PENN NATIONAL GAMING

Penn National Gaming, Inc. (Penn National) is a diversified owner and manager of gaming and pari-mutuel properties. As of December 31, 2011, the Company owned, managed, or had ownership interests in 25 facilities in eighteen jurisdictions: Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. It operates in three segments: Midwest, East/West, and Southern Plains. In November 2013, Penn National Gaming, Inc announced the completion of the tax-free spin-off to its shareholders of Gaming and Leisure Properties, Inc.