X0303 4 2008-12-31 0 0000921738 PENN NATIONAL GAMING INC PENN 0001217821 CRAMER HAROLD 825 BERKSHIRE BLVD SUITE 200 WYOMISSING PA 19610 1 0 0 0 Non-Qualified Stock Option - right to buy 7.95 2008-12-31 4 D 0 15000 0 D 2007-02-06 2010-02-06 Common Stock 15000 0 D Non-Qualified Stock Option - right to buy 7.95 2008-12-31 4 A 0 15000 0 A 2011-01-01 2011-12-31 Common Stock 15000 15000 D Non-Qualified Stock Option - right to buy 29.22 2008-12-31 4 D 0 60000 0 D 2009-01-06 2012-01-06 Common Stock 60000 0 D Non-Qualified Stock Option - right to buy 29.22 2008-12-31 4 A 0 60000 0 A 2009-01-06 2015-01-06 Common Stock 60000 60000 D Non-Qualified Stock Option - right to buy 33.12 2008-12-31 4 D 0 30000 0 D 2007-01-12 2013-01-12 Common Stock 30000 0 D Non-Qualified Stock Option - right to buy 33.12 2008-12-31 4 A 0 30000 0 A 2007-01-12 2016-01-12 Common Stock 30000 30000 D Non-Qualified Stock Option - right to buy 41.62 2008-12-31 4 D 0 30000 0 D 2008-01-02 2014-01-02 Common Stock 30000 0 D Non-Qualified Stock Option - right to buy 41.62 2008-12-31 4 A 0 30000 0 A 2008-01-02 2017-01-02 Common Stock 30000 30000 D Non-Qualified Stock Option - right to buy 29.34 2008-12-31 4 D 0 20000 0 D 2009-08-08 2015-08-08 Common Stock 20000 0 D Non-Qualified Stock Option - right to buy 29.34 2008-12-31 4 A 0 20000 0 A 2009-08-08 2018-08-08 Common Stock 20000 20000 D The two reported transactions involve an amendment of an outstanding option to extend the expiration date of such option. For purposes of Section 16 reporting, the amendment of the outstanding option constitutes a deemed cancellation of an "old" option and the grant of a "new" replacement option. The option was originally granted on 02/06/2003. The two reported transactions involve an amendment of an outstanding option to extend the expiration date of such option. For purposes of Section 16 reporting, the amendment of the outstanding option constitutes a deemed cancellation of an "old" option and the grant of a "new" replacement option. The option was originally granted on 01/06/2005. The two reported transactions involve an amendment of an outstanding option to extend the expiration date of such option. For purposes of Section 16 reporting, the amendment of the outstanding option constitutes a deemed cancellation of an "old" option and the grant of a "new" replacement option. The option was originally granted on 01/12/2006 and vests over 4 years at 25% on the anniversary of the date of grant. The two reported transactions involve an amendment of an outstanding option to extend the expiration date of such option. For purposes of Section 16 reporting, the amendment of the outstanding option constitutes a deemed cancellation of an "old" option and the grant of a "new" replacement option. The option was originally granted on 01/02/2007 and vests over 4 years at 25% on the anniversary of the date of grant. The two reported transactions involve an amendment of an outstanding option to extend the expiration date of such option. For purposes of Section 16 reporting, the amendment of the outstanding option constitutes a deemed cancellation of an "old" option and the grant of a "new" replacement option. The option was originally granted on 08/08/2008 and vests over 4 years at 25% on the anniversary of the date of grant. /s/Robert S. Ippolito as attorney-in-fact for Harold Cramer 2009-01-15