BNP Paribas

Major Shareholding Notification • Jan 6, 2025

National Storage Mechanism | Additional information

RNS Number : 2778S

BNP Paribas London

06 January 2025

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:	BNP Paribas SA
(b)  Owner or controller of interests and short positions disclosed, if different from 1(a):        The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c)  Name of offeror/offeree in relation to whose relevant securities this form relates:        Use a separate form for each offeror/offeree	International Paper Company
(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:        For an opening position disclosure, state the latest practicable date prior to the disclosure	03/01/2025
(f)  In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?        If it is a cash offer or possible cash offer, state "N/A"	Yes: Smith (DS) plc

2.	POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(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:	US4601461035 (common stock)

	Interests	Short Positions

	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	3,832,927	1.10	-2,885,719	-.83
(2) Cash-settled derivatives:	929,265	.27	-5,387,419	-1.55
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	2,016,300	.58	-2,463,000	-.71
TOTAL:	6,778,492	1.95	-10,736,138	-3.09

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)	Rights to subscribe for new securities (including directors'' and other employee 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 PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(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	Purchase/sale	Number of securities	Price per unit
US4601461035	Purchase	128	53.2500 USD
US4601461035	Purchase	424	52.9100 USD
US4601461035	Purchase	978	52.8500 USD
US4601461035	Purchase	9,300	53.3795 USD
US4601461035	Sale	-46,500	52.8500 USD
US4601461035	Sale	-15,500	52.8500 USD
US4601461035	Sale	-4,595	52.8500 USD
US4601461035	Sale	-2,051	52.8500 USD
US4601461035	Sale	-2,000	52.9389 USD
US4601461035	Sale	-1,126	52.8500 USD
US4601461035	Sale	-1,114	52.8500 USD
US4601461035	Sale	-700	52.8500 USD
US4601461035	Sale	-687	52.8500 USD
US4601461035	Sale	-567	52.8500 USD
US4601461035	Sale	-400	52.8500 USD
US4601461035	Sale	-173	52.8500 USD
US4601461035	Sale	-113	52.8500 USD
US4601461035	Sale	-106	52.8500 USD
US4601461035	Sale	-94	52.8500 USD
US4601461035	Sale	-93	52.8500 USD
US4601461035	Sale	-92	52.8500 USD
US4601461035	Sale	-65	52.8500 USD
US4601461035	Sale	-62	52.8500 USD
US4601461035	Sale	-61	52.8500 USD
US4601461035	Sale	-54	52.8500 USD
US4601461035	Sale	-49	52.8500 USD
US4601461035	Sale	-41	52.8500 USD
US4601461035	Sale	-17	52.8500 USD
US4601461035	Sale	-4	52.8500 USD
US4601461035	Sale	-3	53.2700 USD
US4601461035	Sale	-1	52.8500 USD

(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 references securities	Price per unit
US4601461035	Contract for Difference	Increasing Long Position	49	52.8500
US4601461035	Contract for Difference	Reducing Long Position	-7,300	52.8500
US4601461035	Contract for Difference	Reducing Long Position	-978	52.8500 USD

(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

(ii)	Exercise

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

(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)

4.	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 person 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)	Indemnity and other dealing arrangements

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 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

(c)	Attachments

Is a supplemental Form 8 (Open Positions) attached?	Yes

Date of Disclosure:	06/01/2025
Contact Name	Compliance Control Room
Telephone Number:	0207 595 9695

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 disclosure requirements on +44 (0)20 7638 0129.

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.

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

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS,

AGREEMENTS TO PURCHASE OR SELL ETC.

Note 5(i) on Rule 8 of the Takeover Code (the "Code")

1.	KEY INFORMATION

Full name of person making disclosure:	BNP Paribas SA
Name of offeror/offeree in relation to whose  relevant securities the disclosure relates:	International Paper Company

2.	STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)

Class of relevant security	Product description e.g. call option	Written or purchased	Number of securities to which option or derivative relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date
common stock (US4601461035)	Call Option	P	24900	52.85	american	17/01/2025
common stock (US4601461035)	Unknown	W	333400	52.85	european	14/10/2025
common stock (US4601461035)	Call Option	W	-89300	52.85	american	20/06/2025
common stock (US4601461035)	Call Option	W	-88200	52.85	american	19/09/2025
common stock (US4601461035)	Call Option	W	-83700	52.85	american	20/06/2025
common stock (US4601461035)	Call Option	W	-76800	52.85	american	17/04/2025
common stock (US4601461035)	Call Option	W	-63400	52.85	american	20/06/2025
common stock (US4601461035)	Call Option	W	-50000	52.85	american	17/04/2025
common stock (US4601461035)	Call Option	W	-50000	52.85	american	19/09/2025
common stock (US4601461035)	Call Option	W	-49700	52.85	american	17/10/2025
common stock (US4601461035)	Call Option	W	-45000	52.85	american	17/01/2025
common stock (US4601461035)	Call Option	W	-25000	52.85	american	17/10/2025
common stock (US4601461035)	Call Option	W	-8800	52.85	american	20/06/2025
common stock (US4601461035)	Call Option	W	-4900	52.85	american	19/09/2025
common stock (US4601461035)	Call Option	W	-1200	52.85	american	16/01/2026
common stock (US4601461035)	Put Option	W	2600	52.85	american	17/04/2025
common stock (US4601461035)	Put Option	W	10300	52.85	american	20/06/2025
common stock (US4601461035)	Put Option	W	24500	52.85	american	19/09/2025
common stock (US4601461035)	Put Option	W	26900	52.85	american	17/10/2025
common stock (US4601461035)	Put Option	W	30000	52.85	american	17/04/2025
common stock (US4601461035)	Put Option	W	50000	52.85	american	17/01/2025
common stock (US4601461035)	Put Option	W	50000	52.85	american	20/06/2025
common stock (US4601461035)	Put Option	W	52900	52.85	american	17/01/2025
common stock (US4601461035)	Put Option	W	75000	52.85	american	17/04/2025
common stock (US4601461035)	Put Option	W	85400	52.85	american	19/09/2025
common stock (US4601461035)	Put Option	W	128800	52.85	american	20/06/2025
common stock (US4601461035)	Put Option	W	200000	52.85	american	16/01/2026
common stock (US4601461035)	Put Option	W	255000	52.85	american	16/01/2026
common stock (US4601461035)	Unknown	W	-543500	52.85	european	14/10/2025
common stock (US4601461035)	Unknown	W	-543300	52.85	european	13/10/2025
common stock (US4601461035)	Unknown	W	-543300	52.85	european	15/10/2025
common stock (US4601461035)	Unknown	W	333300	52.85	european	13/10/2025
common stock (US4601461035)	Unknown	W	333300	52.85	european	15/10/2025
common stock (US4601461035)	Call Option	W	-151900	52.85	american	17/01/2025

3.	AGREEMENTS TO PURCHASE OR SELL ETC.

Full details should be given so that the nature of the interest or position can be fully understood:

It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives.

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

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's 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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