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:

22 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:

27,096,755

1.96%

19,673,876

1.43%

(2)

Cash-settled derivatives:

and/or controlled:

8,475,804

0.61%

25,735,000

1.87%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

35,572,559

2.58%

45,408,876

3.29%

(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

547,562

3.7680 GBP

10p ordinary

Purchase

450,000

3.7343 GBP

10p ordinary

Purchase

344,803

3.7585 GBP

10p ordinary

Purchase

144,781

3.7355 GBP

10p ordinary

Purchase

129,918

3.7060 GBP

10p ordinary

Purchase

126,175

3.7080 GBP

10p ordinary

Purchase

125,000

3.7085 GBP

10p ordinary

Purchase

125,000

3.7087 GBP

10p ordinary

Purchase

125,000

3.6927 GBP

10p ordinary

Purchase

125,000

3.6928 GBP

10p ordinary

Purchase

125,000

3.7119 GBP

10p ordinary

Purchase

125,000

3.6963 GBP

10p ordinary

Purchase

125,000

3.7100 GBP

10p ordinary

Purchase

84,312

3.7109 GBP

10p ordinary

Purchase

70,973

3.6884 GBP

10p ordinary

Purchase

65,564

3.7466 GBP

10p ordinary

Purchase

43,185

3.7360 GBP

10p ordinary

Purchase

28,755

3.7357 GBP

10p ordinary

Purchase

24,771

3.7241 GBP

10p ordinary

Purchase

23,259

3.7361 GBP

10p ordinary

Purchase

20,117

3.7312 GBP

10p ordinary

Purchase

19,275

3.7370 GBP

10p ordinary

Purchase

19,071

3.6944 GBP

10p ordinary

Purchase

18,699

3.7368 GBP

10p ordinary

Purchase

17,800

3.7341 GBP

10p ordinary

Purchase

16,869

3.7464 GBP

10p ordinary

Purchase

12,070

3.6733 GBP

10p ordinary

Purchase

11,326

3.7383 GBP

10p ordinary

Purchase

8,325

3.7261 GBP

10p ordinary

Purchase

6,075

3.7338 GBP

10p ordinary

Purchase

5,799

3.6871 GBP

10p ordinary

Purchase

5,294

3.6899 GBP

10p ordinary

Purchase

3,867

3.7253 GBP

10p ordinary

Purchase

3,484

3.7400 GBP

10p ordinary

Purchase

2,442

3.6814 GBP

10p ordinary

Purchase

1,513

3.6900 GBP

10p ordinary

Purchase

1,483

3.6904 GBP

10p ordinary

Purchase

1,085

3.7440 GBP

10p ordinary

Purchase

905

3.7449 GBP

10p ordinary

Purchase

780

3.6740 GBP

10p ordinary

Purchase

771

3.6660 GBP

10p ordinary

Purchase

762

3.7180 GBP

10p ordinary

Purchase

725

3.6400 GBP

10p ordinary

Purchase

601

3.7040 GBP

10p ordinary

Purchase

485

3.6960 GBP

10p ordinary

Purchase

400

3.7510 GBP

10p ordinary

Purchase

301

3.7320 GBP

10p ordinary

Purchase

1

3.7669 GBP

10p ordinary

Sale

1,963,795

3.7648 GBP

10p ordinary

Sale

589,838

3.7291 GBP

10p ordinary

Sale

315,661

3.7063 GBP

10p ordinary

Sale

306,027

3.7015 GBP

10p ordinary

Sale

239,045

3.7375 GBP

10p ordinary

Sale

236,559

3.7078 GBP

10p ordinary

Sale

232,638

3.7677 GBP

10p ordinary

Sale

232,369

3.6460 GBP

10p ordinary

Sale

129,639

3.7293 GBP

10p ordinary

Sale

108,020

3.7680 GBP

10p ordinary

Sale

88,807

3.7401 GBP

10p ordinary

Sale

87,317

3.7382 GBP

10p ordinary

Sale

86,465

3.6965 GBP

10p ordinary

Sale

81,422

3.7359 GBP

10p ordinary

Sale

74,976

3.7119 GBP

10p ordinary

Sale

43,778

3.7286 GBP

10p ordinary

Sale

42,772

3.7273 GBP

10p ordinary

Sale

27,190

3.7239 GBP

10p ordinary

Sale

14,040

3.6994 GBP

10p ordinary

Sale

12,651

3.6952 GBP

10p ordinary

Sale

11,379

3.7068 GBP

10p ordinary

Sale

8,626

3.6960 GBP

10p ordinary

Sale

7,342

3.6976 GBP

10p ordinary

Sale

7,284

3.7396 GBP

10p ordinary

Sale

4,792

3.7175 GBP

10p ordinary

Sale

4,155

3.6980 GBP

10p ordinary

Sale

3,998

3.6892 GBP

10p ordinary

Sale

3,514

3.7115 GBP

10p ordinary

Sale

3,225

3.7200 GBP

10p ordinary

Sale

3,188

3.6920 GBP

10p ordinary

Sale

2,507

3.6702 GBP

10p ordinary

Sale

2,371

3.6808 GBP

10p ordinary

Sale

2,069

3.7080 GBP

10p ordinary

Sale

1,513

3.6900 GBP

10p ordinary

Sale

1,369

3.7400 GBP

10p ordinary

Sale

1,020

3.6500 GBP

10p ordinary

Sale

787

3.6701 GBP

10p ordinary

Sale

780

3.6740 GBP

10p ordinary

Sale

771

3.6660 GBP

10p ordinary

Sale

763

3.7380 GBP

10p ordinary

Sale

762

3.7180 GBP

10p ordinary

Sale

754

3.7100 GBP

10p ordinary

Sale

725

3.6400 GBP

10p ordinary

Sale

722

3.7440 GBP

10p ordinary

Sale

601

3.7040 GBP

10p ordinary

Sale

446

3.7395 GBP

10p ordinary

Sale

48

3.7669 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

363

3.7440 GBP

10p ordinary

SWAP

Decreasing Short

712

3.7537 GBP

10p ordinary

SWAP

Decreasing Short

1,426

3.7510 GBP

10p ordinary

SWAP

Decreasing Short

2,371

3.6808 GBP

10p ordinary

SWAP

Decreasing Short

3,998

3.6892 GBP

10p ordinary

CFD

Decreasing Short

10,256

3.7374 GBP

10p ordinary

SWAP

Decreasing Short

50,127

3.7386 GBP

10p ordinary

CFD

Decreasing Short

60,484

3.7676 GBP

10p ordinary

SWAP

Decreasing Short

64,742

3.7328 GBP

10p ordinary

SWAP

Decreasing Short

87,317

3.7382 GBP

10p ordinary

SWAP

Decreasing Short

88,807

3.7400 GBP

10p ordinary

CFD

Decreasing Short

94,719

3.7680 GBP

10p ordinary

SWAP

Decreasing Short

232,025

3.7498 GBP

10p ordinary

SWAP

Decreasing Short

589,838

3.7291 GBP

10p ordinary

SWAP

Decreasing Short

604,712

3.7680 GBP

10p ordinary

SWAP

Decreasing Short

613,148

3.7680 GBP

10p ordinary

SWAP

Increasing Long

81,422

3.7359 GBP

10p ordinary

SWAP

Increasing Long

232,369

3.6460 GBP

10p ordinary

SWAP

Increasing Short

301

3.7320 GBP

10p ordinary

SWAP

Increasing Short

389

3.6400 GBP

10p ordinary

CFD

Increasing Short

394

3.7680 GBP

10p ordinary

SWAP

Increasing Short

400

3.7510 GBP

10p ordinary

CFD

Increasing Short

725

3.6400 GBP

10p ordinary

SWAP

Increasing Short

905

3.7449 GBP

10p ordinary

SWAP

Increasing Short

4,190

3.7680 GBP

10p ordinary

SWAP

Increasing Short

4,631

3.6812 GBP

10p ordinary

SWAP

Increasing Short

8,904

3.6903 GBP

10p ordinary

SWAP

Increasing Short

16,869

3.7464 GBP

10p ordinary

SWAP

Increasing Short

19,071

3.6944 GBP

10p ordinary

SWAP

Increasing Short

21,288

3.6884 GBP

10p ordinary

SWAP

Increasing Short

49,685

3.6884 GBP

10p ordinary

SWAP

Increasing Short

63,648

3.7337 GBP

10p ordinary

SWAP

Increasing Short

65,564

3.7466 GBP

10p ordinary

SWAP

Increasing Short

84,312

3.7109 GBP

10p ordinary

SWAP

Increasing Short

135,000

3.7343 GBP

10p ordinary

SWAP

Increasing Short

149,827

3.7356 GBP

10p ordinary

SWAP

Increasing Short

315,000

3.7343 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:

23 May 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213