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This note provides an update on Park’s strategy for growth and progress with key product and distribution initiatives. High levels of investment in e-commerce, over many years, have transformed the business, broadening the product range and attracting new customers via expansion into new areas through innovation and technology. The strategy continues to deliver sustained growth in earnings and dividends, and the business model is highly cash generative, allowing Park to operate without debt. Interest earnings on substantial cash balances make Park a beneficiary from higher rates.

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