The Company has notified each of the 27 regulatory agencies that have jurisdiction over its gaming and racing operations of the proposed separation and has made, and is continuing to make, all documentary filings required or requested by the various agencies. The Company believes that no further regulatory approvals will be required by 22 of the 27 agencies prior to the consummation of the separation and distribution of shares of GLPI common stock. The Company expects the remaining agencies, consisting of the Indiana Gaming Commission (“IGC”) (which, at its June 2013 meeting, approved the transactions as outlined delegating final approval to the Executive Director upon filing of certain additional items), the Illinois Gaming Board, the Maine Harness Racing Commission, the Maryland Lottery Commission and the OCCC (as to the suitability of GLPI), to consider these matters in September. No assurance can be given on the receipt or timing of the remaining regulatory approvals or whether any of the 27 regulatory agencies may require the Company or GLPI to provide additional information or obtain additional approvals.

Based on Penn National Gaming’s current real estate portfolio, GLPI is expected to initially own the real estate associated with 19 casino facilities, which have a total of over 2,900 acres of land and 6.6 million square feet of building space. GLPI would lease back to Penn National Gaming 17 of these casino facilities and own and operate two gaming facilities in Baton Rouge, Louisiana and Perryville, Maryland.

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates twenty-eight facilities in eighteen jurisdictions, including Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National’s operated facilities currently feature approximately 34,500 gaming machines, 850 table games, 2,900 hotel rooms and 1.6 million square feet of gaming floor space.

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