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 Jun 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:

22,685,294

1.64%

23,688,038

1.72%

(2)

Cash-settled derivatives:

and/or controlled:

9,407,283

0.68%

21,843,859

1.58%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

32,092,577

2.33%

45,531,897

3.30%

(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

9,347,002

3.6703 GBP

10p ordinary

Purchase

297,638

3.6590 GBP

10p ordinary

Purchase

279,916

3.6996 GBP

10p ordinary

Purchase

158,810

3.6699 GBP

10p ordinary

Purchase

137,693

3.7087 GBP

10p ordinary

Purchase

132,115

3.6698 GBP

10p ordinary

Purchase

99,182

3.7040 GBP

10p ordinary

Purchase

93,476

3.7069 GBP

10p ordinary

Purchase

86,178

3.7073 GBP

10p ordinary

Purchase

86,061

3.6441 GBP

10p ordinary

Purchase

81,817

3.6500 GBP

10p ordinary

Purchase

72,517

3.6974 GBP

10p ordinary

Purchase

71,138

3.6890 GBP

10p ordinary

Purchase

62,163

3.6476 GBP

10p ordinary

Purchase

46,933

3.6501 GBP

10p ordinary

Purchase

38,934

3.7080 GBP

10p ordinary

Purchase

34,487

3.6537 GBP

10p ordinary

Purchase

33,025

3.6715 GBP

10p ordinary

Purchase

32,536

3.6474 GBP

10p ordinary

Purchase

31,650

3.6702 GBP

10p ordinary

Purchase

24,924

3.6406 GBP

10p ordinary

Purchase

22,077

3.6837 GBP

10p ordinary

Purchase

22,036

3.6460 GBP

10p ordinary

Purchase

20,566

3.6495 GBP

10p ordinary

Purchase

19,806

3.6862 GBP

10p ordinary

Purchase

19,180

3.6466 GBP

10p ordinary

Purchase

15,071

3.6529 GBP

10p ordinary

Purchase

12,707

3.6541 GBP

10p ordinary

Purchase

12,372

3.6888 GBP

10p ordinary

Purchase

9,681

3.6418 GBP

10p ordinary

Purchase

9,568

3.6539 GBP

10p ordinary

Purchase

9,519

3.6544 GBP

10p ordinary

Purchase

7,077

3.6478 GBP

10p ordinary

Purchase

5,442

3.6518 GBP

10p ordinary

Purchase

5,252

3.6464 GBP

10p ordinary

Purchase

5,131

3.6611 GBP

10p ordinary

Purchase

4,633

3.6558 GBP

10p ordinary

Purchase

4,062

3.6514 GBP

10p ordinary

Purchase

4,060

3.6564 GBP

10p ordinary

Purchase

3,850

3.6414 GBP

10p ordinary

Purchase

2,246

3.6635 GBP

10p ordinary

Purchase

1,789

3.6459 GBP

10p ordinary

Purchase

1,582

3.6579 GBP

10p ordinary

Purchase

1,393

3.6380 GBP

10p ordinary

Purchase

1,285

3.6480 GBP

10p ordinary

Purchase

1,211

3.6540 GBP

10p ordinary

Purchase

1,153

3.6340 GBP

10p ordinary

Purchase

1,099

3.6680 GBP

10p ordinary

Purchase

913

3.6880 GBP

10p ordinary

Purchase

871

3.7560 GBP

10p ordinary

Purchase

793

3.6820 GBP

10p ordinary

Purchase

676

3.6560 GBP

10p ordinary

Purchase

559

3.6555 GBP

10p ordinary

Purchase

200

3.6860 GBP

10p ordinary

Purchase

165

3.6360 GBP

10p ordinary

Purchase

47

3.6580 GBP

10p ordinary

Purchase

44

3.6400 GBP

10p ordinary

Purchase

29

3.7380 GBP

10p ordinary

Purchase

22

3.6670 GBP

10p ordinary

Purchase

16

3.6551 GBP

10p ordinary

Sale

1,145,577

3.7046 GBP

10p ordinary

Sale

702,696

3.6543 GBP

10p ordinary

Sale

347,560

3.6701 GBP

10p ordinary

Sale

240,056

3.6700 GBP

10p ordinary

Sale

226,417

3.7081 GBP

10p ordinary

Sale

126,130

3.6686 GBP

10p ordinary

Sale

104,578

3.6998 GBP

10p ordinary

Sale

102,408

3.6654 GBP

10p ordinary

Sale

100,556

3.6679 GBP

10p ordinary

Sale

100,000

3.6551 GBP

10p ordinary

Sale

86,178

3.7073 GBP

10p ordinary

Sale

62,549

3.6673 GBP

10p ordinary

Sale

38,610

3.7080 GBP

10p ordinary

Sale

28,489

3.7062 GBP

10p ordinary

Sale

16,288

3.6739 GBP

10p ordinary

Sale

12,372

3.6888 GBP

10p ordinary

Sale

11,601

3.6537 GBP

10p ordinary

Sale

10,922

3.6688 GBP

10p ordinary

Sale

9,740

3.6554 GBP

10p ordinary

Sale

7,819

3.6651 GBP

10p ordinary

Sale

7,048

3.6743 GBP

10p ordinary

Sale

6,775

3.7074 GBP

10p ordinary

Sale

6,486

3.6580 GBP

10p ordinary

Sale

5,666

3.6594 GBP

10p ordinary

Sale

5,442

3.6518 GBP

10p ordinary

Sale

3,541

3.6560 GBP

10p ordinary

Sale

3,092

3.6490 GBP

10p ordinary

Sale

2,025

3.6437 GBP

10p ordinary

Sale

1,958

3.6527 GBP

10p ordinary

Sale

1,711

3.6556 GBP

10p ordinary

Sale

1,564

3.6860 GBP

10p ordinary

Sale

1,345

3.6610 GBP

10p ordinary

Sale

1,285

3.6480 GBP

10p ordinary

Sale

1,211

3.6540 GBP

10p ordinary

Sale

1,099

3.6680 GBP

10p ordinary

Sale

934

3.6500 GBP

10p ordinary

Sale

822

3.7540 GBP

10p ordinary

Sale

761

3.6660 GBP

10p ordinary

Sale

655

3.6460 GBP

10p ordinary

Sale

519

3.6380 GBP

10p ordinary

Sale

324

3.6504 GBP

10p ordinary

Sale

204

3.6850 GBP

10p ordinary

Sale

44

3.6400 GBP

10p ordinary

Sale

4

3.6360 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

Closing Short

559

3.6555 GBP

10p ordinary

SWAP

Closing Short

645

3.6464 GBP

10p ordinary

SWAP

Closing Short

1,011

3.6715 GBP

10p ordinary

SWAP

Closing Short

4,633

3.6558 GBP

10p ordinary

SWAP

Closing Short

18,218

3.7080 GBP

10p ordinary

SWAP

Closing Short

19,385

3.6714 GBP

10p ordinary

SWAP

Closing Short

71,138

3.6890 GBP

10p ordinary

CFD

Decreasing Long

13

3.7076 GBP

10p ordinary

CFD

Decreasing Long

1,222

3.7080 GBP

10p ordinary

SWAP

Decreasing Long

6,522

3.6778 GBP

10p ordinary

SWAP

Decreasing Long

22,077

3.6837 GBP

10p ordinary

SWAP

Decreasing Long

137,693

3.7087 GBP

10p ordinary

SWAP

Decreasing Short

49,927

3.6660 GBP

10p ordinary

SWAP

Decreasing Short

100,556

3.6679 GBP

10p ordinary

SWAP

Decreasing Short

352,595

3.7080 GBP

10p ordinary

CFD

Increasing Long

1,222

3.7080 GBP

10p ordinary

CFD

Increasing Long

3,753

3.6877 GBP

10p ordinary

SWAP

Increasing Long

6,775

3.7074 GBP

10p ordinary

CFD

Increasing Long

36,927

3.7032 GBP

10p ordinary

SWAP

Increasing Long

67,383

3.6840 GBP

10p ordinary

CFD

Increasing Long

86,178

3.7073 GBP

10p ordinary

SWAP

Increasing Long

126,130

3.6686 GBP

10p ordinary

SWAP

Increasing Short

1,789

3.6460 GBP

10p ordinary

SWAP

Increasing Short

3,021

3.6550 GBP

10p ordinary

SWAP

Opening Long

324

3.6504 GBP

10p ordinary

SWAP

Opening Long

1,958

3.6527 GBP

10p ordinary

SWAP

Opening Long

74,125

3.6632 GBP

10p ordinary

SWAP

Opening Long

159,707

3.7073 GBP

10p ordinary

SWAP

Opening Long

240,056

3.6700 GBP

10p ordinary

SWAP

Opening Long

440,743

3.7079 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 Jun 2024

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213