X0306 4 2013-10-01 0 0000921738 PENN NATIONAL GAMING INC PENN 0001217821 CRAMER HAROLD 825 BERKSHIRE BLVD SUITE 200 WYOMISSING PA 19610 1 0 0 0 Common Stock 2013-10-01 4 M 0 60000 29.22 A 142195 D Common Stock 2013-10-01 4 M 0 5619 33.12 A 147814 D Common Stock 2013-10-01 4 S 0 65619 55.86 D 82195 D Common Stock 2013-10-02 4 M 0 24381 33.12 A 106576 D Common Stock 2013-10-02 4 M 0 28600 41.62 A 135176 D Common Stock 2013-10-02 4 S 0 52981 55.51 D 82195 D Common Stock 2013-10-03 4 M 0 1400 41.62 A 83595 D Common Stock 2013-10-03 4 M 0 20000 29.34 A 103595 D Common Stock 2013-10-03 4 S 0 21400 55.07 D 82195 D Non Qualified Stock Options (right to buy) 29.22 2013-02-19 4 M 0 60000 0 D 2009-01-06 2015-01-06 Common Stock 60000 0 D Non Qualified Stock Options (right to buy) 33.12 2013-10-01 4 M 0 5619 0 D 2010-01-12 2016-01-12 Common Stock 5619 24381 D Non Qualified Stock Options (right to buy) 33.12 2013-10-02 4 M 0 24381 0 D 2010-01-12 2016-01-02 Common Stock 24381 0 D Non Qualified Stock Options (right to buy) 41.62 2013-10-02 4 M 0 28600 0 D 2012-01-02 2017-01-02 Common Stock 28600 1400 D Non Qualified Stock Options (right to buy) 41.62 2013-10-03 4 M 0 1400 0 D 2012-01-02 2017-01-02 Common Stock 1400 0 D Non Qualified Stock Options (right to buy) 29.34 2013-10-03 4 M 0 20000 0 D 2013-08-08 2015-08-08 Common Stock 20000 0 D These transactions on this form 4 were made pursuant to a stock trading plan, executed by Mr. Cramer on July 30, 2013, established pursuant to rule 10b5-1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.13 to $56.13, 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 sold at each separate price within the ranges set forth in the footnote to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.05 to $55.86, 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 sold at each separate price within the ranges set forth in the footnote to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.87 to $55.30, 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 sold 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 Harold Cramer 2013-10-03