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International Speedway and Penske Announce Timetable for Merger

25 June 1999

International Speedway Corporation and Penske Motorsports Inc. Announce Accelerated Timetable for Merger; Date Set for Shareholder Meetings

    DAYTONA BEACH, Fla. and DETROIT--June 24, 1999--International Speedway Corporation ("ISC") and Penske Motorsports, Inc. today announced that they have accelerated the timetable for closing the proposed merger. It is currently expected that the transaction will close following separate special meetings for the shareholders of each Company scheduled for July 26, 1999. All regulatory hurdles relating to the proposed merger, including early termination of the waiting period under the Hart-Scott-Rodino Act, have been cleared.
    ISC has filed with the Securities and Exchange Commission on the issuance of Class A common stock in conjunction with the transaction. All ISC stockholders of record at the close of business on June 18, 1999 will be eligible to vote on the proposed stock issuance, along with other matters, at a meeting of its stockholder's to be held in Daytona Beach, Florida.
    Penske Motorsports stockholders of record at the close of business on June 18, 1999 will be eligible to vote on the proposed merger at a special meeting of its shareholders to be held in Detroit, Michigan.
    William C. France, Chairman and Chief Executive Officer of ISC commented, "Our longstanding relationship with the Penske organization, with whom we have always shared a common vision of the motorsports industry, should enable us to realize long term growth opportunities and operating synergies. We are extremely pleased to have received early regulatory clearance and look forward to growing our combined operations with the Penske team."
    International Speedway and Penske Motorsports have jointly retained Corporate Investor Communications, Inc. as the information agent in connection with the merger. Stockholders of either company can contact Corporate Investor Communications, Inc. at (877) 460-4350 for any further information regarding the merger.
    International Speedway Corporation is a leading promoter of motorsports activities in the United States, currently promoting more than 80 events annually. The Company currently owns and/or operates five motorsports facilities, including Daytona International Speedway in Florida (home of the Daytona 500), Talladega Superspeedway in Alabama, Phoenix International Raceway in Arizona, Darlington Raceway in South Carolina and Watkins Glen International in New York. Other track interests include the operation of Tucson (Arizona) Raceway Park, a 45% stake in Miami-Homestead Speedway, and an approximate 12% holding in Penske Motorsports, Inc. The Company also owns and operates MRN Radio, the nation's largest independent sports radio network, and DAYTONA USA, the "Ultimate Motorsports Attraction" in Daytona Beach, Florida, and the official attraction of NASCAR. For more information visit the Company's website at www.daytonausa.com.
    Penske Motorsports, Inc. ("PMI") is a leading promoter and marketer of professional motorsports in the United States. PMI currently owns and operates the following facilities through its wholly owned subsidiaries: Michigan Speedway in Brooklyn, Michigan; Nazareth Speedway in Nazareth, Pennsylvania; California Speedway in San Bernardino County, California; and North Carolina Speedway near Rockingham, North Carolina. PMI also holds a 45% interest in Miami- Homestead Speedway. In addition, PMI produces and markets motorsports- related merchandise and accessories such as apparel, souvenirs and collectibles through its subsidiary, Motorsports International Corp.; and a subsidiary of PMI distributes and sells Goodyear brand racing tires in the Midwest and Southeast regions of the United States.
    Statements made in this release that state the Company's or management's beliefs or expectations and which are not historical facts or which apply prospectively are forward-looking statements. It is important to note that the Company's actual results could differ materially from those contained in or implied by such forward looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained from time to time in the Company's SEC filings including but not limited to the 10-K and subsequent 10-Q's. Copies of those filings are available from the Company and the SEC.