Citadel Group — Major Shareholding Notification 2024

Dec 27, 2024

National Storage Mechanism | Additional information

RNS Number : 4810R

Citadel Group

27 December 2024

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:	Citadel Group
(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.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates:      Use a separate form for each offeror/offeree	INTERNATIONAL PAPER CO
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken:      For an opening position disclosure, state the latest practicable date prior to the disclosure	24 December 2024
(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, DS Smith 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: Common Stock	ISIN US4601461035
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	28,434	0.00	3,003,373	0.86
(2) Cash-settled derivatives:	0	0.00	0	0.00
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	1,645,900	0.47	1,360,500	0.39
TOTAL:	1,674,334	0.48	4,363,873	1.25

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:	N/A
Details, including nature of the rights concerned and relevant percentages:	N/A

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
Common	Buy Transaction	103	54.6665 USD
Common	Buy Transaction	1	54.6900 USD
Common	Buy Transaction	2	54.7000 USD
Common	Buy Transaction	1	54.7100 USD
Common	Buy Transaction	41	54.7200 USD
Common	Buy Transaction	159	54.7300 USD
Common	Buy Transaction	67	54.7458 USD
Common	Buy Transaction	201	54.7500 USD
Common	Buy Transaction	5	54.7600 USD
Common	Buy Transaction	3,205	54.7669 USD
Common	Buy Transaction	944	54.7700 USD
Common	Buy Transaction	1,036	54.7738 USD
Common	Buy Transaction	153	54.7748 USD
Common	Buy Transaction	200	54.7750 USD
Common	Buy Transaction	641	54.7758 USD
Common	Buy Transaction	560	54.7766 USD
Common	Buy Transaction	3	54.7800 USD
Common	Buy Transaction	110	54.7807 USD
Common	Buy Transaction	54	54.7807 USD
Common	Buy Transaction	265	54.7835 USD
Common	Buy Transaction	352	54.7838 USD
Common	Buy Transaction	200	54.7850 USD
Common	Buy Transaction	447	54.7850 USD
Common	Buy Transaction	784	54.7905 USD
Common	Buy Transaction	372	54.7966 USD
Common	Buy Transaction	904	54.7972 USD
Common	Buy Transaction	10	54.7990 USD
Common	Buy Transaction	35	54.8000 USD
Common	Buy Transaction	31	54.8023 USD
Common	Buy Transaction	2	54.8100 USD
Common	Buy Transaction	6	54.8117 USD
Common	Buy Transaction	1,115	54.8208 USD
Common	Buy Transaction	39	54.8233 USD
Common	Buy Transaction	2,748	54.8297 USD
Common	Buy Transaction	911	54.8351 USD
Common	Buy Transaction	372	54.8370 USD
Common	Buy Transaction	627	54.8384 USD
Common	Buy Transaction	1	54.8386 USD
Common	Buy Transaction	1,601	54.8400 USD
Common	Buy Transaction	115	54.8415 USD
Common	Buy Transaction	368	54.8417 USD
Common	Buy Transaction	294	54.8429 USD
Common	Buy Transaction	167	54.8435 USD
Common	Buy Transaction	5,812	54.8442 USD
Common	Buy Transaction	414	54.8443 USD
Common	Buy Transaction	9	54.8456 USD
Common	Buy Transaction	65	54.8500 USD
Common	Buy Transaction	506	54.8506 USD
Common	Buy Transaction	72	54.8522 USD
Common	Buy Transaction	1,052	54.8579 USD
Common	Buy Transaction	138	54.8617 USD
Common	Buy Transaction	706	54.8626 USD
Common	Buy Transaction	102	54.8633 USD
Common	Buy Transaction	229	54.8654 USD
Common	Buy Transaction	210	54.8696 USD
Common	Buy Transaction	6	54.8700 USD
Common	Buy Transaction	1,322	54.8702 USD
Common	Buy Transaction	331	54.8746 USD
Common	Buy Transaction	1,832	54.8749 USD
Common	Buy Transaction	31	54.8800 USD
Common	Buy Transaction	14	54.8814 USD
Common	Buy Transaction	422	54.8819 USD
Common	Buy Transaction	1,854	54.8851 USD
Common	Buy Transaction	387	54.8934 USD
Common	Buy Transaction	431	54.8971 USD
Common	Buy Transaction	231	54.8984 USD
Common	Buy Transaction	89	54.9000 USD
Common	Buy Transaction	4	54.9050 USD
Common	Buy Transaction	1,715	54.9100 USD
Common	Buy Transaction	37	54.9135 USD
Common	Buy Transaction	1,200	54.9150 USD
Common	Buy Transaction	1,365	54.9164 USD
Common	Buy Transaction	176	54.9168 USD
Common	Buy Transaction	41	54.9171 USD
Common	Buy Transaction	40	54.9200 USD
Common	Buy Transaction	523	54.9203 USD
Common	Buy Transaction	37	54.9203 USD
Common	Buy Transaction	211	54.9250 USD
Common	Buy Transaction	380	54.9368 USD
Common	Buy Transaction	700	54.9400 USD
Common	Buy Transaction	33	54.9561 USD
Common	Buy Transaction	82	54.9661 USD
Common	Buy Transaction	181	54.9677 USD
Common	Buy Transaction	131	54.9700 USD
Common	Buy Transaction	14	54.9707 USD
Common	Buy Transaction	132	54.9743 USD
Common	Buy Transaction	130	54.9755 USD
Common	Buy Transaction	90	54.9767 USD
Common	Buy Transaction	204	54.9900 USD
Common	Buy Transaction	145	54.9966 USD
Common	Buy Transaction	179	54.9988 USD
Common	Buy Transaction	1	55.0000 USD
Common	Buy Transaction	222	55.0097 USD
Common	Buy Transaction	1	55.0100 USD
Common	Buy Transaction	228	55.0168 USD
Common	Buy Transaction	279	55.0189 USD
Common	Buy Transaction	201	55.0200 USD
Common	Buy Transaction	10	55.0300 USD
Common	Buy Transaction	462	55.0400 USD
Common	Buy Transaction	379	55.0413 USD
Common	Buy Transaction	39	55.0500 USD
Common	Buy Transaction	163	55.0600 USD
Common	Buy Transaction	21	55.0624 USD
Common	Buy Transaction	63	55.0911 USD
Common	Buy Transaction	118	55.1000 USD
Common	Buy Transaction	104	55.1008 USD
Common	Buy Transaction	517	55.1049 USD
Common	Buy Transaction	246	55.1050 USD
Common	Buy Transaction	61	55.1070 USD
Common	Buy Transaction	273	55.1080 USD
Common	Buy Transaction	6,373	55.1100 USD
Common	Buy Transaction	39	55.1110 USD
Common	Buy Transaction	20	55.1115 USD
Common	Buy Transaction	14	55.1300 USD
Common	Buy Transaction	802	55.1500 USD
Common	Buy Transaction	9	55.2000 USD
Common	DVP Transaction	1	54.7000 USD
Common	DVP Transaction	2	54.7250 USD
Common	DVP Transaction	22	54.7500 USD
Common	DVP Transaction	1,381	54.7700 USD
Common	DVP Transaction	19	54.7832 USD
Common	DVP Transaction	753	54.8500 USD
Common	DVP Transaction	464	54.8581 USD
Common	DVP Transaction	4	54.9000 USD
Common	DVP Transaction	2	54.9100 USD
Common	DVP Transaction	9	54.9356 USD
Common	DVP Transaction	3,342	55.0531 USD
Common	DVP Transaction	278	55.0700 USD
Common	DVP Transaction	200	55.0800 USD
Common	DVP Transaction	2,563	55.1100 USD
Common	RVP Transaction	1	54.7000 USD
Common	RVP Transaction	27	54.7389 USD
Common	RVP Transaction	15	54.7500 USD
Common	RVP Transaction	27	54.7537 USD
Common	RVP Transaction	40	54.7700 USD
Common	RVP Transaction	1,400	54.7702 USD
Common	RVP Transaction	910	54.8500 USD
Common	RVP Transaction	4	54.9000 USD
Common	RVP Transaction	186	54.9031 USD
Common	RVP Transaction	2	54.9100 USD
Common	RVP Transaction	23	54.9443 USD
Common	RVP Transaction	80	54.9750 USD
Common	RVP Transaction	54	54.9800 USD
Common	RVP Transaction	316	54.9861 USD
Common	RVP Transaction	793	55.0514 USD
Common	RVP Transaction	127	55.0539 USD
Common	RVP Transaction	10	55.0600 USD
Common	RVP Transaction	1,924	55.0614 USD
Common	RVP Transaction	78	55.0700 USD
Common	RVP Transaction	180	55.0744 USD
Common	RVP Transaction	100	55.0800 USD
Common	RVP Transaction	2,377	55.1100 USD
Common	RVP Transaction	366	55.1219 USD
Common	Sell Transaction	204	54.6524 USD
Common	Sell Transaction	128	54.6586 USD
Common	Sell Transaction	37	54.6600 USD
Common	Sell Transaction	100	54.6747 USD
Common	Sell Transaction	20	54.6800 USD
Common	Sell Transaction	100	54.6893 USD
Common	Sell Transaction	20	54.6950 USD
Common	Sell Transaction	9	54.6989 USD
Common	Sell Transaction	100	54.7000 USD
Common	Sell Transaction	50	54.7100 USD
Common	Sell Transaction	100	54.7189 USD
Common	Sell Transaction	223	54.7200 USD
Common	Sell Transaction	100	54.7223 USD
Common	Sell Transaction	100	54.7281 USD
Common	Sell Transaction	41	54.7290 USD
Common	Sell Transaction	100	54.7351 USD
Common	Sell Transaction	376	54.7400 USD
Common	Sell Transaction	43	54.7414 USD
Common	Sell Transaction	100	54.7420 USD
Common	Sell Transaction	203	54.7458 USD
Common	Sell Transaction	100	54.7469 USD
Common	Sell Transaction	107	54.7492 USD
Common	Sell Transaction	103	54.7500 USD
Common	Sell Transaction	579	54.7506 USD
Common	Sell Transaction	249	54.7549 USD
Common	Sell Transaction	5	54.7560 USD
Common	Sell Transaction	200	54.7573 USD
Common	Sell Transaction	10	54.7590 USD
Common	Sell Transaction	151	54.7600 USD
Common	Sell Transaction	100	54.7628 USD
Common	Sell Transaction	69	54.7639 USD
Common	Sell Transaction	128	54.7700 USD
Common	Sell Transaction	327	54.7714 USD
Common	Sell Transaction	100	54.7720 USD
Common	Sell Transaction	100	54.7771 USD
Common	Sell Transaction	116	54.7800 USD
Common	Sell Transaction	813	54.7801 USD
Common	Sell Transaction	100	54.7848 USD
Common	Sell Transaction	1,222	54.7918 USD
Common	Sell Transaction	396	54.7922 USD
Common	Sell Transaction	3,221	54.7930 USD
Common	Sell Transaction	796	54.7931 USD
Common	Sell Transaction	1,146	54.7939 USD
Common	Sell Transaction	600	54.7967 USD
Common	Sell Transaction	556	54.7977 USD
Common	Sell Transaction	300	54.8000 USD
Common	Sell Transaction	100	54.8019 USD
Common	Sell Transaction	100	54.8021 USD
Common	Sell Transaction	100	54.8100 USD
Common	Sell Transaction	4,570	54.8116 USD
Common	Sell Transaction	100	54.8120 USD
Common	Sell Transaction	478	54.8135 USD
Common	Sell Transaction	2,335	54.8154 USD
Common	Sell Transaction	5	54.8180 USD
Common	Sell Transaction	139	54.8188 USD
Common	Sell Transaction	802	54.8189 USD
Common	Sell Transaction	339	54.8200 USD
Common	Sell Transaction	736	54.8218 USD
Common	Sell Transaction	100	54.8239 USD
Common	Sell Transaction	43	54.8244 USD
Common	Sell Transaction	100	54.8247 USD
Common	Sell Transaction	505	54.8259 USD
Common	Sell Transaction	15	54.8293 USD
Common	Sell Transaction	698	54.8324 USD
Common	Sell Transaction	100	54.8364 USD
Common	Sell Transaction	100	54.8373 USD
Common	Sell Transaction	200	54.8378 USD
Common	Sell Transaction	1	54.8386 USD
Common	Sell Transaction	919	54.8400 USD
Common	Sell Transaction	100	54.8401 USD
Common	Sell Transaction	491	54.8417 USD
Common	Sell Transaction	294	54.8429 USD
Common	Sell Transaction	413	54.8467 USD
Common	Sell Transaction	722	54.8555 USD
Common	Sell Transaction	100	54.8567 USD
Common	Sell Transaction	1,783	54.8569 USD
Common	Sell Transaction	1,493	54.8600 USD
Common	Sell Transaction	100	54.8620 USD
Common	Sell Transaction	100	54.8626 USD
Common	Sell Transaction	3,389	54.8633 USD
Common	Sell Transaction	92	54.8652 USD
Common	Sell Transaction	237	54.8659 USD
Common	Sell Transaction	77	54.8660 USD
Common	Sell Transaction	100	54.8673 USD
Common	Sell Transaction	121	54.8700 USD
Common	Sell Transaction	1,361	54.8708 USD
Common	Sell Transaction	6	54.8733 USD
Common	Sell Transaction	94	54.8737 USD
Common	Sell Transaction	100	54.8769 USD
Common	Sell Transaction	69	54.8800 USD
Common	Sell Transaction	50	54.8828 USD
Common	Sell Transaction	100	54.8848 USD
Common	Sell Transaction	5,690	54.8879 USD
Common	Sell Transaction	1,426	54.8887 USD
Common	Sell Transaction	384	54.8900 USD
Common	Sell Transaction	69	54.8909 USD
Common	Sell Transaction	100	54.8946 USD
Common	Sell Transaction	100	54.8949 USD
Common	Sell Transaction	12	54.8950 USD
Common	Sell Transaction	696	54.8968 USD
Common	Sell Transaction	323	54.8972 USD
Common	Sell Transaction	100	54.8987 USD
Common	Sell Transaction	7	54.9000 USD
Common	Sell Transaction	235	54.9001 USD
Common	Sell Transaction	100	54.9023 USD
Common	Sell Transaction	335	54.9042 USD
Common	Sell Transaction	148	54.9049 USD
Common	Sell Transaction	24	54.9083 USD
Common	Sell Transaction	100	54.9096 USD
Common	Sell Transaction	1,657	54.9100 USD
Common	Sell Transaction	1,362	54.9124 USD
Common	Sell Transaction	2,400	54.9150 USD
Common	Sell Transaction	504	54.9163 USD
Common	Sell Transaction	400	54.9200 USD
Common	Sell Transaction	752	54.9378 USD
Common	Sell Transaction	396	54.9381 USD
Common	Sell Transaction	908	54.9381 USD
Common	Sell Transaction	401	54.9400 USD
Common	Sell Transaction	100	54.9431 USD
Common	Sell Transaction	1,250	54.9455 USD
Common	Sell Transaction	473	54.9459 USD
Common	Sell Transaction	100	54.9487 USD
Common	Sell Transaction	145	54.9500 USD
Common	Sell Transaction	100	54.9527 USD
Common	Sell Transaction	100	54.9543 USD
Common	Sell Transaction	509	54.9650 USD
Common	Sell Transaction	100	54.9669 USD
Common	Sell Transaction	301	54.9671 USD
Common	Sell Transaction	61	54.9692 USD
Common	Sell Transaction	100	54.9750 USD
Common	Sell Transaction	100	54.9759 USD
Common	Sell Transaction	368	54.9826 USD
Common	Sell Transaction	653	54.9869 USD
Common	Sell Transaction	1	54.9900 USD
Common	Sell Transaction	2,308	54.9904 USD
Common	Sell Transaction	100	54.9916 USD
Common	Sell Transaction	55	54.9985 USD
Common	Sell Transaction	230	55.0043 USD
Common	Sell Transaction	1,737	55.0077 USD
Common	Sell Transaction	431	55.0079 USD
Common	Sell Transaction	300	55.0100 USD
Common	Sell Transaction	100	55.0121 USD
Common	Sell Transaction	26	55.0185 USD
Common	Sell Transaction	12	55.0275 USD
Common	Sell Transaction	119	55.0300 USD
Common	Sell Transaction	100	55.0337 USD
Common	Sell Transaction	239	55.0347 USD
Common	Sell Transaction	34	55.0382 USD
Common	Sell Transaction	8	55.0388 USD
Common	Sell Transaction	100	55.0444 USD
Common	Sell Transaction	100	55.0506 USD
Common	Sell Transaction	44	55.0573 USD
Common	Sell Transaction	46	55.0600 USD
Common	Sell Transaction	100	55.0639 USD
Common	Sell Transaction	341	55.0700 USD
Common	Sell Transaction	100	55.0704 USD
Common	Sell Transaction	100	55.0736 USD
Common	Sell Transaction	100	55.0799 USD
Common	Sell Transaction	2,507	55.0958 USD
Common	Sell Transaction	373	55.1000 USD
Common	Sell Transaction	100	55.1066 USD
Common	Sell Transaction	100	55.1075 USD
Common	Sell Transaction	5,277	55.1100 USD
Common	Sell Transaction	79	55.1256 USD
Common	Sell Transaction	113	55.1400 USD
Common	Sell Transaction	365	55.1450 USD
Common	Sell Transaction	1,099	55.1500 USD
Common	Sell Transaction	9	55.2000 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 reference securities	Price per unit

(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
Common	Put Option	Buy Transaction	40	53.0000 USD	American	2024-Dec-27	0.0500 USD
Common	Call Option	Buy Transaction	13	60.0000 USD	American	2025-Jan-17	0.1700 USD
Common	Call Option	Buy Transaction	5	57.0000 USD	American	2025-Jan-10	0.4000 USD
Common	Call Option	Buy Transaction	8	57.0000 USD	American	2025-Jan-17	0.5700 USD
Common	Call Option	Buy Transaction	1	57.0000 USD	American	2025-Jan-17	0.6000 USD
Common	Call Option	Buy Transaction	1	60.0000 USD	American	2025-Feb-21	0.7500 USD
Common	Call Option	Buy Transaction	1	56.0000 USD	American	2025-Jan-17	0.8600 USD
Common	Call Option	Buy Transaction	1	56.0000 USD	American	2025-Jan-17	0.9600 USD
Common	Call Option	Buy Transaction	2	56.0000 USD	American	2025-Jan-24	1.1500 USD
Common	Call Option	Buy Transaction	174	55.0000 USD	American	2025-Jan-17	1.3000 USD
Common	Call Option	Buy Transaction	4	55.0000 USD	American	2025-Jan-17	1.4000 USD
Common	Call Option	Buy Transaction	36	55.0000 USD	American	2025-Jan-17	1.4500 USD
Common	Call Option	Buy Transaction	2	57.5000 USD	American	2025-Feb-21	1.5000 USD
Common	Put Option	Buy Transaction	1	55.0000 USD	American	2025-Feb-21	2.6000 USD
Common	Call Option	Buy Transaction	2	55.0000 USD	American	2025-Apr-17	3.5000 USD
Common	Call Option	Buy Transaction	17	50.0000 USD	American	2025-Jun-20	7.2000 USD
Common	Call Option	Sell Transaction	2	62.5000 USD	American	2025-Feb-21	0.4000 USD
Common	Put Option	Sell Transaction	1	55.0000 USD	American	2024-Dec-27	0.5500 USD
Common	Call Option	Sell Transaction	2	54.0000 USD	American	2024-Dec-27	1.1500 USD
Common	Put Option	Sell Transaction	2	52.5000 USD	American	2025-Apr-17	2.3000 USD
Common	Put Option	Sell Transaction	2	52.5000 USD	American	2025-Apr-17	2.3500 USD
Common	Put Option	Sell Transaction	1	52.5000 USD	American	2025-Apr-17	2.4000 USD
Common	Put Option	Sell Transaction	1	50.0000 USD	American	2026-Jan-16	3.9000 USD
Common	Put Option	Sell Transaction	14	52.5000 USD	American	2026-Jan-16	4.9000 USD
Common	Call Option	Sell Transaction	4	55.0000 USD	American	2026-Jan-16	6.5000 USD
Common	Call Option	Sell Transaction	17	45.0000 USD	American	2025-Jan-17	10.0000 USD

(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)        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 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:	27 December 2024
Contact name:	Paula Santos
Telephone number*:	020 7645 9700

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 .

SUPPLEMENTAL FORM 8 (OPEN POSITIONS)

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:	Citadel Group
Name of offeror/offeree in relation to whose relevant securities the disclosure relates:	INTERNATIONAL PAPER CO

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	Put Option	Purchased	-8,500	40.0 USD	American	16/01/2026
Common	Call Option	Purchased	40,800	52.5 USD	American	20/06/2025
Common	Call Option	Purchased	100	62.0 USD	American	27/12/2024
Common	Call Option	Purchased	500	62.0 USD	American	10/01/2025
Common	Call Option	Purchased	1,500	54.0 USD	American	27/12/2024
Common	Call Option	Purchased	2,100	52.5 USD	American	17/04/2025
Common	Put Option	Purchased	-2,400	53.0 USD	American	27/12/2024
Common	Call Option	Purchased	81,500	54.9 USD	European	14/10/2025
Common	Call Option	Purchased	30,900	55.0 USD	American	17/10/2025
Common	Call Option	Purchased	1,000	80.0 USD	American	16/01/2026
Common	Put Option	Purchased	-700	40.0 USD	American	17/04/2025
Common	Put Option	Purchased	-7,900	52.5 USD	American	19/09/2025
Common	Put Option	Purchased	-3,200	22.5 USD	American	17/01/2025
Common	Call Option	Purchased	2,500	65.0 USD	American	20/06/2025
Common	Put Option	Purchased	-100	52.5 USD	American	17/10/2025
Common	Call Option	Purchased	2,400	40.0 USD	American	16/01/2026
Common	Call Option	Purchased	59,700	55.0 USD	American	17/04/2025
Common	Call Option	Purchased	600	32.5 USD	American	15/01/2027
Common	Call Option	Purchased	300	58.0 USD	American	24/01/2025
Common	Put Option	Purchased	-200	25.0 USD	American	17/01/2025
Common	Call Option	Purchased	100	62.0 USD	American	03/01/2025
Common	Call Option	Purchased	20,400	27.5 USD	American	16/01/2026
Common	Call Option	Purchased	5,600	57.5 USD	American	21/02/2025
Common	Put Option	Purchased	-50,000	54.9 USD	European	13/10/2025
Common	Put Option	Purchased	-200	57.0 USD	American	27/12/2024
Common	Call Option	Purchased	500	60.0 USD	American	10/01/2025
Common	Call Option	Purchased	100	67.5 USD	American	17/04/2025
Common	Put Option	Purchased	-12,000	25.0 USD	American	17/01/2025
Common	Call Option	Purchased	600	55.0 USD	American	03/01/2025
Common	Call Option	Purchased	600	30.0 USD	American	15/01/2027
Common	Put Option	Purchased	-5,400	17.5 USD	American	16/01/2026
Common	Call Option	Purchased	200	30.0 USD	American	19/09/2025
Common	Call Option	Purchased	5,400	55.0 USD	American	21/02/2025
Common	Call Option	Purchased	3,600	70.0 USD	American	20/06/2025
Common	Call Option	Purchased	200	56.0 USD	American	17/01/2025
Common	Put Option	Purchased	-2,800	20.0 USD	American	17/01/2025
Common	Call Option	Purchased	59,500	52.5 USD	American	17/01/2025
Common	Put Option	Purchased	-500	37.5 USD	American	20/06/2025
Common	Put Option	Purchased	-1,000	35.0 USD	American	17/10/2025
Common	Put Option	Purchased	-2,100	60.0 USD	American	17/01/2025
Common	Put Option	Purchased	-100	47.5 USD	American	17/10/2025
Common	Call Option	Purchased	1,300	57.0 USD	American	10/01/2025
Common	Call Option	Purchased	100	57.5 USD	American	18/07/2025
Common	Call Option	Purchased	1,900	57.0 USD	American	17/01/2025
Common	Put Option	Purchased	-12,100	37.5 USD	American	17/01/2025
Common	Call Option	Purchased	51,600	40.0 USD	American	17/01/2025
Common	Put Option	Purchased	-1,200	52.0 USD	American	27/12/2024
Common	Call Option	Purchased	3,000	51.0 USD	American	27/12/2024
Common	Put Option	Purchased	-200	40.0 USD	American	20/06/2025
Common	Call Option	Purchased	300	60.0 USD	American	03/01/2025
Common	Put Option	Purchased	-700	54.0 USD	American	03/01/2025
Common	Put Option	Purchased	-3,400	50.0 USD	American	19/09/2025
Common	Put Option	Purchased	0	47.5 USD	American	15/01/2027
Common	Put Option	Purchased	-5,000	51.0 USD	American	03/01/2025
Common	Call Option	Purchased	5,200	60.0 USD	American	17/10/2025
Common	Call Option	Purchased	2,400	65.0 USD	American	17/01/2025
Common	Call Option	Purchased	700	65.0 USD	American	19/09/2025
Common	Call Option	Purchased	100	35.0 USD	American	17/01/2025
Common	Put Option	Purchased	-50,000	54.9 USD	European	14/10/2025
Common	Call Option	Purchased	3,000	60.0 USD	American	24/01/2025
Common	Put Option	Purchased	-400	42.5 USD	American	17/04/2025
Common	Put Option	Purchased	-1,600	42.5 USD	American	20/06/2025
Common	Call Option	Purchased	1,000	60.0 USD	American	18/07/2025
Common	Call Option	Purchased	28,900	52.5 USD	American	19/09/2025
Common	Call Option	Purchased	21,600	62.5 USD	American	17/01/2025
Common	Put Option	Purchased	0	57.0 USD	American	24/01/2025
Common	Put Option	Purchased	-100	50.0 USD	American	24/01/2025
Common	Call Option	Purchased	200	54.0 USD	American	10/01/2025
Common	Put Option	Purchased	-100	35.0 USD	American	16/01/2026
Common	Call Option	Purchased	300	47.5 USD	American	17/01/2025
Common	Call Option	Purchased	20,700	57.5 USD	American	19/09/2025
Common	Put Option	Purchased	-500	35.0 USD	American	18/07/2025
Common	Put Option	Purchased	-4,000	32.5 USD	American	16/01/2026
Common	Call Option	Purchased	400	59.0 USD	American	27/12/2024
Common	Put Option	Purchased	-50,000	54.9 USD	European	15/10/2025
Common	Call Option	Purchased	500	67.5 USD	American	17/01/2025
Common	Call Option	Purchased	81,500	54.9 USD	European	15/10/2025
Common	Call Option	Purchased	100	37.5 USD	American	20/06/2025
Common	Call Option	Purchased	2,400	50.0 USD	American	15/01/2027
Common	Call Option	Purchased	300	70.0 USD	American	15/01/2027
Common	Call Option	Purchased	800	40.0 USD	American	15/01/2027
Common	Call Option	Purchased	68,800	50.0 USD	American	17/01/2025
Common	Put Option	Purchased	-6,500	27.5 USD	American	17/01/2025
Common	Put Option	Purchased	-100	32.5 USD	American	17/01/2025
Common	Call Option	Purchased	100	32.5 USD	American	17/01/2025
Common	Call Option	Purchased	9,000	65.0 USD	American	17/04/2025
Common	Call Option	Purchased	400	55.0 USD	American	15/01/2027
Common	Call Option	Purchased	200	70.0 USD	American	17/01/2025
Common	Call Option	Purchased	2,500	55.0 USD	American	19/09/2025
Common	Call Option	Purchased	100	56.0 USD	American	31/01/2025
Common	Put Option	Purchased	-28,000	58.0 USD	American	27/12/2024
Common	Call Option	Purchased	22,200	52.5 USD	American	17/10/2025
Common	Call Option	Purchased	500	45.0 USD	American	17/04/2025
Common	Call Option	Purchased	81,500	54.9 USD	European	13/10/2025
Common	Call Option	Purchased	900	52.5 USD	American	15/01/2027
Common	Call Option	Purchased	800	59.0 USD	American	10/01/2025
Common	Call Option	Purchased	1,500	57.5 USD	American	20/06/2025
Common	Put Option	Purchased	-500	20.0 USD	American	16/01/2026
Common	Call Option	Purchased	6,700	35.0 USD	American	16/01/2026
Common	Put Option	Purchased	-4,900	55.0 USD	American	24/01/2025
Common	Call Option	Purchased	21,900	62.5 USD	American	21/02/2025
Common	Call Option	Purchased	100	56.0 USD	American	03/01/2025
Common	Call Option	Purchased	100	61.0 USD	American	24/01/2025
Common	Call Option	Purchased	100	54.0 USD	American	03/01/2025
Common	Call Option	Purchased	300	42.5 USD	American	20/06/2025
Common	Call Option	Purchased	100	62.5 USD	American	20/06/2025
Common	Put Option	Purchased	-9,800	57.5 USD	American	17/01/2025
Common	Call Option	Purchased	400	60.0 USD	American	17/01/2025
Common	Put Option	Purchased	-24,000	22.5 USD	American	17/01/2025
Common	Call Option	Purchased	5,100	67.5 USD	American	16/01/2026
Common	Call Option	Purchased	100	59.0 USD	American	31/01/2025
Common	Call Option	Purchased	0	54.0 USD	American	24/01/2025
Common	Put Option	Purchased	-12,500	50.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	65.0 USD	American	18/07/2025
Common	Put Option	Purchased	-6,300	17.5 USD	American	17/01/2025
Common	Call Option	Purchased	700	57.5 USD	American	17/10/2025
Common	Put Option	Purchased	-10,500	45.0 USD	American	17/10/2025
Common	Call Option	Purchased	100	35.0 USD	American	15/01/2027
Common	Call Option	Purchased	700	50.0 USD	American	16/01/2026
Common	Put Option	Purchased	-200	50.0 USD	American	27/12/2024
Common	Put Option	Purchased	-31,600	50.0 USD	American	20/06/2025
Common	Call Option	Purchased	15,200	50.0 USD	American	20/06/2025
Common	Call Option	Purchased	3,100	30.0 USD	American	16/01/2026
Common	Put Option	Purchased	-100	45.0 USD	American	21/02/2025
Common	Put Option	Purchased	-20,000	55.0 USD	American	16/01/2026
Common	Call Option	Purchased	100	40.0 USD	American	20/06/2025
Common	Put Option	Purchased	-700	42.5 USD	American	21/02/2025
Common	Put Option	Purchased	-20,600	56.0 USD	American	24/01/2025
Common	Put Option	Purchased	-500	37.5 USD	American	19/09/2025
Common	Call Option	Purchased	500	58.0 USD	American	03/01/2025
Common	Call Option	Purchased	1,000	54.0 USD	American	31/01/2025
Common	Put Option	Purchased	-200	42.5 USD	American	19/09/2025
Common	Put Option	Purchased	0	59.0 USD	American	27/12/2024
Common	Put Option	Purchased	-4,500	45.0 USD	American	17/04/2025
Common	Call Option	Purchased	7,200	62.5 USD	American	17/10/2025
Common	Call Option	Purchased	1,200	50.0 USD	American	19/09/2025
Common	Call Option	Purchased	13,200	60.0 USD	American	17/04/2025
Common	Call Option	Purchased	500	40.0 USD	American	17/04/2025
Common	Call Option	Purchased	13,600	55.0 USD	American	17/01/2025
Common	Put Option	Purchased	-7,000	50.0 USD	American	16/01/2026
Common	Put Option	Purchased	-11,500	55.0 USD	American	16/01/2026
Common	Call Option	Purchased	11,400	55.0 USD	American	16/01/2026
Common	Call Option	Purchased	700	52.5 USD	American	16/01/2026
Common	Put Option	Purchased	-100	37.5 USD	American	17/01/2025
Common	Call Option	Purchased	201,000	45.0 USD	American	17/01/2025
Common	Call Option	Purchased	300	55.0 USD	American	18/07/2025
Common	Put Option	Purchased	-100	27.5 USD	American	17/01/2025
Common	Put Option	Purchased	-2,600	45.0 USD	American	19/09/2025
Common	Call Option	Purchased	1,600	70.0 USD	American	17/04/2025
Common	Put Option	Purchased	-4,100	55.0 USD	American	17/01/2025
Common	Call Option	Purchased	300	67.5 USD	American	15/01/2027
Common	Call Option	Purchased	900	58.0 USD	American	17/01/2025
Common	Call Option	Purchased	6,000	55.0 USD	American	20/06/2025
Common	Put Option	Purchased	-3,600	45.0 USD	American	20/06/2025
Common	Call Option	Purchased	5,900	37.5 USD	American	16/01/2026
Common	Put Option	Purchased	-1,200	15.0 USD	American	17/01/2025
Common	Call Option	Purchased	1,700	32.5 USD	American	16/01/2026
Common	Put Option	Purchased	-100	52.0 USD	American	31/01/2025
Common	Call Option	Purchased	500	53.0 USD	American	27/12/2024
Common	Put Option	Purchased	-100	50.0 USD	American	21/02/2025
Common	Put Option	Purchased	-50,000	52.5 USD	American	16/01/2026
Common	Call Option	Purchased	2,000	61.0 USD	American	10/01/2025
Common	Call Option	Purchased	2,600	60.0 USD	American	20/06/2025
Common	Call Option	Purchased	38,500	42.5 USD	American	17/01/2025
Common	Call Option	Purchased	13,200	57.5 USD	American	17/04/2025
Common	Put Option	Purchased	-8,300	42.5 USD	American	17/01/2025
Common	Call Option	Purchased	1,900	50.0 USD	American	17/01/2025
Common	Put Option	Purchased	-42,300	55.0 USD	American	27/12/2024
Common	Put Option	Sold	100	37.5 USD	American	17/04/2025
Common	Call Option	Sold	-200	65.0 USD	American	21/02/2025
Common	Put Option	Sold	900	47.5 USD	American	19/09/2025
Common	Put Option	Sold	100	57.5 USD	American	20/06/2025
Common	Call Option	Sold	-500	65.0 USD	American	16/01/2026
Common	Put Option	Sold	154,400	40.0 USD	American	17/01/2025
Common	Call Option	Sold	-43,300	55.0 USD	American	17/01/2025
Common	Call Option	Sold	-100	51.0 USD	American	24/01/2025
Common	Call Option	Sold	-100	75.0 USD	American	20/06/2025
Common	Call Option	Sold	-200	50.0 USD	American	17/10/2025
Common	Put Option	Sold	1,800	56.0 USD	American	03/01/2025
Common	Put Option	Sold	21,800	55.0 USD	American	17/04/2025
Common	Put Option	Sold	300	47.5 USD	American	16/01/2026
Common	Put Option	Sold	100	49.0 USD	American	24/01/2025
Common	Call Option	Sold	-400	42.5 USD	American	17/04/2025
Common	Call Option	Sold	-33,600	57.5 USD	American	17/01/2025
Common	Put Option	Sold	1,100	53.0 USD	American	10/01/2025
Common	Call Option	Sold	-3,300	55.0 USD	American	27/12/2024
Common	Call Option	Sold	-600	58.0 USD	American	27/12/2024
Common	Put Option	Sold	3,000	62.5 USD	American	17/04/2025
Common	Put Option	Sold	100	62.5 USD	American	16/01/2026
Common	Put Option	Sold	500	54.0 USD	American	10/01/2025
Common	Put Option	Sold	300	55.0 USD	American	19/09/2025
Common	Put Option	Sold	1,500	55.0 USD	American	21/02/2025
Common	Put Option	Sold	12,900	45.0 USD	American	16/01/2026
Common	Put Option	Sold	1,100	50.0 USD	American	17/10/2025
Common	Put Option	Sold	2,600	53.0 USD	American	03/01/2025
Common	Call Option	Sold	-3,700	55.0 USD	American	10/01/2025
Common	Call Option	Sold	-1,100	57.5 USD	American	16/01/2026
Common	Call Option	Sold	-5,000	37.5 USD	American	17/01/2025
Common	Call Option	Sold	-494,700	47.5 USD	American	17/01/2025
Common	Put Option	Sold	300	48.0 USD	American	24/01/2025
Common	Put Option	Sold	200	50.0 USD	American	17/04/2025
Common	Call Option	Sold	-113,600	60.0 USD	American	17/01/2025
Common	Call Option	Sold	-200	20.0 USD	American	17/01/2025
Common	Call Option	Sold	-200	57.0 USD	American	03/01/2025
Common	Call Option	Sold	-29,200	58.0 USD	American	10/01/2025
Common	Put Option	Sold	2,700	42.5 USD	American	16/01/2026
Common	Put Option	Sold	200	65.0 USD	American	20/06/2025
Common	Call Option	Sold	-3,500	62.5 USD	American	16/01/2026
Common	Put Option	Sold	500	57.5 USD	American	21/02/2025
Common	Put Option	Sold	21,000	57.5 USD	American	17/04/2025
Common	Call Option	Sold	-100	45.0 USD	American	17/10/2025
Common	Put Option	Sold	2,400	52.0 USD	American	10/01/2025
Common	Call Option	Sold	-700	60.0 USD	American	27/12/2024
Common	Call Option	Sold	-200	30.0 USD	American	17/01/2025
Common	Put Option	Sold	1,900	52.5 USD	American	17/01/2025
Common	Call Option	Sold	-400	37.5 USD	American	19/09/2025
Common	Put Option	Sold	500	35.0 USD	American	15/01/2027
Common	Put Option	Sold	17,000	50.0 USD	American	17/01/2025
Common	Call Option	Sold	-700	60.0 USD	American	21/02/2025
Common	Put Option	Sold	1,600	52.5 USD	American	21/02/2025
Common	Call Option	Sold	-5,800	57.0 USD	American	27/12/2024
Common	Call Option	Sold	-200	56.0 USD	American	24/01/2025
Common	Call Option	Sold	-2,400	42.5 USD	American	16/01/2026
Common	Call Option	Sold	-100	53.0 USD	American	10/01/2025
Common	Put Option	Sold	1,000	47.5 USD	American	20/06/2025
Common	Call Option	Sold	-10,200	47.5 USD	American	17/04/2025
Common	Call Option	Sold	-1,600	65.0 USD	American	17/10/2025
Common	Put Option	Sold	900	52.5 USD	American	16/01/2026
Common	Put Option	Sold	3,000	30.0 USD	American	16/01/2026
Common	Put Option	Sold	4,200	37.5 USD	American	16/01/2026
Common	Put Option	Sold	200	59.0 USD	American	03/01/2025
Common	Call Option	Sold	-5,500	56.0 USD	American	27/12/2024
Common	Put Option	Sold	65,800	30.0 USD	American	17/01/2025
Common	Call Option	Sold	-800	60.0 USD	American	19/09/2025
Common	Call Option	Sold	-4,200	42.5 USD	American	19/09/2025
Common	Put Option	Sold	1,200	57.0 USD	American	03/01/2025
Common	Put Option	Sold	200	57.5 USD	American	18/07/2025
Common	Put Option	Sold	100	27.5 USD	American	16/01/2026
Common	Put Option	Sold	7,200	54.0 USD	American	27/12/2024
Common	Put Option	Sold	1,400	55.0 USD	American	03/01/2025
Common	Put Option	Sold	29,100	35.0 USD	American	17/01/2025
Common	Call Option	Sold	-200	59.0 USD	American	03/01/2025
Common	Call Option	Sold	-2,500	47.5 USD	American	19/09/2025
Common	Put Option	Sold	400	55.0 USD	American	10/01/2025
Common	Put Option	Sold	6,800	55.0 USD	American	20/06/2025
Common	Call Option	Sold	-800	47.5 USD	American	20/06/2025
Common	Call Option	Sold	-7,900	70.0 USD	American	16/01/2026
Common	Put Option	Sold	100	60.0 USD	American	16/01/2026
Common	Call Option	Sold	-100	59.0 USD	American	24/01/2025
Common	Put Option	Sold	600	60.0 USD	American	17/04/2025
Common	Call Option	Sold	-200	56.0 USD	American	10/01/2025
Common	Put Option	Sold	2,200	52.0 USD	American	03/01/2025
Common	Call Option	Sold	-8,800	45.0 USD	American	20/06/2025
Common	Put Option	Sold	16,200	32.5 USD	American	17/01/2025
Common	Put Option	Sold	300	52.5 USD	American	20/06/2025
Common	Put Option	Sold	4,800	25.0 USD	American	16/01/2026
Common	Call Option	Sold	-600	50.0 USD	American	21/02/2025
Common	Call Option	Sold	-9,800	62.5 USD	American	17/04/2025
Common	Put Option	Sold	5,100	57.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,900	47.5 USD	American	16/01/2026
Common	Call Option	Sold	-1,000	85.0 USD	American	16/01/2026
Common	Put Option	Sold	6,100	60.0 USD	American	20/06/2025
Common	Call Option	Sold	-6,700	60.0 USD	American	16/01/2026
Common	Put Option	Sold	45,000	47.5 USD	American	17/01/2025
Common	Put Option	Sold	9,000	47.5 USD	American	17/04/2025
Common	Call Option	Sold	-10,400	50.0 USD	American	17/04/2025
Common	Put Option	Sold	1,200	56.0 USD	American	27/12/2024
Common	Put Option	Sold	40,900	45.0 USD	American	17/01/2025
Common	Call Option	Sold	-2,200	45.0 USD	American	16/01/2026
Common	Put Option	Sold	20,500	52.5 USD	American	17/04/2025
Common	Call Option	Sold	-100	52.5 USD	American	21/02/2025
Common	Put Option	Sold	300	55.0 USD	American	18/07/2025
Common	Call Option	Sold	-2,000	42.5 USD	American	17/10/2025
Common	Put Option	Sold	100	51.0 USD	American	10/01/2025
Common	Put Option	Sold	3,000	62.5 USD	American	20/06/2025

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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END

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