20250131_DS SMITH PLC_8.5 EPT RI_UK

RNS Number : 6770V

Bank of America Merrill Lynch

03 February 2025

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the "Code")

1.	KEY INFORMATION

(a)	Name of exempt principal trader:

Merrill Lynch International

(b)	Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree

DS SMITH PLC

(c)	Name of the party to the offer with which exempt principal trader is connected:

INTERNATIONAL PAPER CO

(d)	Date dealing undertaken:

31/01/2025

(e)	In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state "N/A"

YES

If YES, specify which:

(INTERNATIONAL PAPER CO)

2.	DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class
of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a)	Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
10p ordinary	Purchase	40,525,593	5.946 GBP	5.755 GBP
10p ordinary	Sale	7,971,116	5.98 GBP	5.805 GBP

(b)	Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
10p ordinary	Swaps - Equity Swaps	Closing a Short Position	3,439	5.988 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Long Position	24,320	5.809 GBP
10p ordinary	Swaps - Equity Swaps	Closing a Long Position	6,105	5.809 GBP
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	3,439	5.809 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	35,534	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	133,904	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	464,999	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	94,078	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	82,652	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	107,084	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	561,130	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	288,005	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	935,091	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	825,001	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	300,001	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	785,554	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	142,299	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	682,819	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	31,237	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	100,074	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	73,323	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	22,751	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	75,873	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	84,299	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	35,563	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	750	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	2,461,625	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	19,256	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	1,622	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	210,857	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	45,163	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	45,522	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	29,223	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	4,933	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	2,020,429	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Closing a Short Position	2,020,429	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	825,001	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	54,667	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	53,459	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	48,920	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	256,566	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	153,322	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	356,544	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	237,758	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	48,717	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	27,750	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	46,897	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	191,251	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	150,000	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	73,866	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	39,187	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	75,700	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	147,431	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	34,557	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	745,067	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	188,870	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	96,871	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	98,749	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	63,135	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	1,500,000	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	234,796	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	1,330,744	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	330,001	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	138,898	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	56,813	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	11,854	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	10,412	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	85,523	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	32,290	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	7,583	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	673,476	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	16,239	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	15,633	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	32,917	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	18,937	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	18,221	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	31,360	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	16,307	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	27,551	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	49,142	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	24,442	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	1,645	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	248,355	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	21,045	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	15,174	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	9,250	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	79,252	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	25,235	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	35,685	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	3,694,493	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	28,099	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	9,740	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	13,062	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	46,299	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	20,169	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	47,432	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	227,607	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	155,001	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	24,622	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	33,358	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	11,528	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	187,043	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	250	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Closing a Short Position	673,476	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	17,820	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	15,054	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	62,957	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Long Position	94,836	5.935 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Short Position	935,000	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Short Position	1,000,000	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Short Position	833,125	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Closing a Short Position	79,515	5.884 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Long Position	112,407	5.935 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Long Position	13,269	5.935 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Long Position	8,380	5.935 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Long Position	63,400	5.828 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Long Position	192	5.845 GBP
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	6,775,538	7.248 USD
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	20,326,617	7.248 USD
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	1,320,000	7.255 USD
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	880,000	7.255 USD
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	2,500,000	5.827 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Short Position	500,000	5.827 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	2,500,000	5.914 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	615	5.79 GBP
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	5,704	5.845 GBP
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	5,000,000	7.242 USD
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	22,500,000	5.825 GBP
10p ordinary	Swaps - Equity Swaps	Increasing a Short Position	68,696	5.81 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	19,865	5.949 GBP
10p ordinary	Swaps - Equity Swaps	Opening a Short Position	68,685	5.807 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	48,820	5.943 GBP
10p ordinary	Swaps - Equity Swaps	Reducing a Short Position	48,696	5.949 GBP
10p ordinary	Swaps - Equity Swaps	Closing a Short Position	20,000	5.948 GBP
10p ordinary	Swaps - Equity Swaps	Closing a Long Position	1,000,000	5.827 GBP
10p ordinary	Swaps - Equity Swaps	Opening a Long Position	1,000,000	5.832 GBP

(c)	Stock-settled derivative transactions (including options)

(i)	Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii)

Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise Price per unit
N/A	N/A	N/A	N/A	N/A

(d)	Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3.	OTHER INFORMATION

(a)	Indemnity and other dealing 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:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

None

(b)	Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader 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 or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"

None

Date of disclosure:	03/02/2025
Contact name:	Frank Lui
Telephone number:	+44207 996 6418

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information
Service.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's
dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

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20250131_DS SMITH PLC_8.5 EPT RI_UK_MLI