PENN Entertainment, Inc. — Director's Dealing 2015

May 26, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2015-05-21

Reporting Person: WILMOTT TIMOTHY J (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-21	Common Stock	M	5750	$4.98	Acquired	239206	Direct
2015-05-21	Common Stock	S	5750	$17.00	Disposed	233456	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-21	Non Qualified Stock Options (right to buy)	$4.98	M	5750	Disposed	2016-01-02	Common Stock (5750)	Direct

Footnotes

F1: These transactions on this form 4 were made pursuant to a stock trading plan, executed by Mr. Wilmott on May 4, 2015, established pursuant to rule 10b5-1. The options subject to the transactions reported on this Form 4 would have expired on January 2, 2016.