<SEC-DOCUMENT>0001104659-15-027683.txt : 20150415
<SEC-HEADER>0001104659-15-027683.hdr.sgml : 20150415
<ACCEPTANCE-DATETIME>20150415162824
ACCESSION NUMBER:		0001104659-15-027683
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150413
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150415
DATE AS OF CHANGE:		20150415

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN NATIONAL GAMING INC
		CENTRAL INDEX KEY:			0000921738
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				232234473
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24206
		FILM NUMBER:		15771949

	BUSINESS ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD STE 200
		STREET 2:		WYOMISSING PROFESSIONAL CENTER
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		6103732400

	MAIL ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD
		STREET 2:		SUITE 200
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a15-9133_18k.htm
<DESCRIPTION>8-K
<TEXT>


<html>
<head>


  </head>
<body lang="EN-US">
<div style="font-family:Times New Roman;">
<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, DC 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT<br> Pursuant to Section&nbsp;13 OR 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported): <b>April&nbsp;13, 2015</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">PENN NATIONAL GAMING,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><hr size="1" width="25%" noshade color="black" align="center"></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission file number<b> 0-24206</b></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Incorporated Pursuant to the Laws of the Commonwealth of Pennsylvania</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IRS Employer Identification No.<b>&nbsp;23-2234473</b></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">825 Berkshire Blvd., Suite&nbsp;200<br> Wyomissing, PA 19610</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">610-373-2400</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">
<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C901898\15-9133-1\task7339191\9133-1-ba.htm',USER='C901898',CD='Apr 15 21:50 2015' -->

<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.02.&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective on April&nbsp;13, 2015, the Board of Directors (the &#147;<u>Board</u>&#148;) of Penn National Gaming,&nbsp;Inc. (the &#147;<u>Company</u>&#148;) increased the size of the Board from seven directors to eight directors and subsequently elected Jane Scaccetti to fill the vacancy.&#160; Ms.&nbsp;Scaccetti was elected as a Class&nbsp;III director with a term expiring at the 2017 annual meeting of shareholders.&#160; In addition, effective as of the date of her appointment to the Board, Ms.&nbsp;Scaccetti was appointed as a member and chair of the Audit Committee of the Board.&#160; Such appointments remain subject to customary regulatory approvals.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Scaccetti is the Chief Executive Officer of Drucker&nbsp;&amp; Scaccetti, P.C., a public accounting and business advisory firm, of which she has been a principal since 1990.&#160; Ms.&nbsp;Scaccetti also serves as a director of The Pep Boys&#151;Manny, Moe&nbsp;&amp; Jack; a director of Mathematica Policy Research,&nbsp;Inc.; a trustee of Temple University; Chair of the Board of Temple University Hospital; a trustee of Temple University Health Systems; and a trustee of Salus University.&#160; In addition, Ms.&nbsp;Scaccetti served as a director of Nutrition Management Services Company from 1992 until 2010.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are no arrangements or understandings between Ms.&nbsp;Scaccetti and any other person pursuant to which she was selected as a director. Ms.&nbsp;Scaccetti has not been a party to any transaction involving the Company required to be disclosed under Item 404(a)&nbsp;of Regulation S-K.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with her appointment to the Board, on April&nbsp;16, 2015, Ms.&nbsp;Scaccetti will be granted phantom stock units in an amount equal to $250,000.&#160; These phantom stock units will vest in four equal annual installments on the anniversary of the date of grant.&#160; In addition, Ms.&nbsp;Scaccetti will receive cash compensation in the amount of $50,000 for service as a director of the Company in 2015 and $10,000 for service on the Audit Committee of the Board in 2015.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;14, 2015, the Company issued a press release announcing Ms.&nbsp;Scaccetti&#146;s election to the Board, a copy of which is attached hereto as Exhibit&nbsp;99.1 and is incorporated herein by reference.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements and Exhibits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;Exhibits</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>   Number</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:87.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="87%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:87.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press   Release of Penn National Gaming,&nbsp;Inc., dated April&nbsp;14, 2015</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* * *</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_000253_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\C901898\15-9133-1\task7339191\9133-1-ba.htm',USER='C901898',CD='Apr 15 21:50 2015' -->

<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:   April&nbsp;15, 2015</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PENN   NATIONAL GAMING,&nbsp;INC.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Saul V. Reibstein</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="43%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Saul   V. Reibstein</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="43%" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive   Vice President, Finance Chief Financial Officer and Treasurer</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_000452_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\C901898\15-9133-1\task7339191\9133-1-ba.htm',USER='C901898',CD='Apr 15 21:50 2015' -->

<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;INDEX</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>   Number</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:87.78%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;"><br>   Description</font></b></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="87%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:87.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="87%" valign="top" style="padding:0in 0in 0in 0in;width:87.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press   Release of Penn National Gaming,&nbsp;Inc., dated April&nbsp;14, 2015</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_002813_5796"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\C901898\15-9133-1\task7339191\9133-1-ba.htm',USER='C901898',CD='Apr 15 21:50 2015' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a15-9133_1ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>


<html>
<head>

  </head>
<body lang="EN-US">
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="42%" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:42.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NEWS ANNOUNCEMENT</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="54%" rowspan="2" valign="top" style="padding:0in 0in 0in 0in;width:54.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="375" height="102" src="g91331mmi001.jpg"></font></p>    </td>   </tr>
<tr>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTACT:</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Saul   V. Reibstein</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph   N. Jaffoni, Richard Land</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Financial Officer</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JCIR</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">610/373-2400</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">212/835-8500   or penn@jcir.com</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PENN NATIONAL GAMING NAMES<br> JANE SCACCETTI TO BOARD OF DIRECTORS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Scaccetti Brings Extensive Financial, Tax and Accounting Expertise</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and Public Board Experience and will Serve as Audit Committee Chair</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wyomissing, PA (April&nbsp;14, 2015) &#151; Penn National Gaming,&nbsp;Inc. (PENN: Nasdaq) (&#147;the Company&#148; or &#147;Penn National&#148;) announced today that the Company&#146;s Board of Directors has, subject to customary regulatory approvals, appointed Jane Scaccetti to the Board effective immediately.&#160; Ms.&nbsp;Scaccetti&#146;s appointment will expand the size of the Board to eight members, six of whom satisfy the standards for director independence under the current Listing Rules&nbsp;of the NASDAQ Stock Market.&#160; In addition, Ms.&nbsp;Scaccetti has been nominated to serve as Chair of the Board&#146;s Audit Committee, a role she assumes from John Jacquemin, who will remain on the Board and the Audit Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Scaccetti is founding partner and CEO of Philadelphia-based Drucker&nbsp;&amp; Scaccetti and has been a practicing CPA in the Commonwealth of Pennsylvania since 1977.&#160; At Drucker&nbsp;&amp; Scaccetti, she and her team of approximately 50 professionals provide counsel to family-owned and closely-held businesses on a wide range of complex tax planning and wealth management issues.&#160; Prior to founding the firm in 1990, Ms.&nbsp;Scaccetti served at Laventhol&nbsp;&amp; Horwath from 1977 to 1990 during which time she became the first woman to be named tax partner at a Philadelphia&#146;s international firm in 1987.&#160; She has served on the Board of Directors at The Pep Boys since 2003, where she chairs the Company&#146;s Audit Committee and serves on the Nominations and Governance Committee.&#160; She also serves on the boards of Mathematica Policy Research and Temple University Health Systems, where she served as Chair from 2008-2013. She is a Trustee of Temple University, a Trustee of Salus University and Board Chair at Temple University Hospital.&#160; Ms.&nbsp;Scaccetti previously served as a Director and Chair of the Audit Committee at DiGiorgio Corporation from 1994-2006, on the board at Nutrition Management Services Company from 1992-2009, a director at Keystone Health Plan East from 1998-2008 and on the board of First Penn Bank from 1989-1999.&#160; She is a member of the American Institute of Certified Public Accountants and the Pennsylvania Institute of Certified Public Accountants.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter M. Carlino, Chairman of Penn National Gaming, commented, &#147;Jane&#146;s addition to the Board of Directors reflects our ongoing commitment to the best corporate governance practices through the careful evaluation and appointment of highly qualified Board members.&#160; She is a proven leader in the accounting sector with a deep record of tax work which will prove beneficial given the broad range of jurisdictions where we operate.&#160; The Board looks forward to the benefit of this expertise</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C901900\15-9133-1\task7336915\9133-1-mm.htm',USER='C901900',CD='Apr 15 01:10 2015' -->

<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and Jane&#146;s counsel as we pursue our near- and long-term plans for growth, business diversification. and the further enhancement of shareholder value.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Penn National Gaming</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment.&#160; At December&nbsp;31, 2014, the Company operated twenty-six facilities in seventeen jurisdictions, including Florida,&nbsp;Illinois,&nbsp;Indiana, Kansas, Maine, Massachusetts, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario.&#160; At December&nbsp;31, 2014, in aggregate, Penn National Gaming&#146;s operated facilities featured approximately 31,000 gaming machines, 760 table games and 3,100 hotel rooms.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forward-Looking Statements</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.&#160; These statements can be identified by the use of forward looking terminology such as &#147;expects,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;projects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;seeks,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should&#148; or &#147;anticipates&#148; or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties, including future plans, strategies, performance, developments, acquisitions, capital expenditures, and operating results.&#160; Actual results may vary materially from expectations.&#160; These forward looking statements are inherently subject to risks, uncertainties and assumptions about Penn National Gaming and its subsidiaries, including risks related to the potential construction delays and the ultimate location of other gaming facilities in the state, and accordingly, any forward looking statements are qualified in their entirety by reference to the factors discussed in the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014, as well as any subsequent Quarterly Reports on Form&nbsp;10-Q and Current Reports on Form&nbsp;8-K, each as filed with the United States Securities and Exchange Commission.&#160; The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"># # #</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C901900\15-9133-1\task7336915\9133-1-mm.htm',USER='C901900',CD='Apr 15 01:10 2015' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g91331mmi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g91331mmi001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"`!F`7<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBO,1XJ
MN?\`A'_*-W/]KSL#>8V<==V<]>U85JLJ?+:-[NWIYF%6O"E\;Z-_=;0].HKS
M*+Q3=+X?>-KN<W8^16,C9(.?FSGM@_I2V/BFXBT6=)[R9[A3B-FD8D[NG.>W
M/Z5@\542;]F])6_X/H8K'46TK[J__`]3TRBO,M+\574&F7$=Q=3RSKDQL\C$
MG/&,Y[=:31O%%S!;7(N[R>5E7?&7E9B3TQU^GZTYXJ<5-^S?NM+UOV^]"CCJ
M,G!7W3?IZ_<>G45\]ZIXFUY-1E6/7-151C`6ZD`Z#WJI_P`)1XA_Z#VI?^!<
MG^->U#!RE%2ON=U/WX*:ZGT?17@&@^)->FU_3XI=;U!XWN8U96NG(8%AD$9K
MU_[3/_SWD_[[->%FV/CEDXPFN:ZOH;PHN74Z"BN?^TS_`//>3_OLU>TV620R
M;Y&;&,9.?6O/P>>T\57C1C!IN_Y7"=!QC>YI44@Z4M?0&`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!7G?]@QCPZ;<`&<CS=W^WCIG]*]$KRHZ\Q\/&U.3.?W6
M[_8QUSZXXKR<SIXF?L_8/:2O^C]$<N(GAXW]LOLRM^'XFE:Z#&WAW[.<":4"
M0MUPW;]./SHTW0XQH3P3`>9<C<3_`'?[OY=?SK.@U]XO#S0#(G3$:-CC:>^?
M7`(_*I]%U&\ET>>UMX);BXB&(MBDD*?7Z?X5XU3#YBX32?V_Z?IL84ZV!<X+
ME^Q_2]=RQH^AI_9,R7*CS+@D$Y!V@'C]1FET/1%AL[C[5AFF#1D#LH./Y_R%
M)I2:U8Z7-;MI=R9%YA)B)&2><_3K1HL6M65K<Q3Z==-P7BS$3ECV_K^=:5\/
MF,E6UWDOGZ?A]PZ+PJ=&\'I%]-O7\?O/,_$-L]GKMU;N06C8#([\"LVM'Q()
M+;7KF.]80W&0SI*P5N5!Y!^M9?GP?\_$/_?Q?\:_1:$TJ,5-J]E<]*A94HVT
M5C4\._\`(R:;_P!?4?\`Z$*]NKPS0;NUAU_3Y)+F%42YC9B9%X`89[UZ_P#\
M)-H7_06M/^_HKX3BVC4K5Z;I1<K)[*_7R.RBUJ:E:&E=9?P_K7-_\)-H7_06
MM/\`OZ*VO#NIV&HM.+*[AN#'MW>6X;&<X_E7@9/A<13QT)3@TM=T^S*K-.#-
MT=*6FE@B%CT`R:YV;XA>$(%W-XAL2/\`8DW'\A7Z`>>=)16+HWC#P_X@G:#2
MM5@N95&XQJ2&QZ@'!/X5;U/7=*T41G5+^"S$N0C3/M#$=>30!?HKGV\>^$5&
M3XCTX_2X4_RK3L-7L-3TT:E97*SVC!BLJ@X(4D''X@T`7:*RM.\4:#J]T;73
MM7M+N<(7,<,H8[1P3Q]:TI)4AB:61MJ(I9CZ`4`/HJCIFMZ7K*.^F7\%XD9`
M=H7#!3Z9'>J8\8^&S>+9_P!MV0N6D\L0F4!]^<;2.H.>,4`;5%)6<GB'1Y-4
M.E)J,#7ZD@VV[]X,#/W>O3G-`&E11534=5L-(MQ<:C=Q6L);;YDK;5!]">@H
M`MT54T[5=/U>V^TZ=>0W<.XIYD3AAD=1D4FI:MI^CP+<:E>16D+-M$DK;5SZ
M9H`N45#:7=O?VL=U:RK-!*-R2+R&'J/45!JFL:=HMLMSJ=Y%:0LVP22G`SZ9
M_"@"[14-I>6U_:QW5I,D\$J[DD0Y5AZ@UDW7C3PU8WTMC>:W:6]Q"VUXY9-I
M4XSWH`W**Y]O'GA)1D^(]._"X4UHZ;K>FZQ8M?:==I<VRL5,D8)&1U'O0!?H
MK+T[Q+H>KW!M]-U2VO)57<R0R!RH]3CI^-:9('4T`+17/:AX]\*Z9<FVNM=M
M%E!PR*V\J?0[<X_&MBPU"SU2T2[L+J*Y@?[LD3AE/XB@"S163J/BG0=(N#;:
MCJUK:3``[)I`A(/<9ZBM56#`,I!!Z$4`+16;<>(='M=273+C48(KU\;+=FP[
M9Z8'4_A6E0`45FW'B+1K358]*N-2MXKZ4J(X'?#MGI@=\UI4`%%96H^)]"TB
MY^S:EJUI9S%0X2:4(2I[C/4<&M*.198UD0Y5P"#C&10`^BBB@`KSXZ'&/#AM
MAM,FWS=Y(^_]?3M]*]!KR4ZU-_PCIM"&W;O*\S'&S'3/KV^E>3F5*O4]G[%V
MM)7_`,_D<N(JT*=_:J]XRM^'YFS:Z)"_AP6I(#RJ)"XY^;J/\*UO!>GK8VA)
M*M),H=V'3V`KDX=:FB\.O;8;<"(UD`X"G/&?7@UO_#Z[DFCN+1BQ$2@JWH">
MGYUQX7#8R-64IRTY[O[M_P`5H84<1A95*<81UY;?\#\]2C\4/B+'X;L6TS2K
MA3JTPP2O/V=?4_[7H/Q^NSX$\=6'C+2D966+4(E`N+?/(/\`>'JI_3I7BWBG
MX:>(M"CO=3OY8)+2)]QN6FRTI9L#CKN)/\ZW_`?PO\26GB;3-8EE@@LHF6?S
MHIPQE3&=H`[,#@YQP37T1Z(SQOI]O??%75VN%#K$D)"'H28EZUFMH.G-="X^
MSKD#E!]TGUQ2_$S4)=-^*^HSQ\_+"&7^\/*3BIXM1M9;#[<),0[=Q)ZCV/O7
M'7YU*ZV/H\K^JSI.%1+F6NIA:YIMK:7MI<6Z+$7?:R+P#[@4W)K/N]6?5-7A
M?&V)&Q&OH/\`&M"O<RU25-J1Y6(G3G6E*FK(7->F_!C_`%VL?[L/_L]>8UZ=
M\%_]=K'^[#_[/75BOX3.>6QZH>E>1?"2"-/'GBU57B.5D7Z>:_\`A7KO:O%?
MA]9ZI>>//%@TO5ETYDN7,A:V68./-?`Y(Q7BF([QYI<6F_%_P[<:2GDSWDL+
MRI%QDB3!;`]5Z_0^]=#\<8U?P+$Y`RE]&5/I\KBNETKP9:V6N/KU]=S:GJSI
ML^T3A0(U]$0#"\?4]?4USOQQ_P"1"7_K]C_DU`&_H::9:?#[2GU*.W^S1:;"
M93*@*G$8SQWK8TC2K?1M-CL+10L$18QKC&T%BV/PS7%:=\,_#>K>#],F6R$%
MY)9PRK<+(^1(4!R1G!&>HKT!9%<LJD$H<,`>AH`\,\8Z;?\`AGQAJ'C/0PL<
M5EJ2PRPHN`N8(F)./X6+L#[D>M>Q>']<L_$FAVVI63AXYD!9<Y*-W4^X-8?A
MU+;5[[Q=9W,2S0R:D8Y$;HR^3&I'_CM<!9R7OP=\:M:W1>7P_J;?)(.2H'0_
M[RY`/J.?2@#M_A19)8^&+R%%`']IW`X]FV_^RUQOQ)\&3:[XPU&XTI`+FVL8
M)C$B_-,Q,F?QVQ_CQ7H7P^,;^'IY8F#)+J-VZLIR&!G?!'M69:W0;XO:E#GE
M;:W7'_`)6_K0`_X8^-U\5:-]ENSMU.Q54G4GF1>@?\<<^_U%)862#XU:K=[?
MF&DQ<^Y8#^25RWC_`,/7G@;Q#%XX\-@I&TA^VPC[H+'DD?W6[^AQCMCIO!6N
MV/BCQAJFL6#$Q2:?:J5;AD;=+E3[C'^<T`=Y63XI@AN/"FK1SQK)&;.7*M[*
M3_.M:L;QC)Y7@O6Y.ZZ?/CZ^6U`'C7@S5;WX;>([6'4G;^Q]9MXI?,(^0;E!
M#C_=)VM[<^E>H_$V*.[^&^K]'`A612.>C*0?TJ@?"MMXQ^%&C6,I"3+IUN]O
M-C_5R",#\CT-<1H_BZ>'PIK/@?Q&QCOK2)H;4O\`Q!?X,^HQ\I[C\,@'M=A;
M+9V,%L@PL,:H![``?TKC?B1IK^)DA\.PR%2+>:_D"]<HNV-3[%W_`/'37<GI
M7G_AZVU7Q-K.K^);/6'L(9I_LEL%@23?#%QN&[IEBQH`;\$]5%]X&%HSYDL)
MWBP3R%)W@_\`CQ'X5U5GX7TFVN[N]DLH)[N[F:62>2(,Q]`,]`!@?K7F'A(R
M^!OC!>^'IIO,MM24;7VA0S$;T.!TY++^->S]J`/(/@M86ES)XC$]M#,!<HH$
MD8.!\_K7J&DZ1;:-:/:VD:1Q--)*$10H7<Q;`'MG%>;_``/YD\2'_I[3_P!G
MKU<]*`/)O@K`BZUXL8*/EN8T7V&Z7_ZWY5:\=ZC=ZY\0]%\%0W$D%E*!->>4
MQ5I1\S%21VVH?^^O85#\%S_Q-_%P_P"GM/\`T*6L[Q=?IX=^.VEZK='9;M%'
MEST"LK1D_ADT`>H3^%=`N;$V4NBV)@*[=@MU&![8''U%>5^!C<>#/B[>>$HY
MWDLK@L%5STQ'YB-Z9V\'ZU[4#D9'>O*+*PDU7]H2_OX1FWTR,>:XZ;C"$`^N
M2?\`ODT`:WQ:T!?$%KHUC$52ZFNW2*1AG_EB[;<]@2JBL_X1>,9[B"3PKK+-
M'?V&5A6;AV09RASW7^7TKHO&L_E>(O"*Y^]J9X/_`%S8?UKG_BGX2N8IX_&F
M@GR=0T_#SA!RZKT?W('4=Q]*`-K7;*-_BOX6N]HW"VNP3_NJ,?\`H9KM3TKS
M7PYXNM?&7B+PS>(56[AM+Q;J$?P/B'D?[)Y(_+L:[/Q5K*Z!X:OM2)^>*(B(
M?WI#P@_%B*`/)/B9!+=7#^-K.9O]!U);*''3;&,[_P#OZ''Y5[3IM['J.F6M
M]%CR[F%)5QZ,`?ZUP5S\.]5?P`V@_P!NM(JP;A;?9H\-+G?C?][E^])\%/$!
MU/PK)I4S$W&EOLP?^>;9*_D=P_`4`8_QCMXY?%_A4,H_>RE&]QYB?XFO7\8K
MR3XQ,$\7>$7/19V)_P"_D=>KW%Q%:6TEQ.XCBB0N[GHH`R30!+1110`5XGK.
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M'H/;^=5O$6BP74#WJ%8YHURQ)P'`]?>O-5>//RGKRRFK'#^UOKV\CMH?`,'Q
M4@3QE<W\FG2Z@"&MHXQ(J>63'PQ(SG9G\:SI?AAX6MM1.BR^.UCNF<`V[*H.
M[L"-W!YZ'FM?P[XYM/`_P@T.XFMGNI[AIUAA5MH;$SDDMS@<CL>M>0:MJD>I
M^([G5?+DC2YN6G9-^67<VX@''N><5T'CW/71\![*U_TA=>G8Q_-@VXY_6J.J
M_#V'3=-DNQJ+R%,?*8@,Y('K[UV7@KXC6WCBVOH5L7LKFV3<8S)Y@93QD-@=
M_;O3?%'_`"+US_P'_P!"%>'C\QQ6%Q=*G1G92M?1=[=4=^!IQJ5$I+JCSW1?
M"4>K7C6[7C1[8R^X)GH1[^]>E>`_"T?AN2]*7;7'V@(#N3;C&[W]ZY;P;_R&
M9/\`K@W\Q7H^E=9?P_K4_P!JXR>8QP\I^XUM9=F^USJS*A3I3:@K:(TWW;#M
MQN[9Z5P_@[X?7GA3Q!?:J^KI>"_#>;']F*8);=D'<>^?SKN<X%8MQXP\/VLP
MBEU),E_+#*C,F[.,;@-N<\8S7O'C&W7*^/O!\_C72H--CU!;*..83,YA,A8@
M$`?>''S']*ZJJ5UJ]A97]I87-RD5S>EA;QMG,FT9./ID4`<_;Z#XOLM'M]-M
M?$>G(MO"D,<G]F,7PHP"<RD9X]*U/#&CW.B:-]FO+LWMZ\CRW%RPP978]?;`
MVC'8"MFJ7]L:?_:_]DFZ07WE><(#G<4SC</49H`Q?"GA:\\/:GK%Y<:@EV-5
MN#<,HA*>4Q)X'S'(P<?A5SQ9X7LO%FARZ;>#:6^:*4#+1..C#^H[@FKTNL:?
M#JT.DR72+?3H9(X.=S*,Y/TX-6+BXBM+:2YG?9%$A=V(^ZH&2:`,?P;X<;PI
MX8M]&-R+HP%SYNS9NW,6Z9/KZUE6_@J]@^($_BHZHC+<.-UKY!&%$90?-NZX
M.>G6NJL;ZVU*RBO+.42V\R[HW`.&'J,U4N/$6DVFKPZ3<7J17T_,4+@@O].,
M'I0!>NK:&\M9;:XC62&9"CHPR&!X(KDO`O@"/P1>ZI)!?-<P7I3RT>/#1A=W
M!.?F^]UP.E=2]_;1W\5B\F+B9&DC3:?F5<`G/3C(_,>M6"0!DT`+63XFTF;7
M?#]YI4-PMN;N,QF4IOV@]>,C/'O44OC'P_!<QV\FI('ED$:$(Q1VSC`<#:3G
MWK;H`R_#>E2Z'X?LM*EG%P;2(1"4)MW`=.,G''O7.>./AK:^+M1M-2CN_L5W
M;D!W$6\2J.0",CD>OO7;T4`9VNV5[J.CW-E87@LIYT*"X*%R@/!(`(YQTYXJ
M+POHG_".>'+/2/-67[*FWS%3:'Y))QDXR3ZUJDX!)[55TS5++6+-;S3[@7%N
MQ(6100"0<'K[\4`<CXQ^'4OB;Q+8Z]9:J-.NK-5`;R/,W%6W*?O#U/Z5V8^T
M?9@"8S/LY.#MW8].N*K7>MZ;8ZA;:?=72PW-V<0(P(\P^@/3/_UO6IFU"U74
M$L&EQ<O&95CVGE`0"<].I`_$4`<IX!\"7/@J:_+ZHE\E\59OW!C*,N[I\QSG
M=^E=E)NV'9C=CC/3-*2%!).`.IK(M_%>AW6HQZ?;Z@DMQ*2(U1&*O@$G#8VG
M@$\&@#!\#^`KKP=J.HW3ZJEZFHD-(GV<QE6!8@@[C_>-7O''@:Q\;6$4%Q*U
MM<P$F&Y1-Q7/4$=P>.,CH*ZBB@#SK1?!?CK38!8GQL$LD&U,6HED"^@+]/S.
M*['P_P"'K+PY8&UL_,D:1S)-/,VZ29SU9CW-:E%`'+^*/"MWXAUG1;^'4([5
M=)N//$9A+F4Y4X)W#`PN._6NF*AT*L,@\$>M.HH`X?0OAM;>'O'-UX@L;H);
M3HZK9B+`C+8)PV>F1P,=ZO>+O"=YXIN],(U-;:TL)UN'MS"7\]@01D[A@8!'
M3N:ZJB@!N/EQ7"^&/AW<^%O%E[K-IJR/;7K.'M#;D;59MP`;=U'3./6N\HH`
MX7QO\/;KQAK-CJ":NED+!?W:&V,F6W9R3N'H*EU7PKXHUFXLQ>^([4V4-Q')
M-:V]DT0F56!()+L3T/'2NUHH`****`"N;KI*YNOD.)_^77_;WZ'7ANIGZUHU
MKK>GO:72\'E'`^9&]17B7C#1KO0\VMTO/F@I(/NR##<BO?:S]9T6SURQ:UO(
M]PZHX^\C>HKAR?.IX*]&>M.7X>:_5&U2GS+3<\'\/Z_]C`M;MB8"?E?J4_\`
MK57US7'U.3RXP4MT/RC^][FNAUK1+K0KXVETHZ91U^ZX]1_A6?@>E?HE+`PJ
MI5J<DT]F1+$5W1]@WHCT_P`*>#-/\:?!_1K.^9XGB:9X9H_O(?.D!X/4'N*P
MI_A7'!XD@L8]"U&XTE83%/?>=&)&D/215ST7@8QSSUJGH]_>P:9#'#>3QH-V
M%20@#D]@:].T^XF;0[=S-(6-NI)+').VO$Q^91P4K2C?6QI4RZ<*<:CE\0GA
M'P!IO@FQO3:S2W,]RN'FE`!"C.``.@JIXH_Y%ZY_X#_Z$*Y32]2OY-5M4DO;
MAU:90RF5B#S]:ZSQ1_R+]S_P'_T(5X>:5%4QM!KNOS.ZE@Y86O!-WNT<[X-_
MY#,G_7!OYBO2-*ZR_A_6O-_!O_(9D_ZX-_,5Z1I767\/ZTH?\CBGZ/\`])8L
MW_B/T0SQ4EU)X2U9++=]I:RE$6WJ6V'&/>N?A\3Z=:_#2SU*RMH;N&&*W@>U
M,@38Q9(RIX."I.>G:NV'2J;:/ICW1NGT^U:X)SYIA4OGZXS7V)X!<Y`YKSGQ
M;-/J5O?>(K"WBE30+F-X)3(=S&$DR[0%/RG>5/(^Y["O1B,C%0QV=M%`T$<$
M21-G**@"G/7B@!NGWL&I:?;WUL^^&XB62-O4$9%>?^-HY8?$#^)['+7/AW[.
M9D3J]N^\R+^1S],UZ+#!%;QB.&-8T7HJ*`!^`IOV2WW2MY,>Z88D.P?..G/K
M0!P<,PO/B1H&IE=AOK:[DC5OO"+:@CSW&0"V.Q8UV/B`J/#NI%ONBTES_P!\
M&K?V2W,Z3F",RH-JR;!N4>@/:GR1I+&T<BJZ,,,K#((H`P_`I4^!=#*XQ]@A
MZ>NP9K%\8:)8>)/$EOI-R?*G-KO@G0XDA;+D,/Q0?E7:PP16\0BAC6-!T5%`
M`_`4PVEN;@7)@C\X#`DV#=^?6@#C_"VLW=_XB32M8MFBU?2K2:.9R/DG1GBV
MRH?1MG2M?Q['=R^!=82R#F<VS;0F=Q'<#'MFMWRD,HEV+O`V[L<X],TZ@#B;
MCQ9IUEX(T:]L[2"]@G>WMQ`TH01$XQG@\J0.,=J[;I53^R---T;K^S[7[03N
M,ODKO)]<XS5LC(Q0!!:W]K>F86TZ2^1*T,FPYVN,94^XR*L57M+&"R$H@3;Y
MTK2R'NS-U)_E^`JQ0`AZ5R?PN(/P_L"""/-N/_1\E=80&!!&0:C@MH+6/R[>
M&.%,YVQJ%'Y"@#DO&VEVVO:KIFCS2F&:>&Y>WF7[T4B>65=<<Y!_K4?A?5[N
M_P#$*:9JT135M(M)8;I]ORS!GBV2*?1@I/L:[![6"2=)WA1I4&%<J"RCV-.\
MF/S?-VKYF-N_'./3-`'._$6*[F\!:O'8AVF,'`3.2H(+8Q_LYJ;1?$_A[6;.
MQ-A=VS.Z`Q6RLIDB.W!!4<K@$@]A6_5>'3K*WN7N8;2".>3[\J1@,WU/4T`2
MRRQP1-+(P1$4LS$X``ZFH[*]MM1LHKRSF6:WF4/'(O1@:G/(Q21QK%&L:*%1
M1A5`P`/2@!U%%%`!1110`4444`%%%%`!1110`4444`%<W725S_V:?_GA)_WP
M:^2XEISG[+E3?Q?H=>&:5[D=%2?9I_\`GA)_WP:/LT__`#PD_P"^#7R?L*W\
MC^YG5S+N96M:+::Y8-:W2^\<@^]&?45Y#K.BWFAWK6UVG'\$@'RR#U%>Y_9I
M_P#GA)_WP:H:QX=CURQ:TN[:0CJCA3N1O45]-D>;8G+Y^SJ1;IOR>GFOU1E.
M,9=3RG3?^0?%^/\`.O4]-_Y`-M_U[+_Z#7!Q^%M:L5-J=-NY?*9AYB6[E6YZ
MCBO0M/L[I-%MXWMIE<6Z@J8R"#MZ8KHSZ,JLE*";3DV>OB9Q^KTE?^K(\\TG
M_D+V?_7=/YUVOBC_`)%^Y^J_^A"N8TO1-7CU2U=]+O559E)9K=P`,_2NN\1V
M-Y/H=Q'#:3R.2N%2,DGYAV%88^G-XRBTGNOS-\34@\13::Z?F<MX-_Y#,G_7
M!OYBO1M-=8DGD=@J*`68G``YYKA?">D:G;:L[SZ==1*86&YX649R/45VATTW
M^EW]A.)(DNX&A+`8(#*02/SK6%.?]KPE9VM^C/.S:495'9]$1VWC'3[B[6$Q
M3Q1NP5)GV;220!E0Q=`<C!90.1ZBM^O.;*QU"\UNXM6L+V">9G6[GFA<6NPF
M+<823R3Y?'"YSD_=&?1ATKZT\(6BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
&HHHH`__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
