PENN NATL GAMING INC

Ticker: PENN CUSIP: 707569109 Class: Common Stock

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

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

Q4 2025

Shares 817,117 Value ($000) $12,052 Avg Close $15.60 Range $13.24 - $19.54

Q3 2025

Shares 726,182 Value ($000) $13,986 Avg Close $18.76 Range $16.47 - $20.61

Q2 2025

Shares 726,182 Value ($000) $12,977 Avg Close $15.69 Range $13.25 - $18.71

Q1 2025

Shares 700,000 Value ($000) $11,417 Avg Close $19.54 Range $16.08 - $23.08

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	817,117	$12,052	$15.60	$13.24 - $19.54
Q3 2025	726,182	$13,986	$18.76	$16.47 - $20.61
Q2 2025	726,182	$12,977	$15.69	$13.25 - $18.71
Q1 2025	700,000	$11,417	$19.54	$16.08 - $23.08