700 GBP

10p ordinary

CFD

Increasing Short

45,423

3.5803 GBP

10p ordinary

SWAP

Increasing Short

68,802

3.6376 GBP

10p ordinary

SWAP

Increasing Short

84,259

3.5841 GBP

10p ordinary

CFD

Increasing Short

104,810

3.5800 GBP

10p ordinary

SWAP

Increasing Short

167,687

3.6292 GBP

10p ordinary

SWAP

Increasing Short

352,618

3.5800 GBP

10p ordinary

SWAP

Increasing Short

406,934

3.6269 GBP

10p ordinary

SWAP

Increasing Short

448,631

3.6214 GBP

10p ordinary

SWAP

Increasing Short

551,175

3.5802 GBP

10p ordinary

SWAP

Increasing Short

756,540

3.5692 GBP

10p ordinary

SWAP

Opening Long

17,800

3.6527 GBP

10p ordinary

SWAP

Opening Long

28,780

3.5803 GBP

10p ordinary

SWAP

Opening Long

33,370

3.6013 GBP

10p ordinary

SWAP

Opening Long

44,747

3.5322 GBP

10p ordinary

SWAP

Opening Long

47,800

3.4181 GBP

10p ordinary

SWAP

Opening Long

57,800

3.5301 GBP

10p ordinary

SWAP

Opening Short

61,933

3.6553 GBP

10p ordinary

SWAP

Opening Short

218,400

3.6222 GBP

10p ordinary

SWAP

Opening Short

506,106

3.5800 GBP

10p ordinary

SWAP

Opening Short

568,039

3.5873 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:

08 May 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213