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:

23 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:

27,451,733

1.99%

19,404,498

1.41%

(2)

Cash-settled derivatives:

and/or controlled:

8,422,572

0.61%

26,171,450

1.90%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

35,874,305

2.60%

45,575,948

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

547,632

3.7725 GBP

10p ordinary

Purchase

508,565

3.7640 GBP

10p ordinary

Purchase

365,063

3.7754 GBP

10p ordinary

Purchase

242,900

3.7784 GBP

10p ordinary

Purchase

226,583

3.7750 GBP

10p ordinary

Purchase

203,107

3.7818 GBP

10p ordinary

Purchase

178,788

3.7766 GBP

10p ordinary

Purchase

177,692

3.7660 GBP

10p ordinary

Purchase

168,774

3.7762 GBP

10p ordinary

Purchase

153,666

3.7817 GBP

10p ordinary

Purchase

111,974

3.7699 GBP

10p ordinary

Purchase

68,494

3.7924 GBP

10p ordinary

Purchase

42,783

3.7862 GBP

10p ordinary

Purchase

30,061

3.8006 GBP

10p ordinary

Purchase

28,910

3.7803 GBP

10p ordinary

Purchase

27,366

3.7770 GBP

10p ordinary

Purchase

25,611

3.7824 GBP

10p ordinary

Purchase

25,611

3.7822 GBP

10p ordinary

Purchase

22,237

3.7769 GBP

10p ordinary

Purchase

20,650

3.7804 GBP

10p ordinary

Purchase

18,728

3.7800 GBP

10p ordinary

Purchase

17,713

3.7953 GBP

10p ordinary

Purchase

16,128

3.7765 GBP

10p ordinary

Purchase

15,053

3.7899 GBP

10p ordinary

Purchase

13,089

3.7700 GBP

10p ordinary

Purchase

12,010

3.7690 GBP

10p ordinary

Purchase

11,952

3.7860 GBP

10p ordinary

Purchase

11,869

3.7794 GBP

10p ordinary

Purchase

11,853

3.7788 GBP

10p ordinary

Purchase

11,675

3.8018 GBP

10p ordinary

Purchase

11,489

3.8000 GBP

10p ordinary

Purchase

10,236

3.7820 GBP

10p ordinary

Purchase

10,054

3.7780 GBP

10p ordinary

Purchase

9,454

3.7740 GBP

10p ordinary

Purchase

8,752

3.7758 GBP

10p ordinary

Purchase

6,791

3.7854 GBP

10p ordinary

Purchase

6,742

3.7723 GBP

10p ordinary

Purchase

6,318

3.7783 GBP

10p ordinary

Purchase

5,219

3.7814 GBP

10p ordinary

Purchase

5,125

3.7747 GBP

10p ordinary

Purchase

3,291

3.7948 GBP

10p ordinary

Purchase

3,179

3.7811 GBP

10p ordinary

Purchase

2,820

3.7749 GBP

10p ordinary

Purchase

2,737

3.7760 GBP

10p ordinary

Purchase

2,480

3.7812 GBP

10p ordinary

Purchase

2,358

3.7613 GBP

10p ordinary

Purchase

2,274

3.7810 GBP

10p ordinary

Purchase

2,189

3.7901 GBP

10p ordinary

Purchase

2,147

3.7680 GBP

10p ordinary

Purchase

1,932

3.7960 GBP

10p ordinary

Purchase

1,895

3.7720 GBP

10p ordinary

Purchase

1,573

3.7746 GBP

10p ordinary

Purchase

1,285

3.7980 GBP

10p ordinary

Purchase

984

3.7990 GBP

10p ordinary

Purchase

871

3.7790 GBP

10p ordinary

Purchase

749

3.7807 GBP

10p ordinary

Purchase

86

3.7813 GBP

10p ordinary

Purchase

30

3.7801 GBP

10p ordinary

Sale

504,695

3.7860 GBP

10p ordinary

Sale

484,545

3.7777 GBP

10p ordinary

Sale

382,012

3.7686 GBP

10p ordinary

Sale

214,317

3.7769 GBP

10p ordinary

Sale

155,164

3.7640 GBP

10p ordinary

Sale

131,672

3.7757 GBP

10p ordinary

Sale

108,178

3.7641 GBP

10p ordinary

Sale

105,127

3.7714 GBP

10p ordinary

Sale

102,755

3.7660 GBP

10p ordinary

Sale

80,790

3.7762 GBP

10p ordinary

Sale

68,856

3.7800 GBP

10p ordinary

Sale

52,555

3.7688 GBP

10p ordinary

Sale

51,201

3.7754 GBP

10p ordinary

Sale

39,643

3.7780 GBP

10p ordinary

Sale

34,045

3.7758 GBP

10p ordinary

Sale

27,915

3.7763 GBP

10p ordinary

Sale

25,238

3.7773 GBP

10p ordinary

Sale

23,483

3.7755 GBP

10p ordinary

Sale

22,397

3.7793 GBP

10p ordinary

Sale

22,383

3.7740 GBP

10p ordinary

Sale

19,682

3.7798 GBP

10p ordinary

Sale

17,687

3.7795 GBP

10p ordinary

Sale

17,562

3.7807 GBP

10p ordinary

Sale

17,450

3.7682 GBP

10p ordinary

Sale

17,225

3.7742 GBP

10p ordinary

Sale

15,288

3.7746 GBP

10p ordinary

Sale

13,435

3.7778 GBP

10p ordinary

Sale

13,089

3.7700 GBP

10p ordinary

Sale

12,834

3.7701 GBP

10p ordinary

Sale

12,622

3.7723 GBP

10p ordinary

Sale

9,339

3.8000 GBP

10p ordinary

Sale

8,625

3.7729 GBP

10p ordinary

Sale

6,861

3.7912 GBP

10p ordinary

Sale

6,755

3.7771 GBP

10p ordinary

Sale

6,696

3.7721 GBP

10p ordinary

Sale

6,318

3.7787 GBP

10p ordinary

Sale

6,161

3.7781 GBP

10p ordinary

Sale

5,814

3.8028 GBP

10p ordinary

Sale

5,756

3.7820 GBP

10p ordinary

Sale

4,552

3.7741 GBP

10p ordinary

Sale

3,578

3.7680 GBP

10p ordinary

Sale

3,311

3.7760 GBP

10p ordinary

Sale

3,027

3.7718 GBP

10p ordinary

Sale

2,274

3.7810 GBP

10p ordinary

Sale

2,089

3.7770 GBP

10p ordinary

Sale

2,010

3.7699 GBP

10p ordinary

Sale

1,959

3.7702 GBP

10p ordinary

Sale

1,932

3.7960 GBP

10p ordinary

Sale

1,895

3.7720 GBP

10p ordinary

Sale

1,683

3.7832 GBP

10p ordinary

Sale

1,570

3.7750 GBP

10p ordinary

Sale

1,398

3.7862 GBP

10p ordinary

Sale

1,285

3.7980 GBP

10p ordinary

Sale

1,194

3.7788 GBP

10p ordinary

Sale

984

3.7990 GBP

10p ordinary

Sale

871

3.7790 GBP

10p ordinary

Sale

625

3.7846 GBP

10p ordinary

Sale

364

3.7890 GBP

10p ordinary

Sale

313

3.7823 GBP

10p ordinary

Sale

248

3.7613 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

30

3.7801 GBP

10p ordinary

SWAP

Decreasing Long

86

3.7814 GBP

10p ordinary

SWAP

Decreasing Long

244

3.7760 GBP

10p ordinary

SWAP

Decreasing Long

749

3.7807 GBP

10p ordinary

SWAP

Decreasing Long

937

3.7828 GBP

10p ordinary

SWAP

Decreasing Long

3,179

3.7811 GBP

10p ordinary

SWAP

Decreasing Long

11,348

3.7803 GBP

10p ordinary

SWAP

Decreasing Long

20,650

3.7804 GBP

10p ordinary

SWAP

Decreasing Long

28,938

3.7640 GBP

10p ordinary

SWAP

Decreasing Short

90

3.8000 GBP

10p ordinary

SWAP

Decreasing Short

266

3.7660 GBP

10p ordinary

CFD

Decreasing Short

328

3.7739 GBP

10p ordinary

SWAP

Decreasing Short

625

3.7846 GBP

10p ordinary

SWAP

Decreasing Short

1,194

3.7788 GBP

10p ordinary

CFD

Decreasing Short

37,588

3.7665 GBP

10p ordinary

CFD

Decreasing Short

54,897

3.7676 GBP

10p ordinary

SWAP

Decreasing Short

122,255

3.7655 GBP

10p ordinary

CFD

Decreasing Short

125,954

3.7639 GBP

10p ordinary

SWAP

Decreasing Short

214,317

3.7769 GBP

10p ordinary

SWAP

Decreasing Short

484,545

3.7777 GBP

10p ordinary

SWAP

Increasing Long

12,929

3.7740 GBP

10p ordinary

CFD

Increasing Short

131

3.7639 GBP

10p ordinary

CFD

Increasing Short

328

3.7739 GBP

10p ordinary

SWAP

Increasing Short

1,573

3.7746 GBP

10p ordinary

SWAP

Increasing Short

2,189

3.7901 GBP

10p ordinary

SWAP

Increasing Short

2,480

3.7812 GBP

10p ordinary

SWAP

Increasing Short

2,820

3.7749 GBP

10p ordinary

SWAP

Increasing Short

5,125

3.7747 GBP

10p ordinary

SWAP

Increasing Short

5,219

3.7814 GBP

10p ordinary

SWAP

Increasing Short

6,676

3.7640 GBP

10p ordinary

CFD

Increasing Short

8,506

3.8000 GBP

10p ordinary

SWAP

Increasing Short

9,668

3.7790 GBP

10p ordinary

SWAP

Increasing Short

11,853

3.7788 GBP

10p ordinary

SWAP

Increasing Short

12,970

3.7736 GBP

10p ordinary

SWAP

Increasing Short

19,037

3.7640 GBP

10p ordinary

CFD

Increasing Short

31,020

3.7643 GBP

10p ordinary

CFD

Increasing Short

120,427

3.7640 GBP

10p ordinary

SWAP

Increasing Short

125,409

3.7752 GBP

10p ordinary

SWAP

Increasing Short

178,788

3.7766 GBP

10p ordinary

SWAP

Increasing Short

226,583

3.7750 GBP

10p ordinary

SWAP

Increasing Short

406,507

3.7733 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:

24 May 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213