<SEC-DOCUMENT>0001144204-12-015185.txt : 20120315
<SEC-HEADER>0001144204-12-015185.hdr.sgml : 20120315
<ACCEPTANCE-DATETIME>20120315142814
ACCESSION NUMBER:		0001144204-12-015185
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20120315
DATE AS OF CHANGE:		20120315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARK NATIONAL CORP /OH/
		CENTRAL INDEX KEY:			0000805676
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				311179518
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-180121
		FILM NUMBER:		12693489

	BUSINESS ADDRESS:	
		STREET 1:		50 NORTH THIRD ST
		CITY:			NEWARK
		STATE:			OH
		ZIP:			43055
		BUSINESS PHONE:		6143498451

	MAIL ADDRESS:	
		STREET 1:		P O BOX 3500
		CITY:			NEWARK
		STATE:			OH
		ZIP:			43058-3500
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>v305653_s3.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
<head>
<title></title></head>

<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on March&nbsp;15, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARK NATIONAL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 10%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 45%; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">Ohio</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">31-1179518</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">(I.R.S. Employer Identification Number)</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">incorporation or organization)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>50 North Third Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Newark, Ohio 43055</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(740)&nbsp;349-8451</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Address, including
zip code, and telephone number, including area code,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">of Registrant&rsquo;s
principal executive offices)<FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 10%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 45%; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">David L. Trautman</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-style: italic; text-align: center">With a Copy to:</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">President and Secretary</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">Park National Corporation</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">Elizabeth Turrell Farrar, Esq.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">50 North Third Street</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">Vorys, Sater, Seymour and Pease LLP</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">Newark, Ohio 43055</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">52 East Gay Street</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">(740)&nbsp;349-8451</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">Columbus, Ohio 43215</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">(Name, address, including zip code, and telephone number,</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">(614)&nbsp;464-5607</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">including area code, of agent for service)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>From time to time after the effective
date of this Registration Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Approximate date of
commencement of proposed sale to the public)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, please check the following box:<FONT STYLE="font-family: Wingdings">
o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box:<FONT STYLE="font-family: Wingdings">
&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is filed to register additional securities for
an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering:<FONT STYLE="font-family: Wingdings"> o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering:<FONT STYLE="font-family: Wingdings"> o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to
Rule 462(e) under the Securities Act, check the following box:<FONT STYLE="font-family: Wingdings"> &thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box:<FONT STYLE="font-family: Wingdings"> o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act. (Check
one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 20%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 20%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 29%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 25%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">Large accelerated filer<FONT STYLE="font-family: Wingdings"> &thorn;</FONT>&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">Accelerated filer<FONT STYLE="font-family: Wingdings"> o</FONT>&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Non-accelerated filer &nbsp;<FONT STYLE="font-family: Wingdings">
        o</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Do not check if a smaller
        reporting company)</P></TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">Smaller reporting company<FONT STYLE="font-family: Wingdings"> o</FONT>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Proposed<BR>
Maximum</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Proposed<BR>
Maximum</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Title of each Class of Securities<BR>
to be Registered</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Amount to be<BR>
Registered</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Offering<BR>
Price<BR>
Per Unit</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Aggregate Offering<BR>
Price</TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Amount of<BR>
Registration Fee (6)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -9.9pt">Fixed Rate Cumulative Perpetual Preferred Shares, Series&nbsp;A, no par value per share (2)</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">100,000</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">$1,000 (1)</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">$100,000,000</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">$11,460</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -9.9pt">Depositary Shares (2)</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -9.9pt">Common Shares, no par value per share (3)</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">227,376</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">$65.97 (4)</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">$14,999,995</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">$1,719</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -9.9pt">Warrant to Purchase Common Shares, no par value per share (5)</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center">&mdash;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -9.9pt; padding-bottom: 2.5pt">Total</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-bottom: 2.5pt; vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: center; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-bottom: 2.5pt; vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-bottom: Black 2.5pt double; vertical-align: bottom; text-autospace: none; text-align: center">$13,179</TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: bottom; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="border-top: black 2.25pt double; vertical-align: bottom; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">(1)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="vertical-align: top; text-autospace: none">Represents the liquidation preference amount for each Fixed Rate Cumulative Perpetual Preferred Share, Series&nbsp;A (the &ldquo;Series&nbsp;A Preferred Shares&rdquo;) which we sold in a non-public offering to the United States Department of the Treasury (the &ldquo;U.S. Treasury&rdquo;) under its Troubled Asset Relief Program Capital Purchase Program. Calculated in accordance with Rule 457(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act of 1933&rdquo;), and includes such number of additional Series&nbsp;A Preferred Shares, of a currently indeterminable amount, as may from time to time become issuable by reason by share splits, share dividends or similar transactions, which Series&nbsp;A Preferred Shares are registered hereunder pursuant to Rule&nbsp;416 under the Securities Act of 1933.</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">(2)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="vertical-align: top; text-autospace: none">In the event the U.S. Treasury requests that we deposit the Series&nbsp;A Preferred Shares with a depositary pursuant to a depositary arrangement, depositary shares evidencing fractional Series&nbsp;A Preferred Shares may be sold pursuant to this Registration Statement in lieu of whole Series&nbsp;A Preferred Shares.</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">(3)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="vertical-align: top; text-autospace: none">The Common Shares being registered are purchasable upon exercise of the Warrant to Purchase Common Shares being registered, which we issued to the U.S. Treasury in a non-public offering concurrent with the sale of the Series&nbsp;A Preferred Shares to the U.S. Treasury as described in footnote (1). In addition to the number of Common Shares stated in the table above, there is registered, pursuant to Rule&nbsp;416 under the Securities Act of 1933, such number of additional Common Shares, of a currently indeterminable amount, as may from time to time become issuable by reason of share splits, share dividends or similar transactions and certain anti-dilution provisions set forth in the Warrant to Purchase Common Shares.</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">(4)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="vertical-align: top; text-autospace: none">Estimated in accordance with Rule 457(i) under the Securities Act of 1933 and calculated on the basis of the $65.97 per share exercise price of the Warrant to Purchase Common Shares.</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">(5)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="vertical-align: top; text-autospace: none">Pursuant to Rule 457(i) under the Securities Act of 1933, no additional fee is payable for the Warrant to Purchase Common Shares.</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">(6)</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="16" STYLE="vertical-align: top; text-autospace: none">Pursuant to Rule 457(p) under the Securities Act of 1933, we are applying the filing fee of $4,519.50 associated with certain unsold securities under our Registration Statement on Form S-3ASR (File No. 333-156887), that we originally filed on January 22, 2009, to partially offset the entire registration fee of $13,179 that would otherwise be due in connection with this Registration Statement. As a result, $8,659.50 is being remitted herewith. </TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0in; text-align: justify"><B>PROSPECTUS</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Park National Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100,000 Fixed Rate Cumulative Perpetual
Preferred Shares, Series&nbsp;A, No Par Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(or Depositary Shares Evidencing Fractional
Interests in Such Fixed</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rate Cumulative Perpetual Preferred Shares,
Series&nbsp;A, No Par Value)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrant to Purchase 227,376 Common Shares,
No Par Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>227,376 Common Shares, No Par Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus relates to the potential
resale from time to time by the selling securityholders of some or all of 100,000 of our Fixed Rate Cumulative Perpetual Preferred
Shares, Series&nbsp;A, no par value per share, liquidation preference $1,000 per share (the &ldquo;Series&nbsp;A Preferred Shares&rdquo;),
or, in the event such Series&nbsp;A Preferred Shares are deposited with a depositary as described in this prospectus, depositary
shares evidencing fractional interests in such Series&nbsp;A Preferred Shares; a warrant (the &ldquo;Warrant&rdquo;) to purchase
227,376 of our common shares, no par value per share (the &ldquo;Common Shares&rdquo;); and any Common Shares issuable from time
to time upon exercise of the Warrant. The Series&nbsp;A Preferred Shares and the Warrant were originally issued by us pursuant
to the Letter Agreement dated December&nbsp;23, 2008, and the related Securities Purchase Agreement &mdash; Standard Terms, between
us and the United States Department of the Treasury (the &ldquo;U.S. Treasury&rdquo;), in a transaction exempt from the registration
requirements of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling securityholders who may sell
or otherwise dispose of the securities offered by this prospectus include the U.S. Treasury and any other holders of the securities
covered by this prospectus to whom the U.S. Treasury has transferred its registration rights in accordance with the terms of the
Letter Agreement between us and the U.S. Treasury. The selling securityholders may offer the securities from time to time directly
or through underwriters, broker-dealers or agents and in one or more public or private transactions and at fixed prices, at prevailing
market prices, at prices related to prevailing market prices or at negotiated prices. If these securities are sold through underwriters,
broker-dealers or agents, the selling securityholders will be responsible for underwriting discounts or commissions or agents&rsquo;
commissions. We will not receive any proceeds from the sale of securities by the selling securityholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Series&nbsp;A Preferred Shares
nor the Warrant is listed on any national securities exchange, and, unless requested by the U.S. Treasury, we do not intend to
seek such a listing for the Series&nbsp;A Preferred Shares or the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Common Shares of Park National Corporation
(&ldquo;Park&rdquo;) are listed on NYSE Amex LLC under the symbol &ldquo;PRK.&rdquo; On March&nbsp;14, 2012, the closing price
for the Park Common Shares was $70.50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our securities involves
risks. We urge you to carefully review the information contained in this prospectus under the caption &ldquo;RISK FACTORS&rdquo;
beginning on page 4 and other information included or incorporated by reference in this prospectus and any prospectus supplement
for a discussion of factors you should carefully consider before you make your investment decision.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION,
NOR ANY STATE SECURITIES COMMISSION NOR ANY BANK REGULATORY AGENCY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON
THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>THESE SECURITIES ARE NOT DEPOSITS OR
ACCOUNTS OR OTHER OBLIGATIONS OF ANY BANK OR SAVINGS ASSOCIATION AND ARE NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM OR ANY OTHER GOVERNMENTAL OR REGULATORY AGENCY OR INSTRUMENTALITY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive offices are located
at 50 North Third Street, Newark, Ohio 43055 and our telephone number is (740)&nbsp;349-8451.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is March&nbsp;15,
2012.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;Page</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">1</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">ABOUT THIS PROSPECTUS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">2</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">RISK FACTORS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">4</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">OUR COMPANY</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">13</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DIVIDENDS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">14</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">USE OF PROCEEDS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">14</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">CAPITAL STOCK OF PARK</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">14</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">DESCRIPTION OF SERIES A PREFERRED SHARES</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">15</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">DESCRIPTION OF DEPOSITARY SHARES</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">20</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">DESCRIPTION OF WARRANT TO PURCHASE COMMON SHARES</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">20</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">DESCRIPTION OF COMMON SHARES</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">22</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">SELLING SECURITYHOLDERS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">25</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">PLAN OF DISTRIBUTION</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">26</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">LEGAL MATTERS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">27</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 12.1pt; text-autospace: none; text-indent: -12.1pt">EXPERTS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">27</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 87%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Available Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have filed a registration
statement on Form S-3 with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) covering the securities that may be sold
under this prospectus. This prospectus summarizes material provisions of contracts, agreements and other documents that we refer
you to. For further information about us and the securities that may be sold under this prospectus, you should refer to our registration
statement and its exhibits. As permitted by the rules and regulations of the SEC, the registration statement that contains this
prospectus includes additional information not contained in this prospectus. Because the prospectus may not contain all the information
you may find important, you should review the full text of these documents. Copies of these documents have been incorporated by
reference as exhibits to our registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also file reports, proxy statements
and other information with the SEC. The reports, proxy statements and other information that we file with the SEC are available
to the public from the SEC&rsquo;s Internet site at<I> http://www.sec.gov</I>. Copies of certain information filed by us with the
SEC are also available through our Internet site at <I>http://www.parknationalcorp.com</I>. The information on the SEC Internet
site and on our Internet site is not a part of this prospectus. You may also read and copy any document we file with the SEC by
visiting the SEC&rsquo;s Public Reference Room in Washington, D.C. The SEC&rsquo;s address in Washington, D.C. is 100 F Street,
N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for information on the operation of the Public Reference Room.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Incorporation by Reference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; into this prospectus information that we file with the SEC. This means that we can disclose important information
to you by referring you to those documents. Any information we incorporate in this manner is considered part of this prospectus
except to the extent updated and superseded by information contained in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We incorporate by reference
the following documents that we have filed with the SEC under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), except as noted below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2011, filed on February 29, 2012 (the &ldquo;2011 Form 10-K&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Annual Report on Form 10-K/A (Amendment No. 2) for
the fiscal year ended December 31, 2010, filed on February 28, 2012;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Quarterly Report on Form 10-Q/A (Amendment No. 1)
for the quarterly period ended March 31, 2011, filed on February 28, 2012;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Quarterly Report on Form 10-Q/A (Amendment No. 2)
for the quarterly period ended June 30, 2011, filed on February 28, 2012;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Quarterly Report on Form 10-Q/A (Amendment No. 1)
for the quarterly period ended September 30, 2011, filed on February 28, 2012;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Current Reports on Form 8-K filed/furnished on January&nbsp;23,
2012, January 31, 2012, February 7, 2012, February 16, 2012, March 5, 2012 and March 7, 2012;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the definitive proxy statement for our 2012 Annual
Meeting of Shareholders, filed on March 7, 2012; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the description of our Common Shares which is contained
in &ldquo;ITEM 8.01 OTHER EVENTS.&rdquo; of our Current Report on Form 8-K filed on May 14, 2009 and the description of the amendment
to Article SIXTH of our Articles of Incorporation which provides that our shareholders do not have preemptive rights which is
contained in &ldquo;ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR.&rdquo; of our Current
Report on Form 8-K filed on April 19, 2011, together with any subsequent registration statement or report filed for the purpose
of updating such description.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also incorporate by reference each of
the following documents that we will file with the SEC after the date of this prospectus until this offering is completed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any reports filed under Section 13(a) or Section 13(c)
of the Exchange Act;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any document filed under Section&nbsp;14 of the Exchange
Act; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any reports filed under Section 15(d) of the Exchange
Act.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to General Instruction B of Form
8-K, any information furnished pursuant to &ldquo;<FONT STYLE="text-transform: uppercase">Item 2.02. Results of Operations and
Financial Condition</FONT>&rdquo;, or &ldquo;<FONT STYLE="text-transform: uppercase">Item&nbsp;7.01. Regulation&nbsp;FD Disclosure</FONT>&rdquo;
of Form 8-K is not deemed to be &ldquo;filed&rdquo; for purposes of Section&nbsp;18 of the Exchange Act, and we are not incorporating
by reference any information furnished pursuant to Item&nbsp;2.02 or Item&nbsp;7.01 of Form 8-K into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Statements contained in this
prospectus as to the contents of any contract, agreement or other document referred to in this prospectus do not purport to be
complete, and, where reference is made to the particular provisions of that contract, agreement or other document, those references
are qualified in all respects by reference to all of the provisions contained in that contract, agreement or other document. Any
statement contained in a document incorporated by reference, or deemed to be incorporated by reference, into this prospectus will
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in any
other subsequently filed document which also is incorporated by reference in this prospectus modifies or supersedes that statement.
Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide without charge,
upon written or oral request, a copy of any or all of the documents that are incorporated by reference into this prospectus (other
than exhibits, unless they are specifically incorporated by reference in the documents) and a copy of any or all other contracts,
agreements or documents which are referred to in this prospectus. Requests should be directed to: Park National Corporation, 50
North Third Street, Newark, Ohio 43055, Attention: John W. Kozak, Chief Financial Officer, telephone number (740)&nbsp;349-8451.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration
statement that we filed with the SEC utilizing a &ldquo;shelf&rdquo; registration process for the delayed offering and sale of
securities pursuant to Rule&nbsp;415 under the Securities Act. Under this shelf registration process, the selling securityholders
named in this prospectus may sell any of the securities described in this prospectus in one or more offerings from time to time.
When we use the term &ldquo;securities&rdquo; in this prospectus, we mean any of the securities that the selling securityholders
named in this prospectus may offer under this prospectus, unless we say otherwise. We may provide a prospectus supplement containing
specific information about the terms of a particular offering by the selling securityholders. The prospectus supplement may also
add, update or change information contained in this prospectus. If the information in this prospectus is inconsistent with a prospectus
supplement, you should rely on the information in the prospectus supplement. You should carefully read both this prospectus and
any prospectus supplement. You also should carefully read the documents incorporated by reference into this prospectus and the
documents we have referred you to in &ldquo;<B>WHERE YOU CAN FIND MORE INFORMATION</B>&rdquo; for additional information about
our Company, including our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless the context otherwise
requires, references to &ldquo;Park,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo;
and similar terms mean Park National Corporation and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selling securityholders
named in this prospectus may use this prospectus to offer any of the following of our securities from time to time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Fixed Rate Cumulative Perpetual Preferred Shares,
Series&nbsp;A, no par value, either directly or represented by depositary shares;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Warrant to purchase 227,376 of our Common Shares,
no par value; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Common Shares, no par value, issued upon exercise
of the Warrant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should rely only on the
information contained or incorporated by reference in this prospectus and any prospectus supplement. We have not, and the selling
securityholders have not, authorized anyone to provide you with any other information. If you receive any other information, you
should not rely on it. This prospectus does not constitute an offer to sell, or a solicitation of an offer to purchase, any of
the securities to which this prospectus relates in any jurisdiction to or from any person to whom it is unlawful to make such an
offer or solicitation in such jurisdiction. You should not assume that the information contained in this prospectus and, if applicable,
any prospectus supplement or any document incorporated by reference in this prospectus or any prospectus supplement, is accurate
as of any date other than the date on the front cover of this prospectus or on the front cover of the applicable prospectus supplement
or document or as specifically indicated in the document. Our business, financial condition, results of operations and prospects
may have changed since that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus contains some
forward-looking statements that set forth anticipated results based on our management&rsquo;s plans and assumptions. From time
to time, we also provide forward-looking statements in other materials we release to the public as well as oral forward-looking
statements. Such statements give our current expectations or forecasts of future events; they do not relate strictly to historical
or current facts. We have tried, wherever possible, to identify such statements by using words such as &ldquo;anticipate,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;project,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo;
&ldquo;will&rdquo; and similar expressions in connection with any discussion of future operating or financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot guarantee that any forward-looking
statement will be realized, although our management believes that we have been prudent in our plans and assumptions. Achievement
of future results is subject to risks, uncertainties and potentially inaccurate assumptions. If known or unknown risks or uncertainties
should materialize, or if underlying assumptions should prove inaccurate, actual results could differ materially from past results
and those anticipated, estimated or projected. You should bear this in mind in reading this prospectus. Factors that might cause
such differences include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">deterioration in the asset value of our loan portfolio
may be worse than expected due to a number of factors, such as adverse changes in economic conditions that impair the ability
of borrowers to repay their loans, the underlying value of the collateral could prove less valuable than assumed and cash flows
may be worse than expected;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to sell other real estate owned (&ldquo;OREO&rdquo;)
properties at prices as favorable as anticipated;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to execute our business plan successfully
and within the expected timeframe;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general economic and financial market conditions, and weakening in the economy, specifically
                                                                                                                                 the real estate market and the credit market, either nationally or in the states in which Park and our subsidiaries do
                                                                                                                                 business, may be worse than expected which could decrease the demand for loan, deposit and other financial services and
                                                                                                                                 increase loan delinquencies and defaults;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in interest rates and prices may adversely
impact the value of securities, loans, deposits and other financial instruments and the interest rate sensitivity of our consolidated
balance sheet;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in consumer spending, borrowing and saving
habits;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our liquidity requirements could be adversely affected
by changes in our assets and liabilities;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competitive factors among financial services organizations
increase significantly, including product and pricing pressures and our ability to attract, develop and retain qualified banking
professionals;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the nature, timing and effect of changes in banking
regulations or other legislative or regulatory developments affecting the respective businesses of Park and our subsidiaries, including
changes in laws and regulations concerning taxes, accounting, banking, securities and other aspects of the financial services
industry, specifically the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the &ldquo;Dodd-Frank Act&rdquo;),
as well as future regulations which will be adopted by the relevant regulatory agencies, including the Consumer Financial Protection
Bureau, to implement the Dodd-Frank Act&rsquo;s provisions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effect of changes in accounting policies and practices,
as may be adopted by the Financial Accounting Standards Board, the SEC, the Public Company Accounting Oversight Board and other
regulatory agencies, and the accuracy of our assumptions and estimates used to prepare our financial statements;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effect of fiscal and governmental policies of
the United States federal government;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the adequacy of our risk management program;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a failure in or breach of our operational or security
systems or infrastructure, or those of our third-party vendors and other service providers, including as a result of cyber attacks;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other external developments materially affecting our
operational and financial performance; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">those risks and uncertainties included in this prospectus
under the caption &ldquo;<B>RISK FACTORS</B>.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We undertake no obligation
publicly to update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised,
however, to consult any further disclosures we make on related subjects in our Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K filed with or furnished to the SEC. Also note that we provide cautionary discussion of
risks, uncertainties and possibly inaccurate assumptions relevant to our business in our Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K incorporated by reference herein and in prospectus supplements and other offering
materials. These are factors that, individually or in the aggregate, management believes could cause our actual results to differ
materially from expected and historical results. We note these factors for investors as permitted by the Private Securities Litigation
Reform Act of 1995. You should understand that it is not possible to predict or identify all such factors. Consequently, you should
not consider such disclosures to be a complete discussion of all potential risks or uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>An investment in our securities involves certain
risks. You should carefully consider the following risk factors and other information contained in this prospectus and the documents
incorporated by reference in this prospectus, before making an investment decision. Certain risks related to us and our business
are described in Item&nbsp;&rdquo;1A. Risk Factors&rdquo; in Part&nbsp;I of our 2011 Form 10-K. The risks discussed below also
include forward-looking statements, and our actual results may differ materially from those discussed in these forward-looking
statements. Risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business
operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Park and our Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>Changes
in economic and political conditions could adversely affect our earnings, as our borrowers&rsquo; ability to repay loans and the
value of the collateral securing our loans decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our success depends, to a certain extent,
upon economic and political conditions, local and national, as well as governmental fiscal and monetary policies. Conditions such
as inflation, recession, unemployment, changes in interest rates, fiscal and monetary policy and other factors beyond our control
may adversely affect our asset quality, deposit levels and loan demand and, therefore, our earnings and our capital. Because we
have a significant amount of real estate loans, additional decreases in real estate values could adversely affect the value of
property used as collateral and our ability to sell the collateral upon foreclosure. Adverse changes in the economy may also have
a negative effect on the ability of our borrowers to make timely repayments of their loans, which would have an adverse impact
on our earnings and cash flows. The substantial majority of the loans made by our subsidiaries are to individuals and businesses
in Ohio, although we continue to hold certain loans made, and real estate located, in Gulf Coast communities in Alabama and the
Florida panhandle. Consequently, a significant decline in the economy in Ohio or in Gulf&nbsp;Coast communities in Alabama or the
panhandle of Florida could have a materially adverse effect on our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February&nbsp;16, 2012, Vision Bank sold
substantially all of its performing loans as well as all of the deposit accounts/liabilities and real estate, leases and assets
associated with Vision Bank&rsquo;s financial service offices to Centennial Bank, an Alabama state-chartered bank (&ldquo;Centennial
Bank&rdquo;). Subsequently, on February&nbsp;16, 2012, Vision Bank merged into Park&rsquo;s wholly-owned non-bank subsidiary SE
Property Holdings, LLC (&ldquo;SE LLC&rdquo;) pursuant to an Agreement and Plan of Merger, dated as of January&nbsp;25, 2012 (the
&ldquo;Vision Bank-SE LLC Merger&rdquo;). While substantially all of the operating assets and liabilities of Vision Bank were sold
to Centennial Bank on February&nbsp;16, 2012, Centennial Bank has a put option whereby it will be entitled to put back to Vision
Bank (or its successor) up to $7.5 million in the aggregate of purchased loans for a period of up to six months after February
16, 2012. In addition, Vision Bank retained non-performing loans, which had a book balance as of February&nbsp;16, 2012 of $88
million and performing loans which had a book balance of $22 million as of February&nbsp;16, 2012, both balances being net of any
loan loss allowances that existed prior to the close of the transactions between Vision Bank and Centennial Bank. These retained
loans as well as the put option in favor of Centennial Bank were transferred by operation of law to SE LLC as a result of the Vision
Bank-SE LLC Merger. As a result, Park&rsquo;s future earnings continue to be susceptible to further declining credit conditions
in the markets in which the borrowers under loans purchased by Centennial Bank which may be the subject of the put option and/or
the loans retained by Vision Bank operate or declining credit conditions in the markets served by Park&rsquo;s banking subsidiary,
The Park National Bank, a national banking association (&ldquo;Park National Bank&rdquo;), and the divisions of Park National Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>Legislative
or regulatory changes or actions could adversely impact us or the businesses in which we are engaged.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The financial services industry is extensively
regulated. We are subject to extensive state and federal regulation, supervision and legislation that govern almost all aspects
of our operations. Laws and regulations may change from time to time and are primarily intended for the protection of consumers,
depositors, borrowers, the Deposit Insurance Fund (the &ldquo;DIF&rdquo;) maintained by the Federal Deposit Insurance Corporation
(the &ldquo;FDIC&rdquo;) and the banking system as a whole, and not to benefit our shareholders. Regulations affecting banks and
financial services businesses are undergoing continuous changes, and management cannot predict the effect of these changes. The
impact of any changes to laws and regulations or other actions by regulatory agencies may negatively impact us or our ability to
increase the value of our business. Regulatory authorities have extensive discretion in connection with their supervisory and enforcement
activities, including the imposition of restrictions on the operation of an institution, the classification of assets held by an
institution and the adequacy of an institution&rsquo;s allowance for loan losses. Additionally, actions by regulatory agencies
against us could cause us to devote significant time and resources to defending our business and may lead to penalties that materially
affect us and our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In light of current conditions in the global
financial markets and the global economy, regulators have increased their focus on the regulation of the financial services industry.
Most recently, the United States Congress and the federal agencies regulating the financial services industry have acted on an
unprecedented scale in responding to the stresses experienced in the global financial markets. Some of the laws enacted by the
United States Congress and regulations promulgated by federal regulatory agencies subject us, and other financial institutions
to which such laws and regulations apply, to additional restrictions, oversight and costs that may have an impact on our business,
results of operations or the trading price of our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>The recently enacted Dodd-Frank Act
may adversely impact Park&rsquo;s results of operations, financial condition or liquidity.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On July 21, 2010, President Obama signed
the Dodd-Frank Act into law. The Dodd-Frank Act represents a comprehensive overhaul of the financial services industry within
the United States. There are a number of reform provisions that are likely to significantly impact the ways in which banks and
bank holding companies, including Park and Park National Bank, do business. A detailed discussion regarding the Dodd-Frank Act
can be found under the caption &ldquo;Supervision and Regulation of Park and its Subsidiaries&rdquo; in &ldquo;<FONT STYLE="text-transform: uppercase">Item
1 &ndash; Business</FONT>&rdquo; of our 2011 Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Many provisions of the Dodd-Frank Act
will not be implemented immediately and will require interpretation and rule making by federal regulators. Park is closely
monitoring all relevant sections of the Dodd-Frank Act to ensure continued compliance with applicable laws and regulations.
While the ultimate effect of the Dodd-Frank Act on Park and our subsidiaries cannot currently be determined, the law and its
implemented rules and regulations are likely to result in increased compliance costs and fees paid to regulators, along with
possible restrictions on the operations of Park and our subsidiaries, all of which may have a material adverse affect on
Park&rsquo;s operating results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>Deposit insurance premiums assessed
on Park may increase and have a negative effect on Park&rsquo;s results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DIF maintained by the FDIC to resolve
bank failures is funded by fees assessed on insured depository institutions. The costs of resolving bank failures have increased
during the last few years and decreased the DIF. The FDIC collected a special assessment in 2009 to replenish the DIF and also
required a prepayment of an estimated amount of future deposit insurance premiums. If the costs of future bank failures increase,
deposit insurance premiums may also increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>A default by another larger financial
institution could adversely affect financial markets generally.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">The commercial soundness of many financial
institutions may be closely interrelated as a result of relationships between and among the institutions. As a result, concerns
about, or a default or threatened default by, one institution could lead to significant marketwide liquidity and credit problems,
losses or defaults by other institutions. This is sometimes referred to as &ldquo;systemic risk&rdquo; and may adversely affect
our business.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>Changes in the general economic conditions
and real estate valuations in our primary market areas could adversely impact results of operations, financial condition and cash
flows.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">Our
lending and deposit gathering activities are concentrated primarily in Ohio and, prior to February 17, 2012, in markets
served through Vision Bank operations in Alabama and Florida and our success depends on the general economic conditions of
these areas, particularly given that a significant portion of our lending relates to real estate located in these regions.
Real estate values in these Ohio and, more dramatically, Gulf&nbsp;Coast communities have been negatively impacted by the
ongoing economic crisis. Additional adverse changes in the regional and general economic conditions could reduce our growth
rate, impair our ability to collect payments on loans, increase loan delinquencies, increase problem assets and foreclosures,
increase claims and lawsuits, increase devaluations recognized within our OREO portfolio, decrease the demand for our
products and services and decrease the value of collateral for loans, especially real estate values, which could have a
material adverse effect on our financial condition, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>Because of our participation in the
Capital Purchase Program, we are subject to several restrictions, including restrictions on our ability to declare or pay dividends
and repurchase our Common Shares and restrictions on compensation paid to our executive officers and certain other most highly-compensated
employees.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">We
participate in the Capital Purchase Program (the &ldquo;CPP&rdquo;) enacted as part of the Troubled Assets Relief Program (&ldquo;TARP&rdquo;).
For more information regarding our participation in the CPP, see the discussion under the caption &ldquo;Supervision and Regulation
of Park and its Subsidiaries &ndash; Capital Purchase Program&rdquo; in &ldquo;<FONT STYLE="text-transform: uppercase">Item&nbsp;1
&ndash; Business</FONT>&rdquo; of Part&nbsp;I of our 2011 Form 10-K.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">To finalize Park&rsquo;s participation in
the CPP, Park and the U.S. Treasury entered into the Securities Purchase Agreement. Pursuant to the Securities Purchase Agreement,
Park issued and sold to the U.S. Treasury (1)&nbsp;100,000 Series&nbsp;A Preferred Shares and (2)&nbsp;the Warrant, for an aggregate
purchase price of $100.0&nbsp;million in cash. The Securities Purchase Agreement limits our ability to declare or pay dividends
on any of our shares. Specifically, we are unable to declare dividend payments on Common Shares, junior preferred shares or<I>
pari passu</I> preferred shares if we are in arrears on the payment of dividends on the Series&nbsp;A Preferred Shares. In addition,
our ability to repurchase our shares is restricted. Common Shares, junior preferred shares or<I> pari passu</I> preferred shares
may not be repurchased if we are in arrears on the payment of Series&nbsp;A Preferred Share dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">As
a recipient of government funding under the CPP, we, together with our subsidiaries, must comply with the executive compensation
and corporate governance standards imposed by&nbsp;the American Recovery and Reinvestment Act of 2009 (&ldquo;ARRA&rdquo;) and
the standards established by the Secretary of the Treasury under ARRA (including the interim final rule published by the U.S.
Treasury under 31 C.F.R. Part&nbsp;30 on June&nbsp;15, 2009 as amended by technical amendments published by the U.S. Treasury
on December&nbsp;7, 2009 (collectively, the &ldquo;Interim Final Rule&rdquo;))&nbsp;for so long as the U.S. Treasury holds any
securities acquired from us pursuant to the Securities Purchase Agreement or upon exercise of the Warrant, excluding any period
during which the U.S. Treasury holds only the Warrant (the &ldquo;Covered Period&rdquo;).&nbsp;ARRA and the Interim Final Rule
impose limitations on our executive compensation practices by, among other things: (1) limiting the deductibility, for United
States federal income tax purposes, of compensation paid to any of our Senior Executive Officers (as defined in the Interim Final
Rule) to $500,000 per year; (2) prohibiting the payment or accrual of any bonus, retention award or incentive compensation to
the five most highly-compensated employees of Park and our subsidiaries, except in the form and under the limited circumstances
permitted by the Interim Final Rule; (3) prohibiting the payment of golden parachute payments (as defined in the Interim Final
Rule) to Park&rsquo;s Senior Executive Officers or any of the next five most highly-compensated employees of Park and our subsidiaries
upon a departure from Park and our subsidiaries or due to a change in control of Park, except for payments for services performed
or benefits accrued; (4) requiring Park or the applicable subsidiary to &ldquo;claw back&rdquo; any bonus, retention award or
incentive compensation paid (or under a legally binding obligation to be paid) to a Senior Executive Officer or any of the next
20 most highly-compensated employees of Park and our subsidiaries if the payment was based on materially inaccurate financial
statements or any other materially inaccurate performance metric criteria; (5) prohibiting Park and our subsidiaries from maintaining
any employee compensation plan (as defined in the Interim Final Rule) that would encourage the manipulation of our reported earnings
to enhance the compensation of any of the employees of Park and our subsidiaries; (6) prohibiting Park and our subsidiaries from
maintaining compensation plans and arrangements for Park&rsquo;s Senior Executive Officers that encourage Park&rsquo;s Senior
Executive Officers to take unnecessary and excessive risks that threaten the value of Park; (7) requiring Park and our subsidiaries
to limit any employee compensation plan that unnecessarily exposes Park to risk; (8) prohibiting Park and our subsidiaries from
providing (formally or informally) &ldquo;gross-ups&rdquo; to any of Park&rsquo;s Senior Executive Officers or the 20 next most
highly-compensated employees of Park and our subsidiaries; (9) requiring that Park disclose to the U.S. Treasury and Park&rsquo;s
primary regulator the amount, nature and justification for offering to any of the five most highly-compensated employees of Park
and our subsidiaries any perquisites whose total value exceeds $25,000; (10) requiring that Park disclose to the U.S. Treasury
and Park&rsquo;s primary regulator whether Park, the Park Board of Directors or the Compensation Committee engaged a compensation
consultant and the services performed by that compensation consultant and any of its affiliates; (11) requiring that Park disclose
to the U.S. Treasury the identity of Park&rsquo;s Senior Executive Officers and the 20 next most highly-compensated employees
of Park and our subsidiaries, identified by name and title and ranked in descending order of annual compensation; and (12) subjecting
any bonus, retention award or other compensation paid before February 17, 2009 to Park&rsquo;s Senior Executive Officers or the
20 next most highly-compensated employees of Park and our subsidiaries to retroactive review by the U.S. Treasury to determine
whether any such payments were inconsistent with the purposes of TARP or otherwise contrary to the public interest.&nbsp;ARRA
and the Interim Final Rule also required that the Park Board of Directors adopt a Company-wide policy regarding &ldquo;excessive
or luxury expenditures,&rdquo; which was adopted on September 4, 2009 and is posted on Park&rsquo;s Internet site.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">Restrictions on compensation may make it
more difficult for us to hire or retain personnel, which might adversely affect our financial condition or results of operations.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>Changes in interest rates could have
a material adverse effect on our financial condition, results of operations and cash flows.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">Our
earnings and cash flows depend substantially on our interest rate spread, which is the difference between (1) the rates we earn
on loans, investment securities and other interest earning assets and (2) the interest rates we pay on deposits and our borrowings.
These rates are highly sensitive to many factors beyond our control, including general economic conditions and the policies of
various governmental and regulatory authorities. Changes in monetary policy influence the origination of loans, the prepayment
speed of loans, the purchase of investments, the generation of deposits and rates of interest received and paid. While we have
taken measures intended to manage the risks of operating in a changing interest rate environment, there can be no assurance that
such measures will be effective in avoiding undue interest rate risk. Information pertaining to the impact changes in interest
rates could have on our net income is included in Table 30 in the section of Park&rsquo;s 2011 Annual Report captioned &ldquo;FINANCIAL
REVIEW,&rdquo; which is incorporated by reference in &ldquo;<FONT STYLE="text-transform: uppercase">Item 7 &ndash; Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</FONT>&rdquo; of our 2011 Form 10-K, which is in turn
incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>We extend credit to a variety of customers
based on internally set standards and the judgment of our loan officers and bank division presidents. We manage the credit risk
through a program of underwriting standards, the review of certain credit decisions and an on-going process of assessing the quality
of the credit already extended. Our credit standards and on-going process of credit assessment might not protect us from significant
credit losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">We take credit risk by virtue of making
loans and leases, extending loan commitments and letters of credit and, to a lesser degree, purchasing non-governmental securities.
Our exposure to credit risk is managed through the use of consistent underwriting standards that emphasize &ldquo;in-market&rdquo;
lending while avoiding highly leveraged transactions as well as excessive industry and other concentrations. Our credit administration
function employs risk management techniques to ensure that loans and leases adhere to corporate policy and problem loans and leases
are promptly identified. While these procedures are designed to provide us with the information needed to implement policy adjustments
where necessary, and to take proactive corrective actions, there can be no assurance that such measures will be effective in avoiding
undue credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><B><I>We may elect or be compelled to seek
additional capital in the future, but that capital may not be available when it is needed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">We are required by federal and state regulatory
authorities to maintain adequate levels of capital to support our operations. As we experience loan losses, additional capital
may need to be infused. In addition, we may elect to raise additional capital to support our business or to finance acquisitions,
if any, or we may otherwise elect or be required to raise additional capital. Our ability to raise additional capital, if needed,
will depend on our financial performance, conditions in the capital markets, economic conditions and a number of other factors,
many of which are outside our control. Accordingly, there can be no assurance that we can raise additional capital if needed or
on terms acceptable to us. If we cannot raise additional capital when needed, it may have a material adverse effect on our financial
condition, results of operations and prospects.<FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Our allowance for loan losses may
prove to be insufficient to absorb potential losses in our loan portfolio.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">Lending money is a substantial part of our
business. However, every loan we make carries a risk of non-payment. This risk is affected by, among other things: the cash flow
of the borrower and/or the project being financed; in the case of a collateralized loan, the changes and uncertainties as to the
future value of the collateral; the credit history of a particular borrower; changes in economic and industry conditions; and the
duration of the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United
States (&ldquo;GAAP&rdquo;) requires management to make significant estimates that affect the consolidated financial
statements. One of our most critical estimates is the level of the allowance for loan losses. Due to the inherent nature of
these estimates, we cannot provide absolute assurance that we will not be required to charge earnings for significant
unexpected loan losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">We maintain an allowance for loan losses
that we believe is a reasonable estimate of known and inherent losses within the loan portfolio. We make various assumptions and
judgments about the collectability of our loan portfolio, including the creditworthiness of our borrowers and the value of the
real estate and other assets serving as collateral for the repayment of loans. Through a periodic review and consideration of the
loan portfolio, management determines the amount of the allowance for loan losses by considering general market conditions, the
credit quality of the loan portfolio, the collateral supporting the loans and the performance of customers relative to their financial
obligations with us. The amount of future losses is susceptible to changes in economic, operating and other conditions, including
changes in interest rates, which may be beyond our control, and these losses may exceed current estimates. We cannot fully predict
the amount or timing of losses or whether the loan loss allowance will be adequate in the future. If our assumptions prove to be
incorrect, our allowance for loan losses may not be sufficient to cover losses inherent in our loan portfolio, resulting in additions
to the allowance. Excessive loan losses and significant additions to our allowance for loan losses could have a material adverse
impact on our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">In addition, bank regulators periodically
review our allowance for loan losses and may require us to increase our provision for loan losses or recognize further loan charge-offs.
Any increase in our allowance for loan losses or loan charge-offs as required by these regulatory authorities might have a material
adverse effect on our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>If we are unable to redeem the Series
A Preferred Shares after five years, the cost of this capital to us will increase substantially.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">If we are unable to redeem our Series&nbsp;A
Preferred Shares prior to February 15, 2014, the cost of this capital to us will increase substantially on that date, from 5.0%
per annum to 9.0% per annum. Depending on our financial condition at the time, this increase in the annual dividend rate on the
Series A Preferred Shares could have a material negative effect on our liquidity and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>We are exposed to operational risk.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">Similar to any large organization, we are
exposed to many types of operational risk, including reputational risk, legal and compliance risk, the risk of fraud or theft by
employees or outsiders, unauthorized transactions by employees or operational errors, including clerical or record-keeping errors
or those resulting from faulty or disabled computer or telecommunications systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">Negative public opinion can result from
our actual or alleged conduct in any number of activities, including lending practices, corporate governance and acquisitions,
and from actions taken by governmental regulators and community organizations in response to those activities. Negative public
opinion can adversely affect our ability to attract and keep customers and can expose us to potential litigation and regulatory
action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">Given
the volume of transactions we process, certain errors may be repeated or compounded before they are discovered and
successfully rectified. Our necessary dependence upon automated systems to record and process our transaction volume may
further increase the risk that technical system flaws or employee tampering with or manipulation of those systems will result
in losses that are difficult to detect. We may also be subject to disruptions of our operating systems arising from events
that are wholly or partially beyond our control (for example, computer viruses or electrical or telecommunications outages),
which may give rise to disruption of service to customers and to financial loss or liability. We are further exposed to the
risk that our external vendors may be unable to fulfill their contractual obligations (or will be subject to the same risk of
fraud or operational errors by their respective employees as we are) and to the risk that our (or our vendors&rsquo;)
business continuity and data security systems prove to be inadequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>We depend upon the accuracy and completeness
of information about customers and counterparties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">In deciding whether to extend credit or
enter into other transactions with customers and counterparties, we may rely on information provided to us by customers and counterparties,
including financial statements and other financial information. We may also rely on representations of customers and counterparties
as to the accuracy and completeness of that information and, with respect to financial statements, on reports of independent auditors.
For example, in deciding whether to extend credit to a business, we may assume that the customer&rsquo;s audited financial statements
conform with GAAP and present fairly, in all material respects, the financial condition, results of operations and cash flows of
the customer. We may also rely on the audit report covering those financial statements. Our financial condition, results of operations
and cash flows could be negatively impacted to the extent that we rely on financial statements that do not comply with GAAP or
on financial statements and other financial information that are materially misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Changes in accounting standards, policies,
estimates or procedures could impact Park&rsquo;s reported financial condition or results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">The accounting standard setters, including
the Financial Accounting Standards Board, the Public Company Accounting Oversight Board, the SEC and other regulatory bodies, periodically
change the financial accounting and reporting guidance that governs the preparation of our consolidated financial statements. The
pace of change continues to accelerate and changes in accounting standards can be hard to predict and could materially impact how
we record and report our financial condition and results of operations. In some cases, we could be required to apply new or revised
guidance retroactively, resulting in the restatement of prior period financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">The
preparation of consolidated financial statements in conformity with GAAP requires management to make significant estimates that
affect the financial statements. Due to the inherent nature of these estimates, actual results may vary materially from management&rsquo;s
estimates. Additional information regarding Park&rsquo;s critical accounting policies and the sensitivity of estimates can be
found in the section captioned &ldquo;FINANCIAL REVIEW &ndash; CRITICAL ACCOUNTING POLICIES&rdquo; in Park&rsquo;s 2011 Annual
Report, which is incorporated by reference in &ldquo;<FONT STYLE="text-transform: uppercase">Item 7 &ndash; Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations</FONT>&rdquo; of our 2011 Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>We may be a defendant from time to
time in the future in a variety of litigation and other actions, which could have a material adverse effect on our financial condition,
results of operations and cash flows.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">We and our subsidiaries may be involved
from time to time in the future in a variety of litigation arising out of our business. The risk of litigation increases in times
of increased troubled loan collection activity. Our insurance may not cover all claims that may be asserted against us, and any
claims asserted against us, regardless of merit or eventual outcome, may harm our reputation. Should the ultimate judgments or
settlements in any litigation exceed our insurance coverage, they could have a material adverse effect on our financial condition,
results of operations and cash flows. In addition, we may not be able to obtain appropriate types or levels of insurance in the
future, nor may we be able to obtain adequate replacement policies with acceptable terms, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>We are a holding company and depend
on our subsidiaries for dividends, distributions and other payments.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0in; text-indent: 0.25in; text-align: justify">As a bank holding company, we are a legal
entity separate and distinct from our subsidiaries and affiliates. Our principal source of funds to pay dividends on our Common
Shares and service our debt is dividends from these subsidiaries. In the event our subsidiaries become unable to pay dividends
to us, we may not be able to service our debt, pay our other obligations or pay dividends on the Series A Preferred Shares or our
Common Shares. Accordingly, our inability to receive dividends from our subsidiaries could also have a material adverse effect
on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">Various
federal and state statutory provisions and regulations limit the amount of dividends that Park National Bank and our other
subsidiaries may pay to us without regulatory approval. Park National Bank generally may not, without prior regulatory
approval, pay a dividend in an amount greater than its undivided profits. In addition, the prior approval of the Office of
the Comptroller of the Currency (the &ldquo;OCC&rdquo;) is required for the payment of a dividend by Park National Bank if
the total of all dividends declared in a calendar year would exceed the total of its net income for the year combined with
its retained net income for the two preceding years. The Federal Reserve Board and the OCC have issued policy statements that
provide that insured banks and bank holding companies should generally only pay dividends out of current operating earnings.
Thus, the ability of Park National Bank to pay dividends in the future is currently influenced, and could be further
influenced, by bank regulatory policies and capital guidelines and may restrict our ability to declare and pay
dividends.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">Payment of dividends could also be subject
to regulatory limitations if Park National Bank were to become &ldquo;under-capitalized&rdquo; for purposes of the applicable &ldquo;prompt corrective
action&rdquo; regulations. &ldquo;Under-capitalized&rdquo; is currently defined as having a total risk-based capital ratio of less than
8.0%, a Tier 1 risk-based capital ratio of less than 4.0%, or a core capital, or leverage, ratio of less than 4.0%. Throughout
2011 and 2012 to date, Park National Bank has been in compliance with all regulatory capital requirements and had sufficient capital
under the &ldquo;prompt corrective action&rdquo; regulations to be deemed &ldquo;well-capitalized.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">If any of our subsidiaries becomes insolvent,
the direct creditors of that subsidiary will have a prior claim on that subsidiary&rsquo;s assets. Our rights and the rights of
our creditors will be subject to that prior claim, unless we are also a direct creditor of that subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Unauthorized disclosure of sensitive
or confidential client or customer information, whether through a breach of our computer systems or otherwise, could severely harm
our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">As part of our financial institution business,
we collect, process and retain sensitive and confidential client and customer information on behalf of our subsidiaries and other
third parties. Despite the security measures we have in place, our facilities and systems, and those of our third-party service
providers, may be vulnerable to security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming and/or
human errors or other similar events. If information security is breached, information can be lost or misappropriated, resulting
in financial loss or costs to us. Any security breach involving confidential customer information, whether by us or by our vendors,
could severely damage our reputation, expose us to the risks of litigation and liability or disrupt our operations and have a material
adverse effect on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Derivative transactions may expose
us to unexpected risk and potential losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">We are party to a number of derivative transactions.
Many of these derivative instruments are individually negotiated and non-standardized, which can make exiting, transferring or
settling the position difficult. We carry borrowings which contain embedded derivatives. These borrowing arrangements require that
we deliver underlying securities to the counterparty as collateral. If market interest rates were to decline, we may be required
to deliver more securities to the counterparty. We are dependent on the creditworthiness of the counterparties and are therefore
susceptible to credit and operational risk in these situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">Derivative contracts and other transactions
entered into with third parties are not always confirmed by the counterparties on a timely basis. While the transaction remains
unconfirmed, we are subject to heightened credit and operational risk and, in the event of a default, may find it more difficult
to enforce the contract. In addition, as new and more complex derivative products are created, covering a wider array of underlying
credit and other instruments, disputes about the terms of the underlying contracts could arise, which could impair our ability
to effectively manage our risk exposures from these products and subject us to increased costs. Any regulatory effort to create
an exchange or trading platform for credit derivatives and other over-the-counter derivative contracts, or a market shift toward
standardized derivatives, could reduce the risk associated with such transactions, but under certain circumstances could also limit
our ability to develop derivatives that best suit the needs of our clients and ourselves and adversely affect our profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to the Series&nbsp;A Preferred Shares and
Our Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The Series&nbsp;A Preferred
Shares represent equity interests in Park and are subordinate to all of our existing and future indebtedness. Regulatory, statutory
and contractual restrictions may limit or prevent us from paying dividends on the Series&nbsp;A Preferred Shares and our Common
Shares, and the Series&nbsp;A Preferred Shares place no limitations on the amount of indebtedness we and our subsidiaries may incur
in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">The Series&nbsp;A Preferred Shares are equity
interests in Park and do not constitute indebtedness. As such, the Series&nbsp;A Preferred Shares, like our Common Shares, rank
junior to all of our indebtedness and to other non-equity claims on Park with respect to assets available to satisfy claims on
Park, including in a liquidation of Park. Additionally, unlike indebtedness, for which principal and interest are customarily payable
on specified due dates, in the case of preferred shares like the Series&nbsp;A Preferred Shares, as with our Common Shares, (1)&nbsp;dividends
are payable only when, as and if authorized and declared by our Board of Directors and depend on, among other things, our results
of operations, financial condition, debt service requirements, other cash needs and any other factors our Board of Directors deems
relevant, and (2)&nbsp;as an Ohio corporation, under Ohio law, we are subject to restrictions on payments of dividends out of lawfully
available funds. Accordingly, if the economic downturn continues and adversely effects our results of operations or financial condition,
our ability to declare and pay dividends on our Common Shares may be restricted. See the discussion under the captions<B> &ldquo;DESCRIPTION
OF SERIES A PREFERRED SHARES &mdash; Dividends Payable on Series&nbsp;A Preferred Shares&rdquo;</B> and<B> &ldquo;DESCRIPTION OF
COMMON SHARES &mdash; Dividends.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.25in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Series&nbsp;A Preferred
Shares do not limit the amount of debt or other obligations we or our subsidiaries may incur in the future. Accordingly, we and
our subsidiaries may incur substantial amounts of additional debt and other obligations that will rank senior to the Series&nbsp;A
Preferred Shares or to which the Series&nbsp;A Preferred Shares will be structurally subordinated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are also subject to certain
contractual restrictions that could prohibit us from declaring or paying dividends or making liquidation payments on our Common
Shares or the Series&nbsp;A Preferred Shares. See the immediately following risk factor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>If we defer payments of interest
on our outstanding floating rate junior subordinated notes or if certain defaults relating to those floating rate junior subordinated
notes occur, we will be prohibited from declaring or paying dividends or distributions on, from redeeming or repurchasing, and
from making liquidation payments with respect to, the Series&nbsp;A Preferred Shares and our Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December 31, 2011, the aggregate outstanding
principal amount of the floating rate junior subordinated notes we assumed in connection with the March&nbsp;9, 2007 merger with
Vision Bancshares, Inc. (the &ldquo;Vision Merger&rdquo;) was $15 million.&nbsp;&nbsp;These floating rate junior subordinated notes
were issued in connection with the sale by Vision Bancshares Trust I of floating rate preferred securities.&nbsp;&nbsp;In connection
with the Vision Merger, we also assumed the guarantee of those floating rate preferred securities.&nbsp;&nbsp;The indenture under
which the floating rate junior subordinated notes were issued, together with the related guarantee, prohibit us, subject to limited
exceptions, from declaring or paying any dividends or distributions on, or redeeming, repurchasing, acquiring or making any liquidation
payments with respect to, any of our capital stock (including the Series A Preferred Shares and our Common Shares) at any time
when (1) there shall have occurred and be continuing an event of default under the indenture; (2) we are in default with respect
to any payment or other obligations under the related guarantee; or (3) we have deferred payment of interest on the floating rate
junior subordinated notes outstanding under the indenture.&nbsp;&nbsp;In that regard, we are entitled, at our option but subject
to certain conditions, to defer payments of interest on the floating rate junior subordinated notes from time to time for up to
20 consecutive quarterly periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Events of default under the indenture generally
consist of our failure to pay interest on the floating rate junior subordinated notes outstanding under certain circumstances,
our failure to pay any principal of or premium on such floating rate junior subordinated notes when due, our failure to comply
with certain covenants under the indenture, and certain events of bankruptcy, insolvency or liquidation relating to us or Park
National Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of these provisions,
if we were to elect to defer payments of interest on the floating rate junior subordinated notes, or if any of the other events
described in clause (1), (2) or (3)&nbsp;of the first paragraph of this risk factor were to occur, we would be prohibited from
declaring or paying any dividends on the Series&nbsp;A Preferred Shares and our Common Shares, from redeeming, repurchasing or
otherwise acquiring any of the Series&nbsp;A Preferred Shares or our Common Shares, and from making any payments to holders of
the Series&nbsp;A Preferred Shares or our Common Shares in the event of our liquidation, which would likely have a material adverse
effect on the market value of the Series&nbsp;A Preferred Shares and our Common Shares. Moreover, without notice to or consent
from the holders of the Series&nbsp;A Preferred Shares or our Common Shares, we may issue additional series of junior subordinated
debt securities in the future with terms similar to those of our existing floating rate junior subordinated notes or enter into
other financing agreements that limit our ability to purchase or to pay dividends or distributions on our capital stock, including
the Series&nbsp;A Preferred Shares and our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The prices of the Series&nbsp;A
Preferred Shares and our Common Shares may fluctuate significantly, and this may make it difficult for you to resell the Series&nbsp;A
Preferred Shares and/or Common Shares when you want or at prices you find attractive.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There currently is no market
for the Series&nbsp;A Preferred Shares, and we cannot predict how the Series&nbsp;A Preferred Shares or our Common Shares will
trade in the future. The market value of the Series&nbsp;A Preferred Shares and the trading price of our Common Shares will likely
continue to fluctuate in response to a number of factors, most of which are beyond our control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The market value of the Series&nbsp;A
Preferred Shares and the trading price of our Common Shares may also be affected by conditions that generally affect the financial
markets. These conditions may result in (1)&nbsp;fluctuations in the prices of shares generally and, in turn, the market value
of the Series&nbsp;A Preferred Shares and the trading price of our Common Shares, and (2)&nbsp;sales of substantial amounts of
the Series&nbsp;A Preferred Shares or our Common Shares in the market, in each case that could be unrelated or disproportionate
to changes in our operating performance. These broad market fluctuations may adversely affect the market value of the Series&nbsp;A
Preferred Shares and the trading price of our Common Shares. A significant decline in the market value of the Series&nbsp;A Preferred
Shares or the trading price of our Common Shares could result in substantial losses for shareholders and could lead to costly and
disruptive securities litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>There may be future
sales of additional Common Shares or preferred shares or other dilution of our equity, which may adversely affect the market value
of the Series&nbsp;A Preferred Shares or the trading price of our Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not restricted from
issuing additional Common Shares or preferred shares, including any securities that are convertible into or exchangeable for, or
that represent the right to receive, Common Shares or preferred shares or any substantially similar securities. The per share market
value of the Series&nbsp;A Preferred Shares and the per share trading price of our Common Shares could decline as a result of sales
by us of a large number of Common Shares or preferred shares or similar securities in the market or the perception that such sales
could occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Specific to the Series&nbsp;A Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>An active trading market
for the Series&nbsp;A Preferred Shares does not currently exist and may not develop.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Series&nbsp;A Preferred
Shares are not currently listed on any national securities exchange and we do not anticipate listing the Series&nbsp;A Preferred
Shares on a national securities exchange unless we are requested to do so by the U.S. Treasury pursuant to the Securities Purchase
Agreement between us and the U.S. Treasury. There can be no assurance that an active trading market for the Series&nbsp;A Preferred
Shares will develop, or, if developed, that an active trading market will be maintained. If an active market is not developed or
sustained, the market value and liquidity of the Series&nbsp;A Preferred Shares may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The Series&nbsp;A Preferred
Shares may be junior in rights and preferences to preferred shares we may issue in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to approval by the
holders of at least 66<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT>/<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>% of the
Series&nbsp;A Preferred Shares then outstanding, voting together as a separate class, we may issue preferred shares in the future,
the terms of which are expressly senior to the Series&nbsp;A Preferred Shares. The terms of any such future preferred shares expressly
senior to the Series&nbsp;A Preferred Shares may restrict dividend payments on the Series&nbsp;A Preferred Shares. For example,
the terms of any such senior preferred shares may provide that, unless full dividends for all of our outstanding preferred shares
senior to the Series&nbsp;A Preferred Shares have been paid for the relevant periods, no dividends will be paid on the Series&nbsp;A
Preferred Shares, and no Series&nbsp;A Preferred Shares may be repurchased, redeemed or otherwise acquired by us. This could result
in dividends on the Series&nbsp;A Preferred Shares not being paid when contemplated. In addition, in the event of our liquidation,
dissolution or winding-up, the terms of the senior preferred shares may prohibit us from making payments on the Series&nbsp;A Preferred
Shares until all amounts due to holders of the senior preferred shares in such circumstances are paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Holders of the Series&nbsp;A Preferred Shares have
limited voting rights.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Until and unless we are in
arrears on our dividend payments on the Series&nbsp;A Preferred Shares for six quarterly dividend periods, whether or not consecutive,
the holders of the Series&nbsp;A Preferred Shares will have no voting rights except with respect to certain fundamental changes
in the terms of the Series&nbsp;A Preferred Shares and certain other matters and except as may be required by Ohio law. If dividends
on the Series&nbsp;A Preferred Shares are not paid in full for six quarterly dividend periods, whether or not consecutive, the
total number of positions on the Park Board of Directors will automatically increase by two and the holders of the Series&nbsp;A
Preferred Shares, acting as a class with any other parity securities having similar voting rights, will have the right to elect
two individuals to serve in the new director positions. This right and the terms of such directors will end when we have paid in
full all accrued and unpaid dividends for all past dividend periods. See the discussion under the caption &ldquo;<B>DESCRIPTION
OF SERIES A PREFERRED SHARES &mdash; Voting Rights<I> &mdash; Election of Two Directors upon Non-Payment of Dividends</I></B>.&rdquo;
Based on the current number of members of the Park Board of Directors, directors elected by the holders of the Common Shares would
have a controlling majority of the Board and would be able to take any action approved by them notwithstanding any objection by
the directors elected by the holders of the Series&nbsp;A Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>If we are unable to
redeem the Series&nbsp;A Preferred Shares after five years, the cost of this capital to us will increase substantially.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are unable to redeem
the Series&nbsp;A Preferred Shares prior to February&nbsp;15, 2014, the cost of this capital to us will increase substantially
on that date, from 5.0% per annum to 9.0% per annum. See the discussion under the caption &ldquo;<B>DESCRIPTION OF SERIES A PREFERRED
SHARES &mdash; Dividends Payable on Series&nbsp;A Preferred Shares</B>.&rdquo; Depending on our financial condition at the time,
this increase in the annual dividend rate on the Series&nbsp;A Preferred Shares could have a material negative effect on our liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risk Specific to the Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>The Series&nbsp;A Preferred
Shares impact net income available to the holders of our Common Shares and earnings per Common Share, and the Warrant we issued
to the U.S. Treasury may be dilutive to holders of our Common Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dividends declared and the
accretion of discount on the Series&nbsp;A Preferred Shares will reduce the net income available to holders of our Common
Shares and our earnings per Common Share. The Series&nbsp;A Preferred Shares will also receive preferential treatment in the
event of liquidation, dissolution or winding up of Park. Additionally, the ownership interest of the existing holders of our
Common Shares will be diluted to the extent the Warrant we issued to the U.S. Treasury in conjunction with the sale to the
U.S. Treasury of the Series&nbsp;A Preferred Shares is exercised. The Common Shares underlying the Warrant represent
approximately 1.45% of our Common Shares outstanding as of March&nbsp;14, 2012 (including the Common Shares issuable upon
exercise of the Warrant in the total Common Shares outstanding). Although the U.S. Treasury has agreed not to vote any of the
Common Shares it receives upon exercise of the Warrant, a transferee of any portion of the Warrant or of any Common Shares
acquired upon exercise of the Warrant is not bound by this restriction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if any of our subsidiaries
becomes insolvent, the direct creditors of that subsidiary will have a prior claim on its assets. Our rights and the rights of
our creditors will be subject to that prior claim, unless we are also a direct creditor of that subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Anti-takeover provisions could negatively impact
our shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Provisions of Ohio law and our Articles
of Incorporation could make it more difficult for a third party to acquire control of us or have the effect of discouraging a third
party from attempting to acquire control of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OUR COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a bank holding company
headquartered in Newark, Ohio. Our Ohio-based banking operations are conducted through 124 offices across 28 Ohio counties
and one Kentucky county through our subsidiary Park National Bank and its divisions which include Fairfield National Bank
Division, Richland Bank Division, Century National Bank Division, First-Knox National Bank Division, Farmers Bank Division,
United Bank Division, Second National Bank Division, Security National Bank Division, Unity National Bank Division and The
Park National Bank of Southwest Ohio &amp; Northern Kentucky Division. Park National Bank engages in the commercial banking
and trust business primarily in small and medium population Ohio communities. Park&rsquo;s other subsidiaries include Scope
Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and Park
Title Agency, LLC., and they operate through an aggregate of eight offices in Ohio. In addition, Park&rsquo;s non-bank
subsidiary, SE LLC, holds non-performing and performing loans and OREO. SE LLC has operations in Ohio, Alabama and Florida,
with the sole purpose of such operations being to sell OREO in an efficient and effective manner and work out problem loan
situations with the respective borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were incorporated under
the laws of the State of Ohio, in 1992. Our principal executive offices are located at 50 North Third Street, Newark, Ohio 43055,
and our telephone number is (740) 349-8451. Our Internet site can be accessed at<I> http://www.parknationalcorp.com.</I> Information
contained in our Internet site does not constitute part of, and is not incorporated into, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At December&nbsp;31, 2011,
we had consolidated total assets of approximately $7.0&nbsp;billion, total loans of approximately $4.3&nbsp;billion, total deposits
of approximately $4.5&nbsp;billion and total shareholders&rsquo; equity of approximately $742&nbsp;million. As of February 29,
2012, after the sale by Vision Bank of substantially all of its performing loans as well as all of the deposit accounts/liabilities
and real estate, leases and assets associated with Vision Bank&rsquo;s financial services offices to Centennial Bank, we had consolidated
total assets of approximately $6.7&nbsp;billion, total loans of approximately $4.3&nbsp;billion, total deposits of approximately
$4.8&nbsp;billion and total shareholders&rsquo; equity of approximately $755&nbsp;million</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RATIOS OF EARNINGS TO FIXED CHARGES AND
PREFERRED SHARE DIVIDENDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table shows the
ratios of earnings to fixed charges and preferred share dividends for Park, which includes our subsidiaries, on a consolidated
basis for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-autospace: none; font-weight: bold; text-align: center">Year Ended December 31,</TD>
    <TD STYLE="text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2011</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2010</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2009</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2008</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">2007</TD>
    <TD STYLE="padding-bottom: 1.1pt; text-autospace: none; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none; font-weight: bold">Ratio of earnings to fixed charges (1):</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 40%; padding-left: 5.5pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 9%; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none">Excluding Interest on Deposits</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3.89</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">2.94</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3.52</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1.77</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">2.12</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.5pt; text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-autospace: none">Including Interest on Deposits</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">2.72</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1.93</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1.94</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1.26</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">1.31</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-autospace: none">(1)</TD>
    <TD STYLE="width: 98%; text-autospace: none">For purposes of computing the ratios, earnings consist of income before income taxes and fixed charges.&nbsp; Fixed charges consist of interest on borrowings and long-term debt, including/excluding interest on deposits, preferred dividends and accretion, and one-third of rental expense, which we believe is representative of the interest factor.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not receive any of
the proceeds from the sale by the selling securityholders of the securities offered by this prospectus or any accompanying prospectus
supplement. If the holder of the Warrant does not elect a cashless exercise, we may receive proceeds from the exercise of some
or all of the Warrant, which we will use for general corporate purposes. See the discussion in the section captioned<B> &ldquo;DESCRIPTION
OF WARRANT TO PURCHASE COMMON SHARES &mdash; Exercise of the Warrant.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAPITAL STOCK OF PARK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Articles of Incorporation,
as amended (the &ldquo;Articles&rdquo;), we are authorized to issue up to 20,000,000 Common Shares and up to 200,000
preferred shares, no par value per share. As of March&nbsp;14, 2012, we had 15,405,908 Common Shares outstanding and 100,000
Series&nbsp;A Preferred Shares outstanding. See the description of the Common Shares in the section captioned
&ldquo;<B>DESCRIPTION OF COMMON SHARES</B>&rdquo; and the description of the Series&nbsp;A Preferred Shares in the section
captioned &ldquo;<B>DESCRIPTION OF SERIES A PREFERRED SHARES</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The remaining 100,000 authorized
but unissued preferred shares are typically referred to as &ldquo;blank check&rdquo; preferred shares. This term refers to preferred
shares for which the rights and restrictions are determined by the board of directors of a corporation at the time the preferred
shares are issued. Under our Articles, our Board of Directors has the authority, without any further shareholder vote or action,
to issue the remaining preferred shares in one or more series, from time to time, with full or limited voting power, or without
voting power, and with all designations, preferences and relative, participating, optional or other special rights and privileges
of, and qualifications, limitations or restrictions upon, the preferred shares, as may be provided in the amendment or amendments
to our Articles adopted by our Board of Directors. The authority of our Board of Directors includes, but is not limited to, the
determination or fixing of the following with respect to preferred shares of any series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the division of the preferred shares into series and
the designation and authorized number of preferred shares (up to the number of preferred shares authorized) in each series;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the dividend rate and whether dividends are to be
cumulative;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether preferred shares are to be redeemable, and,
if so, whether redeemable for cash, property or rights;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the liquidation rights to which the holders of preferred
shares will be entitled, and the preferences, if any;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the preferred shares will be subject to the
operation of a sinking fund, and, if so, upon what conditions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the preferred shares will be convertible into
or exchangeable for shares of any other class or of any other series of any class of capital stock and the terms and conditions
of the conversion or exchange;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the voting rights of the preferred shares, which may
be full, limited or denied, except as otherwise required by law; provided that the voting rights of any series of preferred shares
may not be greater than the voting rights of our Common Shares, except to the extent specifically required with respect to any
series of preferred shares which may be designated for issuance to the U.S. Treasury under the CPP (i.e.,
the Series&nbsp;A Preferred Shares issued to the U.S. Treasury);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the preemptive rights, if any, to which the holders
of preferred shares will be entitled and any limitations thereon;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the issuance of any additional shares, or
of any shares of any other series, will be subject to restrictions as to issuance, or as to the powers, preferences or rights
of these other series; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other relative, participating, optional or other
special rights and privileges, and qualifications, limitations or restrictions.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF SERIES A PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a brief description
of the terms of the Series&nbsp;A Preferred Shares that may be resold by the selling securityholders. This summary does not purport
to be complete in all respects. This description is subject to and qualified in its entirety by reference to our Articles, including
the Certificate of Amendment by Directors to Articles with respect to the Series&nbsp;A Preferred Shares, copies of which have
been filed with the SEC and are also available upon request from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Board of Directors has
designated 100,000 of our preferred shares as Series&nbsp;A Preferred Shares, all of which were issued to the U.S. Treasury in
a transaction exempt from the registration requirements of the Securities Act. The issued and outstanding Series&nbsp;A Preferred
Shares are validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends Payable on Series&nbsp;A Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of Series&nbsp;A Preferred
Shares are entitled to receive if, as and when declared by our Board of Directors or a duly authorized committee of the Board of
Directors, out of assets legally available for payment, cumulative cash dividends at a rate per annum of 5% per share on a liquidation
preference of $1,000 per Series&nbsp;A Preferred Share from December&nbsp;23, 2008 to, but excluding, February&nbsp;15, 2014. From
and after February&nbsp;15, 2014, holders of Series&nbsp;A Preferred Shares are entitled to receive cumulative cash dividends at
a rate per annum of 9% per share on a liquidation preference of $1,000 per Series&nbsp;A Preferred Shares with respect to each
Dividend Period thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends have been payable
quarterly in arrears on each February&nbsp;15, May&nbsp;15, August&nbsp;15 and November 15 (each, a &ldquo;Dividend Payment Date&rdquo;),
since February&nbsp;15, 2009. If any Dividend Payment Date is not a business day, then the next business day will be the applicable
Dividend Payment Date, and no additional dividends will accrue as a result of the applicable postponement of the Dividend Payment
Date. The period from and including any Dividend Payment Date to, but excluding, the next Dividend Payment Date is a &ldquo;Dividend
Period,&rdquo; provided that the initial Dividend Period was the period from and including December&nbsp;23, 2008 to, but excluding,
February 15, 2009. Dividends payable during any Dividend Period are computed on the basis of a 360-day year consisting of twelve
30-day months. Dividends payable on any date prior to the end of a Dividend Period will be computed on the basis of a 360-day year
consisting of twelve 30-day months, and actual days elapsed over a 30-day month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends payable with respect
to the Series&nbsp;A Preferred Shares are payable to holders of record of Series&nbsp;A Preferred Shares on the date that is the
15<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT> calendar day immediately preceding the applicable Dividend Payment Date or
such other record date as our Board of Directors or any duly authorized committee of the Board of Directors determines, so long
as such record date is not more than 60 nor less than 10&nbsp;days prior to the applicable Dividend Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we determine not to pay
any dividend or a full dividend with respect to the Series&nbsp;A Preferred Shares, we are required to provide written notice to
the holders of Series&nbsp;A Preferred Shares prior to the applicable Dividend Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to various
regulatory policies and requirements relating to the payment of dividends, including requirements to maintain adequate capital
above regulatory minimums. The Federal Reserve Board is authorized to determine, under certain circumstances relating to our financial
condition, that the payment of dividends would be an unsafe or unsound practice and to prohibit the payment thereof. In addition,
we are subject to Ohio state laws relating to the payment of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are also subject to the
contractual restrictions described in the risk factor captioned &ldquo;<B><I>If we defer payments of interest on our outstanding
junior subordinated notes or if certain defaults relating to those junior subordinated notes occur, we will be prohibited from declaring
or paying dividends or distributions on, from redeeming or repurchasing, and from making liquidation payments with respect to,
the Series&nbsp;A Preferred Shares and our Common Shares</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to obtain funds
for the payment of dividends and for other cash requirements is largely dependent on the amount of dividends which may be declared
by Park National Bank. Dividend payments from Park National Bank are subject to legal and regulatory limitations, generally based
on net income and retained earnings. The ability of Park National Bank to pay dividends to us is also subject to its profitability,
financial condition, capital expenditures and other cash flow requirements and contractual obligations. Payments of dividends by
Park National Bank may be restricted at any time at the discretion of the applicable regulatory authorities, if they deem such
dividends to constitute an unsafe and/or an unsound banking practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Priority of Dividends and Payments on Liquidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With respect to the payment
of dividends and the amounts to be paid upon liquidation, the Series&nbsp;A Preferred Shares will rank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">senior to our Common Shares and any other class or
series of stock the terms of which expressly provide that it ranks junior to the Series&nbsp;A Preferred Shares as to dividend
rights and/or rights on liquidation, dissolution or winding up of Park (&ldquo;Junior Stock&rdquo;); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least equally with any other class or series of
stock the terms of which do not expressly provide that it ranks senior or junior to the Series&nbsp;A Preferred Shares as to dividend
rights and/or rights on liquidation, dissolution or winding up of Park (&ldquo;Parity Stock&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as any Series&nbsp;A Preferred
Shares remain outstanding, unless all accrued and unpaid dividends on the Series&nbsp;A Preferred Shares for all prior Dividend
Periods have been paid or are contemporaneously declared and paid in full, no dividend whatsoever will be paid or declared on our
Common Shares, other Junior Stock or Parity Stock, other than a dividend payable solely in Common Shares. We and our subsidiaries
also may not purchase, redeem or otherwise acquire for consideration any of our Common Shares, other Junior Stock or Parity Stock,
unless we have declared and paid in full all accrued and unpaid dividends on the Series&nbsp;A Preferred Shares for all prior Dividend
Periods, other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases, redemptions or other acquisitions of our
Common Shares or other Junior Stock in connection with the administration of our employee benefit plans in the ordinary course
of business (including purchases pursuant to a publicly announced repurchase plan up to the increase in diluted shares outstanding
resulting from the grant, vesting or exercise of equity-based compensation) and consistent with past practice;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases or other acquisitions by a broker-dealer
subsidiary of Park solely for the purpose of market-making, stabilization or customer facilitation transactions in Junior Stock
or Parity Stock in the ordinary course of its business;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases by a broker-dealer subsidiary of Park for
resale pursuant to an offering by Park of our capital stock that is underwritten by the related broker-dealer subsidiary;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any dividends or distributions of rights or Junior
Stock in connection with a shareholders&rsquo; rights plan or redemptions or repurchases of rights pursuant to any shareholders&rsquo;
rights plan;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">acquisition of record ownership of Junior Stock or
Parity Stock for the beneficial ownership of any other person who is not Park or a subsidiary of Park, including as trustee or
custodian; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the exchange or conversion of Junior Stock for or
into other Junior Stock or of Parity Stock for or into other Parity Stock or Junior Stock but only to the extent that such acquisition
is required pursuant to binding contractual agreements entered into before December&nbsp;23, 2008 or any subsequent agreement
for the accelerated exercise, settlement or exchange thereof for Common Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we repurchase Series&nbsp;A
Preferred Shares from a holder other than the U.S. Treasury, we must offer to repurchase a ratable portion of the Series&nbsp;A
Preferred Shares then held by the U.S. Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On any Dividend Payment Date
for which full dividends are not paid, or declared and funds set aside therefor, on the Series&nbsp;A Preferred Shares and any
other Parity Stock, all dividends paid or declared for payment on that Dividend Payment Date (or, with respect to Parity Stock
with a different dividend payment date, on the applicable dividend date therefor falling within the Dividend Period and related
to the Dividend Payment Date for the Series&nbsp;A Preferred Shares), with respect to the Series&nbsp;A Preferred Shares and any
other Parity Stock, will be declared ratably among the holders of any such shares who have the right to receive dividends, in proportion
to the respective amounts of the undeclared and unpaid dividends relating to the Dividend Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the foregoing,
such dividends (payable in cash, securities or other property) as may be determined by our Board of Directors (or a duly authorized
committee of the Board of Directors) may be declared and paid on our Common Shares and any other Junior Stock from time to time
out of any funds legally available for such payment, and the holders of Series&nbsp;A Preferred Shares will not be entitled to
participate in any such dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preemptive Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Articles provide that
the holders of Series A Preferred Shares do not have preemptive rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under provisions introduced
by ARRA, Park may provide notice to the Federal Reserve Board and the U.S. Treasury of Park&rsquo;s desire to redeem all or part
of the Series A Preferred Shares. The proposed redemption must cover a minimum of 25% of the Series A Preferred Shares originally
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After receiving the required
notice, the U.S. Treasury and the Federal Reserve Board will consult about the request. Park will be subject to the
existing supervisory procedures for approving redemption requests for capital instruments, in which Park&rsquo;s desire to
redeem the Series A Preferred Shares will be weighed against the contribution of U.S. Treasury capital to Park&rsquo;s
overall soundness, capital adequacy and ability to lend, including confirmation that Park and its banking subsidiary Park
National Bank have a comprehensive internal capital assessment process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When all consultations have been completed,
the U.S. Treasury will contact Park to discuss the redemption request, including the details of the redemption and the documentation
to be completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In any redemption, the redemption
price is an amount equal to the per share liquidation amount plus accrued and unpaid dividends to but excluding the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Series&nbsp;A Preferred
Shares are not be subject to any mandatory redemption, sinking fund or similar provisions. Holders of Series&nbsp;A Preferred Shares
have no right to require the redemption or repurchase of the Series&nbsp;A Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If fewer than all of the outstanding
Series&nbsp;A Preferred Shares are to be redeemed, the Series A Preferred Shares to be redeemed will be selected either<I> pro
rata</I> from the holders of record of Series&nbsp;A Preferred Shares in proportion to the number of Series&nbsp;A Preferred Shares
held by those holders or in such other manner as our Board of Directors or a duly authorized committee thereof may determine to
be fair and equitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Series&nbsp;A Preferred Shares
that are redeemed, repurchased or otherwise acquired by us will revert to authorized but unissued preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are also subject to the
contractual restrictions described in the risk factor captioned &ldquo;<B><I>If we defer payments of interest on our outstanding
junior subordinated notes or if certain defaults relating to those junior subordinated notes occur, we will be prohibited from declaring
or paying dividends or distributions on, from redeeming or repurchasing, and from making liquidation payments with respect to,
the Series&nbsp;A Preferred Shares and our Common Shares</I></B> .&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidation Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that we voluntarily
or involuntarily liquidate, dissolve or wind up our affairs, holders of Series&nbsp;A Preferred Shares will be entitled to receive
an amount per share, referred to as the &ldquo;total liquidation amount&rdquo;, equal to the fixed liquidation preference of $1,000
per share, plus any accrued and unpaid dividends, whether or not declared, to the date of payment. Holders of the Series&nbsp;A
Preferred Shares will be entitled to receive the total liquidation amount out of our assets that are available for distribution
to shareholders, after payment or provision for payment of our debts and other liabilities but before any distribution of assets
is made to holders of our Common Shares or any other shares ranking, as to that distribution, junior to the Series&nbsp;A Preferred
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If our assets are not sufficient
to pay the total liquidation amount in full to all holders of Series&nbsp;A Preferred Shares and all holders of any shares of outstanding
Parity Stock, the amounts paid to the holders of Series&nbsp;A Preferred Shares and other shares of Parity Stock will be paid<I>
pro rata</I> in accordance with the respective total liquidation amount for those holders. If the total liquidation amount per
share of Series&nbsp;A Preferred Shares has been paid in full to all holders of Series&nbsp;A Preferred Shares and the corresponding
amounts payable with respect to other shares of Parity Stock has been paid in full, the holders of our Common Shares or any other
shares ranking, as to such distribution, junior to the Series&nbsp;A Preferred Shares will be entitled to receive all of our remaining
assets according to their respective rights and preferences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of the liquidation
rights, neither the sale, lease, conveyance, exchange or transfer of all or substantially all of our property and assets, nor the
consolidation or merger by us with or into any other entity or by another entity with or into us, will constitute a liquidation,
dissolution or winding-up of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are also subject to the
contractual restrictions described in the risk factor captioned &ldquo;<B><I>If we defer payments of interest on our outstanding
junior subordinated notes or if certain defaults relating to those junior subordinated notes occur, we will be prohibited from declaring
or paying dividends or distributions on, from redeeming or repurchasing, and from making liquidation payments with respect to,
the Series&nbsp;A Preferred Shares and our Common Shares</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as indicated below
or otherwise required by law, the holders of Series&nbsp;A Preferred Shares will not have any voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Election of Two Directors
upon Non-Payment of Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the dividends on the Series&nbsp;A
Preferred Shares have not been paid for an aggregate of six quarterly Dividend Periods or more (whether or not consecutive), the
authorized number of directors then constituting our Board of Directors will automatically be increased by two. Holders of Series
A Preferred Shares, together with the holders of any outstanding Parity Stock with like voting rights (&ldquo;Voting Parity Stock&rdquo;),
voting as a single class, will be entitled to elect the two additional members of our Board of Directors (&ldquo;Preferred Stock
Directors&rdquo;) at the next annual meeting (or at a special meeting called for the purpose of electing the Preferred Stock Directors
prior to the next annual meeting) and at each subsequent annual meeting until all accrued and unpaid dividends for all past Dividend
Periods, including the last completed Dividend Period, have been paid in full, at which time such right will terminate with respect
to the Series&nbsp;A Preferred Shares, subject to revesting in the event of each and every subsequent failure to pay dividends
in the circumstances described above. The election of any Preferred Stock Director is subject to the qualification that the election
would not cause us to violate the corporate governance requirements of NYSE Amex LLC (or any other exchange on which our securities
may be listed) that listed companies must have a majority of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the termination of the
right of the holders of Series&nbsp;A Preferred Shares and Voting Parity Stock to vote for Preferred Stock Directors, as described
above, the Preferred Stock Directors will immediately cease to be qualified as directors, their term of office will terminate immediately
and the number of authorized directors of Park will be reduced by the number of Preferred Stock Directors that the holders of Series&nbsp;A
Preferred Shares and Voting Parity Stock had been entitled to elect. The holders of a majority of the Series&nbsp;A Preferred Shares
and Voting Parity Stock, voting as a class, may remove any Preferred Stock Director, with or without cause, and the holders of
a majority of the Series&nbsp;A Preferred Shares and Voting Parity Stock, voting as a class, may fill any vacancy created by the
removal of a Preferred Stock Director. If the office of a Preferred Stock Director becomes vacant for any other reason, the remaining
Preferred Stock Director may choose a successor to fill such vacancy for the remainder of the unexpired term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Other Voting Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as any Series&nbsp;A
Preferred Shares are outstanding, in addition to any other vote or consent of shareholders required by law or by our Articles,
the vote or consent of the holders of at least 66<FONT STYLE="font-size: 10pt"><SUP> 2</SUP></FONT>/<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>%
of the Series&nbsp;A Preferred Shares at the time outstanding, voting separately as a single class, given in person or by proxy,
either in writing without a meeting or by vote at any meeting called for the purpose, will be necessary for effecting or validating:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any amendment or alteration of our Articles to authorize
or create or increase the authorized amount of, or any issuance of, any shares of, or any securities convertible into or exchangeable
or exercisable for shares of, any class or series of our capital stock ranking senior to the Series&nbsp;A Preferred Shares with
respect to the payment of dividends and/or the distribution of assets on any liquidation, dissolution or winding up of Park;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any amendment, alteration or repeal of any provision
of our Articles (including any amendment, alteration or repeal by means of a merger, consolidation or otherwise, unless no vote
on such merger or consolidation is required by the following paragraph) so as to adversely affect the rights, preferences, privileges
or voting powers of the Series&nbsp;A Preferred Shares; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any consummation of a binding share exchange or reclassification
involving the Series&nbsp;A Preferred Shares or of a merger or consolidation of Park with another entity, unless (1)&nbsp;the
Series&nbsp;A Preferred Shares remain outstanding following any such transaction or, if Park is not the surviving entity following
such transaction, are converted into or exchanged for preference securities of the surviving entity or its ultimate parent and
(2)&nbsp;such remaining outstanding Series&nbsp;A Preferred Shares or preference securities have rights, preferences, privileges
and voting powers that are not materially less favorable than the rights, preferences, privileges or voting powers of the Series&nbsp;A
Preferred Shares immediately prior to the consummation of such transaction, taken as a whole.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, any increase in the
amount of authorized preferred stock, including any increase in the authorized amount of Series&nbsp;A Preferred Shares necessary
to satisfy pre-emptive or similar rights granted by Park to other persons prior to December&nbsp;23, 2008, or the creation and
issuance, or an increase in the authorized or issued amount, whether pursuant to preemptive or similar rights or otherwise, of
any other series of preferred stock, or any securities convertible or exchangeable or exercisable for any other series of preferred
stock, ranking equally with and/or junior to Series&nbsp;A Preferred Shares with respect to the payment of dividends (whether such
dividends are cumulative or non-cumulative) and the distribution of assets upon liquidation, dissolution or winding up of Park
will not be deemed to adversely affect the rights, preferences, privileges or voting powers, and will not require the affirmative
vote or consent of, the holders of outstanding Series&nbsp;A Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With respect to the voting
rights of the Series&nbsp;A Preferred Shares, each holder of Series&nbsp;A Preferred Shares will have one vote for each Series&nbsp;A
Preferred Share on any matter on which holders of Series&nbsp;A Preferred Shares are entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing voting provisions
will not apply if, at or prior to the time when the vote or consent would otherwise be required, all outstanding Series&nbsp;A
Preferred Shares have been redeemed or called for redemption upon proper notice and sufficient funds have been set aside by us
for the benefit of the holders of Series&nbsp;A Preferred Shares to effect the redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF DEPOSITARY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Letter Agreement
between us and the U.S. Treasury, we have agreed, if requested by the U.S. Treasury, to enter into a depositary arrangement pursuant
to which the Series A Preferred Shares may be deposited and depositary shares, each representing a fraction of a Series A Preferred
Share as specified by the U.S. Treasury, may be issued. The Series&nbsp;A Preferred Shares would be held by a depositary (<I>e.g.</I>,
a bank or trust company) reasonably acceptable to the U.S. Treasury. If we enter into such a depository arrangement, the selling
securityholders would be offering depository shares, each representing a fraction of a Series&nbsp;A Preferred Share, instead of
actual whole Series&nbsp;A Preferred Shares. The actual terms of any depository arrangement would be set forth in a deposit agreement
to which we would be a party, and would be attached as an exhibit to a filing by us that would be incorporated by reference into
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF WARRANT TO PURCHASE COMMON
SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a brief description
of the terms of the Warrant that may be resold by the selling securityholders. This summary does not purport to be complete in
all respects. This description is subject to and qualified in its entirety by reference to the Warrant, a copy of which has been
filed with the SEC and is also available upon request from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares Subject to the Warrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Warrant is initially exercisable
for 227,376 of our Common Shares. The number of Common Shares subject to the Warrant is subject to the adjustments described below
under the caption &ldquo;&mdash;<B> Adjustments to the Warrant</B>.&rdquo; In accordance with the terms of the Letter Agreement
between us and the U.S. Treasury and the related Securities Purchase Agreement &mdash; Standard Terms, the U.S. Treasury has represented
that it intends to refrain from exercising any voting rights pertaining to our Common Shares which it may come to own upon exercise
of some or all of the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exercise of the Warrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The initial exercise price
applicable to the Warrant is $65.97 per Common Share for which the Warrant may be exercised. The Warrant may be exercised, in whole
or in part, at any time on or before December&nbsp;23, 2018 by surrender of the Warrant and a completed notice of exercise attached
as an annex to the Warrant and the payment of the exercise price for the Common Shares for which the Warrant is being exercised.
The exercise price may be paid either by the withholding by Park of such number of Common Shares issuable upon exercise of the
Warrant equal to the value of the aggregate exercise price of the Warrant determined by reference to the market price of our Common
Shares on the trading day on which the Warrant is exercised or, if agreed to by us and the warrantholder, by the payment of cash
equal to the aggregate exercise price. If the warrantholder does not exercise the Warrant in its entirety, the warrantholder will
be entitled to receive a new warrant in substantially identical form for the purchase of that number of Common Shares equal to
the difference between the number of Common Shares subject to the Warrant and the number of Common Shares as to which the Warrant
is exercised. The exercise price applicable to the Warrant is subject to the further adjustments described below under the caption
&ldquo;&mdash;<B> Adjustments to the Warrant</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon exercise of the
Warrant, certificates for the Common Shares issuable upon exercise will be issued to the warrantholder. Such Common Shares
will be deemed to be issued as of the close of business on the date on which the Warrant and the payment of the exercise
price are delivered to Park. We will not issue fractional shares upon any exercise of the Warrant. Instead, the warrantholder
will be entitled to a cash payment equal to the market price of our Common Shares on the last trading day preceding the
exercise of the Warrant less the pro-rated exercise price of the Warrant for any fractional Common Shares that would have
otherwise been issuable upon the exercise of the Warrant. We will at all times reserve the aggregate number of Common
Shares for which the Warrant may be exercised. The Common Shares issuable upon exercise of the Warrant will be listed on NYSE
Amex LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rights as a Shareholder</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The warrantholder will have
no rights or privileges of the holders of our Common Shares, including any voting rights, until (and then only to the extent) the
Warrant has been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transferability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Warrant, and all rights under
the Warrant, are transferable in accordance with applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Adjustments to the Warrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Adjustments in Connection
with Stock Splits, Subdivisions, Reclassifications and Combinations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The number of Common Shares
for which the Warrant may be exercised and the exercise price applicable to the Warrant will be proportionately adjusted in the
event we pay dividends or make distributions of our Common Shares, or subdivide, combine or reclassify our outstanding Common Shares
into a smaller or greater amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Other Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we declare any dividends
or distributions other than our historical, ordinary cash dividends (i.e., regular quarterly dividends not in excess of $0.94 per
share), both the number of Common Shares issuable upon exercise of the Warrant and the exercise price of the Warrant will be adjusted
to reflect such dividends or distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Certain Repurchases</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we effect a<I> pro rata</I>
repurchase of Common Shares, both the number of Common Shares issuable upon exercise of the Warrant and the exercise price of the
Warrant will be adjusted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Business Combinations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of a merger,
consolidation, statutory share exchange or similar transaction involving Park and requiring shareholder approval, or a reclassification
of our Common Shares (other than as described above under the caption &ldquo;&ndash;<B><I> Adjustments in Connection with Stock
Splits, Subdivisions, Reclassifications and Combinations</I></B>&rdquo;), the warrantholder&rsquo;s right to receive our Common
Shares upon exercise of the Warrant will be converted into the right to exercise the Warrant for the transaction consideration
that would have been payable to the warrantholder with respect to the Common Shares for which the Warrant may be exercised, as
if the Warrant had been exercised prior to such merger, consolidation or similar transaction, or reclassification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registered Sales of the Warrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders agree to sell
the Warrant or any portion thereof under the Registration Statement of which this prospectus is a part only beginning 30&nbsp;days
after notifying Park of any such sale, during which 30-day period the U.S. Treasury and all holders of the Warrant shall take reasonable
steps to agree to revisions to the Warrant to permit a public distribution of the Warrant, including entering into a warrant agreement
and appointing a warrant agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Repurchase of the Warrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following the redemption by
Park of all of the Series A Preferred Shares held by the U.S. Treasury, Park may elect to repurchase the Warrant. To do so, Park
must deliver to the U.S. Treasury within 15 calendar days after the date on which the Series A Preferred Shares are redeemed, a
notice of Park&rsquo;s intent to repurchase the Warrant, which repurchase would be made at the fair market value of the Warrant
pursuant to procedures set forth in Section 4.9(c) of the Securities Purchase Agreement (the &ldquo;Warrant Repurchase Notice&rdquo;).
If Park were to not deliver the Warrant Repurchase Notice to the U.S. Treasury within such 15-calendar day period, the U.S. Treasury
would be permitted to sell the Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a brief description
of the terms of our Common Shares. This summary does not purport to be complete in all respects. This description is subject to
and qualified in its entirety by reference to the relevant provisions of Ohio law, our Articles and our Regulations, as amended
(the &ldquo;Regulations&rdquo;), copies of which have been filed with the SEC and are also available upon request from us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Articles, we are authorized
to issue up to 20,000,000 Common Shares. As of March&nbsp;14, 2012, 15,405,908 Common Shares were outstanding, 752,129 Common
Shares were held by Park as treasury shares, and 74,020 Common Shares were reserved for issuance upon the exercise
of outstanding Park stock options and will be issued, to the extent of the exercise of any of such Park stock
options, exclusively from Common Shares held in treasury. The Common Shares issuable upon exercise of the Warrant, in whole
or in part, will be issued by us exclusively from Common Shares held in treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preemptive Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Articles provide that
the holders of Common Shares do not have preemptive rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidation Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Common Share entitles
the holder thereof to share ratably in Park&rsquo;s net assets legally available for distribution to shareholders in the event
of Park&rsquo;s liquidation, dissolution or winding up, after payment in full of all amounts required to be paid to creditors or
provision for such payment, subject to the rights of the holders of the Series&nbsp;A Preferred Shares described above under the
captions &ldquo;<B>DESCRIPTION OF SERIES A PREFERRED SHARES &ndash; Priority of Dividends and Payments on Liquidation</B>&rdquo;
and &ldquo;<B>DESCRIPTION OF SERIES A PREFERRED SHARES &ndash; Liquidation Rights</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are also subject to the
contractual restrictions described in the risk factor captioned &ldquo;<B><I>If we defer payments of interest on our outstanding
junior subordinated notes or if certain defaults relating to those junior subordinated notes occur, we will be prohibited from declaring
or paying dividends or distributions on, from redeeming or repurchasing, and from making liquidation payments with respect to,
the Series&nbsp;A Preferred Shares and our Common Shares</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subscription, Conversion and Redemption Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of Common Shares
do not have subscription or conversion rights, and there are no mandatory redemption provisions applicable to the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As an Ohio corporation, Park
may, in the discretion of our Board of Directors, generally pay dividends to our shareholders out of surplus, however created,
but must notify the shareholders if a dividend is paid out of capital surplus. Our ability to obtain funds for the payment of dividends
and for other cash requirements largely depends on the amount of dividends which may be declared and paid by our subsidiaries.
Thus, as a practical matter, any restrictions on the ability of Park National Bank to pay dividends will act as restrictions on
the amount of funds available for payment of dividends by Park.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividend payments from Park
National Bank are subject to legal and regulatory limitations, generally based on net income and retained earnings. The ability
of Park National Bank to pay dividends to us is also subject to its profitability, financial condition, capital expenditures and
other cash flow requirements and contractual obligations. Payments of dividends by Park National Bank may be restricted at any
time at the discretion of the applicable regulatory authorities, if they deem such dividends to constitute an unsafe and/or an
unsound banking practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Federal Reserve Board
has issued a policy statement with regard to the payment of cash dividends by bank holding companies. The policy statement provides
that, as a matter of prudent banking, a bank holding company should not maintain a rate of cash dividends unless its net income
available to common shareholders has been sufficient to fully fund the dividends, and the prospective rate of earnings retention
appears to be consistent with the bank holding company&rsquo;s capital needs, asset quality and overall financial condition. Accordingly,
a bank holding company should not pay dividends that exceed its net income or can only be funded in ways that weaken the bank holding
company&rsquo;s financial health, such as by borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Park is subject to other Federal Reserve
Board policies that may, in certain circumstances, limit our ability to pay dividends. These policies require, among other things,
that we maintain adequate capital above regulatory minimums. The Federal Reserve Board may also determine, under certain circumstances
relating to our financial condition, that the payment of dividends would be an unsafe or unsound practice and prohibit the payment
thereof. In addition, the Federal Reserve Board expects us to serve as a source of strength to Park National Bank, which may require
us to retain capital for further investments in Park National Bank, rather than use those funds for dividends for our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The dividend rights of holders
of our Common Shares are also qualified and subject to the dividend rights of holders of Series&nbsp;A Preferred Shares described
under the caption &ldquo;<B>DESCRIPTION OF SERIES A PREFERRED SHARES &ndash; Priority of Dividends and Payments on Liquidation</B>.&rdquo;&nbsp;We
are also subject to the contractual restrictions described in the risk factor captioned &ldquo;<B><I>If we defer payments of interest
on our outstanding junior subordinated notes or if certain defaults relating to those junior subordinated notes occur, we will be
prohibited from declaring or paying dividends or distributions on, from redeeming or repurchasing, and from making liquidation
payments with respect to, the Series&nbsp;A Preferred Shares and our Common Shares</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Regulations provide for
our Board of Directors to consist of not less than five and not more than 16 directors. Our Board of Directors may not increase
the number of directors to a number which exceeds by more than two the number of directors last elected by shareholders. The number
of Park directors was last fixed at 14 directors and currently consists of 14 directors. However, on March 2, 2012, each of James
J. Cullers and William A. Phillips notified Park that he had decided not to stand for re-election and would retire from Park&rsquo;s
Board of Directors as of the date of the 2012 Annual Meeting of Shareholder, April 23, 2012. After the 2012 Annual Meeting of Shareholders
and the election of four directors in the class whose terms expire in 2015, the Board of Directors will consist of twelve members
&ndash; four in the class whose terms expire in 2013, four in the class whose terms expire in 2014 and four in the class whose
terms expire in 2015 &ndash; and there will be two vacancies. In the event Park fails to pay the requisite cumulative dividends
on the Series A Preferred Shares for an aggregate of six dividend periods or more, whether or not consecutive, the authorized number
of directors of Park will automatically be increased by two and the holders of the Series A Preferred Shares will have the right
to elect two Preferred Directors. The right of holders of Series A Preferred Shares to elect the Preferred Directors ends when
all accrued and unpaid dividends have been paid in full. Please see the discussion under the caption &ldquo;<B>DESCRIPTION OF SERIES
A PREFERRED SHARES &ndash; Voting Rights &ndash; <I>Election of Two Directors upon Non-Payment of Dividends</I>.</B>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Classification of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Regulations provide for
our Board of Directors to be divided into three classes, with the term of office of one class expiring each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nomination of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Regulations, either
our Board of Directors or any shareholder entitled to vote in the election of directors may nominate a candidate for election to
our Board of Directors. Shareholder nominations must be made in writing and must be received by our President not less than 14&nbsp;days
and not more than 50&nbsp;days prior to the shareholder meeting at which directors are to be elected. If, however, notice of the
meeting is mailed or disclosed to shareholders less than 21&nbsp;days before the meeting date, shareholder nominations must be
received by the close of business on the 7<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT> day after notice is mailed. A shareholder&rsquo;s
notice nominating a director must set forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the name and address of each proposed nominee;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the principal occupation of each proposed nominee;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the total number of shares of our capital stock that
will be voted for each proposed nominee;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the name and residence address of the notifying shareholder;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of shares of our capital stock beneficially
owned by the notifying shareholder.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Removal of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Regulations provide that a director
or directors may be removed from office, with or without assigning cause, only by the vote of the holders of shares entitling them
to exercise not less than a majority of the voting power of Park to elect directors in place of those to be removed, provided that
unless all of the directors (or all of the directors of a particular class) are removed, no individual director may be removed
if the votes of a sufficient number of shares are cast against his removal that, if cumulatively voted at an election of directors
(or all of the directors of a particular class) would be sufficient to elect at least one director. However, under current Ohio
law, the directors of an issuing public corporation with a classified board of directors may only be removed for cause. Because
Park is an issuing public corporation and has a classified board of directors, the directors of Park may only be removed for cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, any Preferred
Director may be removed at any time, with or without cause, and any vacancy created thereby may be filled, only by the affirmative
vote of the holders of a majority of the Series A Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Ohio law, shareholders
have the right to make a request, in accordance with applicable procedures, to cumulate their votes in the election of directors
unless a corporation&rsquo;s articles of incorporation are amended, in accordance with applicable procedures, to eliminate that
right. Our Articles have not been amended to eliminate cumulative voting in the election of directors. Accordingly, if, in accordance
with Ohio law, any of our shareholders makes a proper request and announcement of such request is made at a meeting to elect directors,
each shareholder will have votes equal to the number of directors to be elected, multiplied by the number of Common Shares owned
by such shareholder, and will be entitled to distribute such votes among the candidates in any manner the shareholder wishes. Except
with respect to an election of directors for which cumulative voting has been properly requested, each Common Share entitles the
holder thereof to one vote on each matter submitted to our shareholders for consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Special Voting Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Articles contain special
voting requirements that may be deemed to have anti-takeover effects. These voting requirements are described in Article&nbsp;Eighth
and apply when any of the following actions are contemplated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any merger or consolidation of Park with or into a
beneficial owner of 20% or more of the voting power of Park entitled to vote in the election of directors (a &ldquo;20% beneficial
owner&rdquo;) or an affiliate or associate of that 20% beneficial owner;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any sale, lease, exchange, mortgage, pledge, transfer
or other disposition of at least 10% of the total assets of Park to a 20% beneficial owner or an affiliate or associate of that
20% beneficiary owner;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any merger into Park or one of our subsidiaries of
a 20% beneficial owner or its affiliates or associates;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any sale, lease, exchange, mortgage, pledge, transfer
or other disposition to Park or one of our subsidiaries of all or any part of the assets of a 20% beneficial owner (or its affiliates
or associates), excluding any disposition which, if included with all other dispositions consummated during the same fiscal year
of Park by the same 20% beneficial owner or its affiliates or associates, would not result in dispositions having an aggregate
fair value in excess of 1% of the total consolidated assets of Park, unless all such dispositions by the 20% beneficial owner
or its affiliates or associates during the same and four preceding fiscal years of Park would result in disposition of assets
having an aggregate fair value in excess of 2% of the total consolidated assets of Park;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any reclassification of the Common Shares or any recapitalization
involving the Common Shares consummated within five years after a 20% beneficial owner becomes such;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any agreement, contract or arrangement providing for
any of the previously described business combinations; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any amendment to Article&nbsp;Eighth of our Articles.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The enlarged majority vote
required when Article&nbsp;Eighth applies is the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">four-fifths of the outstanding Common Shares entitled
to vote on the proposed business combination, or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">that fraction of the outstanding Common Shares having
(1)&nbsp;as the numerator, a number equal to the sum of (a)&nbsp;the number of Common Shares beneficially owned by the 20% beneficial
owner<I> plus</I> (b)&nbsp;two-thirds of the remaining number of Common Shares outstanding, and (2)&nbsp;as the denominator, a
number equal to the total number of outstanding Common Shares entitled to vote.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Article&nbsp;Eighth does not
apply where: (i)&nbsp;the shareholders who do not vote in favor of the transaction and whose proprietary interest will be terminated
in connection with a transaction are paid a &ldquo;minimum price per share&rdquo;; and (ii)&nbsp;a proxy statement satisfying the
requirements of the Exchange Act is mailed to our shareholders for the purpose of soliciting shareholder approval of the transaction.
If the price criteria and procedural requirements are satisfied, the approval of a business combination would require only that
affirmative vote (if any) required by law or by our Articles or Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SELLING SECURITYHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On December&nbsp;23, 2008,
we issued 100,000 Series&nbsp;A Preferred Shares and the Warrant to the U.S. Treasury, which is the initial selling securityholder
under this prospectus, in a transaction exempt from the registration requirements of the Securities Act. The U.S. Treasury, or
its successors, including transferees, may from time to time offer and sell, pursuant to this prospectus or a supplement to this
prospectus, any or all of the securities they own. The securities to be offered under this prospectus for the account of the selling
securityholders are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">100,000 Series&nbsp;A Preferred Shares, representing
beneficial ownership of 100% of the Series&nbsp;A Preferred Shares outstanding on the date of this prospectus or, in the event
the U.S. Treasury requests that we deposit the Series&nbsp;A Preferred Shares with a depositary in accordance with the Letter
Agreement between us and the U.S. Treasury, depositary shares evidencing fractional share interests in such Series&nbsp;A Preferred
Shares;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Warrant to purchase 227,376 of our Common Shares;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">227,376 of our Common Shares issuable upon full exercise of the Warrant, which Common Shares,
                                                                                                                                 if issued, would represent beneficial ownership of approximately 1.45% of our Common Shares outstanding as of March&nbsp;14, 2012
                                                                                                                                 (including the Common Shares issuable upon exercise of the Warrant in the total number of Common Shares outstanding).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of this prospectus, we have
assumed that, after completion of the offering, none of the securities covered by this prospectus will be held by the selling securityholders
or affiliates thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Beneficial ownership is determined
in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. As of the date
hereof, we are not aware that anyone other than the U.S. Treasury has any voting and investment power with respect to the securities
being offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not know when or in
what amounts the selling securityholders may offer the securities for sale. The selling securityholders might not sell any or all
of the securities offered by this prospectus. Because the selling securityholders may offer all or some of the securities pursuant
to this offering, and because we are unaware of any of the securities being subject to any agreement, arrangement or understanding,
we cannot estimate the number of the securities that will be held by the selling securityholders after completion of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than with respect to
the acquisition of the securities and the relationship established under the CPP, the U.S. Treasury has not had a material relationship
with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Information about the selling
securityholders may change over time, and changed information will be set forth in supplements to this prospectus if and when necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The selling securityholders
and their successors, including their transferees, may sell the securities directly to purchasers or through underwriters, broker-dealers
or agents, who may receive compensation in the form of discounts, concessions or commissions from the selling securityholders or
the purchasers of the securities. These discounts, concessions or commissions as to any particular underwriter, broker-dealer or
agent may be in excess of those customary in the types of transactions involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The securities may be sold in one
or more public or private transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined
at the time of sale or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">on any national securities exchange or quotation service
on which the Series&nbsp;A Preferred Shares or the Common Shares may be listed or quoted at the time of sale, including, as of
the date of this prospectus, NYSE Amex LLC, in the case of the Common Shares;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the over-the-counter market;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in transactions otherwise than on these exchanges
or services or in the over-the-counter market; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through the writing of options, whether the options
are listed on an options exchange or otherwise.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, any securities
that qualify for sale pursuant to Rule&nbsp;144 under the Securities Act may be sold under Rule&nbsp;144 rather than pursuant to
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the sale
of the securities or otherwise, the selling securityholders may enter into hedging transactions with broker-dealers, which may,
in turn, engage in short sales of the Common Shares issuable upon exercise of the Warrant in the course of hedging the positions
they assume. The selling securityholders may also sell short the Common Shares issuable upon exercise of the Warrant and deliver
Common Shares to close out short positions, or loan or pledge the Series A Preferred Shares or the Common Shares issuable upon
exercise of the Warrant to broker-dealers that in turn may sell these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The aggregate proceeds to
the selling securityholders from the sale of the securities will be the purchase price of the securities less discounts and commissions,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In effecting sales, broker-dealers
or agents engaged by the selling securityholders may arrange for other broker-dealers to participate. Broker-dealers or agents
may receive commissions, discounts or concessions from the selling securityholders in amounts to be negotiated immediately prior
to the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In offering the securities
covered by this prospectus, the selling securityholders and any broker-dealers who execute sales for the selling securityholders
may be deemed to be &ldquo;underwriters&rdquo; within the meaning of Section&nbsp;2(a)(11) of the Securities Act in connection
with such sales. Any profits realized by the selling securityholders and the compensation of any broker-dealer may be deemed to
be underwriting discounts and commissions. Selling securityholders who are &ldquo;underwriters&rdquo; within the meaning of Section&nbsp;2(a)(11)
of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act and may be subject to certain
statutory and regulatory liabilities, including liabilities imposed pursuant to Sections&nbsp;11, 12 and 17 of the Securities Act
and Rule&nbsp;10b-5 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to comply with the
securities laws of certain states, if applicable, the securities must be sold in such jurisdictions only through registered or
licensed brokers or dealers. In addition, in certain states, the securities may not be sold unless they have been registered or
qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and
is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The anti-manipulation rules
of Regulation&nbsp;M under the Exchange Act may apply to sales of securities pursuant to this prospectus and to the activities
of the selling securityholders. In addition, we will make copies of this prospectus available to the selling securityholders for
the purpose of satisfying the prospectus delivery requirements of the Securities Act, which may include delivery through the facilities
of NYSE Amex LLC pursuant to Rule&nbsp;153 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the time a particular offer
of securities is made, if required, a prospectus supplement will set forth the number and type of securities being offered and
the terms of the offering, including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
any discount, commission and other item constituting compensation, any discount, commission or concession allowed or reallowed
or paid to any dealer, and the proposed selling price to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not intend to apply for listing of
the Series&nbsp;A Preferred Shares or the Warrant on any national securities exchange unless requested by the U.S. Treasury. No
assurance can be given as to the liquidity of the trading market, if any, for the Series&nbsp;A Preferred Shares. Our Common Shares
are listed on NYSE Amex LLC and trade under the symbol &ldquo;PRK&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify
the selling securityholders against certain liabilities, including certain liabilities under the Securities Act. We have also agreed,
among other things, to bear substantially all expenses (other than underwriting discounts and selling commissions) in connection
with the registration and sale of the securities covered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of the securities being offered
by this prospectus is being passed upon for Park by the law firm of Vorys, Sater, Seymour and Pease LLP, Columbus, Ohio. As of
March&nbsp;14, 2012, Vorys, Sater, Seymour and Pease LLP attorneys, together with members of their immediate families, owned an
aggregate of 2,012 of our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial
statements of Park appearing in Park&rsquo;s 2011 Annual Report, and incorporated by reference into Park&rsquo;s 2011 Form 10-K,
have been audited by Crowe Horwath LLP, independent registered public accounting firm, as set forth in their report thereon, included
in Park&rsquo;s 2011 Annual Report and incorporated therefrom in Park&rsquo;s 2011 Form 10-K, which 2011 Form 10-K is, in turn,
incorporated in this prospectus by reference. Such consolidated financial statements are incorporated in this prospectus by reference
in reliance upon such report given on the authority of such firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;14.<I> Other Expenses of Issuance and Distribution.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth
the expenses payable by Park National Corporation in connection with the sale of the securities being registered:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Registration Fee &mdash; Securities and Exchange Commission</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">8,659.50</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">NYSE Amex LLC Listing Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Legal Fees and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,500.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Accounting Fees and Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,500.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Printing Expenses and Postage</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,000.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -12.1pt; padding-left: 12.1pt">Miscellaneous</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,000.00</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-indent: -12.1pt; padding-left: 24.2pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 2.5pt double">34,659.50</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of the above amounts, other
than the SEC registration fee, are estimates only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;15.<I> Indemnification of Directors and Officers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(a)&nbsp;&#9;Ohio General Corporation Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&nbsp;1701.13(E) of
the Ohio Revised Code grants corporations broad powers to indemnify directors, officers, employees and agents. Section&nbsp;1701.13(E)
provides:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(E)&nbsp;&#9;(1)&nbsp;&#9;A
corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, other than an action
by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee, or agent of the corporation,
or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of
another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture,
trust, or other enterprise, against expenses, including attorney&rsquo;s fees, judgments, fines, and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit, or proceeding, if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, if he had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit, or
proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself,
create a presumption that the person did not act in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action or proceeding, he had reasonable cause to believe
that his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&nbsp;&#9;A corporation
may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending,
or completed action or suit by or in the right of the corporation to procure a judgment in its favor, by reason of the fact that
he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation
as a director, trustee, officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or
for profit, a limited liability company, or a partnership, joint venture, trust, or other enterprise, against expenses, including
attorney&rsquo;s fees, actually and reasonably incurred by him in connection with the defense or settlement of such action or suit,
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation,
except that no indemnification will be made in respect of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(a)&nbsp;&#9;Any claim, issue,
or matter as to which such person is adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation
unless, and only to the extent that, the court of common pleas or the court in which such action or suit was brought determines,
upon application, that, despite the adjudication of liability, but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses as the court of common pleas or such other court shall deem proper;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(b)&nbsp;&#9;Any action or
suit in which the only liability asserted against a director is pursuant to section 1701.95 of the Revised Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;&#9;To the extent
that a director, trustee, officer, employee, member, manager, or agent has been successful on the merits or otherwise in defense
of any action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section, or in defense of any claim, issue,
or matter therein, he shall be indemnified against expenses, including attorney&rsquo;s fees, actually and reasonably incurred
by him in connection with the action, suit, or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4)&nbsp;&#9;Any indemnification
under division (E)(1) or (2)&nbsp;of this section, unless ordered by a court, shall be made by the corporation only as authorized
in the specific case, upon a determination that indemnification of the director, trustee, officer, employee, member, manager, or
agent is proper in the circumstances because he has met the applicable standard of conduct set forth in division (E)(1) or (2)&nbsp;of
this section. Such determination shall be made as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(a)&nbsp;&#9;By a majority
vote of a quorum consisting of directors of the indemnifying corporation who were not and are not parties to or threatened with
the action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(b)&nbsp;&#9;If the quorum
described in division (E)(4)(a) of this section is not obtainable or if a majority vote of a quorum of disinterested directors
so directs, in a written opinion by independent legal counsel other than an attorney, or a firm having associated with it an attorney,
who has been retained by or who has performed services for the corporation or any person to be indemnified within the past five
years;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(c) &#9;By the shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(d)&nbsp;&#9;By the court
of common pleas or the court in which the action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section
was brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">Any determination made by
the disinterested directors under division (E)(4)(a) or by independent legal counsel under division (E)(4)(b) of this section shall
be promptly communicated to the person who threatened or brought the action or suit by or in the right of the corporation under
division (E)(2) of this section, and, within ten days after receipt of such notification, such person shall have the right to petition
the court of common pleas or the court in which such action or suit was brought to review the reasonableness of such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(5)&nbsp;&#9;(a)&nbsp;&#9;Unless
at the time of a director&rsquo;s act or omission that is the subject of an action, suit, or proceeding referred to in division
(E)(1) or (2)&nbsp;of this section, the articles or the regulations of a corporation state, by specific reference to this division,
that the provisions of this division do not apply to the corporation and unless the only liability asserted against a director
in an action, suit, or proceeding referred to in division (E)(1) or (2)&nbsp;of this section is pursuant to Section 1701.95 of
the Revised Code, expenses, including attorney&rsquo;s fees, incurred by a director in defending the action, suit, or proceeding
will be paid by the corporation as they are incurred, in advance of the final disposition of the action, suit, or proceeding, upon
receipt of an undertaking by or on behalf of the director in which he agrees to do both of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;&#9;Repay such amount
if it is proved by clear and convincing evidence in a court of competent jurisdiction that his action or failure to act involved
an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken with reckless disregard for
the best interests of the corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)&nbsp;&#9;Reasonably cooperate
with the corporation concerning the action, suit, or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(b)&nbsp;&#9;Expenses, including
attorney&rsquo;s fees, incurred by a director, trustee, officer, employee, member, manager, or agent in defending any action, suit,
or proceeding referred to in division (E)(1) or (2)&nbsp;of this section, may be paid by the corporation as they are incurred,
in advance of the final disposition of the action, suit, or proceeding, as authorized by the directors in the specific case, upon
receipt of an undertaking by or on behalf of the director, trustee, officer, employee, member, manager, or agent to repay such
amount, if it ultimately is determined that he is not entitled to be indemnified by the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(6)&nbsp;&#9;The indemnification
authorized by this section shall not be exclusive of, and shall be in addition to, any other rights granted to those seeking indemnification
under the articles, the regulations, any agreement, a vote of shareholders or disinterested directors, or otherwise, both as to
action in their official capacities and as to action in another capacity while holding their offices or positions, and shall continue
as to a person who has ceased to be a director, trustee, officer, employee, member, manager, or agent and shall inure to the benefit
of the heirs, executors, and administrators of such a person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(7)&nbsp;&#9;A corporation
may purchase and maintain insurance or furnish similar protection, including, but not limited to, trust funds, letters of credit,
or self-insurance, on behalf of or for any person who is or was a director, officer, employee, or agent of the corporation, or
is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another
corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust,
or other enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his
status as such, whether or not the corporation would have the power to indemnify him against such liability under this section.
Insurance may be purchased from or maintained with a person in which the corporation has a financial interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(8)&nbsp;&#9;The authority
of a corporation to indemnify persons pursuant to division (E)(1) or (2)&nbsp;of this section does not limit the payment of expenses
as they are incurred, indemnification, insurance, or other protection that may be provided pursuant to divisions (E)(5), (6), and
(7)&nbsp;of this section. Divisions (E)(1) and (2)&nbsp;of this section do not create any obligation to repay or return payments
made by the corporation pursuant to division (E)(5), (6), or (7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(9)&nbsp;&#9;As used in division
(E)&nbsp;of this section, &ldquo;corporation&rdquo; includes all constituent entities in a consolidation or merger and the new
or surviving corporation, so that any person who is or was a director, officer, employee, trustee, member, manager, or agent of
such a constituent entity, or is or was serving at the request of such constituent entity as a director, trustee, officer, employee,
member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or
a partnership, joint venture, trust, or other enterprise, shall stand in the same position under this section with respect to the
new or surviving corporation as he would if he had served the new or surviving corporation in the same capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(b)&nbsp;&#9;Regulations of Park</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The
Regulations of Park contain the following provisions with respect to the indemnification of directors and officers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE FIVE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">INDEMNIFICATION AND
INSURANCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>&nbsp;5.01.<I>
Mandatory Indemnification</I></U>. The corporation shall indemnify any officer or director of the corporation who was or is a party
or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (including, without limitation, any action threatened or instituted by or in the right of the corporation),
by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, trustee, officer, employee or agent of another corporation (domestic or foreign, nonprofit
or for profit), partnership, joint venture, trust or other enterprise, against expenses (including, without limitation, attorneys&rsquo;
fees, filing fees, court reporters&rsquo; fees and transcript costs), judgments, fines and amounts paid in settlement actually
and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any criminal action or
proceeding, he had no reasonable cause to believe his conduct was unlawful. A person claiming indemnification under this Section&nbsp;5.01
shall be presumed, in respect of any act or omission giving rise to such claim for indemnification, to have acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and with respect to any
criminal matter, to have had no reasonable cause to believe his conduct was unlawful, and the termination of any action, suit or
proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself,
rebut such presumption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>
5.02.<I> Court-Approved Indemnification</I></U>. Anything contained in the Regulations or elsewhere to the contrary notwithstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&nbsp;&#9;the corporation
shall not indemnify any officer or director of the corporation who was a party to any completed action or suit instituted by or
in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee
or agent of another corporation (domestic or foreign, nonprofit or for profit), partnership, joint venture, trust or other enterprise,
in respect of any claim, issue or matter asserted in such action or suit as to which he shall have been adjudged to be liable for
acting with reckless disregard for the best interests of the corporation or misconduct (other than negligence) in the performance
of his duty to the corporation unless and only to the extent that the Court of Common Pleas of Licking County, Ohio or the court
in which such action or suit was brought shall determine upon application that, despite such adjudication of liability, and in
view of all the circumstances of the case, he is fairly and reasonably entitled to such indemnity as such Court of Common Pleas
or such other court shall deem proper; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&#9;the corporation shall
promptly make any such unpaid indemnification as is determined by a court to be proper as contemplated by this Section&nbsp;5.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">SECTION<U> 5.03.<I> Indemnification for Expenses</I></U>. Anything
contained in the Regulations or elsewhere to the contrary notwithstanding, to the extent that an officer or director of the corporation
has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section&nbsp;5.01,
or in defense of any claim, issue or matter therein, he shall be promptly indemnified by the corporation against expenses (including,
without limitation, attorneys&rsquo; fees, filing fees, court reporters&rsquo; fees and transcript costs) actually and reasonably
incurred by him in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>
5.04<I> Determination Required</I></U>. Any indemnification required under Section&nbsp;5.01 and not precluded under Section&nbsp;5.02
shall be made by the corporation only upon a determination that such indemnification of the officer or director is proper in the
circumstances because he has met the applicable standard of conduct set forth in Section&nbsp;5.01. Such determination may be made
only (A)&nbsp;by a majority vote of a quorum consisting of directors of the corporation who were not and are not parties to, or
threatened with, any such action, suit or proceeding, or (B)&nbsp;if such a quorum is not obtainable or if a majority of a quorum
of disinterested directors so directs, in a written opinion by independent legal counsel other than an attorney, or a firm having
associated with it an attorney, who has been retained by or who has performed services for the corporation, or any person to be
indemnified, within the past five years, or (C)&nbsp;by the shareholders, or (D)&nbsp;by the Court of Common Pleas of Licking County,
Ohio or (if the corporation is a party thereto) the court in which such action, suit or proceeding was brought, if any; any such
determination may be made by a court under division (D)&nbsp;of this Section&nbsp;5.04 at any time [including, without limitation,
any time before, during or after the time when any such determination may be requested of, be under consideration by or have been
denied or disregarded by the disinterested directors under division (A)&nbsp;or by independent legal counsel under division (B)
or by the shareholders under division (C)&nbsp;of this Section&nbsp;5.04]; and no failure for any reason to make any such determination,
and no decision for any reason to deny any such determination, by the disinterested directors under division (A)&nbsp;or by independent
legal counsel under division (B)&nbsp;or by shareholders under division (C)&nbsp;of this Section&nbsp;5.04 shall be evidence in
rebuttal of the presumption recited in Section&nbsp;5.01. Any determination made by the disinterested directors under division
(A)&nbsp;or by independent legal counsel under division (B)&nbsp;of this Section&nbsp;5.04 to make indemnification in respect of
any claim, issue or matter asserted in an action or suit threatened or brought by or in the right of the corporation shall be promptly
communicated to the person who threatened or brought such action or suit, and within ten (10)&nbsp;days after receipt of such notification
such person shall have the right to petition the Court of Common Pleas of Licking County, Ohio or the court in which such action
or suit was brought, if any, to review the reasonableness of such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>&nbsp;5.05.<I>
Advances for Expenses</I></U>. Expenses (including, without limitation, attorneys&rsquo; fees, filing fees, court reporters&rsquo;
fees and transcript costs) incurred in defending any action, suit or proceeding referred to in Section&nbsp;5.01 shall be paid
by the corporation in advance of the final disposition of such action, suit or proceeding to or on behalf of the officer or director
promptly as such expenses are incurred by him, but only if such officer or director shall first agree, in writing, to repay all
amounts so paid in respect of any claim, issue or other matter asserted in such action, suit or proceeding in defense of which
he shall not have been successful on the merits or otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&nbsp;&#9;if it shall ultimately
be determined as provided in Section&nbsp;5.04 that he is not entitled to be indemnified by the corporation as provided under Section&nbsp;5.01;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&nbsp;&#9;if, in respect
of any claim, issue or other matter asserted by or in the right of the corporation in such action or suit, he shall have been adjudged
to be liable for acting with reckless disregard for the best interests of the corporation or misconduct (other than negligence)
in the performance of his duty to the corporation, unless and only to the extent that the Court of Common Pleas of Licking County,
Ohio or the court in which such action or suit was brought shall determine upon application that, despite such adjudication of
liability, and in view of all the circumstances, he is fairly and reasonably entitled to all or part of such indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>
5.06.<I> Article&nbsp;FIVE Not Exclusive</I></U>. The indemnification provided by this Article&nbsp;FIVE shall not be exclusive
of, and shall be in addition to, any other rights to which any person seeking indemnification may be entitled under the Articles
or the Regulations or any agreement, vote of shareholders or disinterested directors, or otherwise, both as to action in his official
capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be
an officer or director of the corporation and shall inure to the benefit of the heirs, executors, and administrators of such a
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>&nbsp;5.07.<I>
Insurance</I></U>. The corporation may purchase and maintain insurance or furnish similar protection, including but not limited
to trust funds, letters of credit, or self-insurance, on behalf of any person who is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, or agent
of another corporation (domestic or foreign, nonprofit or for profit), partnership, joint venture, trust or other enterprise, against
any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not
the corporation would have the obligation or the power to indemnify him against such liability under the provisions of this Article&nbsp;FIVE.
Insurance may be purchased from or maintained with a person in which the corporation has a financial interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>&nbsp;5.08.<I>
Certain Definitions</I></U><I>.</I> For purposes of this Article&nbsp;FIVE, and as examples and not by way of limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(A)&nbsp;&#9;A person claiming
indemnification under this Article&nbsp;FIVE shall be deemed to have been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in Section&nbsp;5.01, or in defense of any claim, issue or other matter therein, if such
action, suit or proceeding shall be terminated as to such person, with or without prejudice, without the entry of a judgment or
order against him, without a conviction of him, without the imposition of a fine upon him and without his payment or agreement
to pay any amount in settlement thereof (whether or not any such termination is based upon a judicial or other determination of
the lack of merit of the claims made against him or otherwise results in a vindication of him); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(B)&nbsp;&#9;References to
an &ldquo;other enterprise&rdquo; shall include employee benefit plans; references to a &ldquo;fine&rdquo; shall include any excise
taxes assessed on a person with respect to an employee benefit plan; and references to &ldquo;serving at the request of the corporation&rdquo;
shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services
by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and
a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries
of an employee benefit plan shall be deemed to have acted in a manner &ldquo;not opposed to the best interests of the corporation&rdquo;
within the meaning of that term as used in this Article&nbsp;FIVE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><U>SECTION</U></FONT><U>&nbsp;5.09.<I>
Venue</I></U><I>.</I> Any action, suit or proceeding to determine a claim for indemnification under this Article&nbsp;FIVE may
be maintained by the person claiming such indemnification, or by the corporation, in the Court of Common Pleas of Licking County,
Ohio. The corporation and (by claiming such indemnification) each such person consent to the exercise of jurisdiction over its
or his person by the Court of Common Pleas of Licking County, Ohio in any such action, suit or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><U>SECTION&nbsp;5.10.<I> Laws
and Regulations</I></U>. Anything contained in the Regulations or elsewhere to the contrary notwithstanding, any indemnification
or insurance provided for under this Article FIVE shall be subject to the limitations of and conditioned upon compliance with the
provisions of applicable state and federal laws and regulations, including, without limitation: (A)&nbsp;the provisions of the
Ohio Revised Code governing indemnification by an Ohio corporation of, and insurance maintained by an Ohio corporation on behalf
of, its officers, directors or employees; and (B)&nbsp;the provisions of 12 U.S.C. &sect; 1828(k) and Part&nbsp;359 of the regulations
of the Federal Deposit Insurance Corporation (the &ldquo;FDIC&rdquo;) (12 C.F.R. Part&nbsp;359), which provisions contain certain
prohibitions and limitations on the making of certain indemnification payments and the maintenance of certain insurance coverage
by FDIC-insured depository institutions and their holding companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>(c)&nbsp;&#9;Insurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Park has purchased insurance
coverage under policies that insure directors and officers against certain liabilities that might be incurred by them in their
capacities as directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;16.<I> Exhibits.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The documents listed below
are filed with this Registration Statement as exhibits or incorporated into this Registration Statement by reference as noted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Exhibit Number</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Description</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on March&nbsp;24, 1992 (Incorporated herein by reference to Exhibit&nbsp;3(a) to Park National Corporation&rsquo;s Form&nbsp;8-B, filed on May 20, 1992 (File No.&nbsp;0-18772) (&ldquo;Park&rsquo;s Form&nbsp;8-B&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on May&nbsp;6, 1993 (Incorporated herein by reference to Exhibit&nbsp;3(b) to Park National Corporation&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 1993 (File No. 0-18772))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(c)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April&nbsp;16, 1996 (Incorporated herein by reference to Exhibit&nbsp;3(a) to Park National Corporation&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31, 1996 (File No.&nbsp;1-13006))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(d)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment by Shareholders to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April&nbsp;22, 1997 (Incorporated herein by reference to Exhibit 3(a)(1) to Park National Corporation&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarterly period ended June&nbsp;30, 1997 (File No.&nbsp;1-13006) (&ldquo;Park&rsquo;s June&nbsp;30, 1997 Form 10-Q&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(e)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment by Shareholders or Members as filed with the Secretary of State of the State of Ohio on December&nbsp;18, 2008 in order to evidence the adoption by the shareholders of Park National Corporation on December&nbsp;18, 2008 of an amendment to Article&nbsp;FOURTH of Park National Corporation&rsquo;s Articles of Incorporation to authorize Park National Corporation to issue up to 200,000 preferred shares, without par value (Incorporated herein by reference to Exhibit&nbsp;3.1 to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed December&nbsp;19, 2008 (File No.&nbsp;1-13006))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(f)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment by Directors or Incorporators to Articles as filed with the Secretary of State of the State of Ohio on December&nbsp;19, 2008, evidencing adoption of amendment by Board of Directors of Park National Corporation to Article&nbsp;FOURTH of Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series&nbsp;A, each without par value, of Park National Corporation (Incorporated herein by reference to Exhibit&nbsp;3.1 to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed December&nbsp;23, 2008 (File No.&nbsp;1-13006) (&ldquo;Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(g)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificate of Amendment by Shareholders or Members filed with
        the Secretary of State of the State of Ohio on</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 18, 2011 in order to evidence the adoption by Park National
        Corporation&rsquo;s shareholders of an amendment to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article SIXTH of Park National Corporation&rsquo;s Articles
        of Incorporation in order to provide that shareholders do</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">not have preemptive rights (Incorporated herein by reference
        to Exhibit 3.1 to Park National Corporation&rsquo;s</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Current Report on Form 8-K dated and filed April 19, 2011 (File
        No. 1-13006))</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(h)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Articles of Incorporation of Park National Corporation (reflecting
        amendments through April 18, 2011) [for SEC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">reporting compliance purposes only &ndash; not filed with Ohio
        Secretary of State] (Incorporated herein by reference to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 3.1(h) to Park National Corporation&rsquo;s Quarterly
        Report on Form 10-Q for the quarterly period ended</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 31, 2011 (File No. 1-13006))</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Regulations of Park National Corporation (Incorporated herein by reference to Exhibit&nbsp;3(b) to Park&rsquo;s Form&nbsp;8-B)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certified Resolution regarding Adoption of Amendment to Subsection 2.02(A) of the Regulations of Park National Corporation by Shareholders on April&nbsp;21, 1997 (Incorporated herein by reference to Exhibit&nbsp;3(b)(1) to Park&rsquo;s June&nbsp;30, 1997 Form&nbsp;10-Q)</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center; border-bottom: Black 1pt solid"><B>Exhibit Number</B>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-autospace: none; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Description</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none; width: 10%">4.2(c)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; width: 88%">Certificate Regarding Adoption of Amendments to Sections&nbsp;1.04 and 1.11 of Park National Corporation&rsquo;s Regulations by the Shareholders on April&nbsp;17, 2006 (Incorporated herein by reference to Exhibit&nbsp;3.1 to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed April&nbsp;18, 2006 (File No.&nbsp;1-13006))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(d)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate Regarding Adoption by the Shareholders of Park National Corporation on April&nbsp;21, 2008 of Amendment to Regulations to Add New Section&nbsp;5.10 to Article&nbsp;FIVE (Incorporated herein by reference to Exhibit&nbsp;3.2(d) to Park National Corporation&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2008 (File No.&nbsp;1-13006))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(e)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulations of Park National Corporation (reflecting amendments
        through April 21, 2008) [For purposes of SEC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">reporting compliance only] (Incorporated herein by reference
        to Exhibit 3.2(e) to Park&rsquo;s March 31, 2008 Form</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10-Q)</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.3</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Warrant to Purchase 227,376 Shares of Common Stock (Common Shares) of Park National Corporation issued to the United States Department of the Treasury on December&nbsp;23, 2008 (Incorporated herein by reference to Exhibit&nbsp;4.1 to Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.4</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Letter Agreement, dated December&nbsp;23, 2008, including Securities Purchase Agreement &mdash; Standard Terms attached thereto as Exhibit&nbsp;A, between Park National Corporation and the United States Department of the Treasury (Incorporated herein by reference to Exhibit 10.1 to Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K) [<U> NOTE</U> : Annex A to Securities Purchase Agreement is not included therewith; filed as Exhibit&nbsp;3.1 to Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K and incorporated by reference at Exhibit 4.1(f) of this Registration Statement]</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.5(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Junior Subordinated Indenture, dated as of December&nbsp;5, 2005, between Vision Bancshares, Inc. and Wilmington Trust Company, as Trustee (Incorporated herein by reference to Exhibit&nbsp;10.16 to Vision Bancshares, Inc.&rsquo;s Annual Report on Form&nbsp;10-KSB for the fiscal year ended December&nbsp;31, 2005 (File No.&nbsp;000-50719))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.5(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March&nbsp;9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc. (Incorporated herein by reference to Exhibit&nbsp;4.1(b) to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed March&nbsp;15, 2007 (File No.&nbsp;1-13006) (&ldquo;Park&rsquo;s March&nbsp;15, 2007 Form&nbsp;8-K&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.6(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Amended and Restated Trust Agreement, dated as of December&nbsp;5, 2005, among Vision Bancshares, Inc., as Depositor; Wilmington Trust Company, as Property Trustee and as Delaware Trustee; and the Administrative Trustees named therein, in respect of Vision Bancshares Trust I (Incorporated herein by reference to Exhibit 10.15 to Vision Bancshares, Inc.&rsquo;s Annual Report on Form&nbsp;10-KSB for the fiscal year ended December&nbsp;31, 2005 (File No.&nbsp;000-50719))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><U>Note</U>: Pursuant to the First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March&nbsp;9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc., Park National Corporation succeeded to and was substituted for Vision Bancshares, Inc. as &ldquo;Depositor&rdquo;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.6(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Notice of Resignation of Administrative Trustees and Appointment of Successors, dated March&nbsp;9, 2007, delivered to Wilmington Trust Company by the Resigning Administrative Trustees named therein, the Successor Administrative Trustees named therein and Park National Corporation (Incorporated herein by reference to Exhibit&nbsp;4.2(b) to Park&rsquo;s March&nbsp;15, 2007 Form&nbsp;8-K)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.7</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Guarantee Agreement, dated as of December&nbsp;5, 2005, between Vision Bancshares, Inc., as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, in respect of Vision Bancshares Trust I (Incorporated herein by reference to Exhibit&nbsp;10.17 to Vision Bancshares, Inc.&rsquo;s Annual Report on Form&nbsp;10-KSB for the fiscal year ended December&nbsp;31, 2005 (File No. 000-50719))</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center; border-bottom: Black 1pt solid"><B>Exhibit <BR>
Number</B></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center; border-bottom: Black 1pt solid"><B>Description</B>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; width: 88%"><U>Note</U>: Pursuant to the First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March&nbsp;9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc., Park National Corporation succeeded to and was substituted for Vision Bancshares, Inc. as &ldquo;Guarantor&rdquo;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">5.1</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Opinion of Vorys, Sater, Seymour and Pease LLP as to the legality of the securities to be registered &dagger;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">12</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends&dagger;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">23.1</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Consent of Crowe Horwath LLP &dagger;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">23.2</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Consent of Vorys, Sater, Seymour and Pease LLP, included in Exhibit&nbsp;5.1 &dagger;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">24.1</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Powers of Attorney &dagger;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-autospace: none">_______________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&dagger;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Filed herewith.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;17.<I> Undertakings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&#9;The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&nbsp;&#9;To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) &#9;To include any prospectus
required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) &#9;To reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii) &#9;To include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">provided, however, that paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus
filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&nbsp;&#9;That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;&#9;To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(4)&nbsp;&#9;That, for the purpose of determining
liability under the Securities Act to 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) &#9;Each prospectus filed
by the registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of this registration statement as of the date the
filed prospectus was deemed part of and included in this registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) &#9;Each prospectus required
to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or (b) (7)&nbsp;as part of a registration statement in reliance on Rule&nbsp;430B
relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x)&nbsp;for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in this registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer
and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of this registration statement
relating to the securities in this registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or a prospectus that is part of this registration statement or made in a document incorporated or deemed incorporated
by reference into a registration statement or prospectus that is part of this registration statement will, as to a purchaser with
a time of contract for sale prior to such effective date, supersede or modify any statement that was made in a registration statement
or prospectus that was part of this registration statement or made in any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(5)&nbsp;&#9;That, for the purpose of determining
liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) &#9;Any preliminary prospectus
or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) &#9;Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii) &#9;The portion of any other
free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities
provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv) &#9;Any other communication
that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;&#9;The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act (and, where applicable, each filing of an employee benefit
plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&#9;Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Newark, State of Ohio, on March&nbsp;15, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-autospace: none">PARK NATIONAL CORPORATION</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; width: 42%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; width: 46%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Name:</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ C. Daniel DeLawder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>C. Daniel DeLawder</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Title:</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; font-style: italic">Chairman of the Board and Chief Executive Officer</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on
March&nbsp;15, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Signature</TD>
    <TD STYLE="width: 15%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Title</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ C. Daniel DeLawder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C. Daniel DeLawder</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Chairman of the Board, Chief Executive Officer and Director</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ David L. Trautman*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David L. Trautman</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">President, Secretary and Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ John W. Kozak</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John W. Kozak</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Chief Financial Officer&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Brady T. Burt</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brady T. Burt</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Chief Accounting Officer&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Maureen Buchwald*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maureen Buchwald</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ James J. Cullers*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James J. Cullers</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Harry O. Egger*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harry O. Egger</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ F. William Englefield IV*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F. William Englefield IV</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Stephen J. Kambeitz*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen J. Kambeitz</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ William T. McConnell*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William T. McConnell</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Timothy S. McLain*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Timothy S. McLain</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black 1pt solid"><B>Signature</B></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center; border-bottom: Black 1pt solid"><B>Title</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 35%; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ John J. O&rsquo;Neill*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John J. O&rsquo;Neill</P></TD>
    <TD STYLE="width: 15%; vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 50%; vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ William A. Phillips*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William A. Phillips</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Rick R. Taylor*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rick R. Taylor</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Sarah Reese Wallace*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>Sarah Reese Wallace</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Leon Zazworsky*</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leon Zazworsky</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Director&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;*</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">The above-named directors of the Registrant sign this Registration Statement on Form S-3 by C. Daniel DeLawder, their attorney-in-fact, pursuant to Powers of Attorney signed by the above-named directors, which Powers of Attorney are filed with this Registration Statement on Form S-3 as exhibits, in the capacities indicated and on the 15<SUP>th</SUP> day of March, 2012.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 34%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 61%; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">By:</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ C. Daniel DeLawder</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C. Daniel DeLawder</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman of the Board and Chief</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Officer</P></TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Exhibit Number</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid; text-autospace: none; font-weight: bold; text-align: center">Description</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on March&nbsp;24, 1992 (Incorporated herein by reference to Exhibit&nbsp;3(a) to Park National Corporation&rsquo;s Form&nbsp;8-B, filed on May 20, 1992 (File No.&nbsp;0-18772) (&ldquo;Park&rsquo;s Form&nbsp;8-B&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on May&nbsp;6, 1993 (Incorporated herein by reference to Exhibit&nbsp;3(b) to Park National Corporation&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 1993 (File No. 0-18772))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(c)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April&nbsp;16, 1996 (Incorporated herein by reference to Exhibit&nbsp;3(a) to Park National Corporation&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31, 1996 (File No.&nbsp;1-13006))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(d)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment by Shareholders to the Articles of Incorporation of Park National Corporation as filed with the Ohio Secretary of State on April&nbsp;22, 1997 (Incorporated herein by reference to Exhibit 3(a)(1) to Park National Corporation&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarterly period ended June&nbsp;30, 1997 (File No.&nbsp;1-13006) (&ldquo;Park&rsquo;s June&nbsp;30, 1997 Form 10-Q&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(e)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment by Shareholders or Members as filed with the Secretary of State of the State of Ohio on December&nbsp;18, 2008 in order to evidence the adoption by the shareholders of Park National Corporation on December&nbsp;18, 2008 of an amendment to Article&nbsp;FOURTH of Park National Corporation&rsquo;s Articles of Incorporation to authorize Park National Corporation to issue up to 200,000 preferred shares, without par value (Incorporated herein by reference to Exhibit&nbsp;3.1 to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed December&nbsp;19, 2008 (File No.&nbsp;1-13006))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(f)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate of Amendment by Directors or Incorporators to Articles as filed with the Secretary of State of the State of Ohio on December&nbsp;19, 2008, evidencing adoption of amendment by Board of Directors of Park National Corporation to Article&nbsp;FOURTH of Articles of Incorporation to establish express terms of Fixed Rate Cumulative Perpetual Preferred Shares, Series&nbsp;A, each without par value, of Park National Corporation (Incorporated herein by reference to Exhibit&nbsp;3.1 to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed December&nbsp;23, 2008 (File No.&nbsp;1-13006) (&ldquo;Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(g)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificate of Amendment by Shareholders or Members filed with
        the Secretary of State of the State of Ohio on</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 18, 2011 in order to evidence the adoption by Park National
        Corporation&rsquo;s shareholders of an amendment to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article SIXTH of Park National Corporation&rsquo;s Articles
        of Incorporation in order to provide that shareholders do</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">not have preemptive rights (Incorporated herein by reference
        to Exhibit 3.1 to Park National Corporation&rsquo;s</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Current Report on Form 8-K dated and filed April 19, 2011 (File
        No. 1-13006))</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.1(h)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Articles of Incorporation of Park National Corporation (reflecting
        amendments through April 18, 2011) [for SEC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">reporting compliance purposes only &ndash; not filed with Ohio
        Secretary of State] (Incorporated herein by reference to</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 3.1(h) to Park National Corporation&rsquo;s Quarterly
        Report on Form 10-Q for the quarterly period ended</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 31, 2011 (File No. 1-13006))</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Regulations of Park National Corporation (Incorporated herein by reference to Exhibit&nbsp;3(b) to Park&rsquo;s Form&nbsp;8-B)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certified Resolution regarding Adoption of Amendment to Subsection 2.02(A) of the Regulations of Park National Corporation by Shareholders on April&nbsp;21, 1997 (Incorporated herein by reference to Exhibit&nbsp;3(b)(1) to Park&rsquo;s June&nbsp;30, 1997 Form&nbsp;10-Q)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(c)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Certificate Regarding Adoption of Amendments to Sections&nbsp;1.04 and 1.11 of Park National Corporation&rsquo;s Regulations by the Shareholders on April&nbsp;17, 2006 (Incorporated herein by reference to Exhibit&nbsp;3.1 to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed April&nbsp;18, 2006 (File No.&nbsp;1-13006))</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: center; border-bottom: Black 1pt solid"><B>Exhibit Number</B>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-autospace: none; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Description</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none; width: 10%">4.2(d)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; width: 88%">Certificate Regarding Adoption by the Shareholders of Park National Corporation on April&nbsp;21, 2008 of Amendment to Regulations to Add New Section&nbsp;5.10 to Article&nbsp;FIVE (Incorporated herein by reference to Exhibit&nbsp;3.2(d) to Park National Corporation&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2008 (File No.&nbsp;1-13006))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.2(e)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulations of Park National Corporation (reflecting amendments
        through April 21, 2008) [For purposes of SEC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">reporting compliance only] (Incorporated herein by reference
        to Exhibit 3.2(e) to Park&rsquo;s March 31, 2008 Form</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10-Q)</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.3</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Warrant to Purchase 227,376 Shares of Common Stock (Common Shares) of Park National Corporation issued to the United States Department of the Treasury on December&nbsp;23, 2008 (Incorporated herein by reference to Exhibit&nbsp;4.1 to Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.4</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Letter Agreement, dated December&nbsp;23, 2008, including Securities Purchase Agreement &mdash; Standard Terms attached thereto as Exhibit&nbsp;A, between Park National Corporation and the United States Department of the Treasury (Incorporated herein by reference to Exhibit 10.1 to Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K) [<U> NOTE</U> : Annex A to Securities Purchase Agreement is not included therewith; filed as Exhibit&nbsp;3.1 to Park&rsquo;s December&nbsp;23, 2008 Form&nbsp;8-K and incorporated by reference at Exhibit 4.1(f) of this Registration Statement]</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.5(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Junior Subordinated Indenture, dated as of December&nbsp;5, 2005, between Vision Bancshares, Inc. and Wilmington Trust Company, as Trustee (Incorporated herein by reference to Exhibit&nbsp;10.16 to Vision Bancshares, Inc.&rsquo;s Annual Report on Form&nbsp;10-KSB for the fiscal year ended December&nbsp;31, 2005 (File No.&nbsp;000-50719))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.5(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March&nbsp;9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc. (Incorporated herein by reference to Exhibit&nbsp;4.1(b) to Park National Corporation&rsquo;s Current Report on Form&nbsp;8-K dated and filed March&nbsp;15, 2007 (File No.&nbsp;1-13006) (&ldquo;Park&rsquo;s March&nbsp;15, 2007 Form&nbsp;8-K&rdquo;))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.6(a)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Amended and Restated Trust Agreement, dated as of December&nbsp;5, 2005, among Vision Bancshares, Inc., as Depositor; Wilmington Trust Company, as Property Trustee and as Delaware Trustee; and the Administrative Trustees named therein, in respect of Vision Bancshares Trust I (Incorporated herein by reference to Exhibit 10.15 to Vision Bancshares, Inc.&rsquo;s Annual Report on Form&nbsp;10-KSB for the fiscal year ended December&nbsp;31, 2005 (File No.&nbsp;000-50719))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><U>Note</U>: Pursuant to the First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March&nbsp;9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc., Park National Corporation succeeded to and was substituted for Vision Bancshares, Inc. as &ldquo;Depositor&rdquo;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.6(b)</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Notice of Resignation of Administrative Trustees and Appointment of Successors, dated March&nbsp;9, 2007, delivered to Wilmington Trust Company by the Resigning Administrative Trustees named therein, the Successor Administrative Trustees named therein and Park National Corporation (Incorporated herein by reference to Exhibit&nbsp;4.2(b) to Park&rsquo;s March&nbsp;15, 2007 Form&nbsp;8-K)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">4.7</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Guarantee Agreement, dated as of December&nbsp;5, 2005, between Vision Bancshares, Inc., as Guarantor, and Wilmington Trust Company, as Guarantee Trustee, in respect of Vision Bancshares Trust I (Incorporated herein by reference to Exhibit&nbsp;10.17 to Vision Bancshares, Inc.&rsquo;s Annual Report on Form&nbsp;10-KSB for the fiscal year ended December&nbsp;31, 2005 (File No. 000-50719))</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none"><U>Note</U>: Pursuant to the First Supplemental Indenture, dated to be effective as of 6:00 p.m., Eastern Standard Time, on March&nbsp;9, 2007, among Wilmington Trust Company, as Trustee; Park National Corporation; and Vision Bancshares, Inc., Park National Corporation succeeded to and was substituted for Vision Bancshares, Inc. as &ldquo;Guarantor&rdquo;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">5.1</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Opinion of Vorys, Sater, Seymour and Pease LLP as to the legality of the securities to be registered &dagger;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">12</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Computation of Ratio of Earnings to Fixed Charges and Preferred Share Dividends&dagger;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">23.1</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Consent of Crowe Horwath LLP &dagger;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">23.2</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Consent of Vorys, Sater, Seymour and Pease LLP, included in Exhibit&nbsp;5.1 &dagger;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">24.1</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Powers of Attorney &dagger;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-autospace: none">_______________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&dagger;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">Filed herewith.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v305653_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">
        <P STYLE="font: 24pt/32pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VORYS</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="vertical-align: baseline"><B>Vorys, Sater, Seymour
        and Pease <FONT STYLE="font-variant: small-caps">LLP</FONT></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; vertical-align: baseline">Legal
        Counsel</FONT></P></TD>
    <TD STYLE="width: 30%">
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-weight: normal; vertical-align: baseline">52
        East Gay St.</FONT></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; vertical-align: baseline">PO
        Box 1008</FONT></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; vertical-align: baseline">Columbus,
        OH 43216-1008</FONT></P>
        <P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; vertical-align: baseline">614.464.6400</FONT></P>
        <P STYLE="font: 10pt/5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="letter-spacing: -0.3pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="vertical-align: baseline"><B><I>www.vorys.com</I></B></FONT></P>
        <P STYLE="font: 10pt/5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="vertical-align: baseline"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="vertical-align: baseline"><B>Founded
        1909</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><BR>
</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 5.1&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March&nbsp;15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Park National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">50 North Third Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Newark, Ohio 43055</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Park National
Corporation, an Ohio corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the Registration Statement on Form S-3
(the &ldquo;<U>Registration Statement</U>&rdquo;) being filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
on March 15, 2012, pursuant to the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;). The Registration
Statement, including the Prospectus filed as a part thereof (the &ldquo;<U>Prospectus</U>&rdquo;), relates to the resale from time
to time by selling securityholders, pursuant to Rule&nbsp;415 of the General Rules and Regulations of the Commission promulgated
under the Securities Act, of the following securities of the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">100,000 Fixed Rate Cumulative Perpetual Preferred Shares,
Series A (the &ldquo;<U>Series&nbsp;A Preferred Shares</U>&rdquo;) of the Company, no par value per share and liquidation preference
$1,000 per share;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">a warrant to purchase 227,376 of the Company&rsquo;s
common shares, no par value per share (the &ldquo;<U>Warrant</U>&rdquo;); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">227,376 common shares of the Company, no par value
per share, issuable upon exercise of the Warrant (the &ldquo;<U>Warrant Shares</U>&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Series A Preferred Shares and the Warrant
were originally issued by the Company to the United States Department of the Treasury (&ldquo;<U>Treasury</U>&rdquo;) on December&nbsp;23,
2008 pursuant to that certain Letter Agreement, dated December&nbsp;23, 2008, between the Company and Treasury (including the schedules
thereto and the Securities Purchase Agreement &ndash; Standard Terms (including the Annexes thereto) attached as Exhibit&nbsp;A
to the Letter Agreement; collectively, the &ldquo;<U>Purchase Agreement</U>&rdquo;), in connection with Treasury&rsquo;s Troubled
Asset Relief Program Capital Purchase Program. The securities covered by the Registration Statement also include depositary shares
(the &ldquo;<U>Depositary Shares</U>&rdquo;) representing fractional interests in the Series A Preferred Shares, which may be resold
in lieu of whole Series&nbsp;A Preferred Shares in the event Treasury requests that the Series&nbsp;A Preferred Shares held by
Treasury be deposited with a depositary under a depositary arrangement entered into in accordance with the terms of the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; vertical-align: baseline"><B>VORYS</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; font-size: 10pt; text-align: left; text-indent: 0.24in"><B>Legal
    Counsel</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Park National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page </FONT>2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of giving the opinions hereinafter
set forth, we have examined such documents, records and matters of law as we have deemed necessary for the purposes of such opinions.
We have examined, among other documents, originals or copies of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">an Officers&rsquo; Certificate executed by the President
and Secretary and the Chief Financial Officer of the Company as to certain factual matters (the &ldquo;<U>Officers&rsquo; Certificate</U>&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">the Articles of Incorporation of the Company and amendments
thereto, as certified by the Secretary of State of the State of Ohio on March&nbsp;14, 2012 (collectively, the &ldquo;<U>Articles</U>&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">the Regulations, as amended to date, of the Company,
the completeness and accuracy of which have been certified as us as part of the Officers&rsquo; Certificate (the &ldquo;<U>Regulations</U>&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">the Registration Statement, including the Prospectus;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">an executed copy of the Purchase Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(f)</TD><TD STYLE="text-align: justify">an executed copy of the Warrant;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(g)</TD><TD STYLE="text-align: justify">a copy of the resolutions adopted by the Company&rsquo;s Board of Directors (i)&nbsp;in an
                                                                                  action by written consent without a meeting effective on December&nbsp;19, 2008 to approve the Purchase Agreement, the
                                                                                  Warrant and other matters in connection with the Purchase Agreement, include the establishment of the terms, designation,
                                                                                  issuance and sale of the Series&nbsp;A Preferred Shares and the issuance and sale of the Warrant and (ii)&nbsp;in an action
                                                                                  by written consent without a meeting effective on March 15, 2012 to approve the Registration Statement and the execution and
                                                                                  filing thereof, the adoption and effectiveness of which resolutions have been certified to us as part of the
                                                                                  Officers&rsquo; Certificate; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(h)</TD><TD STYLE="text-align: justify">a Certificate from the Secretary of State of the State
of Ohio, dated March&nbsp;14, 2012, with respect to the good standing of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions set forth below are subject
to the following limitations, qualifications and assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>vorys</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; font-size: 10pt; text-align: left; text-indent: 0.24in"><B>Legal
    Counsel</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Park National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page </FONT>3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have assumed, for purposes of the opinions
expressed herein, the legal capacity of all natural persons executing documents, the genuineness of all signatures, the authenticity
of original and certified documents and the conformity to original or certified copies of all copies submitted to us as conformed,
reproduced or electronic copies and the authenticity of the originals of such latter documents. As to facts material to the opinions
and assumptions expressed herein, we have, with your consent, relied on oral or written statements and representations of officers
and other representatives of the Company and others, including, but not limited to, the statements in the Officers&rsquo; Certificate
and the representations and warranties of the Company in the Purchase Agreement (including the Standard Terms) and the Warrant
referenced above. We have not independently verified such matters. Our opinion regarding the Series&nbsp;A Preferred Shares and
the Warrant that they are fully paid and nonassessable is based solely on the Officers&rsquo; Certificate which confirms the Company&rsquo;s
receipt of the consideration required by the Purchase Agreement. We assume that all actions required to register and qualify the
securities for sale under all applicable state securities laws will be accomplished prior to the offer and sale of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon and subject to the foregoing
and the further qualifications and limitations set forth below and such legal considerations as we have deemed relevant, we are
of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">The issuance and sale of the Series&nbsp;A Preferred
Shares by the Company have been duly authorized by the Company, and the Series&nbsp;A Preferred Shares are validly issued, fully
paid and nonassessable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The Warrant has been duly authorized, executed and
delivered by the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">The Warrant Shares have been duly authorized and, upon
issuance in connection with the exercise of the Warrant in accordance with the terms thereof, including payment to the Company
of the exercise price for such Warrant Shares in full, such Warrant Shares will be validly issued, fully paid and nonassessable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">With respect to any Depositary Shares that may be issued,
when: (a)&nbsp;the related deposit agreement has been duly authorized and validly executed and delivered by the Company and by
an entity appointed as depositary (the &ldquo;<U>Depositary</U>&rdquo;) by the Company deemed acceptable to Treasury in accordance
with the Purchase Agreement and meeting the qualifications stated in the related deposit agreement; (b)&nbsp;the terms of the
Depositary Shares and of the issuance and sale thereof have been established so as to not violate any applicable law or the Company&rsquo;s
Articles or Regulations, or result in a default under or a breach of any agreement or instrument binding upon the Company and
so as to comply with any requirements or restrictions imposed by any court, regulatory authority or other governmental body having
jurisdiction over the Company; (c) the related Series&nbsp;A Preferred Shares have been deposited with the Depositary; and (d)&nbsp;the
depositary receipts representing the Depositary Shares have been duly executed, authenticated, countersigned, registered and issued,
sold and delivered in the manner and for the consideration stated in the applicable deposit agreement and any applicable definitive
purchase, underwriting or similar agreement, upon payment of the consideration therefor provided for therein, the Depositary Shares
will be validly issued, fully paid and nonassessable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions expressed herein are limited
solely to (i)&nbsp;the federal laws of the United States of America and (ii)&nbsp;the laws of the State of Ohio, in each case as
currently in effect, and we express no opinion as to the effect of the laws of any other jurisdiction on the opinions expressed
herein. Our opinions are limited to those expressly set forth herein, and we express no opinions by implication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; vertical-align: baseline"><B>vorys</B></FONT></P>

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    Counsel</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; tab-stops: center 3.0in right 6.0in; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Park National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 15, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Page </FONT>4</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion as Exhibit&nbsp;5.1 to the Registration Statement and to the reference to our firm under the caption &ldquo;LEGAL MATTERS&rdquo;
in the Prospectus comprising a part of such Registration Statement. In giving such consent, we do not thereby admit that we are
included in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the General Rules and
Regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is our understanding that this opinion
is to be used only in connection with the offer and sale of the securities covered by the Registration Statement while the Registration
Statement is in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 4in">Very
Truly Yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; text-indent: 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; text-indent: 4in">/s/ Vorys, Sater, Seymour and Pease LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; text-indent: 2.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; text-indent: 2.25in"></P>

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<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>3
<FILENAME>v305653_ex12.htm
<DESCRIPTION>EXHIBIT 12
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;12</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-autospace: none; font-size: 10pt; font-weight: bold; text-align: center">Computation of Ratio of Earnings to Fixed Charges and Preferred Dividends</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the ratio of earnings to fixed charges
and preferred dividends for Park National Corporation, which includes our subsidiaries, on a consolidated basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2009</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2008</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2007</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Ratio of earnings to fixed charges</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">and preferred dividends (1):</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: left">Excluding Interest on Deposits</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3.89</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.94</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">3.52</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.77</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.12</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Including Interest on Deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.72</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.93</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.94</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.26</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.31</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; text-autospace: none">(1)</TD>
    <TD STYLE="width: 98%; padding-right: 5.35pt; text-autospace: none; text-align: justify">For purposes of computing the ratios, earnings consist of income before income taxes and fixed charges.&nbsp; Fixed charges consist of interest on borrowings and long-term debt, including/excluding interest on deposits, preferred dividends and accretion, and one-third of rental expense, which Park National Corporation believes is representative of the interest factor.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Earnings:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Income before income taxes</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">116,555,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">74,737,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">97,135,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">35,719,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">52,677,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Fixed Charges:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Interest on deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,655,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">41,965,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">64,620,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89,892,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">121,021,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Borrowings and long-term debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31,241,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,508,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29,579,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45,574,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46,126,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Preferred dividends and accretion</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,365,714</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,295,714</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,231,429</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">202,857</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Rent expense interest factor (1/3)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">662,843</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">721,687</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">794,866</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">801,147</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">731,723</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total fixed charges:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Including interest on deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">67,924,557</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">80,490,401</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">103,225,295</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">136,470,004</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">167,878,723</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left">Excluding interest on deposits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">40,269,557</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">38,525,401</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">38,605,295</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">46,578,004</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">46,857,723</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>v305653_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit&nbsp;23.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this
Registration Statement on Form S-3 of Park National Corporation of our report dated <FONT STYLE="font: 10pt Times New Roman, Times, Serif">February
29, 2012<FONT STYLE="color: black">, with respect to the consolidated financial statements and the effectiveness of internal
control over financial reporting of Park National Corporation, which report is incorporated by reference in the Annual Report
on Form 10-K of Park National Corporation for the year ended December 31, 2011, and to the reference to us under the heading
&ldquo;Experts&rdquo; in the prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 2%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 33%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 14%; text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-autospace: none">/s/ Crowe Horwath LLP &nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-autospace: none">Crowe Horwath LLP&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Columbus, Ohio</P>

<P STYLE="margin: 0pt 0">March&nbsp;15, 2012</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>5
<FILENAME>v305653_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit&nbsp;24.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director and officer of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute
and appoint David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and agents,
each with power to act without the other and with full power of substitution, to do any and all acts and things, in his name and
on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any and all
capacities, which said attorneys and agents, or either of them, may deem necessary or advisable to enable the Corporation to comply
with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission,
in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including specifically
but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities, the Registration
Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments) to the
Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same offering
filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned does hereby
ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15<SUP> </SUP>day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ C. Daniel DeLawder</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">C. Daniel DeLawder</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director and officer of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute
and appoint C. Daniel DeLawder and John W. Kozak, and each of them acting individually, his true and lawful attorneys and agents,
each with power to act without the other and with full power of substitution, to do any and all acts and things, in his name and
on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any and all
capacities, which said attorneys and agents, or either of them, may deem necessary or advisable to enable the Corporation to comply
with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission,
in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including specifically
but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities, the Registration
Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments) to the
Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same offering
filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned does hereby
ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ David L. Trautman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">David L. Trautman</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned officer of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint C.
Daniel DeLawder and David L. Trautman, and each of them acting individually, his true and lawful attorneys and agents, each with
power to act without the other and with full power of substitution, to do any and all acts and things, in his name and on his behalf,
in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any and all capacities, which
said attorneys and agents, or either of them, may deem necessary or advisable to enable the Corporation to comply with the Securities
Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission, in connection with
the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including specifically but without limitation,
power and authority to execute, in his name and on his behalf, in any and all capacities, the Registration Statement on Form S-3
of the Corporation filed herewith and any and all amendments (including post-effective amendments) to the Registration Statement
on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same offering filed by the Corporation
pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission; and the undersigned does hereby ratify and confirm
all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15<SUP>&nbsp;</SUP>day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ John W. Kozak</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">John W. Kozak</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned officer of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint C.
Daniel DeLawder, David&nbsp;L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys
and agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in
his name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in
any and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Brady T. Burt</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Brady T. Burt</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, her true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in her
name and on her behalf, in any and all capacities, and to execute any and all instruments, in her name and on her behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in her name and on her behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 13&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Maureen Buchwald</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Maureen Buchwald</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ James J. Cullers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">James J. Cullers</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 12<SUP>th</SUP>&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Harry O. Egger</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Harry O. Egger</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ F. William Englefield IV</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">F. William Englefield IV</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Stephen J. Kambeitz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Stephen J. Kambeitz</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<!-- Field: Page; Sequence: 9 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ William T. McConnell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">William T. McConnell</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Timothy S. McLain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Timothy S. McLain</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 10<SUP>th</SUP>&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ John J. O&rsquo;Neill</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">John J. O&rsquo;Neill</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ William A. Phillips</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">William A. Phillips</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 9<SUP>th</SUP>&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Rick R. Taylor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Rick R. Taylor</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, her true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in her
name and on her behalf, in any and all capacities, and to execute any and all instruments, in her name and on her behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in her name and on her behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 15&nbsp;day of March, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Sarah Reese Wallace</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Sarah Reese Wallace</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<!-- Field: Page; Sequence: 15 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
the undersigned director of Park National Corporation (the &ldquo;Corporation&rdquo;) does hereby make, constitute and appoint
C. Daniel DeLawder, David L. Trautman and John W. Kozak, and each of them acting individually, his true and lawful attorneys and
agents, each with power to act without any other and with full power of substitution, to do any and all acts and things, in his
name and on his behalf, in any and all capacities, and to execute any and all instruments, in his name and on his behalf, in any
and all capacities, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Corporation
to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the Securities and Exchange
Commission, in connection with the filing of the Registration Statement on Form S-3 of the Corporation filed herewith, including
specifically but without limitation, power and authority to execute, in his name and on his behalf, in any and all capacities,
the Registration Statement on Form S-3 of the Corporation filed herewith and any and all amendments (including post-effective amendments)
to the Registration Statement on Form S-3 of the Corporation filed herewith, and any registration statements relating to the same
offering filed by the Corporation pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission; and the undersigned
does hereby ratify and confirm all that each said attorney and agent, or his substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
executed this Power of Attorney this 10&nbsp;day of March, 2012.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt; text-decoration: underline">/s/ Leon Zazworsky</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-size: 10pt">Leon Zazworsky</TD></TR>
</TABLE>


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