PENN NATL GAMING INC

Ticker: PENN CUSIP: 707569109 Class: Common Stock

SANDLER CAPITAL MANAGEMENT's Holding History (CIK: 0001000742)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015

Shares 190,370 Value ($000) $2,981 Avg Close $15.71 Range $12.88 - $17.06

Q4 2014

Shares 175,700 Value ($000) $2,412 Avg Close $12.95 Range $10.50 - $14.75

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	190,370	$2,981	$15.71	$12.88 - $17.06
Q4 2014	175,700	$2,412	$12.95	$10.50 - $14.75