Exhibit (c)(4)

January 31, 2019 Special Committee Discussion Materials PRELIMINARY & CONFIDENTIAL

PRELIMINARY & CONFIDENTIAL Table of Contents 1. Follow-up Materials From Prior Meeting 2. Valuation Considerations 3. Discussion on Negotiation Strategies I I I I II 2

PRELIMINARY & CONFIDENTIAL Progress Review & Meeting Objectives Since our last meeting with the Special Committee, we have focused our diligence and analysis on:Performing specific analyses requested by the Special Committee relating to:ISC’s Q4 2018 resultsNon-France Family shareholders of ISC stockISC credit agreements and the current credit marketPotential synergies between NASCAR and ISCReviewing financial model assumptions with management and updating standalonevaluation analysis of ISC Objectives for today’s meeting:Review findings from Special Committee’s follow-up requestsPresent updated analysis on the valuation of ISCDiscuss strategy for responding to NASCAR’s bidDiscuss due diligence process 3

PRELIMINARY & CONFIDENTIAL Table of Contents 1. Follow-up Materials From Prior Meeting 2. Valuation Considerations 3. Discussion on Negotiation Strategies I I I I II 4

PRELIMINARY & CONFIDENTIAL ISC Actuals and Guidance vs. Street | 2018 – 2019 Sources: Guidance and actuals from SEC filings; street estimates from broker researchRevenue and EBITDA per Wells Fargo, diluted EPS is average of Wells Fargo and CitiEBITDA per Wells Fargo, revenue and diluted EPS are average of Wells Fargo and Citi 5 Q4 2018 results came in lower than Street estimates. Previous FY2019 Street estimates are on the higher end of Management guidance. Awaiting updated Citi forecast, but Wells Fargo revised FY2019 projections downward following FY2018 earnings Revenue $218 $198 $195 $200 $195 $705 $699 $685 $705 % Inc. / (Dec.) from Street (9.1%) (10.6%) (8.3%) (10.6%) (0.8%) (2.8%) 0.0% Adjusted EBITDA $81 $72 $72 $77 $68 $243 $243 $230 $250 % Inc. / (Dec.) from Street (10.3%) (11.1%) (4.9%) (15.6%) (0.1%) (5.4%) 2.8% Diluted EPS $0.82 $0.70 $0.67 $0.72 $0.62 $2.10 $1.99 $1.85 $2.15 % Inc. / (Dec.) from Street (15.2%) (18.3%) (12.2%) (24.5%) (5.2%) (11.9%) 2.4% FYE 11/30, $MM 4Q'18A FY2019E Street Estimates Guidance (10/4/18) Actuals Street Estimates Guidance (1/24/19) Pre-Q3 Earnings (1) Post-Q3 Earnings (2) Low High Post-Q3 / Pre-Q4 (2) Post-Q4 (Wells Fargo) Low High

PRELIMINARY & CONFIDENTIAL Management Plan vs. Street EstimatesWells Fargo estimates as of 1/25/19; Citigroup as of 1/28/19 (1) Sources: Management Plan (1/14/19), SEC filings, Wells Fargo, Citigroup(1) Citigroup reported only EPS figures in 1/28/19 research note 6 Projected FYE 11/30, $MM FY2019E FY2020E FY2021E FY2022E Revenue Management $706 $729 $746 $765 Wells Fargo 699 719 736 754 % Inc. / (Dec.) from Mgmt. (0.9%) (1.4%) (1.4%) (1.4%) Adjusted EBITDA Management $250 $260 $267 $274 Wells Fargo 243 245 250 255 % Inc. / (Dec.) from Mgmt. (2.8%) (6.2%) (6.6%) (7.2%) Diluted EPS Management $2.17 $2.44 $2.62 $2.76 Citigroup 2.00 2.09 2.24 – % Inc. / (Dec.) from Mgmt. (8.6%) (16.8%) (17.1%) - Wells Fargo 1.99 2.09 2.16 2.21 % Inc. / (Dec.) from Mgmt. (9.1%) (16.8%) (21.4%) (24.9%)

PRELIMINARY & CONFIDENTIAL Research Analyst Summary Sources: Broker reports and Management Plan (1/14/19)(1) Excludes Macquarie due to discontinuation of coverage 7 Summary (1): Low $37 $694 $713 3% $215 $224 1% $1.96 $2.09 4% Mean 42 699 720 3% 234 241 3% 1.99 2.12 6% Median 43 699 719 3% 243 245 4% 2.00 2.10 6% High 46 702 727 3% 243 254 4% 2.02 2.19 8% Research Report Valuation Price Revenue EBITDA Non-GAAP EPS Firm Date Rating Methodology Target FY19E FY20E % Growth FY19E FY20E % Growth FY19E FY20E % Growth Management Plan: $706 $729 3% $250 $260 4% $2.17 $2.44 12% 1/25/2019 Market Perform NA $41 $699 $719 3% $243 $245 1% $1.99 $2.09 5% 1/28/2019 Neutral 21.9x 2020E P/EMultiple $46 – – NA – – NA $2.00 $2.09 4% 1/24/2019 NA Discounted Cash Flow (8.4% WACC) $37 $694 $713 3% $215 $224 4% $2.02 $2.19 8% 10/4/2018 Neutral 21.0x 2020E P/EMultiple $44 $702 $727 3% $243 $254 4% $1.96 $2.11 8% Discontinued Coverage 7/5/2018 Hold AV / EBITDA Multiple $47 $711 $726 2% $254 $261 3% $2.20 $2.27 3%

PRELIMINARY & CONFIDENTIAL Shareholder Analysis Over Time Reported as of 9/30/2018 and post-offer ownership to be reported 2/14/19 Note: Only shows Class A shareholders; 12/30/2018 final share counts have not been reflected for all entities Source: CapIQ as of 1/30/2018(1) Represents estimated cost basis based on acquired shares 8 Holder Name 12/30/16 3/30/17 6/30/17 9/30/17 12/30/17 3/30/18 6/30/18 9/30/18 12/30/18 Cum. r in Shares Cost Basis of (1) Ownership Last 9 Quarters Shrs. Acquired Shares % BlackRock 170,797 (12,013) (55,535) (39,912) (17,852) 82,326 169,477 88,513 - 385,801 $31.68 2,736,035 6.3% The Vanguard Group 79,077 79,723 4,146 (34,318) (18,484) (24,839) 56,679 41,225 - 183,209 $39.31 2,303,698 5.3% Paradice Investment Management 260,986 151,427 83,100 43,171 8,016 37,945 108,128 (86,404) - 606,369 $35.02 2,007,991 4.6% Macquarie Investment Management Business Trust 58,662 29,693 361,759 81,241 (7,214) (50) (1,512) (8,600) - 513,979 $36.08 1,435,384 3.3% Renaissance Technologies 121,900 (3,400) 120,025 72,609 46,966 168,200 8,934 249,166 - 784,400 $40.08 1,243,366 2.9% Northern Trust Global Investments 11,000 4,382 172,939 73,236 (22,245) (1,352) 25,789 (47,848) - 215,901 $35.31 1,095,222 2.5% Lindsell Train Limited 60,000 8,200 100,000 90,000 - 20,000 109,700 140,000 - 527,900 $35.94 993,100 2.3% State Street Global Advisors 12 17,762 26,184 (2,924) 3,991 (40,717) (38,642) 55,795 - 21,461 $44.34 825,489 1.9% Norges Bank Investment Management (10,737) 115,753 51,669 330,225 - (563) - - - 486,347 $37.54 727,401 1.7% Mawer Investment Management Limited - - - - 169,030 30,150 209,658 278,394 - 687,232 $42.51 687,232 1.6% Ariel Investments (356,329) (484,624) (414,634) (126,579) (464,186) (203,867) (8,068) (267,694) (843,572) (3,169,553) $27.68 670,178 1.5% BNY Mellon Asset Management 68,629 40,014 52,164 (100,901) (15,158) (6,120) (1,437) 24,472 - 61,663 $39.53 370,878 0.9% Arrowstreet Capital, Limited Partnership 29,400 35,301 60,163 (43,609) 62,925 116,574 (30,202) 108,159 - 338,711 $37.94 338,711 0.8% Sparinvest 1,399 - 8,605 - (278) 1,257 (713) - 4,469 14,739 $26.68 326,649 0.8% Geode Capital Management 6,781 8,467 11,351 4,729 6,712 4,252 8,454 11,618 - 62,364 $37.57 257,320 0.6% D. E. Shaw & Co. 14,534 (3,506) (12,148) 109,698 (14,071) (19,358) (23,337) (257) - 51,555 $33.53 245,471 0.6% Dimensional Fund Advisors (67,585) (103,835) (278,792) (314,266) (237,953) - (2,097) - - (1,004,528) $28.39 240,487 0.6% Assenagon Asset Management - - - - 11,168 5,834 (17,002) 230,271 - 230,271 $44.03 230,271 0.5% Bridgeway Capital Management - - - 72,000 - - - - - 72,000 $33.32 224,216 0.5% Pinnacle Associates (20,980) (17,815) (18,440) (9,990) (32,505) (12,575) (45,205) (35,287) - (192,797) $34.12 217,049 0.5% Alberta Investment Management Corporation - 151,427 54,900 - - - - - - 206,327 $36.87 206,327 0.5% Charles Schwab Investment Management 7,112 9,947 5,959 12,770 2,481 2,435 12,731 6,434 - 59,869 $33.00 200,354 0.5% American Century Investment Management - - - - 79,627 25,943 88,100 2,116 - 195,786 $45.70 195,786 0.5% PanAgora Asset Management - 48,528 121,340 (2,758) 80,334 15,833 (22,217) (49,482) - 191,578 $36.65 193,207 0.4% GAMCO - - (5,000) 5,000 (200) (4,800) - (4,000) - (9,000) $34.44 185,000 0.4% Top 25 Holders 434,658 75,431 449,755 219,422 (358,896) 196,508 607,218 736,591 (839,103) 1,521,584 $36.08 18,156,822 41.8% Average Price Over Quarter $35.09 $36.93 $36.70 $34.96 $39.73 $43.51 $42.29 $44.25 $40.27

PRELIMINARY & CONFIDENTIAL ISC Share Price Performance and Trading Volume Note: VWAP per CapIQ calculation Source: CapIQ as of 1/30/2019 9 NASCAR Purchase Offer Prem. / Disc. To Share Price Share Price Prem. / Disc. Day Prior to Announce VWAP $39.22 7.1% Prior 30 Day VWAP $37.27 12.7% Prior 60 Day VWAP $39.88 5.3% Prior 90 Day VWAP $41.16 2.0% Prior 180 Day VWAP $42.46 (1.1%) LTM VWAP $42.26 (0.6%) LTM Low (Intraday) $35.12 19.6% LTM High (Intraday) $49.95 (15.9%) LTM High (Closing) $47.15 (10.9%) Earnings Beat / Miss vs. Consensus Estimates Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Revenue 1.8% (2.0%) 1.6% 4.2% (2.3%) EPS 4.4% 5.4% 2.4% 18.2% (10.3%) $44.03 $39.06 $36.87 $42.26 $45.35 $44.35 $42.20 $42.65 $40.95 35.00 38.00 41.00 44.00 47.00 50.00 Jan-18 Apr-18 Jun-18 Aug-18 Oct-18 Jan-19 NASCAR PurchasePrice Offer:$42.00 ISC SharePrice ($USD) 11/9/2018:NASCAR madepublic bid at $42.00 10/4/2018: Announced Q3'18 earnings; low ered 2018 guidance Current:$43.54 1/25/2018: Announced FY17 earnings; maintained guidance 4/3/2018: Announced Q1'18 earnings; maintained guidance 7/5/2018: Announced Q2'18 earnings; maintained guidance 1/24/2019:AnnouncedQ4'18 earnings 5/8/2018:NASCAR hires Goldman Sachs to explore options 10/23/2018:Reports that Comcast no longer interested in NASCAR stake 6/27/2018: Reports of NASCAR seeking minority investors

PRELIMINARY & CONFIDENTIAL Credit Markets OverviewEOY 2018 volatility in the leveraged loan market has stabilized to start 2019 Sources: CapIQ as of 1/30/2019; Bloomberg; S&P LCD; UBS(1) Date in Reportedly Hung Deals represents loan launch date Softer credit markets at year end have recovered to start 2019– Previously hung leveraged loans returningor are expected to return to market 10 10099989796959493929190 Oct-18 Oct-18 Nov-18 Dec-18 Jan-19 Jan-19 Period Low: 93.11 Recent Leveraged Loan Transactions S&P / LSTA US Leveraged Loan 100 Index Expected to go back out to market Reportedly Hung Deal (1) 11/28/2019 ConvergeOne B3 / B- 1,640 1,200 NA CVC Capital Partners Expected to go back out to market 11/27/2018 Blue Racer B3 / B- 516 516 NA First Reserve Goldman likely to sell loan outside of syndicated market 11/27/2018 Apollo Infrastructure Mgmt NR / BB- 355 275 NA Apollo For purchase of GE Capital's Energy Financial Services $MM AllocationDate Issuer CCR TotalDebt LoanSize LeverageRatio Sponsor / Buyer Purpose / Comments Recent Leveraged Loan Issuance 1/29/2019 Kofak (Add-on) B2 / B $430 $410 NA Thoma Bravo Acquisition of Nuance Communications' Document Imaging division 1/28/2019 FleetPride B2 / B- 1,070 845 6.3x American Securities LBO; relaunched in syndication market January 2019 1/25/2019 Edgewater Generation (Add-on) NR / NR 1,030 100 NA Starwood Undisclosed acquisition 1/24/2019 Caliber Collision B2 / B 2,750 2,150 6.5x Hellman & Friedman Merger with Abra Auto Body Repair 1/24/2019 StandardAero B3 / B 3,240 2,595 6.2x Carlyle LBO 1/18/2019 MKS Instruments (Add-on) Ba1 / BB+ 1,199 750 1.3x - Acquisition of Electro Scientific Industries 1/18/2019 Aimbridge Hospitality B2 / B 515 430 NA Advent International LBO 1/16/2019 Cast & Crew Payroll B3 / B 1,180 855 7.5x EQT Partners LBO 1/16/2019 Hubbard Radio (Add-on) B1 / B+ 382 80 NA - Acqusition of radio stations from Alpha Media 1/16/2019 Duravant (Add-on) B3 / B- 1,215 160 NA Warbug Pincus Acquisition of Wulftec International 1/15/2019 Cambium Learning B3 / B- 500 180 NA Veritas Capital LBO

PRELIMINARY & CONFIDENTIAL ISC Debt Agreements Summary Preliminary review of financing agreements indicates breakage costs dependent on transaction structure 11 Capitalization Maturity Rate Principal as of 11/30/2018 (1) ($MM) Preliminary Findings on Treatment of Debt if a Transaction Occurs Senior Notes* 2021 4.63% $65.0 Treatment and costs dependent on structure and financing proposed by acquirerPre-payable at a make-whole cost Senior Notes* 2024 3.95% 100.0 Treatment and costs dependent on structure and financing proposed by acquirerPre-payable at a make-whole cost TIF Bonds (Kansas Speedway) 2027 6.64% 46.3 Unlikely to incur costs in event of transactionLikely that debt can remain outstanding Term Loan (Headquarters) 2034 6.25% 46.0 Unlikely to incur costs in event of transactionLikely that debt can remain outstanding Credit Facility ($300MM)* 2023 Variable 0 Treatment dependent on structure and financing proposed by acquirerPre-payable without premium or penalty Total Debt: $257.3 (1) Per Company 10K filed 1/25/2019 *Each of these instruments have carveouts to the change of control provision that include the “France Family”. Whether the proposed transaction will fit within that exception or not will depend on the structure that the acquiror proposes. In addition, these instruments contain a number of financial maintenance covenants that relate to leverage or interest coverage of the issuer. One or more of these covenants could be tripped in the transaction depending on the borrower’s acquisition financing structure.

PRELIMINARY & CONFIDENTIAL Synergy ConsiderationsIndustry Precedents Summary Note: Precedents include entertainment, media, and motorsports transactions deemed comparable by DBO and presented solely for illustrative purposesSources: CapIQ as of 1/30/19, Company Press Releases, Company Presentations, SEC Filings, Call Transcripts, Broker Research 12 "Anticipated to be immediately "We remain confident in PENN's ability to garner in excess of its targeted$100MM in synergies from the PNK transaction over time. The acquisition of completion" full year contribution from Regal plus the benefits of $100MM synergies post the deal" - RBC 2016 $1.1Bn $35MM 12.2% "Expected to result in FCF/sh accretion, exclusive of one- time transaction-related charges, in 2017 and beyond" "We're bullish on the recent Odeon and Carmike acquisitions We believe management guidance for Carmike synergies is conservative" - RBC"Cost synergies associated with the acquisitions of Carmike, Odeon, and Nordic are more than offset by higher operating expenses, deal-related amortization, and the impact of unfavorable foreign exchange" - William Blair 2013 $2.8Bn $40MM 11.6% "Expected to be immediately accretive to Pinnacle Entertainment's FCF and EPS" "We remain encouraged by recent and prospective Ameristar acquisition-related cost synergies, and we are impressed with management’s expense control and marketing efficiencies" JPM Pending Media: 2019 $3.5Bn Not Disclosed - Not Disclosed "Given the strong contribution margins associated with SIRI's service, this deal quickly becomes accretive if cross-promotion drives only a slightly better outcome than our assumption of 1.5MM avg. subscribers in 2020" - Deutsche "Pandora better positions the company for future growth opportunities...We continue to estimate ~$100MM in synergies for the deal which we expect to be fully-realized by YE2021" - JPM Precedent Motorsports: Penske Motorsports 1999 $611.1MM "The transaction is expected to be neutral to ISC's fiscal 1999 earnings" - "Expected to be accretive to earnings beginning in fiscal 2001 and immediately accretive on a cash earnings basis" "Fiscal 2000 will experience significant dilution from acquisition… management gave guidance of 10%–15% dilution to analysts at the time the deal was initially announced. Nonetheless, we expect 2001 to benefit from synergistic savings and 20% EPS growth to resume…we believe SPWY will be accretive to ISCA’s EPS in the long term" - JC Bradford Cancelled 2010 $62.9MM Not disclosed; Management hoped to "eliminate considerable costs [of] being a public company" - Board Chairman - Not Disclosed "While we would agree with management's sentiment that the Motorsports business is clearly at depressed, probably near trough, levels due to the impacts of high unemployment and the general economic malaise, we fail to see many benefits for DDE by merging with Motorsports" - KeyBanc Buyer Target Year Deal Value Cost Synergies % of TargetLTM OpEx AccretionCommentary Research Commentary Completed Entertainment: Disclosed by Company 2018 $2.8Bn $100MM 6.8% accretive to FCF in the first Pinnacle Entertainment closed on October 15th and PENN expects to realizeyear" ~$30MM in run-rate synergies, of the $100MM synergy target, by the end of 2018" - Deutsche 2018 $5.8Bn $60MM "Expected to be strongly "The acquisition of Regal increased leverage on a proforma basis to 4x accretive to earnings in the ND/EBITDA – although this had fallen to 3.8x at the interim stage in June. The3.6% first full year following group aims to reduce this to 3.0x – a level we believe can be met in 2019 with a

PRELIMINARY & CONFIDENTIAL Illustrative ISC Cost Synergies Source: Management Plan (1/14/19)(1) Illustrative range of cost synergies extends below the precedent range, as certain shared services and personnel synergies may not be available in the NASCAR transaction, given existing NASCAR / ISC affiliations 13 FYE 11/30, $MM Projected 2019E 2020E 2021E NASCAR Event Management Fees $192.7 $200.9 $208.5 Broadcast Related Prize 100.6 105.2 109.2 Sanction, Purse & Other Prize Money 92.0 95.7 99.3 Motorsports & Other Event Related 137.9 140.7 142.1 General & Administrative 112.1 113.9 115.6 Food, Beverage & Merchandise 35.0 34.8 35.0 Other Operating Expenses 4.8 4.9 5.0 Depreciation & Amortization 111.8 112.3 110.3 Total Operating Expenses (Non-GAAP) $594.3 $607.5 $616.5 % OpEx Synergy (Total) 1.5% $8.9 $9.1 $9.2 3.5% 20.8 21.3 21.6 5.5% 32.7 33.4 33.9 7.5% 44.6 45.6 46.2 9.5% 56.5 57.7 58.6 11.5% 68.3 69.9 70.9 % OpEx Synergy (without NEM Fees) 1.5% $6.0 $6.1 $6.1 3.5% 14.1 14.2 14.3 5.5% 22.1 22.4 22.4 7.5% 30.1 30.5 30.6 9.5% 38.2 38.6 38.8 11.5% 46.2 46.8 46.9

PRELIMINARY & CONFIDENTIAL Table of Contents 1. Follow-up Materials From Prior Meeting 2. Valuation Considerations 3. Discussion on Negotiation Strategies I I I I I I 14

PRELIMINARY & CONFIDENTIAL Management Plan Source: Management Plan (1/14/19) 15 Renegotiation of the broadcast agreement starting in 2025 could have a significant impact onthe operational performance of ISC Projections Through Current Broadcast Agreement Projections Through Potential New Broadcast Agreement 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Total Revenue $705.9 $729.0 $746.4 $764.5 $777.1 $798.3 $668.6 $680.9 $695.2 $709.7 $726.7 $743.9 Adj. EBITDA 249.7 260.1 266.7 273.6 277.0 285.3 223.3 228.5 234.7 240.9 248.4 255.9 Diluted EPS 2.17 2.44 2.62 2.76 2.91 3.11 1.97 2.12 2.30 2.48 2.67 2.92 Free Cash Flow 98.6 133.6 137.3 128.2 128.9 131.2 81.5 82.3 85.0 89.3 96.8 102.6

PRELIMINARY & CONFIDENTIAL Major Variables Discussed Source: Company materials; Management Plan (1/14/19) 16 Major Variables Historical Management Plan Projections Broadcast Very stable, predictable revenue source in the near termAttractive escalator clauseOver 50% of revenue Biggest variable facing the CompanyManagement has modeled several possible future broadcast outcomes:40% increase from 2015 contract valueReset 2025 to 2015 contract valueReduce 2025 to 25% discount to 2015 value Admissions 2014A: $130MM vs 2018A: $110MM, a (15.5%) decline5 year CAGR of (4.1%)Ticket prices have remained relatively constant, though management recently reported a 1.8% decline from 2017 to 20182018 attendance at Cup events down ~10% with a third ofthe decline attributable to weather 2019 revenues up 2.5%Slight increases of 0.5% every year thereafterPositive impact from investments in improving live fan experience“Greatest risk to 2019 plan is from attendance” Sponsorships & Advertising Despite challenge in replacing Sprint’s exit, Company has grown revenues from 2014A: $61MM to 2018A: $73MM, a 19.9% increase Modest growth in baseline sponsorships of ~1% to 2% annually as volume of deals from integrated model offsets declines in corporate partner spendingLoss of a top sponsor in 2019 or sponsor renewal opportunity in 2023 not fully modeled into Management Plan Food, Beverage & Merchandise Trends with attendance2014A: $73MM vs. 2018A: $36MM, a (51.1%) decline, due largely to multiple changes in merchandise partners (ISC- SMI JV then shift to integrated model with Fanatics then shift again to MainGate)5 year CAGR of (16.4%) 2019 revenues up 29.9%, with ~$10MM revenue contribution from Racing Electronics and stabilization in merchandise partner modelSlight increase every year thereafter ISC Management and the Board of Directors spend a significant amount of time reviewing thevarious opportunities and challenges facing the business and planning for the future

PRELIMINARY & CONFIDENTIAL Capital Deployment Variables Discussed Source: Board presentation (11/9/18) 17 ISC Management and the Board of Directors have developed a capital allocation plan that contemplates significant facility reinvestment, investment in ancillary opportunities, and returning capital to shareholders while maintaining dry powder for strategic acquisitions / development opportunities Existing Facilities Investment ($500MM) Capital Allocation Plan: $500MM spread over 2017 – 2021Requires ongoing Board approval to release fundsRichmond Infield – annualized $1.9MM EBITDA lift by 2019Phoenix Redevelopment – annualized $8.9MM EBITDA lift by 2019Talladega Infield – annualized $3.5MM EBITDA lift by 2020 Development Projects ($120MM) Capital Allocation Plan: $120MM spread over 2017 – 2021ONE Daytona – $5.3MM EBITDA lift by 2019Racing Electronics – $2.3MM EBITDA lift by 2019 Return of Capital ($280MM) Capital Allocation Plan: $280MM returned to shareholders from 2017 – 2022Forecasting ~$35MM per year of repurchasesForecasting ~$0.02 increase in annual dividend from 2018A rate of $0.47 per shareDividend yield on stock greater than 1% has increased base of potential institutional investors Cash / Debt Management Company has investment grade rating2018A cash balance is $269MM (and is over $500MM by 2022)Current net debt of ($12MM)Ability to meet cash needs even in downside scenarioSignificant dry powder should interesting strategic alternatives arise

PRELIMINARY & CONFIDENTIAL Additional Variables Discussed Source: Board presentation (11/9/18)(1) Assumes no revenue is recognized from Kansas but that cash distributions are included in EBITDA 18 The following variables that are not currently factored into the Management Plan could provide additional upside / downside Others Variables Historical Management Plan Projections SanctionAgreements 65% / 25% / 10% for broadcast revenues Same, including new agreements to be negotiated in 2020 Development Opportunities Kansas, Daytona, Richmond, and Phoenix investment contributing to financial performance ~$80MM of incremental revenues and ~$70MM of EBITDA by 2020 (1)No specific development opportunities modeled (e.g., Richmond multi-use sports facility and “ONE Daytona” of Kansas) New Revenue Streams Limited revenues from digital, video gaming / simulation, and sports betting (online and in-venue) Same, with no incremental revenue in forecastManagement is assessing opportunities in these areas, particularly launching mobile and in-venue sports betting Economy Attendance in part impacted by weakened consumer spending among fan baseCorporate spending declines during historical downturn reflected in historical financials Management has stated, “The 2019 Budget has been prepared assuming no significant changes in the US and global economies”

PRELIMINARY & CONFIDENTIAL Potential Strategic Alternatives Discussed (1) NASCAR offer indicated that the controlling shareholders are not interested in selling any ISC shares owned by them and would not expect to vote as shareholders in favor of any alternative sale, merger, or other extraordinary transaction Potentially Actionable AlternativesStatus quoStrategic M&A / asset divestituresSale of real estateChanges to return of capital plans (increase share repurchase and / or dividend)Full or partial recapitalization of CompanyAlternatives Unlikely to be Actionable (1)LBOSale to another partyREIT conversion 19

PRELIMINARY & CONFIDENTIAL $50 $50 $54 $57 $50 $50 $52 $46 $47 $38 $33 $37 $43 $42 $41 $42 $39 $41 $47 $45 $43 $43 $41 $35 $35 $35 $51 $52 $56 $60 $52 $54 $56 $53 $51 $41 $38 $40 $45 $43 $44 $44 $45 $44 $49 $47 $45 $45 $46 $47 $40 $40 $38 $43 $48 $53 $58 Median / VWAP for Historical Trading Ranges Offer: Current:$42.00 $43.54 Earnings (10/4) to Offer (11/8)30 DayLTM (Closing) DCF Base Case (WACC: 9.0%-8.0%) Unnaffected:$39.06 Analyst Price Target(Citi & Wells Fargo) (2) Final to 1D Unaffected (20.2%-30.0%)Final to 30D Avg. (24.3%-42.1%)Final to LTM High (Intraday) (3.7%-11.9%)Final to LTM High (Closing)(5.8%-14.7%) First to Final % Increase (18.3%-24.5%) Final to 1D Unaffected (45.2%-54.6%) Final to 30D Avg. (44.0%-50.9%)Final to LTM High (Intraday)(0.6%-4.8%)Final to LTM High (Closing)(5.3%-8.2%)$28 $33 LTM High(Intraday):$50 NTM EBITDA (LTM) (7.7x-8.0x) NTM EBITDA (L5Y) (7.5x-7.9x) NTM P/E (LTM) (20.9x-21.8x) NTM P/E (L5Y) (21.8x-22.7x)Q3 to Offer NTM P/E (18.7x-20.1x)Q3 to Offer FY20 P/E (15.8x-18.3x) NTM EBITDA (LTM) (7.7x-8.0x)NTM EBITDA (L5Y) (7.5x-7.9x) NTM P/E (LTM) (20.9x-21.8x) NTM P/E (L5Y) (21.8x-22.7x)Q3 to Offer NTM P/E (18.7x-20.1x)Q3 to Offer FY20 P/E (15.8x-18.3x) Valuation Considerations Note: Ranges for premiums / multiples represent 40th and 60th percentiles except “Q3 to Offer” ranges represent low to high Sources: CapIQ as of 1/30/2019; Management Plan (1/14/19); Broker research For DCF, value shown represents WACC used in Base CaseStreet estimates per Wells Fargo of $243MM EBITDA and $1.99 EPS for NTM and $2.09 EPS for 2020E 20 Methodologies Historical Trading Ranges Historical Multiple Ranges Existing Shareholder Buyout General M&A Management Forecasts Street Projections (1) Precedent Transactions

PRELIMINARY & CONFIDENTIAL Preliminary DCF Analysis BackupManagement Base Case Source: Management Plan (1/14/19) 21 Historical Projections Terminal Year FYE 11/30, $MMRevenue% GrowthAdjusted EBITDA% MarginNet Income% MarginCash from Operations% MarginLess: Capital Expenditures% of RevenuePlus: Distribution for Equity Investee / Affiliate 2017A 2018A '19E Stub 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E $671 $675 $353 $729 $746 $764 $777 $798 $669 $681 $695 $710 $727 $744 0.5% - 3.3% 2.4% 2.4% 1.6% 2.7% (16.2%) 1.8% 2.1% 2.1% 2.4% 2.4% $241 $231 $125 $260 $267 $274 $277 $285 $223 $228 $235 $241 $248 $256 36.0% 34.3% 35.4% 35.7% 35.7% 35.8% 35.7% 35.7% 33.4% 33.6% 33.8% 33.9% 34.2% 34.4% $72 $82 $47 $102 $108 $112 $117 $124 $78 $84 $91 $98 $105 $115 10.7% 12.1% 13.3% 14.0% 14.5% 14.7% 15.0% 15.5% 11.7% 12.3% 13.0% 13.7% 14.4% 15.4% $186 $202 $89 $182 $187 $192 $193 $195 $144 $145 $147 $151 $158 $163 27.8% 30.0% 25.3% 24.9% 25.1% 25.2% 24.8% 24.4% 21.6% 21.2% 21.1% 21.2% 21.7% 21.9% 147 144 $53 74 76 91 91 91 90 90 90 90 90 89 21.9% 21.4% 15.0% 10.2% 10.2% 11.9% 11.7% 11.4% 13.5% 13.3% 13.0% 12.7% 12.3% 12.0% 25.5 26.6 $13 26.3 26.5 26.8 27.1 27.3 27.6 27.9 28.2 28.4 28.7 29.0 Free Cash Flow $65 $85 $49 $134 $137 $128 $129 $131 $81 $82 $85 $89 $97 $103 % Margin 9.7% 12.5% 14.0% 18.3% 18.4% 16.8% 16.6% 16.4% 12.2% 12.1% 12.2% 12.6% 13.3% 13.8% PV of Cash Flows $47 $118 $111 $96 $88 $83 $47 $44 $42 $40 $40 $39 PV of Sum of Discounted Cash Flows $757 Illustrative Base Case Valuation @ 20.0x P/E Terminal Year 2030E Net Income $115 Terminal Year 2030E Exit Multiple 20.0x Terminal Value $2,293 PV of Terminal Value $953 % of Equity Value 55.7% PV of Sum of Discounted Cash Flows $757 % of Equity Value 44.3% Implied Equity Value $1,710 Implied Growth Rate 6.4% Implied Share Price $38.43 NTM P/E Exit Multiple WACC 8.0% 8.5% 8.7% 9.0% Post Q3 Range 19.0x19.5x20.0x $39.37$39.94$40.51 $37.96$38.51$39.06 $37.36$37.89$38.43 $36.63$37.15$37.67 20.5x $41.09 $39.60 $38.97 $38.19 Historical Range 21.0x21.5x22.0x $41.66$42.24$42.81 $40.15$40.70$41.24 $39.50$40.04$40.57 $38.71$39.23$39.75

PRELIMINARY & CONFIDENTIAL WACC Supporting Analysis Source: CapIQ as of 1/30/201920-Yr treasury ratePer KPMG as of 6/30/2018Rate per management’s assumed rate for future refinancing 22 WACC Assumptions Risk-Free Rate (1) 2.90% Market Risk Premium (2) 5.5% Cost of Debt (3) 7.0% WACC Calculation Equity / Total Cap 88.0%Debt / Total Cap 12.0%Levered Beta 1.14Cost of Equity 9.2% WACC 8.7% 2.01.51.00.5– 2.5 3.0 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 6 MonthYearYear5 Year Historical Beta Trends Over Time

PRELIMINARY & CONFIDENTIAL Summary of Precedent TransactionsPrecedents suggest a premium to current NASCAR offer Sources: CaplQ and Company filingsIncludes last 3 years of precedent $1-3Bn US M&A transactions excl. energy, financial, real estate, and utilities (n=40)Includes last 10 years of comparable precedent existing shareholder buyouts (n=27) 23 34% 6% 10% 21% 48% 48% 4% 6% - 10% 20% 30%24% 40% 50% 60% Unaffected 30D Avg. LTM LTM High First Offer Unaffected 30D Avg. LTM LTM High Existing Shareholder Buyouts (2)Median Final Offer Premium to: General M&A Transactions (1)Median Purchase Price Premium to: High(Intraday) (Closing) Price High(Intraday) (Closing) ISC Metric --> $39.06 $37.27 $49.95 $47.15 $42.00 $39.06 $37.27 $49.95 $47.15 Implied Purchase Price --> $48.36 $49.91 $52.80 $52.04 $50.69 $57.67 $55.07 $51.87 $50.01

PRELIMINARY & CONFIDENTIAL 24 Precedent Existing Shareholder Buyout TransactionsLast 10 years Note: Transaction values and percent acquired per CapIQ; precedents include existing shareholders with >30% ownership buyout of multiple minority shareholdersSources: CapIQ and Company filings Gray Indicates Cancelled Transactions $MM (except per share) % Trans. Implied Offers Target % First Offer Premium to: Final Offer Premium to: LTM High LTM High LTM High LTM High 6/2/2010 Gerdau Ameristeel Corp. Gerdau Steel North America 34% 1,607 4,768 6,604 $11.00 $11.00 - 48% 47% 14% 16% 48% 47% 14% 16% Steel 9/4/2009 Odyssey Re Holdings Corp. Fairfax Financial Holdings Ltd. 27% 1,041 3,799 – $58.00 $65.00 12% 16% 21% 6% 7% 30% 35% 19% 20% Insurance Communications L.P. Services Date Target Buyer Acq. Value Equity Val. Agg. Val. First Final Incr. Unaffected 30 Day Avg (Intraday) (Closing) Unaffected 30 Day Avg (Intraday) (Closing) Industry 1/4/2010 Alcon Novartis AG 23% $11,798 $51,230 $48,215 $153.00 $168.00 10% (7%) (5%) (8%) (8%) 2% 4% 1% 1% Health Care 4/20/2009 The Pepsi Bottling Group PepsiCo 67% 5,283 7,865 14,411 $29.50 $36.50 24% 17% 30% (16%) (15%) 45% 61% 4% 5% Beverages 12/13/2012 Clearwire Corp. Sprint 50% 3,747 7,517 11,966 $2.60 $2.97 14% 23% 24% (12%) (3%) 40% 42% 0% 10% Telecom Services 4/20/2009 PepsiAmericas PepsiCo 57% 2,009 3,548 6,002 $23.27 $28.50 22% 17% 30% (14%) (13%) 43% 59% 5% 6% Beverages 11/28/2012 Danfoss Power Solutions Danfoss A/S 24% 691 2,833 3,025 $49.00 $58.50 19% 24% 24% (13%) (12%) 49% 48% 4% 5% Agriculture 2/29/2016 Federal-Mogul Icahn Enterprises Holdings 18% 304 1,690 4,557 $7.00 $9.25 32% 41% 64% (50%) (50%) 86% 117% (34%) (34%) Auto Components 6/29/2009 First Advantage Corp. First American Corp. 20% 308 1,522 1,531 $14.04 $19.47 39% 15% 8% (25%) (23%) 59% 50% 4% 6% Application Hosting Services 6/11/2013 Dole Food Company David Murdock 60% 737 1,220 1,493 $12.00 $13.50 13% 22% 15% (21%) (16%) 37% 29% (11%) (6%) Agricultural Products 11/1/2010 CNA Surety Corp. Continental Casualty Co. 38% 456 1,194 – $22.00 $26.55 21% 15% 19% 11% 13% 39% 43% 34% 36% Insurance 12/22/2009 Danfoss Power Solutions Danfoss A/S 24% 165 678 1,199 $10.10 $14.00 39% 20% 10% (0%) 2% 66% 52% 38% 41% Agriculture 3/7/2016 National Interstate Corp. American Financial Group 49% 313 642 – $30.00 $32.50 8% 33% 27% (2%) 4% 44% 38% 7% 12% Insurance 11/15/2010 Mediacom Rocco Commisso 60% 361 597 3,920 $6.00 $8.75 46% 13% 3% (18%) (17%) 64% 50% 20% 22% Cable and Satellite 2/5/2014 National Interstate Corp. American Financial Group 48% 286 592 – $28.00 $30.00 7% 26% 22% (23%) (22%) 35% 31% (17%) (16%) Insurance 9/23/2009 Ligado Networks Harbinger Capital Partners 51% 278 544 1,496 $4.00 $5.00 25% 21% 25% (20%) (16%) 52% 56% - 5% Telecom Services 6/13/2011 M&F Worldwide Corp. MacAndrews & Forbes 57% 277 483 2,511 $24.00 $25.00 4% 42% 15% (22%) (20%) 47% 20% (19%) (16%) Commercial and Professional Services 3/7/2017 Handy & Harman Steel Partners Holdings 37% 171 459 705 $29.00 $35.00 21% 9% 11% (3%) (2%) 32% 34% 17% 19% Steel 3/25/2009 Hearst Television Hearst Broadcasting 18% 76 422 1,217 $4.00 $4.50 13% 91% 133% (84%) (83%) 115% 162% (82%) (81%) Broadcasting 11/3/2009 Landry's Tilman Fertitta 45% 179 398 1,460 $13.00 $24.50 88% 24% 20% 1% 1% 133% 126% 90% 90% Full Service Restaurants 3/23/2009 Cox Radio Cox Media Group 22% 82 382 765 $3.80 $4.80 26% 15% (10%) (71%) (71%) 45% 13% (63%) (63%) Broadcasting 8/1/2016 Affinity Gaming Z Capital Management 59% 217 369 668 $15.00 $17.35 16% - - - - - - - - Casinos and Gaming 11/15/2012 Bluegreen Vacations Corp. BFC Financial 46% 146 318 829 $2.18 $4.64 113% (3%) 7% (54%) (53%) 107% 129% (2%) 1% Hotels And Motels 4/3/2015 Affinity Gaming Z Capital Management 61% 185 306 515 $9.75 $15.00 54% - - - - - - - - Casinos and Gaming 12/12/2016 Alliance Healthcare Fujian Thaihot Investment 49%Services Co. 72 147 801 $9.60 $13.25 38% 20% 27% (1%) 3% 66% 75% 37% Health Care42% Equipment and 7/9/2009 XO Holdings ACF Industries Holding 47% 69 146 871 $0.55 $0.80 45% 90% 79% (30%) (27%) 176% 161% 1% 7% Communication Services 7/22/2010 BlueLinx Holdings Cerberus Capital Management 45% 58 131 559 $3.40 $4.00 18% 35% 23% (46%) (43%) 59% 45% (37%) (33%) Building Product Distribution Low - (7%) (10%) (84%) (83%) 2% 4% (82%) (81%) 40th Percentile 18% 19% 19% (20%) (16%) 45% 44% 1% 5% Average 28% 27% 27% (20%) (18%) 61% 61% 1% 4% Median 21% 21% 22% (16%) (15%) 48% 48% 4% 6% 60th Percentile 24% 23% 24% (12%) (10%) 55% 51% 5% 8% High 113% 91% 133% 14% 16% 176% 162% 90% 90%

PRELIMINARY & CONFIDENTIAL Precedent General M&A Transactions Criteria: US Deals; $1Bn - $3Bn Transaction Value; 100% Cash Consideration; Public Company Target; All Industries Excluding Real Estate, Financials, Utilities, and EnergySource: CapIQ 25 $MM Acqusition Premium Buyer Target 1 Day 30 Day Avg LTM Avg. LTM High (Intraday) (Close) LTM High Target Description Novartis AG Endocyte, Inc. 50% 43% 132% Endocyte, Inc., a biopharmaceutical company, develops targeted therapies for the treatment of cancer and inflammatory diseases in the United States. Inspire Brands, Inc. Sonic Corp. 21% 21% 53% Sonic Corp., through its subsidiaries, operates and franchises a chain of drive-in restaurants in the United States. Stryker Corporation K2M Group Holdings, Inc. 25% 30% 35% K2M Group Holdings, Inc., a medical device company, provides spine and minimally invasive solutions in the United States and internationally. LyondellBasell Industries N.V. A. Schulman, Inc. 9% 10% 27% A. Schulman, Inc. manufactures and supplies plastic compounds and resins. Zoetis Inc. Abaxis, Inc. Announce Transaction Date Value10/17/2018 $2,1029/24/2018 2,3158/29/2018 1,4062/15/2018 2,2645/15/2018 1,995 15% 18% 49% 15% 20%9% 13%13% 15%3% 4%6% 9% Abaxis, Inc. develops, manufactures, markets, and sells portable blood analysis systems for use in human or veterinary patient care to provide rapid blood constituent measurements for clinicians worldwide. Roche Holdings, Inc. Foundation Medicine, Inc. 6/18/2018 2,395 34% 41% 128% 25% 28% Foundation Medicine, Inc. provides various molecular information products in the United States. Eli Lilly and Company ARMO BioSciences, Inc. 5/9/2018 1,628 71% 77% 33% (13%) (8%) ARMO BioSciences, Inc., an immuno-oncology company, develops a pipeline of novel product candidates that activate the immune system of cancer patients to recognize and eradicate tumors in the United States. Prysmian S.p.A. General Cable Corporation 12/3/2017 2,899 38% 45% 64% 30% 34% General Cable Corporation develops, designs, manufactures, markets, and distributes copper, aluminum, and fiber optic wire and cable products for the energy, industrial, construction, specialty, and communications markets. SAP America, Inc. Callidus Software Inc. 1/29/2018 2,576 12% 19% 50% 11% 12% Callidus Software Inc. provides cloud-based sales, marketing, learning, and customer experience solutions worldwide. Kuraray Holdings U.S.A., Inc. Calgon Carbon Corporation 9/21/2017 1,353 63% 68% 42% 14% 16% Calgon Carbon Corporation provides products and services to protect human health and the environment from harmful contaminants in water and air worldwide. Mallinckrodt Public Limited Company Sucampo Pharmaceuticals, Inc. 12/23/2017 1,221 6% 23% 60% 2% 6% Sucampo Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing, identifying, acquiring, and marketing medicines that meet unmet medical needs, primarily in gastroenterology, ophthalmology, and oncology-related disorders. Roche Holdings, Inc. Ignyta, Inc. 12/21/2017 1,969 76% 69% 170% 48% 60% Ignyta, Inc., a precision oncology biotechnology company, engages in discovering, in-licensing or acquiring, developing, and commercializing molecularly targeted therapies for eradicating residual diseases. Arby's Restaurant Group, Inc. Buffalo Wild Wings, Inc. 11/27/2017 2,892 8% 23% 14% (10%) (10%) Buffalo Wild Wings, Inc. owns, operates, and franchises restaurants under Buffalo Wild Wings, R Taco, and PizzaRev names. Cisco Systems, Inc. BroadSoft, Inc. 10/20/2017 2,288 3% 6% 28% 1% 1% BroadSoft, Inc. provides software and services that enable telecommunications service providers to deliver hosted cloud-based unified communications (UC) to their enterprise customers in North America, Europe, the Middle East, and Africa. The Hershey Company Amplify Snack Brands, Inc. 12/17/2017 1,536 71% 101% 43% 6% 6% Amplify Snack Brands, Inc. develops, markets, and distributes better-for-you snack products in North America and internationally. Post Holdings, Inc. Bob Evans Farms, Inc. 8/8/2017 1,757 15% 14% 40% 2% 3% Bob Evans Farms, Inc. produces and distributes food products for grocery retailers in the United States. Philips Holding USA Inc. The Spectranetics Corporation 6/27/2017 2,117 25% 34% 52% 24% 25% The Spectranetics Corporation, together with its subsidiaries, develops, manufactures, markets, and distributes single-use medical devices used in minimally invasive procedures in the cardiovascular system. WestRock Company Multi Packaging Solutions International Limited 1/23/2017 2,301 28% 25% 22% 2% 5% Multi Packaging Solutions International Limited prints, manufactures, and sells paperboard, paper, and plastic packaging products in North America, Europe, and Asia. TDK U.S.A. Corporation InvenSense, Inc. 12/21/2016 1,425 20% 45% 72% 16% 17% InvenSense, Inc. designs, develops, manufactures, markets, and sells sensor systems on a chip in the United States, China, Taiwan, South Korea, Japan, France, Canada, Slovakia, and Italy. Boral Industries Inc. Headwaters Incorporated 11/20/2016 2,630 21% 34% 35% 14% 16% Headwaters Incorporated provides products and services to building and construction materials sectors in the United States and Canada. Sibanye Gold Limited Stillwater Mining Company 12/9/2016 2,466 23% 21% 61% 13% 16% Stillwater Mining Company engages in the development, extraction, processing, smelting, and refining of platinum group metals (PGMs). Allergan plc ZELTIQ Aesthetics, Inc. 2/13/2017 2,471 14% 29% 65% 9% 14% ZELTIQ Aesthetics, Inc., a medical technology company, engages in developing and commercializing non- invasive products for the selective reduction of fat.

PRELIMINARY & CONFIDENTIAL Precedent General M&A Transactions (cont’d.) Criteria: US Deals; $1Bn - $3Bn Transaction Value; 100% Cash Consideration; Public Company Target; All Industries Excluding Real Estate, Financials, Utilities, and EnergySource: CapIQ 26 $MM Acqusition Premium Buyer Target Announce Transaction Date Value (Intraday) (Close) 1 Day 30 Day Avg LTM Avg. LTM High LTM High Target Description LANXESS Deutschland GmbH Chemtura Corporation (nka:LANXESS Solutions US Inc.) 9/25/2016 2,637 19% 17% 21% 4% 4% LANXESS Solutions US Inc. develops, manufactures, and markets engineered industrial specialty chemicals for industrial manufacturing customers in the United States and internationally. Keysight Technologies, Inc. Ixia 1/30/2017 1,746 8% 17% 64% 4% 8% Ixia provides application performance and security resilience solutions to enterprises, service providers, network equipment manufacturers, and governments in the United States, Romania, India, and internationally. Hewlett Packard Enterprise Company Nimble Storage, Inc. 2/4/2017 1,250 46% 48% 59% 26% 34% Nimble Storage, Inc. provides flash storage platforms. Restaurant Brands International Inc. Popeyes Louisiana Kitchen, Inc. 2/21/2017 1,827 19% 22% 40% 4% 12% Popeyes Louisiana Kitchen, Inc. develops, operates, and franchises quick-service restaurants under the Popeyes Louisiana Kitchen and Popeyes Chicken & Biscuits trade names. Hologic, Inc. Cynosure, Inc. 2/14/2017 1,680 28% 35% 39% 18% 20% Cynosure, Inc. develops, manufactures, and markets aesthetic treatment systems for plastic surgeons, dermatologists, and other medical practitioners. Cintas Corporation G&K Services, Inc. 8/15/2016 2,201 20% 21% 40% 19% 20% G&K Services, Inc. provides branded uniform and facility services programs in the United States and Canada. Teleflex Incorporated Vascular Solutions, Inc. 12/1/2016 1,007 2% 12% 43% 1% 2% Vascular Solutions, Inc., a medical device company, provides clinical solutions for treating coronary and peripheral vascular disease worldwide. Symantec Corporation LifeLock, Inc. 11/20/2016 2,528 16% 34% 67% 15% 16% LifeLock, Inc. provides identity theft protection services for consumers; and consumer risk management services for enterprises in the United States. cancer. Total Count 40 Alaska Air Group, Inc. Virgin America Inc. 4/1/2016 2,995 48% 79% 77% 45% 48% Virgin America Inc. provides scheduled air travel services. Genesys Telecommunications Interactive Intelligence Group, Inc. Laboratories, Inc. 8/30/2016 1,568 6% 5% 67% 2% 2% Interactive Intelligence Group, Inc. provides software and cloud services for customer engagement, communications, and collaboration worldwide. DTI Epiq Systems, Inc. 7/26/2016 1,040 15% 13% 20% (3%) (2%) Epiq Systems, Inc. provides legal process outsourcing (LPO) services in the United States and internationally. Steinhoff International Holdings N.V. Mattress Firm Holding Corp. 8/6/2016 2,982 115% 108% 52% (2%) (1%) Mattress Firm Holding Corp., through its subsidiaries, operates as a specialty retailer of mattresses, and related products and accessories in the United States. Vifor Pharma Ltd. Relypsa, Inc. 7/20/2016 1,690 61% 70% 57% (11%) (10%) Relypsa, Inc., a biopharmaceutical company, develops and commercializes late-stage medicines in theiron deficiency, nephrology, and cardio-renal therapeutic areas. Melrose Industries PLC Nortek Inc. 7/6/2016 2,673 38% 64% 56% (7%) Nortek, Inc. manufactures and sells products for remodeling and replacement, residential and commercial(1%) new construction, and personal and enterprise computer markets primarily in the United States, Canada, and Europe. Medtronic, Inc. Heartware International Inc. 6/27/2016 1,255 93% 86% 22% (38%) HeartWare International, Inc., a medical device company, designs, develops, manufactures, and markets(36%) miniaturized implantable heart pumps or ventricular assist devices (VAD) for the treatment of advanced Samsonite International S.A. Tumi Holdings, Inc. 3/3/2016 1,829 33% 50% 38% 5% heart failure in the United States, Germany, and internationally.6% Tumi Holdings, Inc. designs, produces, and markets various travel and business products, and accessories. Zimmer Biomet Holdings, Inc. LDR Holding Corporation 6/6/2016 1,147 68% 65% 25% (21%) (19%) LDR Holding Corporation designs and commercializes novel and proprietary surgical technologies for spinedisorders. Jazz Pharmaceuticals plc Celator Pharmaceuticals, Inc. 5/27/2016 1,539 73% 100% 598% 66% 70% Celator Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, develops therapies to treat All Deals ($1Bn - $3Bn Transaction Value) Low 2% 5% 14% (38%) (36%) 40th Perc. 20% 24% 41% 4% 6% Median 24% 34% 50% 6% 10% Average 34% 41% 66% 9% 12% 60th Perc. 30% 42% 54% 12% 15% High 115% 108% 598% 66% 70%

PRELIMINARY & CONFIDENTIAL Table of Contents 1. Follow-up Materials From Prior Meeting 2. Valuation Considerations 3. Discussion on Negotiation Strategies I I I I I I 27