Gaming Property Investment Overview

Demonstrated Durability of Regional Gaming Markets GLPI's Regional Markets Have Proven More Profitable And Stable During a Major Downturn Than The Las Vegas Market Gaming Adj. EBITDA Growth (¹) (%) 0.0% Rent Coverage (1) PENN PNK (2) Vegas (3) Vegas Adj. (4) 2.0x (5.0%) (10.0%) (1.3%) 1.8x (15.0%) (17.0%) 1.6x (20.0%) (25.0%) (30.0%) (35.0%) (40.0%) (45.0%) (50.0%) 2007 2008 2009 1.4x 1.2x (42.8%) 1.0x (47.1%) 2010 0.8x 2007 2008 2009 (1) Excludes BYD because BYD assets were owned by PNK. Excludes Tropicana because it predominantly consisted of Atlantic City portfolio at that time. Assumes rent was at the same terms as existing master leases during the time period shown (2) Excludes St. Louis and Ameristar assets (3) Includes Las Vegas assets for CZR, LVS, MGM (excluding City Center due to negative Adjusted EBITDA) and WYNN (4) Same as Vegas, adjusted to account for an assumed 4% cost of capital on $4.1bn of capital expenditures related to Palazzo and Encore Note: Excludes corporate overhead and includes the impact from smoking bans and cannibalization Source: Company Filings and Earnings Releases 1.9x 1.6x 1.1x 1.0x 2010 9

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