Smith (DS) Regulatory News (SMDS)

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:

16 Jan 2025

(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:

32,943,881

2.39%

30,401,044

2.20%

(2)

Cash-settled derivatives:

and/or controlled:

12,558,243

0.91%

30,960,114

2.24%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

45,502,124

3.30%

61,361,158

4.44%

(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

409,000

5.7900 GBP

10p ordinary

Purchase

78,862

5.7881 GBP

10p ordinary

Purchase

76,157

5.7865 GBP

10p ordinary

Purchase

70,893

5.7896 GBP

10p ordinary

Purchase

36,267

5.7806 GBP

10p ordinary

Purchase

33,443

5.7736 GBP

10p ordinary

Purchase

28,660

5.7894 GBP

10p ordinary

Purchase

23,992

5.7798 GBP

10p ordinary

Purchase

11,813

5.7821 GBP

10p ordinary

Purchase

10,536

5.7975 GBP

10p ordinary

Purchase

10,466

5.7814 GBP

10p ordinary

Purchase

10,049

5.7880 GBP

10p ordinary

Purchase

9,420

5.7691 GBP

10p ordinary

Purchase

8,497

5.7658 GBP

10p ordinary

Purchase

8,078

5.7743 GBP

10p ordinary

Purchase

7,777

5.7866 GBP

10p ordinary

Purchase

7,677

5.7810 GBP

10p ordinary

Purchase

6,687

5.7753 GBP

10p ordinary

Purchase

6,363

5.7741 GBP

10p ordinary

Purchase

5,955

5.7677 GBP

10p ordinary

Purchase

4,786

5.7657 GBP

10p ordinary

Purchase

4,682

5.7675 GBP

10p ordinary

Purchase

4,547

5.7934 GBP

10p ordinary

Purchase

4,015

5.7678 GBP

10p ordinary

Purchase

3,624

5.7789 GBP

10p ordinary

Purchase

2,661

5.7612 GBP

10p ordinary

Purchase

1,889

5.7611 GBP

10p ordinary

Purchase

1,822

5.7679 GBP

10p ordinary

Purchase

1,605

5.7683 GBP

10p ordinary

Purchase

1,270

5.8000 GBP

10p ordinary

Purchase

1,228

5.7600 GBP

10p ordinary

Purchase

1,200

5.7550 GBP

10p ordinary

Purchase

869

5.7711 GBP

10p ordinary

Purchase

648

5.7650 GBP

10p ordinary

Purchase

648

5.7648 GBP

10p ordinary

Purchase

637

5.7989 GBP

10p ordinary

Purchase

636

5.7950 GBP

10p ordinary

Purchase

334

5.7851 GBP

10p ordinary

Purchase

108

5.7769 GBP

10p ordinary

Sale

3,500,000

5.7200 GBP

10p ordinary

Sale

120,045

5.7900 GBP

10p ordinary

Sale

109,789

5.7909 GBP

10p ordinary

Sale

70,893

5.7896 GBP

10p ordinary

Sale

69,163

5.7830 GBP

10p ordinary

Sale

27,008

5.7703 GBP

10p ordinary

Sale

23,556

5.7838 GBP

10p ordinary

Sale

22,809

5.7842 GBP

10p ordinary

Sale

22,500

5.7695 GBP

10p ordinary

Sale

19,154

5.7818 GBP

10p ordinary

Sale

14,924

5.7831 GBP

10p ordinary

Sale

12,524

5.7911 GBP

10p ordinary

Sale

11,509

5.7834 GBP

10p ordinary

Sale

8,014

5.7949 GBP

10p ordinary

Sale

6,423

5.7549 GBP

10p ordinary

Sale

6,161

5.7707 GBP

10p ordinary

Sale

5,761

5.7754 GBP

10p ordinary

Sale

4,984

5.7743 GBP

10p ordinary

Sale

4,786

5.7657 GBP

10p ordinary

Sale

4,630

5.7812 GBP

10p ordinary

Sale

4,191

5.7660 GBP

10p ordinary

Sale

3,227

5.7683 GBP

10p ordinary

Sale

2,909

5.7809 GBP

10p ordinary

Sale

2,538

5.7891 GBP

10p ordinary

Sale

1,808

5.7714 GBP

10p ordinary

Sale

1,783

5.7847 GBP

10p ordinary

Sale

1,636

5.7859 GBP

10p ordinary

Sale

1,219

5.7759 GBP

10p ordinary

Sale

1,092

5.7803 GBP

10p ordinary

Sale

1,086

5.7675 GBP

10p ordinary

Sale

1,002

5.7989 GBP

10p ordinary

Sale

993

5.7850 GBP

10p ordinary

Sale

926

5.7750 GBP

10p ordinary

Sale

788

5.7655 GBP

10p ordinary

Sale

649

5.7650 GBP

10p ordinary

Sale

636

5.7950 GBP

10p ordinary

Sale

597

5.7600 GBP

10p ordinary

Sale

588

5.7800 GBP

10p ordinary

Sale

568

5.7799 GBP

10p ordinary

Sale

545

5.7625 GBP

10p ordinary

Sale

506

5.7941 GBP

10p ordinary

Sale

17

5.7705 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

Increasing Short

76,271

5.7809 GBP

10p ordinary

SWAP

Increasing Short

12,387

5.7848 GBP

10p ordinary

SWAP

Decreasing Short

44

5.7200 GBP

10p ordinary

SWAP

Decreasing Short

6,423

5.7549 GBP

10p ordinary

SWAP

Decreasing Short

22,500

5.7695 USD

10p ordinary

SWAP

Decreasing Short

3,780

5.7812 GBP

10p ordinary

SWAP

Decreasing Short

19,154

5.7818 GBP

10p ordinary

SWAP

Decreasing Short

69,163

5.7830 GBP

10p ordinary

SWAP

Decreasing Short

7,407

5.7844 GBP

10p ordinary

SWAP

Decreasing Short

1,783

5.7847 GBP

10p ordinary

SWAP

Decreasing Short

7,874

5.7872 GBP

10p ordinary

SWAP

Decreasing Short

85,393

5.7886 GBP

10p ordinary

SWAP

Decreasing Short

12,524

5.7911 GBP

10p ordinary

SWAP

Decreasing Short

8,014

5.7949 GBP

10p ordinary

SWAP

Increasing Short

631

5.7600 GBP

10p ordinary

SWAP

Increasing Short

869

5.7711 GBP

10p ordinary

SWAP

Increasing Short

33,443

5.7736 GBP

10p ordinary

SWAP

Increasing Short

135,847

5.7841 GBP

10p ordinary

SWAP

Increasing Short

13,875

5.7845 GBP

10p ordinary

SWAP

Increasing Short

278,663

5.7900 GBP

10p ordinary

SWAP

Increasing Short

637

5.7988 GBP

10p ordinary

CFD

Decreasing Short

30,000

5.7699 GBP

10p ordinary

CFD

Decreasing Short

44,762

5.7900 GBP

10p ordinary

CFD

Increasing Short

70,893

5.7896 GBP

10p ordinary

CFD

Increasing Short

852

5.7900 GBP

10p ordinary

SWAP

Increasing Short

8,497

5.7658 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:

17 Jan 2025

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213