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This excerpt taken from the PENN DEF 14A filed Apr 30, 2007. Life
Insurance. The Company pays term life insurance
policy premiums on behalf of Mr. DeAngelo and split dollar life insurance
policy premiums on behalf of Mr. Ippolito and certain irrevocable trusts
created by Peter M. Carlino. For further discussion of the split dollar life
insurance policies, see the description under Transactions with Related
Persons on page 44 of this proxy statement.
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