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:

25 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:

19,171,903

1.39%

7,838,989

0.57%

(2)

Cash-settled derivatives:

and/or controlled:

7,679,926

0.56%

18,455,158

1.34%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

26,851,829

1.95%

26,294,147

1.91%

(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

4,326,821

3.3982 GBP

10p ordinary

Purchase

1,149,289

3.4000 GBP

10p ordinary

Purchase

637,441

3.3720 GBP

10p ordinary

Purchase

504,233

3.3991 GBP

10p ordinary

Purchase

316,315

3.3781 GBP

10p ordinary

Purchase

285,777

3.3863 GBP

10p ordinary

Purchase

236,472

3.3999 GBP

10p ordinary

Purchase

224,009

3.3095 GBP

10p ordinary

Purchase

197,101

3.3935 GBP

10p ordinary

Purchase

191,759

4.2772 GBP

10p ordinary

Purchase

152,100

3.4216 GBP

10p ordinary

Purchase

136,426

3.3481 GBP

10p ordinary

Purchase

124,922

3.4037 GBP

10p ordinary

Purchase

116,343

3.3638 GBP

10p ordinary

Purchase

102,425

3.4544 GBP

10p ordinary

Purchase

90,558

3.4020 GBP

10p ordinary

Purchase

75,671

3.4054 GBP

10p ordinary

Purchase

75,103

3.3814 GBP

10p ordinary

Purchase

56,092

3.3981 GBP

10p ordinary

Purchase

54,615

3.3853 GBP

10p ordinary

Purchase

48,453

3.4181 GBP

10p ordinary

Purchase

31,567

3.3407 GBP

10p ordinary

Purchase

31,227

3.4071 GBP

10p ordinary

Purchase

29,560

3.4170 GBP

10p ordinary

Purchase

15,431

3.3829 GBP

10p ordinary

Purchase

15,360

3.3624 GBP

10p ordinary

Purchase

10,372

3.3784 GBP

10p ordinary

Purchase

10,040

3.3142 GBP

10p ordinary

Purchase

8,412

3.4180 GBP

10p ordinary

Purchase

7,176

3.3053 GBP

10p ordinary

Purchase

6,470

3.4173 GBP

10p ordinary

Purchase

5,782

3.4315 GBP

10p ordinary

Purchase

4,677

3.3600 GBP

10p ordinary

Purchase

2,869

3.2940 GBP

10p ordinary

Purchase

2,790

3.4477 GBP

10p ordinary

Purchase

2,465

3.3470 GBP

10p ordinary

Purchase

2,377

3.3220 GBP

10p ordinary

Purchase

2,343

3.3660 GBP

10p ordinary

Purchase

2,295

3.3526 GBP

10p ordinary

Purchase

2,112

3.4027 GBP

10p ordinary

Purchase

1,976

3.4540 GBP

10p ordinary

Purchase

1,909

3.3670 GBP

10p ordinary

Purchase

1,662

3.4340 GBP

10p ordinary

Purchase

1,562

3.2900 GBP

10p ordinary

Purchase

1,556

3.3140 GBP

10p ordinary

Purchase

1,386

3.2830 GBP

10p ordinary

Purchase

1,346

3.3120 GBP

10p ordinary

Purchase

1,326

3.3290 GBP

10p ordinary

Purchase

1,232

3.3240 GBP

10p ordinary

Purchase

1,174

3.3020 GBP

10p ordinary

Purchase

1,099

3.3210 GBP

10p ordinary

Purchase

1,097

3.4500 GBP

10p ordinary

Purchase

1,059

3.4580 GBP

10p ordinary

Purchase

1,022

3.3500 GBP

10p ordinary

Purchase

981

3.2930 GBP

10p ordinary

Purchase

943

3.4240 GBP

10p ordinary

Purchase

793

3.3260 GBP

10p ordinary

Purchase

788

3.3960 GBP

10p ordinary

Purchase

787

3.3180 GBP

10p ordinary

Purchase

676

3.2980 GBP

10p ordinary

Purchase

597

3.2860 GBP

10p ordinary

Purchase

518

3.3620 GBP

10p ordinary

Purchase

343

3.3460 GBP

10p ordinary

Purchase

100

3.4005 GBP

10p ordinary

Sale

1,117,386

3.4000 GBP

10p ordinary

Sale

669,437

3.3969 GBP

10p ordinary

Sale

559,421

3.4122 GBP

10p ordinary

Sale

366,544

3.3472 GBP

10p ordinary

Sale

276,513

3.3825 GBP

10p ordinary

Sale

275,302

3.4192 GBP

10p ordinary

Sale

251,774

3.3683 GBP

10p ordinary

Sale

236,088

3.3716 GBP

10p ordinary

Sale

191,759

4.2772 GBP

10p ordinary

Sale

154,228

3.3374 GBP

10p ordinary

Sale

153,808

3.4300 GBP

10p ordinary

Sale

86,054

3.3423 GBP

10p ordinary

Sale

81,307

3.3981 GBP

10p ordinary

Sale

80,372

3.3569 GBP

10p ordinary

Sale

69,437

3.3968 GBP

10p ordinary

Sale

49,177

3.4353 GBP

10p ordinary

Sale

46,833

3.4191 GBP

10p ordinary

Sale

41,231

3.3613 GBP

10p ordinary

Sale

31,002

3.3156 GBP

10p ordinary

Sale

30,392

3.3728 GBP

10p ordinary

Sale

26,295

3.4034 GBP

10p ordinary

Sale

26,137

3.3534 GBP

10p ordinary

Sale

25,118

3.4292 GBP

10p ordinary

Sale

23,684

3.2983 GBP

10p ordinary

Sale

19,027

3.3412 GBP

10p ordinary

Sale

18,061

3.3694 GBP

10p ordinary

Sale

17,191

3.3198 GBP

10p ordinary

Sale

15,979

3.4387 GBP

10p ordinary

Sale

14,454

3.4021 GBP

10p ordinary

Sale

13,904

3.4174 GBP

10p ordinary

Sale

11,674

3.3364 GBP

10p ordinary

Sale

9,347

3.3430 GBP

10p ordinary

Sale

6,903

3.3061 GBP

10p ordinary

Sale

6,016

3.3603 GBP

10p ordinary

Sale

4,677

3.3600 GBP

10p ordinary

Sale

2,869

3.2940 GBP

10p ordinary

Sale

2,465

3.3470 GBP

10p ordinary

Sale

2,377

3.3220 GBP

10p ordinary

Sale

2,370

3.2880 GBP

10p ordinary

Sale

2,343

3.3660 GBP

10p ordinary

Sale

1,976

3.4540 GBP

10p ordinary

Sale

1,748

3.4152 GBP

10p ordinary

Sale

1,562

3.2900 GBP

10p ordinary

Sale

1,556

3.3140 GBP

10p ordinary

Sale

1,386

3.2830 GBP

10p ordinary

Sale

1,346

3.3120 GBP

10p ordinary

Sale

1,326

3.3290 GBP

10p ordinary

Sale

1,321

3.4211 GBP

10p ordinary

Sale

1,232

3.3240 GBP

10p ordinary

Sale

1,099

3.3210 GBP

10p ordinary

Sale

1,059

3.4580 GBP

10p ordinary

Sale

1,022

3.3500 GBP

10p ordinary

Sale

981

3.2930 GBP

10p ordinary

Sale

943

3.4240 GBP

10p ordinary

Sale

795

3.3780 GBP

10p ordinary

Sale

793

3.3260 GBP

10p ordinary

Sale

788

3.3960 GBP

10p ordinary

Sale

787

3.4340 GBP

10p ordinary

Sale

787

3.3180 GBP

10p ordinary

Sale

676

3.2980 GBP

10p ordinary

Sale

597

3.2860 GBP

10p ordinary

Sale

518

3.3620 GBP

10p ordinary

Sale

343

3.3460 GBP

10p ordinary

Sale

272

3.3720 GBP

10p ordinary

Sale

2

3.4513 GBP

10p ordinary

Sale

1

3.4483 GBP

10p ordinary

Sale

26

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

100

3.4005 GBP

10p ordinary

SWAP

Decreasing Long

6,700

3.3364 GBP

10p ordinary

SWAP

Decreasing Long

9,063

3.4209 GBP

10p ordinary

SWAP

Decreasing Long

27,646

3.4206 GBP

10p ordinary

SWAP

Decreasing Long

31,694

3.3454 GBP

10p ordinary

SWAP

Decreasing Long

116,343

3.3638 GBP

10p ordinary

SWAP

Decreasing Short

234

3.3020 GBP

10p ordinary

SWAP

Decreasing Short

795

3.3780 GBP

10p ordinary

SWAP

Decreasing Short

1,748

3.4152 GBP

10p ordinary

SWAP

Decreasing Short

1,785

3.3991 GBP

10p ordinary

SWAP

Decreasing Short

3,412

3.4269 GBP

10p ordinary

SWAP

Decreasing Short

5,316

3.3915 GBP

10p ordinary

SWAP

Decreasing Short

6,016

3.3603 GBP

10p ordinary

SWAP

Decreasing Short

9,347

3.3430 GBP

10p ordinary

SWAP

Decreasing Short

38,755

3.3960 GBP

10p ordinary

CFD

Decreasing Short

40,000

3.3652 GBP

10p ordinary

SWAP

Decreasing Short

49,177

3.4353 GBP

10p ordinary

SWAP

Decreasing Short

113,711

3.4210 GBP

10p ordinary

CFD

Decreasing Short

153,808

3.4300 GBP

10p ordinary

SWAP

Decreasing Short

276,513

3.3825 GBP

10p ordinary

SWAP

Decreasing Short

559,421

3.4122 GBP

10p ordinary

CFD

Decreasing Short

626,389

3.4000 GBP

10p ordinary

SWAP

Increasing Long

34

3.3529 GBP

10p ordinary

SWAP

Increasing Long

176

3.4141 GBP

10p ordinary

SWAP

Increasing Long

576

3.3947 GBP

10p ordinary

SWAP

Increasing Long

677

3.3513 GBP

10p ordinary

SWAP

Increasing Long

1,321

3.4211 GBP

10p ordinary

SWAP

Increasing Long

1,425

3.3724 GBP

10p ordinary

SWAP

Increasing Long

6,225

3.3589 GBP

10p ordinary

SWAP

Increasing Long

8,960

3.3530 GBP

10p ordinary

SWAP

Increasing Long

11,706

3.3379 GBP

10p ordinary

SWAP

Increasing Long

16,460

3.3686 GBP

10p ordinary

SWAP

Increasing Long

17,191

3.3198 GBP

10p ordinary

SWAP

Increasing Long

26,137

3.3534 GBP

10p ordinary

SWAP

Increasing Long

41,231

3.3613 GBP

10p ordinary

SWAP

Increasing Long

73,571

3.3565 GBP

10p ordinary

SWAP

Increasing Long

141,845

3.3373 GBP

10p ordinary

SWAP

Increasing Long

251,774

3.3683 GBP

10p ordinary

SWAP

Increasing Short

50

3.4306 GBP

10p ordinary

CFD

Increasing Short

395

3.3264 GBP

10p ordinary

SWAP

Increasing Short

468

3.3020 GBP

10p ordinary

SWAP

Increasing Short

875

3.4340 GBP

10p ordinary

CFD

Increasing Short

1,611

3.4115 GBP

10p ordinary

SWAP

Increasing Short

1,909

3.3670 GBP

10p ordinary

SWAP

Increasing Short

2,110

3.3020 GBP

10p ordinary

SWAP

Increasing Short

6,240

3.3058 GBP

10p ordinary

SWAP

Increasing Short

10,372

3.3784 GBP

10p ordinary

SWAP

Increasing Short

64,476

3.4086 GBP

10p ordinary

CFD

Increasing Short

65,360

3.4003 GBP

10p ordinary

SWAP

Increasing Short

102,425

3.4544 GBP

10p ordinary

SWAP

Increasing Short

140,942

3.4018 GBP

10p ordinary

SWAP

Increasing Short

167,852

3.3936 GBP

10p ordinary

SWAP

Increasing Short

193,048

3.4094 GBP

10p ordinary

CFD

Increasing Short

210,315

3.4070 GBP

10p ordinary

SWAP

Increasing Short

285,777

3.3863 GBP

10p ordinary

SWAP

Increasing Short

286,303

3.3970 GBP

10p ordinary

CFD

Increasing Short

293,687

3.4009 GBP

10p ordinary

SWAP

Increasing Short

637,169

3.3720 GBP

10p ordinary

SWAP

Increasing Short

733,388

3.4012 GBP

10p ordinary

CFD

Increasing Short

838,359

3.4000 GBP

10p ordinary

SWAP

Increasing Short

2,626,340

3.4000 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:

26 Apr 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213