PENN NATL GAMING INC

Ticker: PENN CUSIP: 707569109 Class: Common Stock

EMERALD MUTUAL FUND ADVISERS TRUST's Holding History (CIK: 0001352895)

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

Q3 2017

Shares 241,099 Value ($000) $5,639 Avg Close $21.43 Range $19.98 - $23.55

Q2 2017

Shares 241,099 Value ($000) $5,160 Avg Close $19.66 Range $17.56 - $22.19

Q1 2017

Shares 241,099 Value ($000) $4,443 Avg Close $14.66 Range $13.00 - $18.84

Q4 2016

Shares 886,766 Value ($000) $12,229 Avg Close $13.63 Range $11.93 - $14.78

Q3 2016

Shares 847,856 Value ($000) $11,505 Avg Close $14.07 Range $12.50 - $15.17

Q2 2016

Shares 811,806 Value ($000) $11,325 Avg Close $15.65 Range $13.45 - $17.40

Q1 2016

Shares 677,216 Value ($000) $11,303 Avg Close $14.33 Range $12.51 - $16.72

Q4 2015

Shares 567,986 Value ($000) $9,099 Avg Close $16.83 Range $14.81 - $19.05

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2017	241,099	$5,639	$21.43	$19.98 - $23.55
Q2 2017	241,099	$5,160	$19.66	$17.56 - $22.19
Q1 2017	241,099	$4,443	$14.66	$13.00 - $18.84
Q4 2016	886,766	$12,229	$13.63	$11.93 - $14.78
Q3 2016	847,856	$11,505	$14.07	$12.50 - $15.17
Q2 2016	811,806	$11,325	$15.65	$13.45 - $17.40
Q1 2016	677,216	$11,303	$14.33	$12.51 - $16.72
Q4 2015	567,986	$9,099	$16.83	$14.81 - $19.05