The second-largest racetrack owner in the U.S., hosting races sanctioned by the National Association of Stock Car Auto Racing (NASCAR) High-margin television broadcasting contracts providing 4% average annual increases in rights payments from 2008 through 2014 Admission revenues sensitive to economic conditions and weather Limited business diversity because the company operates only nine tracks The same family that controls NASCAR also controls International Speedway Corp., the industry leader and Speedway Motorsports' major competitor Sporadic debt-financed acquisitions of independent tracks The 'BB' corporate credit rating on Speedway Motorsports Inc. is based on our expectation that the decline in NASCAR TV ratings will stabilize and that lease-adjusted total debt to EBITDA will not exceed 4x on a sustained basis. For the past
