PENN NATL GAMING INC

Ticker: PENN CUSIP: 707569109 Class: Common Stock

Godshalk Welsh Capital Management, Inc.'s Holding History (CIK: 0001631775)

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

Q4 2014

Shares 1,200 Value ($000) $16 Avg Close $12.95 Range $10.50 - $14.75

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	1,200	$16	$12.95	$10.50 - $14.75