Penn National Gaming, Inc. 1 Third Quarter 2021 Earnings Presentation November 4, 2021 A BARSTOOL mychoice Non-GAAP Financial Measures In addition to GAAP financial measures, management uses Adjusted EBITDA, Adjusted EBITDAR, Adjusted EBITDAR margin, Combined Revenues, Combined Adjusted EBITDA, Combined Adjusted EBITDAR and Combined Net Income as non- GAAP financial measures. These non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determin ...