PENN NATL GAMING INC

Ticker: PENN CUSIP: 707569109 Class: Common Stock

Kerrisdale Advisers, LLC's Holding History (CIK: 0001569688)

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

Q3 2013

Shares 10,899 Value ($000) $603 Avg Close $12.05 Range $11.01 - $12.99

Q2 2013

Shares 7,784 Value ($000) $412 Avg Close $12.65 Range $11.23 - $13.55

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2013	10,899	$603	$12.05	$11.01 - $12.99
Q2 2013	7,784	$412	$12.65	$11.23 - $13.55