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International Speedway Announces Consideration for Penske Merger

23 July 1999

International Speedway Corporation Announces Consideration for Penske Motorsports Merger

    DAYTONA BEACH, Fla.--July 23, 1999-- International Speedway Corporation ("ISC") today announced that in connection with the Company's proposed merger with Penske Motorsports, Inc. ("PMI") , PMI stockholders electing to receive the cash and stock consideration will receive $15.00 in cash and 0.729 of a share of ISC Class A Common Stock. PMI stockholders electing to receive the all stock consideration will receive 1.042 shares of ISC Class A Common Stock. The stated consideration for the merger assumes the transaction closes as currently scheduled on July 26, 1999. The ISC Class A Common Stock share figures were calculated by dividing $35.00 and $50.00, respectively, by the volume weighted average price per share of ISC Class A Common Stock during the period beginning June 24, 1999 and ending July 22, 1999, or $47.98 per share. The volume weighted average price per share is within the previously stated collar range of $41.56 to $53.44.
    Forms permitting PMI stockholders to make an election with respect to the form of consideration to be received by them in the merger were mailed to PMI stockholders on or about July 19, 1999, and, assuming the merger occurs on July 26, 1999, the forms of election must be returned by August 9, 1999 in order for a stockholder to receive the cash and stock consideration.
    ISC and PMI will each hold special meetings of stockholders on July 26, 1999, with the merger expected to be completed on that day after the successful completion of these meetings.
    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, an approximate 12% holding in Penske Motorsports, Inc, and an indirect 37.5% interest in Raceway Associates, LLC, which owns the Route 66 Raceway and is developing a superspeedway in the Chicagoland area. 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.iscmotorsports.com.

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.