Key questions and answers from the fourth quarter fiscal 2007 earnings call conducted by International Speedway Corporation on January 24, 2008.

Tim Conder (Wachovia): Your inter-guidance implies flat variables being year-on-year revenues, operating margins and EBITDA. If we further consider issues of heat, California and Talladega, the new TV, easy comps elsewhere and MA breaking even, that would collectively seem conservative. What is your comment?
Dan Houser: We are very optimistic on our 2008 opportunities and the upper end of our guidance range includes growth in all major revenue categories. The macro-economic scene is very challenging and we are ready for past year regional wise challenges which are likely to recur this year.

I think that we have very robust growth in our corporate sales areas and believe that we are exercising prudence in our guidance in light of the macro-economic factors.

Tim Conder (Wachovia): If you look past the Speedweeks and Daytona 500, how are advance ticket sales faring year-on-year?

Dan Houser: As we look over the year, we are excited about the speedweeks and we believe our first quarter looks strong. We’re down in the low single-digits on overall advance sales combined but this is due to changes in renewals timings and new types of payment plans that we are trying to work together with our customer. We are keeping an eye on the trends and we still firmly reiterate our guidance range and believe we are solidly in the game.

Wes Harris: We are keeping an eye on Michigan following the macro challenges over the last couple of years due to regional concerns with the auto-industry. The rained out event in August didn’t help matters and this definitely has an impact.

Whilst California looks good in spring, we will watch it during the fall. These are some of the various areas that we will be watching and as already mentioned by Dan, we are trying some different ways of payment plans so as to make it easy for our fans whilst providing the company with visibility.

Tim Conder (Wachovia): With reference to your share repurchase plan and the possible upward revision thereof, would your Board consider borrowing to complete the exercise especially in light of company cash flow position?

Dan Houser: Considering the optimal cash flow structure decisions, we obviously have a strong free cash flow. We have always and continue to take advantage of any expansion opportunities that make good financial sense. Like many other stocks, ours is also attractive for repurchase during the current period. What I can tell you is that we are focused on the plan and we believe we have been more aggressive than the monthly $10 million.

The Board still has some decision making to do concerning going beyond the free cash flow. It may be that we have some seasonal dips in cash where we may borrow on a short-term basis. We will keep our options open even in the area of the possible disposal of the Staten Island property this year in which case we might have significant cash available for investing in the best possible manner.

Bob Simonson (William Blair & Company): What is the legal basis for the Kentucky appeal?

John Saunders: We are not sure but all we have seen is a press release stating their intention to appeal. Once we have seen their briefs we will be able to respond but as of now we really don’t know.

Bob Simonson (William Blair & Company): Enlighten us more on the fourth quarter and full year broadcast and rights fees.

Wes Harris: For the fourth quarter, broadcast and rights fees were $73.8 million and $3.2 million respectively. Full year figures were $242.8 million and $11.4 million.

Bob Simonson (William Blair & Company): Do you have a tentative cost estimate for the Kansas City casino project if you were to be approved?

Wes Harris: I think that it will be north of $600 million with the majority of that financed by the joint venture. 80% to 85% of that amount will probably be borrowed for the construction financing and the borrowings will be backed by tenant leases.

Bob Simonson (William Blair & Company): Is it still possible for you to get a full refund of the money deposited with the IRS?

Dan Houser: We started the appeals process back in June. I was encouraged by the process because we were getting an opportunity to state our case. What has been a surprise to us is that while we have supplied some information and offered some solutions to the issue, the appeals office seems to have backed down. We are therefore not getting any indication from them as their position. I’m reluctant to get people excited by promising them that we will get a large portion of the money back. Whilst it’s not impossible under some of the potential settlement scenarios, it is really too soon to comment. Should we be lucky enough for that to happen, that will represent funds which we can use either in prudent external investments or for additional stock repurchases.

Greg Badishkanian (Citigroup): You mentioned that you were seeing some low single declines in advance ticket sales and the factors causing the declines. Where do you see attendance trends going longer term?

John Saunders: I think that because of some of the payment plans and the timing renewals, it might be a bit early to comment. As Wes mentioned, we will be keeping a close eye on Michigan due to both macro economic conditions and what they are experiencing in the auto industry. However, we are cautiously optimistic and in cases where we miss out a sell out, it will not be a big number. I think that it’s important to note that even where a track does not sell out, the difference is not major. But, as I mentioned earlier, we are closely watching this area and given that it’s a mixed bag, we are just going to have to pay attention to the economy and consumer buying habits.