X0306 4 2012-11-21 0 0000921738 PENN NATIONAL GAMING INC PENN 0001213882 CLIFFORD WILLIAM J 825 BERKSHIRE BLVD SUITE 200 WYOMISSING PA 19610 0 1 0 0 Chief Financial Officer Common Stock 2012-11-21 4 P 0 43000 46.89 A 112311 D The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $46.77 to $46.95,inclusive. The reporting person undertakes to provide to Penn National Gaming, Inc., any security holder of Penn National Gaming, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in the footnote to this Form 4. /s/Robert S Ippolito as attorney-in-fact for William J Clifford 2012-11-26