Exhibit (c)(9)

CONFIDENTIAL May 22, 2019 Fairness Opinion Presentation

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CONFIDENTIAL Situation Overview NASCAR letter to ISC Board of Directors (11/8/2018)NASCAR presentation on the Combination Rationale (3/18/2019) On November 8, 2018, NASCAR Holdings, Inc. (“NASCAR”) submitted a bid to acquire all of the outstanding shares of International Speedway Corporation (“ISC”) that are not owned by the controlling shareholders of NASCAR (the “Family Stockholders”), for $42 per share in cashFollowing multiple rounds of negotiations and counter offers between NASCAR and the ISC Special Committee formed to consider the proposed merger, NASCAR submitted a best and final offer of $45 per share on April 4, 2019NASCAR has stated the following reasons for a combination: 3 We believe the industry would benefit from structural change in order to best position the sport on a going forward basis. This will require significant time, effort, and investment. We believe that this transformation will be best undertaken as a private company. Moreover, we believe that the consolidation of the ownership of ISC and NASCAR, as private companies guided by the Family Stockholders, is in the best interests of all constituents of the sport and will position motorsports for long- term success and viability. (1) NASCAR and the France family strongly believe that the proposed transaction is needed to turn around the sport in the face of the headwinds currently limiting value to all industry stakeholders. Current fragmented industry structure limits the ability to rapidly react to headwindsThe proposed transaction will further align incentives, bring stability to the industry, and allow NASCAR to be more nimble in its ability to make industry-wide decisions (2) NASCAR stated in its offer that the Family Stockholders would not expect, in their capacity as shareholders of ISC, to vote in favor of any alternative sale, merger, or other extraordinary corporate transaction– Extraordinary corporate transactions include sale to another party, significant M&A, asset sales, LBO, andREIT conversion, which have been excluded from our analysis at the direction of the Special Committee

CONFIDENTIAL NASCAR will acquire all of the outstanding shares of ISC Class A and Class B common stock that are not owned by the Rollover Shareholders for $45.00 per share in an all-cash merger transaction (1) Note: Current share price as of 5/20/2019Rollover Shareholders are the controlling shareholders of NASCAR other than Brian Z. France and his affiliated entitiesUnaffected date is 11/9/2018 (public announcement of offer occurred after market close)Equity Value calculated as share price multiplied by FDSO of 43.5MM (per Merger Agreement as of 5/21/2019) Aggregate Value calculated as Equity Value plus net debt (as of latest quarterly filing)Low estimates per April Board Presentation (4/10/2019); Forecast estimates per Revised Forecast (as of 2/28/2019) 4 Share Premium Price Share Implied Unaffected (2) Purchase Price Share Price $39.06 $45.00 Merger Consideration Equity Value ($MM) (3) $1,699 $1,957 Aggregate Value ($MM) (4) $1,683 $1,941 Current 1 Day Unaffected (2) 30 DayUnaffected VWAP (2) Purchase Price per Share Price $43.96 $39.06 $37.27 Analysis Premium % 2.4% 15.2% 20.8% FY2019E(Low / Forecast) (5) FY2020E(Forecast) Purchase Price per AV / EBITDA 8.4x / 8.0x 7.7x Multiples P/E 24.3x / 22.4x 19.9x Summary of ProposalKey financial statistics

CONFIDENTIAL 5 ISC Overview & Trends ISC is an owner of major motorsports entertainment facilities and promotor of motorsports themed entertainment activities Founded in 1953 by France Family and headquartered in Daytona Beach, FL850+ employeesOwn and/or operate 13 motorsports facilities in the U.S. including Talladega Superspeedway and Daytona International Speedway In 2018, ISC’s facilities promoted over 100 stock car, open wheel, sports car, truck, motorcycle and other events– Largest promoter of NASCAR events, with ~90% of revenues from NASCAR-sanctioned racing events Revenue segments include: Admissions: ticket sales for racing events and other motorsports activities and amusementsMotorsports and other event related: TV and ancillary media rights fees, promotion and sponsorship fees, hospitality rentals, advertising revenues, royalties, etc.Food, beverage and merchandise: concession stands, souvenir sales, hospitality catering, programs and other merchandise and fees paid by 3rd party vendorsOther: includes revenue derived from leasing space in retail operations, such as ONE DAYTONA and Kansas Casino Sources: ISC SEC filings; Revised Forecast (as of 2/28/2019)Sports Business Journal, Frontstretch TV Ratings, ShowBuzzDailyNASCAR “Combination Rationale” 3/18/2019, p. 12 (3) Revenue includes “Sponsorship Display Billboard” and “Advertising Revenue” from “MSR 10 year trailing 2010 to 2019”; DC Solar from Management’s “_Summary of DC Solar relationship” XLS; YTD estimates from Management Weekly Revenue Dashboard (as of 5/8/2019) Company Overview Core Operations Key Revenue Drivers & Trends Admissions Admissions revenue down (16%) from 2014 to 2018, with a CAGR of (4%)Management forecasts flat revenues from 2018 to 2019, with an increase of ~0.6% thereafter Broadcast & Ratings Broadcast rights contribute over 50% of ISC revenue, with an average annual escalator of ~4%Following the expiration of the current broadcast agreement in 2024, Management forecasts a renewal at the 2015 value with the same average annual CAGRAverage season viewership for the NASCAR Cup series is down (52%) over the past ten years (2008 – 2018); however, average race viewership is only slightly down (1%) through the first 12 races of the 2019 season and is up 4% at ISC tracks (1) Sanction Agreements Management assumes a continuation of the 65/25/10 broadcast fee revenue split, with ISC receiving ~53% of the revenue distributed to promotersHowever, NASCAR and the France Family have indicated the current media rights revenue allocation may change when race Team Charter agreements are renegotiated at the end of the 2020 season (2) Sponsorship&Advertising (3) ISC’s sponsorship and advertising revenue declined ~28% from 2009-2014, and grew ~20% from 2014-2018; DC Solar contributed~$15MM through FY2018Management forecasts a decline of ~$10MM from 2018 to 2019 primarily due to the loss of the DC Solar sponsorship across multiple tracks, with YTD sponsorship sales lagging budget (on top of DC Solar loss)Beginning in 2020, Management forecasts sponsorship growth of ~2% annually through 2024 and ~1% thereafter (excluding 2023 which accounts for the loss of ~$5MM Fox sponsorship)

CONFIDENTIAL Industry Trends $193 $214 $206 $204 $223 $235 $235 $254 $236 $196 $160 $144 $136 $130 $130 $130 $124 $122 $110 $142 $139 $144 $150 $157 $177 $175 $180 $188 $163 $139 $130 $116 $106 $101 $101 $91 $87 $78 $335 $353 $349 $354 $379 $412 $410 $433 $424 $359 $300 $275 $252 $236 $230 $231 $214 $208 $188 7.1 6.9 6.4 6.0 6.5 5.8 5.8 5.3 5.1 4.5 4.1 3.3 0 1 2 3 4 5 6 7 – $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Average Viewership per Cup Race (MM) Admissions Revenues ($MM) Admissions Revenue Since 2000 & Viewership Over Prior Two Broadcast Agreements Fox | TNT | ABC | ESPN Fox | NBC (7.3%) ISC (7.3%) TRK (4.1%) Fox | TNT | ABC | ESPN Viewership 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(13.5%) Fox | NBCViewership CAGRs: 2007-2018 2007-2018 2007-2014Sources: Admissions revenues from ISC and TRK SEC filings; Viewership data from Sports Business Journal 2015-2018 6

CONFIDENTIAL ISC Historical and Projected Financials Source: Historical financials per Company filings; Projected financials per Revised Forecast (as of 2/28/2019) used at the direction of the Special Committee(1) Historical figures are “Broadcast Rights Revenue” from “MSR 10 year trailing 2010 to 2019”; projected figures are “TV & Ancillary Rights” per Revised Forecast (as of 2/28/2019) 7 $MM, except per shareFYE 11/30 Historical 2015A 2016A 2017A 2018A Projected 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Admissions $130.2 $123.5 $121.5 $109.6 $109.8 $110.4 $111.0 $111.6 $112.2 $112.8 $113.5 $114.1 $114.7 $115.4 $116.0 $116.6 Broadcast & Ancillary Rights (1) 314.5 325.1 337.4 350.8 365.6 380.2 394.6 409.6 431.6 449.8 317.7 327.5 339.3 351.2 365.6 380.2 Other Motorsports Related 137.4 152.1 154.3 157.7 145.3 148.7 150.1 151.6 148.0 149.4 150.4 151.3 152.3 153.2 154.2 155.2 Motorsports Related 451.8 477.2 491.7 508.5 510.9 528.9 544.7 561.2 579.7 599.2 468.1 478.8 491.6 504.5 519.9 535.4 Food, Beverage, & Merchandise 47.3 42.0 41.3 35.7 45.9 46.6 47.0 47.4 47.8 48.2 48.5 48.8 49.2 49.5 49.8 50.2 Other Income 16.1 18.3 17.0 21.3 22.3 26.0 26.4 26.8 27.2 27.5 28.0 28.5 28.8 29.3 29.8 30.2 Total Revenues $645.4 $661.0 $671.4 $675.0 $688.9 $711.9 $729.1 $747.0 $766.8 $787.8 $658.0 $670.2 $684.3 $698.6 $715.5 $732.4 % Growth (1.0%) 2.4% 1.6% 0.5% 2.1% 3.3% 2.4% 2.4% 2.7% 2.7% (16.5%) 1.8% 2.1% 2.1% 2.4% 2.4% Adj. EBITDA (Non-GAAP) $229.8 $238.8 $241.5 $231.4 $241.8 $250.4 $256.9 $263.6 $268.6 $276.6 $214.3 $219.4 $225.4 $231.6 $238.9 $246.2 % Growth 6.2% 3.9% 1.1% (4.2%) 4.5% 3.6% 2.6% 2.6% 1.9% 3.0% (22.5%) 2.4% 2.7% 2.7% 3.2% 3.1% % Margin 35.6% 36.1% 36.0% 34.3% 35.1% 35.2% 35.2% 35.3% 35.0% 35.1% 32.6% 32.7% 32.9% 33.1% 33.4% 33.6% Net Income (Non-GAAP) $67.3 $68.1 $72.1 $81.5 $87.4 $95.8 $101.6 $105.6 $111.3 $117.9 $72.2 $77.9 $84.4 $91.0 $98.4 $107.8 % Growth 2.1% 1.2% 5.9% 13.1% 7.2% 9.6% 6.1% 3.9% 5.4% 5.9% (38.7%) 7.9% 8.3% 7.9% 8.0% 9.6% % Margin 10.4% 10.3% 10.7% 12.1% 12.7% 13.5% 13.9% 14.1% 14.5% 15.0% 11.0% 11.6% 12.3% 13.0% 13.7% 14.7% Diluted EPS $1.44 $1.48 $1.61 $1.85 $2.01 $2.26 $2.44 $2.57 $2.75 $2.93 $1.80 $1.95 $2.12 $2.29 $2.48 $2.73 Revenue Growth By Segment Admissions 0.4% (5.1%) (1.6%) (9.8%) 0.2% 0.6% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% Broadcast Rights Revenue 3.8% 3.4% 3.8% 4.0% 4.2% 4.0% 3.8% 3.8% 5.4% 4.2% (29.4%) 3.1% 3.6% 3.5% 4.1% 4.0% Other Motorsports Related 5.0% 10.7% 1.4% 2.2% (7.9%) 2.4% 0.9% 1.0% (2.3%) 0.9% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% Motorsports Related 4.2% 5.6% 3.0% 3.4% 0.5% 3.5% 3.0% 3.0% 3.3% 3.4% (21.9%) 2.3% 2.7% 2.6% 3.0% 3.0% Food, Beverage, & Merchandise (35.1%) (11.2%) (1.6%) (13.6%) 28.8% 1.5% 0.8% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% Other Income 3.0% 13.9% (7.4%) 25.3% 5.0% 16.3% 1.8% 1.3% 1.4% 1.3% 1.7% 1.7% 1.3% 1.6% 1.6% 1.3% Total Revenues (1.0%) 2.4% 1.6% 0.5% 2.1% 3.3% 2.4% 2.4% 2.7% 2.7% (16.5%) 1.8% 2.1% 2.1% 2.4% 2.4%

CONFIDENTIAL ISC 2019E Financial Projections Note: 2019 “High” forecast shown in April Board Presentation (4/10/2019) slightly different than Revised Forecast (as of 2/28/2019) due to rounding and other minor adjustments, per ISC managementSource: ISC April Board Presentation (4/10/2019) 8 $MM, except per share 2019E Forecast 2019E Low High Budget Street 2018A Revenues $676.8 $688.9 $705.9 $696.7 $675.0 Operating Income 91.5 101.1 111.6 112.9 99.0 Operating Margin 13.5% 14.7% 15.8% 16.2% 14.7% Net Income 80.2 87.4 93.8 86.9 81.5 Net Margin 11.9% 12.7% 13.3% 12.5% 12.1% EPS - Normalized 1.85 2.01 2.17 2.00 1.85 EPS - SEC Reporting 1.81 1.97 2.17 5.11 Adj. EBITDA 232.0 241.6 249.4 231.4

CONFIDENTIAL Forecast Comparison Sources: Revised Forecast (as of 2/28/2019) – includes Q1 results, forecast estimates for FY19, and corresponding adjustments by Management for 2020 and beyond; Budget Forecast (as of 11/30/2018) 9 $MM, except per share Projections Through Current Broadcast Agreement Projections Through Potential New Broadcast Agreement 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Revised (2/28/2019) Total Revenue $688.9 $711.9 $729.1 $747.0 $766.8 $787.8 $658.0 $670.2 $684.3 $698.6 $715.5 $732.4 Adj. EBITDA 241.8 250.4 256.9 263.6 268.6 276.6 214.3 219.4 225.4 231.6 238.9 246.2 Diluted EPS 2.01 2.26 2.44 2.57 2.75 2.93 1.80 1.95 2.12 2.29 2.48 2.73 Budget (11/30/2018) Total Revenue $705.9 $729.0 $746.4 $764.4 $776.8 $797.9 $668.3 $680.5 $694.7 $709.1 $726.0 $743.0 Adj. EBITDA 249.4 259.9 266.5 273.3 276.7 284.9 222.7 227.9 234.0 240.3 247.7 255.2 Diluted EPS 2.17 2.45 2.64 2.77 2.92 3.12 1.98 2.13 2.30 2.48 2.68 2.93 Difference Total Revenue ($17.0) ($17.1) ($17.2) ($17.4) ($10.0) ($10.2) ($10.2) ($10.3) ($10.4) ($10.5) ($10.6) ($10.6) Adj. EBITDA (7.7) (9.5) (9.6) (9.8) (8.1) (8.3) (8.4) (8.5) (8.6) (8.7) (8.8) (8.9) Diluted EPS (0.16) (0.19) (0.20) (0.20) (0.17) (0.18) (0.18) (0.18) (0.19) (0.19) (0.19) (0.20)

CONFIDENTIAL $50 $54 $57 $50 $50 $52 $46 $45 $37 $32 $33 $36 $37 $36 $43 $42 $42 $43 $36 $37 $38 $36 $44 $42 $42 $43 $37 $35 $35 $35 $52 $52 $56 $60 $52 $53 $54 $48 $47 $39 $45 $38 $39 $40 $40 $45 $43 $45 $45 $41 $39 $40 $40 $46 $44 $44 $45 $46 $40 $40 $47 $49 $50 $47 $51 $30 $34 $29 $34 $32 $35 $29 $34 $36 $41 $46 $51 $56 $61 Current: Offer:$43.96 $45.00 Earnings (10/4) to Offer (11/9)30 Day Unaffected LTM Unaffected (Closing) First to Final % Increase (18.3%-24.5%) FY19 EBITDA (LTM) (7.7x-8.0x) FY19 EBITDA (L5Y) (7.5x-7.9x)FY19 P/E (LTM) (20.9x-21.7x) Analyst Price Target(Morningstar, Wells Fargo, Citi) Final to 1D Unaffected (15.7%-20.2%) Final to 30D Avg. (24.4%-29.4%)Final to LTM High (Intraday)(3.4%-9.0%)Final to LTM High (Closing)(5.4%-11.6%) Final to 1D Unaffected (45.2%-53.0%)Final to 30D Avg. (43.8%-51.0%)Final to LTM High (Intraday)(0.6%-4.8%)Final to LTM High (Closing)(5.4%-10.1%)$26 $31 LTM High(Intraday):$47 $50 Q3 to Offer FY20 P/E (15.8x-18.3x) FY19 P/E (L5Y) (21.8x-22.7x)Q3 to Offer FY19 EBITDA (6.4x-7.2x)Q3 to Offer FY19 P/E (18.7x-20.1x) Q3 to Offer FY20 EBITDA (6.3x-6.8x) FY19 EBITDA (LTM) (7.7x-8.0x) FY19 EBITDA (L5Y) (7.5x-7.9x) FY19 P/E (LTM) (20.9x-21.7x) FY19 P/E (L5Y) (21.8x-22.7x) Q3 to Offer FY19 P/E (18.7x-20.1x) Q3 to Offer FY20 P/E (15.8x-18.3x) Q3 to Offer FY19 EBITDA (6.4x-7.2x) Q3 to Offer FY20 EBITDA (6.3x-6.8x) 30D VWAP: Unaffected:$37.27 $39.06 DEV (Base - Upside)DCF (@ 20.0x Exit Multiple)(WACC: 8.5%-7.5%) ISC Valuation Summary Note: Ranges for premiums / multiples represent 40th and 60th percentiles except “Q3 to Offer” ranges represent low to high; Premiums and trading ranges are to unaffected price / date Sources: CapIQ as of 5/20/2019; Revised Forecast as of 2/28/2019; April Board Presentation as of 4/10/2019; Broker research; SEC FilingsFor DCF, value shown represents calculated WACCValues for historical multiple ranges calculated off unaffected multiples; Values for existing shareholder buyout premiums calculated off $18 first offerStreet estimates per Wells Fargo of $243MM & $245MM for EBITDA and $1.99 & $2.09 for EPS, in 2019E and 2020E respectively 10 Methodologies Historical Trading Ranges Historical Multiple Ranges Existing Shareholder Buyout Precedent M&A Revised Forecast Street Projections (3) Precedent Transactions DEV / DCF (1)Median / VWAP for Historical Trading Ranges(2)TRK Trading Multiplesand First Offer PremiumsHistorical Multiples Range Based on Revised ForecastHistorical Multiples Range Based on Low-End of April Board PresentationMedian for Revised Forecast Only $35 $35 $40 $39 $41 $41

CONFIDENTIAL ISC Share Price Performance Note: VWAP calculation and consensus estimates per CapIQ Source: CapIQ as of 5/20/2019 11 NASCAR Purchase Offer Prem. / Disc. To Share Price Share Price Prem. / Disc. Prior to Announce $39.06 15.2% Prior 30 Day VWAP $37.27 20.8% Prior 60 Day VWAP $39.88 12.8% Prior 90 Day VWAP $41.16 9.3% Prior 180 Day VWAP $42.46 6.0% LTM VWAP $42.26 6.5% LTM Low (Intraday) $35.12 28.1% LTM High (Intraday) $49.95 (9.9%) LTM High (Closing) $47.15 (4.6%) VWAP Since Offer $43.33 3.9% Earnings Beat / Miss vs. Consensus Estimates Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Revenue (2.0%) 1.6% 4.2% (2.3%) (0.3%) EPS 5.4% 2.4% 18.2% (10.3%) (4.7%) $43.79 $43.58 $44.03 $39.06 $36.87 $42.26 $44.35 $42.20 $42.65 $40.95 35.00 38.00 41.00 44.00 47.00 Jan-18 Mar-18 Jun-18 Sep-18 Nov-18 Feb-19 May-19 NASCAR Purchase Price :$45.00 ISC Share Price($USD)50.00 11/9/2018: NASCARmade public bid at$42.00 10/4/2018: AnnouncedQ3'18 earnings;low ered 2018 guidance Current:$43.96 1/25/2018: Announced FY17 earnings; issued FY18 guidance 4/3/2018: Announced Q1'18 earnings; maintained guidance 7/5/2018: Announced Q2'18 earnings; maintained guidance 1/24/2019: Announced FY18 earnings; issued FY19 guidance 5/8/2018: NASCARhires 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$45.35 4/4/2019: Announced Q1'19 earnings; maintained guidance 4/24/2019: Smithfamily announces offer to acquire TRK

CONFIDENTIAL Summary of Street Projections Source: Broker Research 12 $MM, except per share Report Date 1/25/2019 4/4/2019 4/10/2019 Rating Market Perform NA Neutral Valuation Methodology NA Discounted Cash Flow (8.4% WACC) 21.9x 2020E P/E Multiple Price Target $41 $37 $46 RevenueFY19E FY20E% Growth $699 $694 $697 $719 $713 $720 3% 3% 3% EBITDA FY19E $243 $215 $210 FY20E $245 $224 $209 % Growth 1% 4% (0%) Non-GAAP EPS FY19E $1.99 $2.02 $2.00 FY20E $2.09 $2.19 $2.09 % Growth 5% 8% 4% Commentary "ISCA shares likely to remain range bound."(1/25/19 Report) "Overall, we believe that the company "We have yet to incorporate the nonbinding deserves to trade roughly in line (previouslybid of $42 per share NASCAR 15% discount but changed due to the offered…given uncertainty about the proposed takeover offer by NASCAR and timeline or the probability of such a increased confidence in ISCA’s ability to transaction being consummated." stabilize attendance trends) with its(4/4/19 Report) historical forward P/E multiple of 21.7x (previously 21.9x)." (1/28/19 Report)

CONFIDENTIAL 13 ISC Historical Trading Metrics Company has traded at ~22.0x forward earnings and 7.5x-8.0x NTM EBITDA Share Price (1) AV / NTM EBITDA Forward P/E 7.0x 10.0x9.0x 6.0xNov-13 Jun-14 Jan-15 Sep-15 Apr-16 Nov-16 Jul-17 Feb-18 Sep-18 May-19 8.0x Current: 8.2x 60%: 7.9xMedian: 7.7x 40%: 7.5xQ3 to OfferMedian: 6.7x $30.00 $35.00 $40.00 $45.00 $50.00 $25.00Nov-13 Jun-14 Jan-15 Sep-15 Apr-16 Nov-16 Jul-17 Feb-18 Sep-18 May-19 Current:$43.96Q3 to OfferMedian:$36.9460%: $35.95Median:$34.9040%: $33.90 32.0x29.0x26.0x23.0x20.0x 17.0xNov-13 Jun-14 Jan-15 Sep-15 Apr-16 Nov-16 Jul-17Note: Current multiple based on consensus projections; Summary statistics for five years prior to initial NASCAR offer date Source: CapIQ as of 5/20/2019(1) Closing share price for each trading day Feb-18 Sep-18 May-19 60%: 22.7x Median: 22.2x40%: 21.8x Current: 21.6xQ3 to Offer Median: 19.6x

CONFIDENTIAL Discounted Cash Flow Analysis Note: Assumes transaction close of 8/31/2019; cash and debt figures as of last public filing; FDSO of 43.5MM (per Merger Agreement as of 5/21/2019) Source: Revised Forecast (as of 2/28/2019)(1) Operating Cash Flow = Management Operating Cash Flow less Interest Income less Tax Shield Adjustment for Net Interest Expense (2) Includes cash distributions 14 FYE 11/30, $MM Projections Terminal Year 2019E '19E Stub 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E Revenue $688.9 $172.2 $711.9 $729.1 $747.0 $766.8 $787.8 $658.0 $670.2 $684.3 $698.6 $715.5 $732.4 % Growth 2.1% 3.3% 2.4% 2.4% 2.7% 2.7% (16.5%) 1.8% 2.1% 2.1% 2.4% 2.4% Adjusted EBITDA $241.8 $60.4 $250.4 $256.9 $263.6 $268.6 $276.6 $214.3 $219.4 $225.4 $231.6 $238.9 $246.2 % Margin 35.1% 35.1% 35.2% 35.2% 35.3% 35.0% 35.1% 32.6% 32.7% 32.9% 33.1% 33.4% 33.6% Net Income $87.4 $21.9 $95.8 $101.6 $105.6 $111.3 $117.9 $72.2 $77.9 $84.4 $91.0 $98.4 $107.8 % Margin 12.7% 12.7% 13.5% 13.9% 14.1% 14.5% 15.0% 11.0% 11.6% 12.3% 13.0% 13.7% 14.7% Adjusted Net Income $85.0 $21.3 $93.4 $99.0 $102.3 $108.3 $114.6 $69.1 $75.0 $81.8 $88.8 $96.3 $107.3 % Margin 12.3% 12.3% 13.1% 13.6% 13.7% 14.1% 14.5% 10.5% 11.2% 11.9% 12.7% 13.5% 14.6% Operating Cash Flow (1) $168.8 $42.2 $168.8 $173.3 $176.2 $177.7 $178.9 $127.7 $128.1 $130.3 $134.2 $141.1 $147.5 (-) CapEx from Existing Facilities (95.6) (23.9) (90.0) (80.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (100.0) (-) Net CapEx from One Daytona / Shoppes / SCCU (2) (20.8) (5.2) 8.6 8.8 9.0 9.1 9.2 9.5 9.7 9.8 10.1 10.3 10.4 (+) Distribution from Equity Investee 27.7 6.9 26.3 26.5 26.8 27.1 27.3 27.6 27.9 28.2 28.4 28.7 29.0 Unlevered Free Cash Flow $80.1 $20.0 $113.7 $128.6 $112.0 $113.9 $115.5 $64.7 $65.6 $68.3 $72.7 $80.2 $86.9 % Margin 11.6% 11.6% 16.0% 17.6% 15.0% 14.9% 14.7% 9.8% 9.8% 10.0% 10.4% 11.2% 11.9% NPV of Cash Flows $78.5 $19.6 $103.2 $108.1 $87.1 $82.0 $77.0 $40.0 $37.5 $36.1 $35.6 $36.3 NPV of Sum of Discounted Cash Flows $663 Illustrative DCF Valuation @ 20.0x P/E Terminal Year 2030E Adjusted Net Income $107 Terminal Year 2030E Exit Multiple 20.0x Terminal Value 2030E $2,145 PV of Terminal Value $973 % of Aggregate Value 59.5% PV of Sum of Discounted Cash Flows $663 % of Aggregate Value 40.5% Implied Aggregate Value $1,635 (-) Net Debt (16) Implied Equity Value $1,651 Implied FCF Perpetual Growth Rate 3.8% Implied Share Price $37.97 Implied Share Price WACC le 7.5% 8.0% 8.5% ltip 15.0x $33.57 $32.38 $31.35 Mu 16.0x $34.75 $33.50 $32.42 Exit 17.0x $35.92 $34.62 $33.49 E Post Q3 18.0x $37.10 $35.73 $34.56 d P/ Range 19.0x $38.27 $36.85 $35.63 war 20.0x $39.45 $37.97 $36.69 or HistoricalRange 21.0x $40.62 $39.09 $37.76 F 22.0x $41.80 $40.21 $38.83

CONFIDENTIAL 15 Discounted Cash Flow Analysis Sensitivities Source: Revised Forecast (as of 2/28/2019) Range Implied Share Price WACC le 7.5% 8.0% 8.5% ltip 15.0x $33.57 $32.38 $31.35 Mu 16.0x $34.75 $33.50 $32.42 Exit 17.0x $35.92 $34.62 $33.49 E Post Q3 18.0x $37.10 $35.73 $34.56 d P/ Range 19.0x $38.27 $36.85 $35.63 war 20.0x $39.45 $37.97 $36.69 or Historical 21.0x $40.62 $39.09 $37.76 F 22.0x $41.80 $40.21 $38.83 Implied Terminal Value EBITDA Multiple WACC 7.5% 8.0% 8.5% 15.0x16.0x17.0x18.0x19.0x20.0x21.0x22.0x 6.5x7.0x7.4x7.8x8.3x8.7x9.1x9.6x 6.5x7.0x7.4x7.8x8.3x8.7x9.1x9.6x 6.5x7.0x7.4x7.8x8.3x8.7x9.1x9.6x Forward P/E Exit Multiple HistoricalRange Post Q3 Range Implied Perpetual FCF Growth Rate WACC 7.5% 8.0% 8.5% 15.0x16.0x17.0x18.0x19.0x20.0x21.0x22.0x 2.0%2.3%2.6%2.9%3.1%3.3%3.5%3.7% 2.5%2.8%3.1%3.4%3.6%3.8%4.0%4.2% 2.9%3.3%3.6%3.8%4.1%4.3%4.5%4.6% Forward P/E Exit Multiple Post Q3 RangeHistoricalRange

CONFIDENTIAL Broadcast Contract Sensitivity AnalysisDiscounted equity valuation based on 2025E Note: Assumes transaction close of 8/31/2019 Revised Forecast (as of 2/28/19); Assumes 40.2MM shares outstanding in 2024 (per Revised Forecast)Based on calculated 2025E EBITDA difference between “Master Model Scenario” and upside and downside scenarios provided by management in “ISC LTP.CapAlloc Model 3Q18“ XLS 16 Downside Case Cost of Equity NTM EBITDA Multiple 8.0% 8.4% 9.0% 6.5x $23.34 $22.92 $22.28 7.0x $24.65 $24.20 $23.52 7.5x $25.96 $25.48 $24.77 8.0x $27.26 $26.76 $26.02 Base Case (Revised Forecast) Cost of Equity NTM EBITDA Multiple 8.0% 8.4% 9.0% 6.5x $29.50 $28.96 $28.15 7.0x $31.28 $30.70 $29.84 7.5x $33.06 $32.45 $31.54 8.0x $34.84 $34.20 $33.24 Upside Case Cost of Equity NTM EBITDA Multiple 8.0% 8.4% 9.0% 6.5x $40.71 $39.95 $38.82 7.0x $43.35 $42.55 $41.34 7.5x $45.99 $45.14 $43.86 8.0x $48.64 $47.73 $46.38 $MM, except per share values 2025E EBITDA (1)Incremental Broadcast EBITDA (2)Adjusted 2025E EBITDA2024E Aggregate Value (at 7.5x multiple) (-) 2024E Net Debt (1)2024E Implied Equity Value2024E Implied Share Price (1)NPV of Implied Share Price(+) NPV of Cumulative Dividends (1)Implied Share Value Downside Case Broadcast TV renewal at 25% discount to previous contract, same historical CAGR($57) 1571,180(253)1,433$35.67$23.36$2.12 $25.48 Base Case (Revised Forecast) Broadcast TV renewal at same value as previous contract$214– 2141,607(253)1,860$46.31$30.33$2.12 $32.45 Upside Case Broadcast TV renewal at 40% premium to previous contract, ~3% CAGR$104 3182,385(253)2,638$65.68$43.02$2.12 $45.14

CONFIDENTIAL Offer Price Premiums / Discounts1 Day 30 Day Unaffected UnaffectedVWAP Percentiles1 Day 30 Day Unaffected UnaffectedVWAP Metric: $39.06 $37.27 $39.06 $37.27 $45.00 15.2% 20.8% 38.3% 24.8% M&A Premium Analysis 17 $45 per share represents a 15.2% premium to the 1 Day Unaffected price of $39.06 A 15.2% premium to the 1 Day Unaffected price ranks in the 38th percentile of comparable transactions for this metric (i.e., 38% of the relevant comparable transactions were completed at this premium or lower) Comparable Transaction Criteria: US Deals; $1Bn - $10Bn Transaction Value; 100% Cash Consideration; Public Company Target; All Industries Excluding Real Estate, Financials, Utilities, Technology, BioTech and Energy; 2016-2019Source: CapIQ, SEC Filings

CONFIDENTIAL Additional Variables Considered ISC Board of Directors Appendix (November 2018), p. A5-5NASCAR “Combination Rationale” 3/18/2019, p. 12 Management estimates provided in “Extenders – 7year life illustrative impact” XLS fileApril Board Presentation (4/10/2019) and discussions with Management DBO also reviewed and discussed with Management and the Special Committee the following variables impacting business operations, potential strategic alternatives, and combined strategic growth initiatives and operational synergies previously analyzed by NASCAR and ISC 18 Broadcast Agreement (1) Management prepares alternative broadcast renewal scenarios for capital allocation planning, but does not provide detailed long-term forecasts of these scenarios except for the base case—a reset to 2015 when the agreement is renegotiated for 2025; TCV of$7.8Bn (1)Upside: 40% increase from 2015 contract value representing TCV of $10.9BnDownside: 25% discount to 2015 value representing TCV of $5.9Bn Sanction Agreements (2) Forecast assumes a continuation of the current sanction agreement broadcast revenue splitIn its presentation to the Special Committee on the proposed combination, however, NASCAR indicates that the media rights allocations in the sanction agreements may change as part of the Team Charter renegotiation process at the end of the 2020 season Tax Extender (3) Forecast assumes an expired motorsports tax provision is not extendedThe extension of the motorsports tax provision now under consideration by Congress would decrease Company taxes by $5MM - $10MM annually DC Solar (4) April Board of Directors presentation “High” assumes $3.4MM loss to operating income with termination of all sponsorship and sublease agreementsApril Board of Directors presentation “Low” assumes termination of all sponsorship agreements and a range of termination for sublease agreements from full termination to approximately $4.2MM annual liability

CONFIDENTIAL Appendix – Additional Materials 19

CONFIDENTIAL Shareholder SummaryIllustrative investor voting power Note: Total shown does not include share counts of directors and officers listed in Schedule I of the Merger Agreement who are neither Rollover nor Public Shareholders (per Merger Agreement as of 5/21/2019 and SEC Filings) Source: Public Shareholders Class A ownership information per CapIQ as of 5/20/2019; Total outstanding shares of common stock per Merger Agreement (as of 5/21/2019); Rollover Shareholders statistics per Exhibit A of Merger Agreement 20 Shares % of Total Shares Votes % of Total Votes % of Public Shareholders Votes Class A 14,794,030 34.0% 14,794,030 60.6% - Rollover Shareholders Public Shareholders Rollover ShareholdersPublic Shareholders 231,925 0.5% 46,385 0.2% - BlackRock 2,752,759 6.3% 550,552 2.3% 8.9% The Vanguard Group 2,321,297 5.3% 464,259 1.9% 7.5% Paradice Investment Management 1,728,548 4.0% 345,710 1.4% 5.6% Renaissance Technologies 1,430,113 3.3% 286,023 1.2% 4.6% Macquarie Investment Management Business Trust 1,210,745 2.8% 242,149 1.0% 3.9% Northern Trust Global Investments 1,087,704 2.5% 217,541 0.9% 3.5% Lindsell Train 1,077,100 2.5% 215,420 0.9% 3.5% State Street Global Advisors 770,077 1.8% 154,015 0.6% 2.5% Elliott Management 768,376 1.8% 153,675 0.6% 2.5% Mawer Investment Management 686,340 1.6% 137,268 0.6% 2.2% Norges Bank Investment Management 558,008 1.3% 111,602 0.5% 1.8% TOMS Capital Investment Management 412,574 0.9% 82,515 0.3% 1.3% BNY Mellon Asset Management 349,402 0.8% 69,880 0.3% 1.1% GAMCO Investors 330,845 0.8% 66,169 0.3% 1.1% Sparinvest 329,393 0.8% 65,879 0.3% 1.1% Geode Capital Management 303,485 0.7% 60,697 0.2% 1.0% Oldfield Partners 298,931 0.7% 59,786 0.2% 1.0% GLG Partners 287,174 0.7% 57,435 0.2% 0.9% Dimensional Fund Advisors 233,388 0.5% 46,678 0.2% 0.8% ProShare Advisors 219,232 0.5% 43,846 0.2% 0.7% Arrowstreet Capital 216,599 0.5% 43,320 0.2% 0.7% Bridgeway Capital Management 213,216 0.5% 42,643 0.2% 0.7% Charles Schwab Investment Management 205,107 0.5% 41,021 0.2% 0.7% Alberta Investment Management 204,887 0.5% 40,977 0.2% 0.7% Pinnacle Associates 202,410 0.5% 40,482 0.2% 0.7% Other 5,369,467 12.3% 1,073,893 4.4% 17.4% Total Public Shareholders (Class A) 23,567,177 54.2% 4,713,435 19.3% 76.6% Class B Total Public Shareholders (Class B) 1,440,731 3.3% 1,440,731 5.9% 23.4% Total (Rollover + Public Shareholders) 40,033,863 92.1% 20,994,581 86.1% 100.0%

CONFIDENTIAL ISC and Speedway Motorsports Comparison Note: Unaffected dates for ISC and TRK are 11/9/2018 and 4/22/2019, respectively Source: Company filings, CapIQ(1) CapIQ consensus estimates as of 5/20/2019 21 Company Information Tracks 13 8 NASCAR Cup Series Events 21 13 NASCAR Xfinity Series Events 14 11 NASCAR Truck Series Events 9 8 Combined Permanent Seating 683,000 692,000 Luxury Suites 583 754 Trading Statistics as of Unaffected Dates ($MM) Market Capitalization $1,696 $561 Debt 261 201 Cash 278 69 Aggregate Value 1,679 693 2019 AV / EBITDA 6.9x 6.0x 2019 P/E 18.6x 14.4x % of 52 Week High 78% 75% Operating Statistics ($MM, except per share) (1) Revenue2019E $697 $456 2020E 716 465 % Growth 2.8% 2.0% EBIT 2019E $105 $63 2020E 109 63 % Margin ('19E / '20E) 15.0% / 15.3% 13.8% / 13.5% EPS 2019E 2.00 0.95 2020E 2.09 0.96 % Growth 4.3% 1.1% 3 Year Avg. Historical CapEx Spend ('16-'18) $149 $31

CONFIDENTIAL ISC and Speedway Motorsports Offer Comparison Note: Unaffected dates are 4/22/2019 and 11/9/2018 for TRK and ISC, respectivelyNTM consensus estimates per CapIQ as of unaffected datesAssumes net debt of $132MM and FDSO of 41.0MM for TRK, ($16MM) and 43.5MM for ISC, respectively 22 Unaffected Offer Unaffected Offer Price $39.06 $45.00 $13.70 $18.00 NTM EPS (1) $1.97 $0.95 Implied P/E 19.9x 22.9x 14.4x 18.9x NTM EBITDA ($MM) (1) $239.3 $115.8 Implied AV / EBITDA (2) 7.0x 8.1x 6.0x 7.5x

CONFIDENTIAL Offer Price Premiums / Discounts1 Day 30 Day Unaffected UnaffectedVWAP Percentiles1 Day 30 Day Unaffected UnaffectedVWAP Metric: $13.70 $14.21 $13.70 $14.21 $18.00 31.4% 26.6% 80.0% 47.3% Speedway Motorsports M&A Premium Analysis 23 $18 per share represents a 31.4% premium to the 1 Day Unaffected price of $13.70 (1) A 31.4% premium to the 1 Day Unaffected price ranks in the 80th percentile of comparable transactions for this metric (i.e., 80% of the relevant comparable transactions were completed at this premium or lower) Comparable Transaction Criteria: US Deals; $1Bn - $10Bn Transaction Value; 100% Cash Consideration; Public Company Target; All Industries Excluding Real Estate, Financials, Utilities, Technology, BioTech and Energy; 2016-2019 Source: CapIQ, SEC Filings(1) Unaffected date of 4/22/2019, as referenced in Sonic’s offer letter

CONFIDENTIAL WACC Supporting Analysis Source: CapIQ as of 5/20/201920 year treasury ratePer Damodaran, Implied ERP as of May 1, 2019 Rate per management’s assumed rate for future refinancingLevered beta calculated using median 6 month, 1 year, 2 year and 5 year levered beta every 6 months from 11/9/2009 to 11/9/2018 24 WACC Assumptions Risk-Free Rate (1) 2.7% Market Risk Premium (2) 5.0% Cost of Debt (3) 7.0% WACC Calculation Equity / Total Cap 88.1%Debt / Total Cap 11.9%Levered Beta (4) 1.15Cost of Equity 8.4% WACC 8.0% 2.01.51.00.5– 2.5 3.0 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 6 MonthYearYear5 Year ISC Levered Beta ISC Historical Levered Beta Trends Over Time

CONFIDENTIAL Precedent M&A Transactions Criteria: US Deals; $1Bn - $10Bn Transaction Value; 100% Cash Consideration; Public Company Target; All Industries Excluding Real Estate, Financials, Utilities, Technology, BioTech and Energy; 2016-2019 Closed DealsSource: CapIQ, SEC Filings (1) Per CapIQ 25 $MM Target Announce Transaction Acquisition Premium to Unaffected 30 Day LTM High LTM High Industry Buyer Date Value (1) 1 Day Avg. LTM Avg. (Intraday) (Close) CommScope Holding Company ARRIS International 11/8/2018 7,983 14% 32% 22% 6% 6% Communications Equipment TransDigm Group Esterline Technologies Corporation 10/10/2018 4,367 38% 37% 56% 26% 27% Aerospace and Defense Inspire Brands Sonic Corp. 9/25/2018 2,315 19% 20% 53% 9% 13% Restaurants Gebr. Knauf KG. USG Corporation 3/26/2018 6,610 31% 29% 36% 7% 8% Building Products General Mills Blue Buffalo Pet Products 2/23/2018 8,326 17% 19% 49% 12% 12% Packaged Foods and Meats LyondellBasell Industries A. Schulman 2/15/2018 2,264 9% 10% 27% 3% 4% Specialty Chemicals General Dynamics Corp. CSRA Inc. 2/12/2018 9,951 34% 28% 34% 22% 22% IT Consulting and Other Services SS&C Technologies Holdings DST Systems 1/11/2018 5,752 5% 33% 44% 3% 5% Data Processing and Outsourced Services Campbell Soup Company Snyder's-Lance 12/18/2017 6,136 7% 29% 34% 5% 7% Packaged Foods and Meats The Hershey Company Amplify Snack Brands 12/17/2017 1,536 71% 101% 43% 6% 6% Packaged Foods and Meats Cineworld Group Regal Entertainment Group 12/5/2017 6,083 11% 35% 17% (2%) (0%) Movies and Entertainment Prysmian General Cable Corp. 12/4/2017 2,899 38% 45% 64% 30% 34% Electrical Components andEquipment Arby's Restaurant Group Buffalo Wild Wings 11/28/2017 2,892 7% 21% 14% (10%) (10%) Restaurants Meredith Corp. Time Inc. 11/26/2017 3,137 9% 44% 20% (9%) (6%) Publishing Kuraray Holdings U.S.A. Calgon Carbon 9/21/2017 1,353 63% 68% 42% 14% 16% Commodity Chemicals Post Holdings Bob Evans Farms 9/19/2017 1,757 6% 15% 32% 2% 3% Packaged Foods and Meats

CONFIDENTIAL Precedent M&A Transactions (cont’d.) 26 $MM Announce Transaction Acquisition Premium to Unaffected 30 Day LTM High LTM High Industry Buyer Target Date Value (1) 1 Day Avg. LTM Avg. (Intraday) (Close) Northrop Grumman Orbital ATK 9/18/2017 9,429 22% 24% 44% 20% 21% Aerospace and Defense Internet Brands WebMD Health 7/24/2017 3,751 20% 15% 25% 2% 8% Interactive Media and Services Avantor Performance Materials VWR Corp. 5/5/2017 6,632 (2%) 17% 20% (11%) (2%) Life Sciences Tools and Services Tyson Foods AdvancePierre Foods Holdings 4/25/2017 4,464 10% 27% 46% 9% 10% Packaged Foods and Meats JAB Holdings Panera Bread Company 4/5/2017 7,750 15% 28% 47% 8% 11% Restaurants Restaurant Brands International Popeyes Louisiana Kitchen 2/21/2017 1,827 19% 22% 40% 4% 12% Restaurants WestRock Company Multi Packaging Solutions International Limited 1/24/2017 2,301 25% 25% 22% 2% 5% Paper Packaging Sibanye Gold Limited Stillwater Mining Company 12/9/2016 2,466 23% 21% 61% 13% 16% Precious Metals and Minerals Parker-Hannifin CLARCOR 12/1/2016 4,437 18% 25% 44% 17% 17% Industrial Machinery Boral Industries Headwaters Incorporated 11/20/2016 2,630 21% 34% 35% 14% 16% Construction Materials Symantec LifeLock 11/20/2016 2,528 16% 34% 67% 15% 16% Specialized Consumer Services Tennessee Parent Team Health Holdings 10/31/2016 6,047 18% 14% 3% (28%) (27%) Health Care Services Bass Pro Group Cabela's Incorporated 10/3/2016 8,667 12% 22% 29% 12% 12% Specialty Stores LANXESS Deutschland Chemtura 9/25/2016 2,637 19% 17% 21% 4% 4% Specialty Chemicals Circle K Stores CST Brands 8/22/2016 6,086 2% 8% 27% 0% 2% Automotive Retail Cintas G&K Services 8/16/2016 2,201 19% 21% 40% 19% 19% Diversified Support Services Criteria: US Deals; $1Bn - $10Bn Transaction Value; 100% Cash Consideration; Public Company Target; All Industries Excluding Real Estate, Financials, Utilities, Technology, BioTech and Energy; 2016-2019 Closed DealsSource: CapIQ, SEC Filings (1) Per CapIQ

CONFIDENTIAL Precedent M&A Transactions (cont’d.) 27 $MM Acquisition Premium to Unaffected Buyer Target Announce Date Transaction Value (1) 1 Day LTM Avg. 30 Day LTM High LTM HighAvg. (Intraday) (Close) Industry Steinhoff International Holdings Mattress Firm Holding Corp. 8/8/2016 2,982 115% 109% Homefurnishing Retail DTI Epiq Systems 7/27/2016 1,040 14% 13% Research and Consulting Services Komatsu America Joy Global Inc. 7/21/2016 3,868 20% 29% Construction Machinery and Heavy Trucks Melrose Industries Nortek Inc. 7/6/2016 2,673 38% 64% Building Products Westlake Chemical Axiall Corp. 6/10/2016 3,887 28% 42% Commodity Chemicals Thermo Fisher Scientific FEI Company 5/27/2016 4,523 14% 21% Electronic Equipment and Instruments NBCUniversal Media DreamWorks Animation 4/28/2016 4,239 27% 58% Movies and Entertainment Alaska Air Group Virgin America 4/4/2016 2,995 47% 76% Airlines Samsonite International Tumi Holdings 3/3/2016 1,829 2% 47% 53% (2%) (1%)20% (2%) (2%)64% (2%) (4%)56% (7%) (1%)47% (18%) (17%)34% 13% 14%72% 27% 27%77% 43% 47%38% (4%) 2% Apparel, Accessories and Luxury Goods Summary Statistics Low (40%) 15.7% 24.4% 34.2% 3.4% 5.4% Median 18.7% 28.2% 39.7% 5.7% 7.7% High (60%) 20.2% 29.4% 43.5% 9.0% 11.6% Criteria: US Deals; $1Bn - $10Bn Transaction Value; 100% Cash Consideration; Public Company Target; All Industries Excluding Real Estate, Financials, Utilities, Technology, BioTech and Energy; 2016-2019 Closed DealsSource: CapIQ, SEC Filings (1) Per CapIQ

CONFIDENTIAL 9/6/2016 Federal-Mogul Icahn Enterprise Holdings $7.00 $9.25 32.1% 85.7% 116.7% (33.9%) (33.5%) Auto Components 10/8/2009 First Advantage First American $14.04 $19.47 38.7% 52.7% 50.3% 3.8% 6.5% Application Hosting Services 6/21/2010 Landry's Tilman Fertitta $13.00 $24.50 88.5% 125.6% 158.4% 32.1% 33.7% Full Service Restaurants 5/3/2009 Hearst Television Hearst Broadcasting $4.00 $4.50 12.5% 115.3% 162.1% (81.6%) (80.8%) Broadcasting 7/25/2016 National Interstate America Financial Group $30.00 $32.50 8.3% 43.7% 38.0% 6.6% 12.1% Insurance 12/17/2012 Clearw ire Sprint $2.60 $2.97 14.2% 40.1% 42.1% 0.3% 10.4% Telecom Services 12/15/2010 Alcon Novartis $153.00 $168.00 9.8% 2.2% 3.6% 0.8% 1.2% Health Care 11/14/2011 Bluegreen Vacations BCF Financial $2.18 $4.56 109.7% 102.7% 124.3% (3.6%) (0.9%) Hotels And Motels 4/30/2009 Cox Radio Cox Media Group $3.80 $4.80 26.3% 45.5% 14.5% (63.3%) (63.2%) Broadcasting 6/26/2017 Handy & Harman Steel Partners Holdings $29.00 $35.00 20.7% 31.6% 34.4% 17.1% 18.8% Steel 6/30/2010 Gerdau Ameristeel Gerdau Steel North America $11.00 $11.00 - 53.4% 47.5% 13.9% 15.7% Steel 9/18/2009 Odyssey Re Holdings Fairfax Financial Holdings $58.00 $65.00 12.1% 29.8% 33.9% 19.1% 19.7% Insurance 3/1/2013 Danfoss Pow er Solutions Danfoss A/S $49.00 $58.50 19.4% 48.6% 47.8% 4.3% 5.3% Agriculture 4/20/2011 CNA Surety Corp. Continental Casualty $22.00 $26.55 20.7% 37.9% 42.6% 34.3% 36.1% Insurance 3/6/2014 National Interstate American Financial Group $28.00 $30.00 7.1% 35.3% 30.8% (17.5%) (15.9%) Insurance 11/9/2009 XO Holdings ACF Industries Holdings $0.55 $0.80 45.5% 175.9% 160.7% 1.3% 6.7% Communication Services 4/9/2010 Danfoss Pow er Solutions Danfoss A/S $10.10 $14.00 38.6% 65.9% 51.9% 38.2% 41.4% Agriculture 8/4/2009 Pepsi Bottling Group PepsiCo $29.50 $36.50 23.7% 44.8% 60.6% 4.0% 5.5% Beverages 8/4/2009 PepsiAmericas PepsiCo $23.27 $28.50 22.5% 43.4% 58.9% 5.5% 6.1% Beverages 11/15/2010 Mediacom Communications Rocco Commisso $6.00 $8.75 45.8% 64.2% 50.1% 19.9% 21.5% Cable and Satellite 9/12/2011 M&F Worldw ide MacAndrew s & Forbes $24.00 $25.00 4.2% 47.4% 19.8% (18.8%) (16.4%) Commercial / Professional Services 9/23/2009 Ligado Netw orks Harbinger Capital Partners $4.00 $5.00 25.0% 47.1% 56.4% - 9.9% Telecom Services 9/20/2013 Dole Food Company David Murdock $12.00 $13.50 12.5% 32.4% 29.7% (11.1%) (5.9%) Agricultural Products 8/23/2016 Affinity Gaming Z Capital Management $15.00 $17.35 15.7% - - - - Casinos and Gaming 2/2/2016 Affinity Gaming Z Capital Management $9.75 $15.00 53.8% - - - - Casinos and Gaming 4/11/2017 Alliance Healthcare Services Fujian Thaihot Investment Co $9.60 $13.25 38.0% 66.7% 74.5% 36.9% 42.5% Health Care Equipment / Services 10/18/2010 BlueLinx Holdings Cerberus Capital Management $3.40 $4.00 17.6% 59.4% 44.6% (36.7%) (32.7%) Building Product Distribution Summary Statistics (1) Low (40%) 18.3% 45.2% 43.8% 0.6% 5.4% Median 20.7% 47.4% 47.8% 3.8% 6.5% High (60%) 24.5% 53.0% 51.0% 4.8% 10.1% Announce Date Target Buyer First Offers Final % Increase Unaffected Final Offer Premium to:30D Avg. LTM High(Intraday) LTM High (Closing) Industry 4/24/2019 Speedw ay Motorsports Sonic Financial $18.00 NA - - - - - Entertainment Facilities 4/15/2019 HomeFed Jefferies $42.04 NA - - - - - Real Estate 28 Precedent Existing Shareholder Buyout TransactionsLast 10 years Sources: CapIQ and Company filings(1) Excludes Speedway Motorsports / Sonic Financial and HomeFed / Jefferies transactions which have not closed Gray Indicates Cancelled Transactions Yellow Indicates Pending Transactions

CONFIDENTIAL 29 Comparable CompaniesOperating and trading statistics Sources: Capital IQ, Company filings, and Wall Street ResearchShare prices and consensus estimates as of 5/20/2019Market capitalization plus net debt (includes non-controlling interests and preferred equity if applicable)Revenue & EBITDA multiples less than 0.0x and greater than 50.0x considered NMP/E multiples less than 0.0x and greater than 50.0x considered NMAssumes no change in outstanding shares between offer and 2018 10-KAssumes common shares per Q1 2019 10-Q and options and RSUs per 2018 10-KNote: Projections shown are consensus estimates per CapIQ; FCF calculated as CFO – Capex % of Equity Agg. AV / Revenue (3) AV / EBITDA (3) Price / Earnings (4) Revenue Growth YoY EBITDA Margin EPS Growth YoY FCF Margin CompanyName Price (1) 52W High Value Value (2) 2019E 2020E 2019E 2020E 2019E 2020E 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E ISC (Current) $43.96 88% $1,912 $1,896 2.7x 2.6x 8.3x 8.1x 21.9x 21.0x 2.8% 2.8% 32.8% 34.0% 4.3% 5.2% 13.8% 16.0% ISC (Pre-NASCAR Offer) (5) 39.06 78% 1,696 1,679 2.4x 2.3x 6.9x 6.6x 18.6x 18.5x 3.7% 2.6% 34.7% 34.4% 0.5% 10.9% 13.4% 17.7% SpeedwayMotorsports (Current) (6) $18.56 99% $761 $893 2.0x 1.9x 7.7x 7.7x 19.5x 19.3x 2.0% 2.2% 25.0% 24.7% 1.1% 2.1% NA NA SpeedwayMotorsports (Pre-Sonic Offer) (6) 13.70 75% 561 693 1.5x 1.5x 6.0x 6.0x 14.4x 14.3x 2.0% 2.2% 25.0% 24.7% 1.1% 2.1% NA NA Other Motorsports Formula One Tracking Stock $38.37 97% $8,868 $13,703 6.8x 6.4x 30.8x 28.4x NM NM 6.5% 8.3% 22.4% 23.1% NM NM 15.2% 19.0% Dover Motorsports 2.05 89% 75 72 NA NA NA NA NA NA NM NM NA NA NA NA NA NA Entertainment FacilityProviders Six Flags Entertainment $52.34 71% $4,419 $7,361 4.8x 4.6x 12.8x 11.9x 18.4x 16.7x 4.0% 3.5% 38.8% 39.7% 9.8% 13.2% 19.0% 20.9% Churchill Downs 96.93 93% 3,839 5,221 4.0x 3.9x 11.4x 10.6x 21.6x 18.2x 2.9% NM 36.4% NA 18.7% NA 11.1% NA Eldorado Resorts 49.08 95% 3,808 7,614 2.9x 2.9x 10.3x 9.6x 21.0x 17.3x 0.6% 0.5% 29.9% 30.2% 21.0% (13.8%) 12.3% 11.0% Cedar Fair 52.39 78% 2,971 4,773 3.4x 3.3x 9.8x 9.4x 15.7x 14.7x 3.2% 4.0% 35.0% 35.1% 6.8% 6.5% 13.8% 13.2% Penn National Gaming 21.40 58% 2,532 12,874 2.5x 2.4x 8.4x 8.0x 15.2x 10.2x 2.3% 2.9% 30.2% 30.2% 48.7% 12.6% 8.8% 11.5% SeaWorld Entertainment 26.75 82% 2,242 3,898 2.7x 2.7x 8.8x 8.2x 17.3x 15.5x 3.2% 2.6% 32.4% 34.0% 11.6% 13.0% 12.0% 13.5% Tokyotokeiba 30.51 68% 871 920 4.1x 3.9x 9.7x 8.0x NA NA 6.2% 4.2% 48.3% 52.1% NA NA 20.0% 25.0% Mean 78% 3.5x 3.4x 10.2x 9.4x 18.2x 15.4x 3.2% 3.0% 35.9% 36.9% 19.4% 6.3% 13.9% 15.8% Median 78% 3.4x 3.3x 9.8x 9.4x 17.8x 16.1x 3.2% 3.2% 35.0% 34.6% 15.2% 12.6% 12.3% 13.4% Movie Cinemas, Theaters & Other Cineworld Group $3.80 92% $5,228 $8,961 1.9x 1.8x 8.0x 7.7x 11.6x 10.7x 3.6% 2.7% 23.6% 23.7% 8.3% 8.5% 14.3% 14.6% Cinemark 39.23 90% 4,563 7,575 2.3x 2.2x 9.6x 9.4x 17.1x 16.7x 1.7% 4.0% 23.9% 24.6% 2.5% 18.0% 8.9% NA AMC 13.00 61% 1,350 11,444 2.1x 2.0x 13.8x 13.0x NM NM 1.5% 2.2% 15.5% 15.6% NM NM 2.1% NA Marcus Corporation 36.51 80% 1,150 1,676 2.0x 1.9x 10.3x 9.3x 19.9x 16.5x 6.3% 3.9% 20.2% 21.3% 20.7% 10.6% 8.1% NA Reading International 13.88 83% 319 739 2.4x 2.1x 16.2x 11.6x NA NA 12.1% 2.6% 18.1% 18.9% NA NA 6.9% NA Mean 81% 2.1x 2.0x 11.6x 10.2x 16.2x 14.6x 5.0% 3.1% 20.3% 20.8% 10.5% 12.4% 8.0% 14.6% Median 83% 2.1x 2.0x 10.3x 9.4x 17.1x 16.5x 3.6% 2.7% 20.2% 21.3% 8.3% 10.6% 8.1% 14.6%