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:

29 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 COMAPNY

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:

21,351,323

1.55%

7,925,186

0.57%

(2)

Cash-settled derivatives:

and/or controlled:

7,847,052

0.57%

20,723,414

1.50%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

29,198,375

2.12%

28,648,600

2.08%

(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

563,733

3.5160 GBP

10p ordinary

Purchase

412,173

3.5053 GBP

10p ordinary

Purchase

300,000

3.4327 GBP

10p ordinary

Purchase

290,063

3.4564 GBP

10p ordinary

Purchase

226,354

3.4895 GBP

10p ordinary

Purchase

223,224

3.5084 GBP

10p ordinary

Purchase

203,687

3.4223 GBP

10p ordinary

Purchase

201,130

3.4811 GBP

10p ordinary

Purchase

198,947

3.4652 GBP

10p ordinary

Purchase

173,171

3.4736 GBP

10p ordinary

Purchase

121,981

3.4260 GBP

10p ordinary

Purchase

82,505

3.4731 GBP

10p ordinary

Purchase

81,263

3.4821 GBP

10p ordinary

Purchase

66,428

3.5086 GBP

10p ordinary

Purchase

56,055

3.4729 GBP

10p ordinary

Purchase

54,197

3.4773 GBP

10p ordinary

Purchase

39,141

3.5000 GBP

10p ordinary

Purchase

32,945

3.4691 GBP

10p ordinary

Purchase

31,160

3.4926 GBP

10p ordinary

Purchase

18,984

3.4630 GBP

10p ordinary

Purchase

14,818

3.5165 GBP

10p ordinary

Purchase

14,747

3.4932 GBP

10p ordinary

Purchase

13,047

3.4810 GBP

10p ordinary

Purchase

11,471

3.4563 GBP

10p ordinary

Purchase

9,804

3.4182 GBP

10p ordinary

Purchase

8,624

3.4993 GBP

10p ordinary

Purchase

7,675

3.5103 GBP

10p ordinary

Purchase

7,273

3.4900 GBP

10p ordinary

Purchase

7,266

3.4804 GBP

10p ordinary

Purchase

6,397

3.4947 GBP

10p ordinary

Purchase

5,513

3.5023 GBP

10p ordinary

Purchase

5,013

3.4817 GBP

10p ordinary

Purchase

4,615

3.4158 GBP

10p ordinary

Purchase

4,030

3.4700 GBP

10p ordinary

Purchase

3,911

3.4537 GBP

10p ordinary

Purchase

3,845

3.4828 GBP

10p ordinary

Purchase

3,528

3.4974 GBP

10p ordinary

Purchase

3,447

3.4519 GBP

10p ordinary

Purchase

3,310

3.4090 GBP

10p ordinary

Purchase

2,811

3.4420 GBP

10p ordinary

Purchase

2,796

3.3940 GBP

10p ordinary

Purchase

1,962

3.4760 GBP

10p ordinary

Purchase

936

3.5100 GBP

10p ordinary

Purchase

860

3.4440 GBP

10p ordinary

Purchase

400

3.4302 GBP

10p ordinary

Purchase

350

3.5120 GBP

10p ordinary

Purchase

86

3.4340 GBP

10p ordinary

Purchase

80

3.4356 GBP

10p ordinary

Purchase

67

3.4360 GBP

10p ordinary

Purchase

1

3.5149 GBP

10p ordinary

Sale

650,648

3.5092 GBP

10p ordinary

Sale

533,181

3.5059 GBP

10p ordinary

Sale

318,892

3.4878 GBP

10p ordinary

Sale

257,677

3.4098 GBP

10p ordinary

Sale

211,807

3.4228 GBP

10p ordinary

Sale

190,188

3.5161 GBP

10p ordinary

Sale

169,589

3.4984 GBP

10p ordinary

Sale

75,532

3.5160 GBP

10p ordinary

Sale

47,952

3.4989 GBP

10p ordinary

Sale

38,749

3.4959 GBP

10p ordinary

Sale

35,257

3.4888 GBP

10p ordinary

Sale

20,625

3.4666 GBP

10p ordinary

Sale

13,886

3.4492 GBP

10p ordinary

Sale

13,516

3.5063 GBP

10p ordinary

Sale

5,644

3.5084 GBP

10p ordinary

Sale

5,367

3.4435 GBP

10p ordinary

Sale

5,018

3.4370 GBP

10p ordinary

Sale

3,982

3.5140 GBP

10p ordinary

Sale

2,858

3.4211 GBP

10p ordinary

Sale

2,825

3.4760 GBP

10p ordinary

Sale

1,999

3.4089 GBP

10p ordinary

Sale

1,969

3.4987 GBP

10p ordinary

Sale

1,968

3.4342 GBP

10p ordinary

Sale

1,841

3.5000 GBP

10p ordinary

Sale

1,370

3.3940 GBP

10p ordinary

Sale

1,355

3.4320 GBP

10p ordinary

Sale

1,249

3.4340 GBP

10p ordinary

Sale

1,169

3.4260 GBP

10p ordinary

Sale

1,166

3.4939 GBP

10p ordinary

Sale

950

3.4710 GBP

10p ordinary

Sale

936

3.5100 GBP

10p ordinary

Sale

924

3.4420 GBP

10p ordinary

Sale

876

3.5170 GBP

10p ordinary

Sale

860

3.4440 GBP

10p ordinary

Sale

350

3.5120 GBP

10p ordinary

Sale

158

3.4129 GBP

10p ordinary

Sale

10

3.5149 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

400

3.4302 GBP

10p ordinary

SWAP

Decreasing Long

9,804

3.4182 GBP

10p ordinary

SWAP

Decreasing Long

11,492

3.5060 GBP

10p ordinary

SWAP

Decreasing Long

14,818

3.5165 GBP

10p ordinary

SWAP

Decreasing Long

54,936

3.5092 GBP

10p ordinary

SWAP

Decreasing Short

1

3.4700 GBP

10p ordinary

CFD

Decreasing Short

449

3.5159 GBP

10p ordinary

SWAP

Decreasing Short

2,858

3.4211 GBP

10p ordinary

SWAP

Decreasing Short

5,018

3.4370 GBP

10p ordinary

SWAP

Decreasing Short

14,457

3.5160 GBP

10p ordinary

SWAP

Decreasing Short

32,529

3.5144 GBP

10p ordinary

CFD

Decreasing Short

35,490

3.5160 GBP

10p ordinary

SWAP

Decreasing Short

48,695

3.5060 GBP

10p ordinary

SWAP

Decreasing Short

64,296

3.5084 GBP

10p ordinary

SWAP

Decreasing Short

318,892

3.4878 GBP

10p ordinary

SWAP

Increasing Long

38,749

3.4959 GBP

10p ordinary

SWAP

Increasing Short

2

3.4340 GBP

10p ordinary

SWAP

Increasing Short

946

3.4420 GBP

10p ordinary

SWAP

Increasing Short

1,426

3.3940 GBP

10p ordinary

SWAP

Increasing Short

2,811

3.4420 GBP

10p ordinary

SWAP

Increasing Short

2,965

3.4575 GBP

10p ordinary

SWAP

Increasing Short

3,447

3.4519 GBP

10p ordinary

SWAP

Increasing Short

4,030

3.4700 GBP

10p ordinary

CFD

Increasing Short

7,203

3.5160 GBP

10p ordinary

SWAP

Increasing Short

17,644

3.4798 GBP

10p ordinary

CFD

Increasing Short

33,227

3.5159 GBP

10p ordinary

SWAP

Increasing Short

36,866

3.4213 GBP

10p ordinary

SWAP

Increasing Short

44,452

3.4327 GBP

10p ordinary

SWAP

Increasing Short

66,214

3.4567 GBP

10p ordinary

SWAP

Increasing Short

71,324

3.4682 GBP

10p ordinary

SWAP

Increasing Short

120,812

3.4261 GBP

10p ordinary

CFD

Increasing Short

147,128

3.4968 GBP

10p ordinary

CFD

Increasing Short

167,485

3.4951 GBP

10p ordinary

SWAP

Increasing Short

177,854

3.4568 GBP

10p ordinary

SWAP

Increasing Short

201,130

3.4811 GBP

10p ordinary

SWAP

Increasing Short

223,224

3.5084 GBP

10p ordinary

SWAP

Increasing Short

255,548

3.4327 GBP

10p ordinary

SWAP

Opening Long

80,463

3.4698 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:

30 Apr 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213