Form 8.5 (EPT/RI)

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

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(a) Name of exempt principal trader:	Citigroup Global Markets Limited
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Smith (DS) plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Smith (DS) plc
(d) Date dealing undertaken:	17 January 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"	International Paper Company

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
10p ordinary	Sale	697,895	GBP 5.9300	GBP 5.8575
10p ordinary	Purchase	1,807,620	GBP 5.9300	GBP 5.8600
10p ordinary	Purchase	450,000	USD 7.1920	USD 7.1920

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	TRS	Reducing Short Position	326	GBP 5.8950
10p ordinary	TRS	Increasing Short Position	308,989	GBP 5.8951
10p ordinary	TRS	Reducing Short Position	5,232	GBP 5.9017
10p ordinary	TRS	Increasing Short Position	161,598	GBP 5.8861
10p ordinary	TRS	Increasing Short Position	335	GBP 5.8901
10p ordinary	TRS	Increasing Short Position	78,809	GBP 5.8938
10p ordinary	TRS	Increasing Short Position	34,515	GBP 5.8956
10p ordinary	TRS	Increasing Short Position	2	GBP 5.9106
10p ordinary	TRS	Reducing Short Position	446	GBP 5.8949
10p ordinary	TRS	Reducing Short Position	774	GBP 5.9069
10p ordinary	TRS	Increasing Short Position	1,018	GBP 5.8950
10p ordinary	TRS	Reducing Short Position	122	GBP 5.8950

Date of disclosure:	20 January 2025
Contact name:	Christopher Alexander Pollock
Telephone number:	02895 954 053

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