20 Pro Forma Financial Highlights Sources & Uses Refinance PENN Existing Debt: $ 2.7 billion Pre-spin redemption of Fortress Investment Group Conversion Shares: $ 412 million Pre-spin redemption of other Preferred
Equity: $ 253 million (1) Cash portion of the Accumulated E&P Dividend: $ 438 million Transaction Expenses:
~ $ 145 million Total Transaction Debt: $ 3.75 — $ 4.25 billion Key GLPI (REIT) Stats Target Leverage: 5.5 x EBITDA Target Interest Coverage: 3.2 x Target Dividend Payout
Ratio:
~ 80 % AFFO less employee option holder dividends Key PNG (OpCo) Stats Target Leverage: 3.0 x EBITDA Implied Adjusted Leverage: 5.6 x EBITDAR Target Rent Coverage:
~ 2.0 x Target Interest Coverage: > 5.0 x Includes $ 22.5 m Preferred
Equity redeemed in the first quarter of 2013