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:

26 Apr 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:

20,348,168

1.48%

7,824,802

0.57%

(2)

Cash-settled derivatives:

and/or controlled:

7,664,070

0.56%

19,660,361

1.43%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

28,012,238

2.03%

27,485,163

1.99%

(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

689,736

3.3979 GBP

10p ordinary

Purchase

595,152

3.3942 GBP

10p ordinary

Purchase

433,690

3.3872 GBP

10p ordinary

Purchase

387,824

3.4000 GBP

10p ordinary

Purchase

256,455

3.3963 GBP

10p ordinary

Purchase

130,169

3.3790 GBP

10p ordinary

Purchase

76,311

3.3858 GBP

10p ordinary

Purchase

73,893

3.3929 GBP

10p ordinary

Purchase

68,900

3.3861 GBP

10p ordinary

Purchase

53,505

3.3848 GBP

10p ordinary

Purchase

50,312

3.3996 GBP

10p ordinary

Purchase

35,194

3.3969 GBP

10p ordinary

Purchase

29,163

3.4003 GBP

10p ordinary

Purchase

23,010

3.3859 GBP

10p ordinary

Purchase

20,826

3.4052 GBP

10p ordinary

Purchase

18,222

3.3782 GBP

10p ordinary

Purchase

16,000

3.4029 GBP

10p ordinary

Purchase

14,805

3.3999 GBP

10p ordinary

Purchase

13,303

3.3886 GBP

10p ordinary

Purchase

12,982

3.4056 GBP

10p ordinary

Purchase

10,982

3.3774 GBP

10p ordinary

Purchase

9,529

3.3755 GBP

10p ordinary

Purchase

8,558

3.3880 GBP

10p ordinary

Purchase

8,274

3.3730 GBP

10p ordinary

Purchase

7,414

3.3765 GBP

10p ordinary

Purchase

5,594

3.3907 GBP

10p ordinary

Purchase

5,055

3.3737 GBP

10p ordinary

Purchase

4,767

3.3743 GBP

10p ordinary

Purchase

4,712

3.4081 GBP

10p ordinary

Purchase

4,419

3.4062 GBP

10p ordinary

Purchase

2,825

3.3947 GBP

10p ordinary

Purchase

2,799

3.4006 GBP

10p ordinary

Purchase

2,545

3.3720 GBP

10p ordinary

Purchase

1,995

3.4060 GBP

10p ordinary

Purchase

1,808

3.3680 GBP

10p ordinary

Purchase

1,705

3.3740 GBP

10p ordinary

Purchase

1,517

3.3960 GBP

10p ordinary

Purchase

1,472

3.4040 GBP

10p ordinary

Purchase

1,319

3.3640 GBP

10p ordinary

Purchase

1,319

3.4048 GBP

10p ordinary

Purchase

1,301

3.3898 GBP

10p ordinary

Purchase

1,187

3.4210 GBP

10p ordinary

Purchase

978

3.3620 GBP

10p ordinary

Purchase

774

3.3700 GBP

10p ordinary

Purchase

746

3.4005 GBP

10p ordinary

Purchase

446

3.3780 GBP

10p ordinary

Purchase

296

3.3980 GBP

10p ordinary

Sale

343,078

3.3740 GBP

10p ordinary

Sale

261,364

3.3896 GBP

10p ordinary

Sale

260,468

3.3932 GBP

10p ordinary

Sale

229,426

3.4000 GBP

10p ordinary

Sale

162,137

3.3936 GBP

10p ordinary

Sale

156,259

3.3825 GBP

10p ordinary

Sale

108,947

3.4001 GBP

10p ordinary

Sale

87,780

3.4031 GBP

10p ordinary

Sale

69,918

3.4003 GBP

10p ordinary

Sale

50,312

3.3996 GBP

10p ordinary

Sale

48,406

3.3882 GBP

10p ordinary

Sale

33,725

3.3917 GBP

10p ordinary

Sale

26,900

3.3732 GBP

10p ordinary

Sale

26,082

3.3933 GBP

10p ordinary

Sale

6,654

3.3686 GBP

10p ordinary

Sale

6,017

3.3738 GBP

10p ordinary

Sale

5,587

3.4040 GBP

10p ordinary

Sale

3,672

3.3852 GBP

10p ordinary

Sale

2,545

3.3720 GBP

10p ordinary

Sale

2,000

3.3660 GBP

10p ordinary

Sale

1,995

3.4060 GBP

10p ordinary

Sale

1,808

3.3680 GBP

10p ordinary

Sale

1,517

3.3960 GBP

10p ordinary

Sale

1,267

3.3734 GBP

10p ordinary

Sale

1,261

3.4090 GBP

10p ordinary

Sale

978

3.3620 GBP

10p ordinary

Sale

774

3.3700 GBP

10p ordinary

Sale

634

3.3820 GBP

10p ordinary

Sale

586

3.3880 GBP

10p ordinary

Sale

500

3.4100 GBP

10p ordinary

Sale

446

3.3780 GBP

10p ordinary

Sale

7

3.3980 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

394

3.3740 GBP

10p ordinary

SWAP

Decreasing Long

746

3.4005 GBP

10p ordinary

SWAP

Decreasing Long

1,272

3.3716 GBP

10p ordinary

SWAP

Decreasing Long

2,396

3.3735 GBP

10p ordinary

SWAP

Decreasing Long

2,799

3.4006 GBP

10p ordinary

SWAP

Decreasing Long

76,311

3.3858 GBP

10p ordinary

SWAP

Decreasing Short

8

3.3737 GBP

10p ordinary

SWAP

Decreasing Short

857

3.3763 GBP

10p ordinary

SWAP

Decreasing Short

1,322

3.3700 GBP

10p ordinary

SWAP

Decreasing Short

2,000

3.3660 GBP

10p ordinary

SWAP

Decreasing Short

2,139

3.3777 GBP

10p ordinary

SWAP

Decreasing Short

3,672

3.3852 GBP

10p ordinary

SWAP

Decreasing Short

5,057

3.3704 GBP

10p ordinary

SWAP

Decreasing Short

24,192

3.3805 GBP

10p ordinary

SWAP

Decreasing Short

27,106

3.4023 GBP

10p ordinary

CFD

Decreasing Short

50,312

3.3996 GBP

10p ordinary

SWAP

Decreasing Short

87,780

3.4031 GBP

10p ordinary

CFD

Decreasing Short

216,456

3.4000 GBP

10p ordinary

CFD

Decreasing Short

276,045

3.3740 GBP

10p ordinary

SWAP

Increasing Long

634

3.3820 GBP

10p ordinary

SWAP

Increasing Long

2,100

3.3732 GBP

10p ordinary

SWAP

Increasing Long

65,328

3.3740 GBP

10p ordinary

SWAP

Increasing Short

830

3.3739 GBP

10p ordinary

SWAP

Increasing Short

1,187

3.4210 GBP

10p ordinary

SWAP

Increasing Short

1,319

3.4048 GBP

10p ordinary

SWAP

Increasing Short

4,212

3.3730 GBP

10p ordinary

SWAP

Increasing Short

4,419

3.4062 GBP

10p ordinary

SWAP

Increasing Short

5,055

3.3737 GBP

10p ordinary

SWAP

Increasing Short

10,982

3.3774 GBP

10p ordinary

SWAP

Increasing Short

33,332

3.3920 GBP

10p ordinary

SWAP

Increasing Short

48,997

3.3889 GBP

10p ordinary

SWAP

Increasing Short

65,917

3.3832 GBP

10p ordinary

SWAP

Increasing Short

73,452

3.3986 GBP

10p ordinary

CFD

Increasing Short

74,225

3.4051 GBP

10p ordinary

SWAP

Increasing Short

76,083

3.3890 GBP

10p ordinary

CFD

Increasing Short

101,310

3.4049 GBP

10p ordinary

SWAP

Increasing Short

172,729

3.3840 GBP

10p ordinary

SWAP

Increasing Short

214,590

3.3999 GBP

10p ordinary

SWAP

Increasing Short

254,368

3.4000 GBP

10p ordinary

CFD

Increasing Short

342,223

3.4000 GBP

10p ordinary

SWAP

Increasing Short

416,919

3.3942 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:

29 Apr 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213