PENN NATL GAMING INC

Ticker: PENN CUSIP: 707569109 Class: Common Stock

GOLDENTREE ASSET MANAGEMENT LP's Holding History (CIK: 0001278951)

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

Q1 2017

Shares 536,707 Value ($000) $9,892 Avg Close $14.66 Range $13.00 - $18.84

Q4 2016

Shares 2,068,879 Value ($000) $28,530 Avg Close $13.63 Range $11.93 - $14.78

Q3 2016

Shares 1,600,600 Value ($000) $21,720 Avg Close $14.07 Range $12.50 - $15.17

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	536,707	$9,892	$14.66	$13.00 - $18.84
Q4 2016	2,068,879	$28,530	$13.63	$11.93 - $14.78
Q3 2016	1,600,600	$21,720	$14.07	$12.50 - $15.17