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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000020212-02-000014.txt : 20020814
<SEC-HEADER>0000020212-02-000014.hdr.sgml : 20020814
<ACCEPTANCE-DATETIME>20020814151924
ACCESSION NUMBER:		0000020212-02-000014
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20020630
FILED AS OF DATE:		20020814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		02735632

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>f10q202.htm
<DESCRIPTION>10-Q FOR 2ND QUARTER 2002
<TEXT>
<HTML>
<HEAD>
<TITLE>Churchill Downs Incorporated Form 10Q 2002 2q
</TITLE>
</HEAD>
<BODY>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        SECURITIES AND EXCHANGE COMMISSION<BR>WASHINGTON, D.C. 20549</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        FORM 10-Q</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
        SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        For the quarterly period ended June 30, 2002</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        OR</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
        SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        For the transition period from ____ to ____ </FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
        Commission file number 0-1469</FONT></H1>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>CHURCHILL DOWNS INCORPORATED</U><BR>
        (Exact name of registrant as specified in its charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0><!-- Table ##############################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=50% ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Kentucky</U><BR>(State or other jurisdiction of incorporation or<BR>
                organization)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>61-0156015 </U><BR>(IRS Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>700 Central Avenue, Louisville, KY 40208</U><BR>
        Address of principal executive offices)<BR>
        (Zip Code)<BR></FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <U>(502) 636-4400</U><BR>
        (Registrant's telephone number, including area code)</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Indicate by check mark
        whether the registrant (1) has filed all reports required to be filed by
        Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
        preceding 12  months (or for such shorter period that the registrant was
        required to file such reports), and (2) has been subject to such filing
        requirements for the past 90 days. </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        Yes  <U>&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;</U>  No____</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The number of shares
        outstanding of registrant&#146;s common stock at August 13, 2002 was
        13,127,138 shares. </FONT></P>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
<!-- END OF PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->
<P ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        I N D E X</FONT></P><BR><BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- Index~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-->
<TR VALIGN=bottom>
        <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PART I.&nbsp;&nbsp;&nbsp; FINANCIAL INFORMATION</FONT></TD>
        <TD WIDTH=50% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PAGES</FONT></TD>
</TR>
</table>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 Financial Statements</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Consolidated Balance Sheets, June 30, 2002, December 31, 2001
                and June 30, 2001</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Consolidated Statements of Operations for the six and
                three months ended June 30, 2002 and 2001</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Consolidated Statements of Cash Flows for the six months ended
                June 30, 2002 and 2001</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Condensed Notes to Consolidated Financial Statements </FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6-14</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=top>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 2.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Management's Discussion and Analysis of Financial Condition and Results
                of Operations</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15-22</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 3.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Quantitative and Qualitative Disclosures About Market Risk</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>


</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>


</Table>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD WIDTH=100% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PART II.&nbsp;&nbsp; OTHER INFORMATION</FONT></TD>

</TR>
</Table>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Legal Proceedings (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>
</TR>



<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 2.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Changes in Securities and Use of Proceeds (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 3.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Defaults Upon Senior Securities (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 4.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Submission of Matters to a Vote of Security Holders</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 5.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other Information (Not applicable)</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=11% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 6.</FONT></TD>
        <TD WIDTH=4% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Exhibits and Reports on Form 8-K</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25</FONT></TD>

</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
        <TD colspan=2 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures</FONT></TD>
                <Td WIDTH=69% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                26</FONT></TD>


</TR>

<TR VALIGN=bottom>
        <TD>&nbsp;</TD>
</TR>

<TR VALIGN=bottom>
         <TD colspan=3 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit Index</FONT></TD>
         <TD WIDTH=16% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27</FONT></TD>

</TR>
</Table>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table ##############################################################-->

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- ###########################################################-->
<TR VALIGN="BOTTOM">
        <TD colspan=1 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                PART I.&nbsp;&nbsp;&nbsp; FINANCIAL INFORMATION</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=1 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<br>
                CONDENSED CONSOLIDATED BALANCE SHEETS<br>
                (in thousands)</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=1 align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>June 30,</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=4 align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>December 31,</U></B></FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>June 30,</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2002</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2001</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2001</U></B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ASSETS</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>(unaudited)</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>(unaudited)</B></FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Current assets:</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;26,381</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;15,732</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;23,870</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                16,931</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,535</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18,455</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                35,814</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                28,472</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                39,587</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,022</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,806</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,684</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,093</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,177</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,681</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                87,241</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                59,722</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                87,277</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other assets</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,064</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,475</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,981</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Plant and equipment, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                338,696</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                339,419</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                343,402</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Goodwill, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,239</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,239</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,936</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="TOP">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Intangible assets, net</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,678</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,860</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,049</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $497,918</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $470,715</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $502,645</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Current liabilities:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;75,070</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;40,493</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;69,731</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                36,056</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                31,452</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                36,609</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,549</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,155</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                971</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,517</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,842</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,241</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,052</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, current portion</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                490</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                561</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,461</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                122,613</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                94,267</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                119,370</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Long-term debt, due after one year</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                116,672</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                132,787</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                143,036</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other liabilities</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,585</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,302</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,475</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Deferred income taxes</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,119</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,124</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,133</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Commitments and contingencies</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD colspan=11 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Shareholders' equity:</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value;</FONT></TD>
        <TD colspan=5 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 shares authorized; no shares issued</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD WIDTH=1% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value; 50,000 shares
                authorized;</FONT></TD>
        <TD colspan=10 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued:  13,115 shares
                June 30, 2002, 13,098 shares  </FONT></TD>
        <TD colspan=10 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2001, and
                13,084 shares June 30, 2001</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                125,132</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                124,750</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                124,485</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                105,923</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                94,850</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                90,258</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,061</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,300</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,047</FONT></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note receivable for common stock</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (65</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="top">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                229,929</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                217,235</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                212,631</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=1 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
        <TD WIDTH=52% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $497,918</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $470,715</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $502,645</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=5% SIZE=3 NOSHADE></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
</TABLE>
<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The accompanying notes are an integral part of the condensed consolidated financial statements.</FONT></P>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
        for the six and three months ended June 30, 2002 and 2001<BR>
        (Unaudited)<BR>
        (In thousands, except per share data)</B></FONT></TD>
</TR>

<TR> <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS-->
<TR valign="bottom">
       <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>Six Months Ended <BR><U>June 30,</U></B></FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>Three Months Ended <U>June 30,</U></B></FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2002</U></B>&nbsp;</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2001</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2002</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><U>2001</U></B></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net  revenues</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $203,599</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $194,972</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $172,627</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $163,257</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Operating Expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                162,430</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                154,065</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                122,701</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                114,802</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,169</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                40,907</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                49,926</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                48,455</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Selling, general and administrative expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                17,268</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,806</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,872</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,972</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="bottom">
        <TD colspan=13> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23,901</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25,101</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,054</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                40,483</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other income (expense):</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                174</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                332</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                93</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                219</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,967</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,956</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,315</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,441</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous, net</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (591</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (99</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (422</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (148</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (5,384</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,723</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,644</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,370</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings before provision for income taxes</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18,517</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18,378</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                38,410</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                37,113</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="TOP">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Provision for income taxes</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,444</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,443</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (15,302</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (15,218</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=20% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net earnings</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;11,073</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;10,935</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;23,108</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp; </FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;21,895</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=15% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings per common share data:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.84</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.84</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.76</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.67</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.83</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.83</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.73</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.66</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=9> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Weighted average shares outstanding:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,110</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,065</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,115</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,084</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=48% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,341</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,185</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,338</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=6% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,217</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>

</TABLE>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
The accompanying notes are an integral part of the condensed consolidated financial statements.</FONT></P>

<!-- PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-->
<TR valign="bottom">
        <TD COLSPAN=6 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED<BR>
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
                for the six and three months ended June 30, <BR>
                (Unaudited)<BR>
                (In thousands)</FONT></TD>

</TR>

<!-- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-->
<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flows from operating activities:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Net earnings</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;11,073</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;10,935</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net earnings to
                net cash provided by <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                (used in) operating activities:</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,661</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,089</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Amortization of goodwill</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                706</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in cash resulting from
                changes in operating assets <BR>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and liabilities:</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,396</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,449</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,342</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,051</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,916</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,317</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                34,577</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                36,049</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,621</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,909</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,184</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5,426</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (8,399</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (7,301</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities </FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 1,695</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,401</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
</TR>


<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided
                by operating activities</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,758</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                40,397</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flows from investing activities:</FONT></TD>
</TR>


<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to plant and equipment, net</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (8,756</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,541</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in
                investing activities</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (8,756</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,541</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash flows from financing activities:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in long-term
                debt, net</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,035)</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on bank working line of
                credit</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                108,731</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                103,739</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of bank working line of
                credit</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (112,882</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (106,291</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on bank revolving line
                of credit</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                33,000</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18,000</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of bank revolving line
                of credit</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (44,000</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (28,000</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,549</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,508</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                382</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,258</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
</TR>


<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
                cash used in financing activities</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (22,353</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (17,793</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
</TR>
<TR valign="bottom">
        <TD COLSPAN=3 align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net increase in cash and cash equivalents</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,649</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,063</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                </FONT></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash and cash equivalents, beginning of period</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15,732</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=10% SIZE=1 NOSHADE></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,807</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=93% SIZE=1 NOSHADE></TD>
</TR>

<TR valign="top">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash and cash equivalents, end of period</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;26,381</FONT><HR WIDTH=93% SIZE=3 NOSHADE></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;23,870</FONT><HR WIDTH=93% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Supplemental disclosures of cash flow information:</FONT></TD>
</TR>


<TR valign="bottom">
        <TD colspan=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Cash paid during the period for:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;&nbsp;4,648</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;6,555</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=71% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes</FONT></TD>
        <TD width=7% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;&nbsp;3,260</FONT></TD>
        <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;1,740</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD COLSPAN=6 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The accompanying notes are  an integral part of the condensed consolidated
                 financial statements.</FONT></TD>

</TR>

</table>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
         </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table ##############################################################-->

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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=6% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1.</FONT></TD>
        <TD WIDTH=94% align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                  <U>Basis of Presentation</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The  accompanying   condensed  consolidated  financial  statements
                are  presented  in  accordance  with  the requirements  of Form 10-Q and
                consequently  do not  include  all of the  disclosures  normally  required by
                accounting  principles  generally  accepted  in the  United  States  of  America
                or those  normally  made in Churchill  Downs  Incorporated's  (the  "Company")
                annual  report  on  Form  10-K.  The  year-end  condensed consolidated  balance
                sheet data was derived from  audited  financial  statements,  but does not
                include all disclosures  required  by  accounting  principles  generally  accepted
                in  the  United  States  of  America. Accordingly,  the reader of this Form
                10-Q may wish to refer to the Company's  Form 10-K for the period ended
                December 31, 2001 for further  information.  The accompanying  condensed
                consolidated  financial  statements have been prepared in  accordance  with the
                registrant's  customary  accounting  practices and have not been audited.
                Certain  prior-period  financial  statement  amounts  have  been  reclassified
                to  conform  to the  current-period   presentation.   In  the  opinion  of  management,
                all  adjustments  necessary  for  a  fair presentation of this information have
                been made and all such adjustments are of a normal recurring nature.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Our revenues and  earnings are  significantly  influenced  by our racing  calendar.
                Therefore,  revenues and operating  results for any interim  quarter are not
                indicative of the revenues and operating  results for the year and are not
                necessarily  comparable  with results for the  corresponding  period of the previous  year.
                The Company  historically has had very few live racing days during the first quarter,
                with a majority of our live racing occurring in the second,  third and fourth quarters,
                including the running of the Kentucky Derby and Kentucky Oaks in the second
                quarter.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>2.</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Long-Term Debt</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The Company has a $250 million line of credit under a revolving  loan  facility
                through a syndicate of banks to meet working  capital and other  short-term
                requirements  and to provide  funding for  acquisitions.  The interest  rate on the
                borrowing  is based  upon LIBOR plus a spread of 75 to 250  additional  basis  points,
                which is  determined  by  certain  Company  financial  ratios.  The  weighted  average
                interest  rate on our outstanding  revolving  loan  borrowings was 2.84% and 5.23% at
                June 30, 2002 and 2001,  respectively.  There was  $109.6  million  outstanding  on the
                line of  credit  at June  30,  2002,  compared  to  $124.7  million outstanding  at
                December 31, 2001,  and $140.6  million  outstanding  at June 30, 2001.  The credit  facility
                contains financial covenant  requirements,  including  specified fixed charge,  minimum
                interest coverage and maximum  levels of net worth.  The line of credit is  collateralized
                by  substantially  all of the assets of the Company and its wholly owned subsidiaries, and
                matures in 2004.</FONT></TD>
</TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>3.</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Financial Instruments</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                In order to mitigate a portion of the market risk on its  variable  rate debt,  the
                Company has entered  into interest rate swap  contracts with major  financial  institutions.
                Under terms of these separate  contracts, we  receive a LIBOR  based  variable  interest
                rate and pay a fixed  interest  rate of 7.015% on a  notional amount of $35.0  million,
                which  matures in March  2003,  and 6.40% on a notional  amount of $30.0  million,
                which matures in November  2002.  The variable  interest  rate paid on the  contracts is
                determined  based on LIBOR on the last day of each  month,  which is  consistent  with  the
                variable  rate  determination  on the underlying debt.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Effective  January 1, 2001 the Company adopted Statement of Financial  Accounting
                Standard ("SFAS") No. 133, "Accounting for Derivative Financial  Instruments and Hedging
                Activities," which establishes  accounting and reporting  standards  requiring that every
                derivative  financial  instrument be recorded on the balance sheet at its fair value.
                The statement  further  requires that the gains and losses related to changes in the fair
                value of the  derivative  financial  instruments  be recorded in the income  statement
                unless  certain hedge criteria  are  met.  Gains  and  losses  for  qualifying   hedges
                can  be  deferred  in  accumulated   other comprehensive  earnings and recognized in the
                income  statement  along with the related results of the hedged item. The statement
                requires that the Company formally  document,  designate and assess the effectiveness of
                such transactions in order to qualify for such hedge accounting treatment.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The Company has  designated  its interest  rate swaps as cash flow hedges of  anticipated
                interest  payments under  its  variable  rate  agreements.  Gains  and  losses  on
                these  swaps  that  are  recorded  in  other comprehensive  income will be reclassified
                into net income as interest  expense,  net in the periods in which the related variable
                interest is paid.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The Company  recorded a  cumulative-effect-type  deferred net loss  adjustment of $0.3
                million in accumulated other  comprehensive  earnings  net of related tax  benefit of
                $0.2  million to  recognize  the fair value of these swaps upon adoption of SFAS No.
                133 on January 1, 2001.  The Company  expects to reclassify  all of the approximately
                $1.1  million of the June 30,  2002 net loss (net of  related  tax  benefit  of $0.7
                million) recorded in accumulated other  comprehensive  earnings into net earnings as
                interest  expense,  over the next nine months.</FONT></TD>
</TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>3.</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Financial Instruments</U> (cont'd)</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Comprehensive earnings consist of the following:</FONT></TD>
        <TD WIDTH=8%>&nbsp;</TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8%>&nbsp;</TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Six months ended June 30,</FONT></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64%>&nbsp;</TD>
        <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Net Earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $11,073</FONT></TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $10,935</FONT></TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Cash flow hedging  (net of related tax provision of</FONT></TD>
        <TD WIDTH=8%>&nbsp;</TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8%>&nbsp;</TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$789 in 2002 and tax benefit of $1,303
                in 2001)</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>1,239
                </FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1%>&nbsp;<HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>(2,047
                </FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>)
                </FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Comprehensive earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>$12,312
                </FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1%>&nbsp;<HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;8,888
                </FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;
                </FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Three months ended June 30,</FONT></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64%>&nbsp;</TD>
        <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Net Earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $23,108</FONT></TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $21,895</FONT></TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Cash flow hedging  (net of related tax provision of</FONT></TD>
        <TD WIDTH=8%>&nbsp;</TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8%>&nbsp;</TD>
        <TD WIDTH=1%>&nbsp;</TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$266 in 2002 and tax benefit of $62 in 2001)
                </FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                418</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1%>&nbsp;<HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                97</FONT><HR WIDTH=90% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=64% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Comprehensive earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $23,526</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1%>&nbsp;<HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD WIDTH=7%>&nbsp;</TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $21,992</FONT><HR WIDTH=90% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;
                </FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD WIDTH=6%>&nbsp;</TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>4.</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Earnings Per Share</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The  following  is a  reconciliation  of the  numerator  and  denominator
                of the  earnings  per common share computations:</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Six months ended</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Three months ended</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                June 30,</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                June 30,</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Numerator for basic and diluted earnings<BR>
                &nbsp;&nbsp; per share:</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $11,073</FONT><HR WIDTH=94% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $10,935</FONT><HR WIDTH=94% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $23,108</FONT><HR WIDTH=94% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $21,895</FONT><HR WIDTH=94% SIZE=3 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Denominator for weighted average shares<BR>
                &nbsp;&nbsp;of Common stock outstanding per share:</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,110</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,065</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,115</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>

&nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,084</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus dilutive effect of stock
                options</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                231</FONT><HR WIDTH=94% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                120</FONT><HR WIDTH=94% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                223</FONT><HR WIDTH=94% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                133</FONT><HR WIDTH=94% SIZE=1 NOSHADE></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,341</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,185</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,338</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,217</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings per common share:</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.84</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.84</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.76</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.67</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=8% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=42% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.83</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.83</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.73</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.66</FONT></TD>
        <TD WIDTH=1% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=3% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
 <!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

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<TR VALIGN=TOP>
        <TD WIDTH=6%>&nbsp;</TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Options to purchase 1 and 64 shares for the periods ended June 30,
                2002 and 2001, respectively, were not included in the computation of earnings
                per common share assuming dilution because the options&#146; exercise prices
                were greater than the average market price of the common shares.</FONT></TD>
</TR>

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</TABLE>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>5.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Adoption of Recently Issued Accounting Standard</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>In
                July 2001, the Financial Accounting Standards Board (&#147;FASB&#148;) issued
                SFAS No. 142, &#147;Goodwill and Other Intangible Assets,&#148; which
                establishes the accounting for goodwill and other intangible assets following
                their recognition. SFAS No. 142 applies to all goodwill and other intangible
                assets whether acquired singly, as part of a group, or in a business
                combination. SFAS No. 142 provides that goodwill and other intangible assets
                believed to have indefinite lives should not be amortized but should be tested
                for impairment annually using a fair-value based approach. In addition, SFAS No.
                142 provides that other intangible assets other than goodwill should be
                amortized over their useful lives and reviewed for impairment in accordance with
                SFAS No. 121, &#147;Accounting for the Impairment of Long-Lived Assets and for
                Long-Lived Assets to Be Disposed Of.&#148; SFAS No. 142 was effective for the
                Company beginning on January 1, 2002. The Company completed the required
                impairment tests of goodwill and indefinite lived intangible assets during the
                six months ended June 30, 2002, and no adjustment to the carrying value of
                goodwill was required. The impact of the adoption of SFAS No. 142 on the
                Company&#146;s results of operations for all periods beginning on or after
                January 1, 2002 is to eliminate amortization of goodwill. Amortization expense
                will be reduced by $1.4 million for 2002 as a result of the adoption of SFAS No.
                142.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Following
                are pro forma results for the six months ended June 30, 2001 assuming goodwill
                had not been amortized prior to January 1, 2002:</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Six Months ended June 30, 2001:</U></FONT></TD>
</TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net</FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Basic earnings</FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Diluted earnings</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Earnings</U></FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>per common share</U></FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>per common share</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Reported net earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $10,935</FONT></TD>
        <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.84</FONT></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $0.83</FONT></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Adjustment for amortization of goodwill</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                706</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 0.05</FONT><HR WIDTH=85% SIZE=1 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=3></FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 0.05</FONT><HR WIDTH=85% SIZE=1 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Adjusted net earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $ 11,641</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $0.89</FONT><HR WIDTH=85% SIZE=3 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=3></FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $0.88</FONT><HR WIDTH=85% SIZE=3 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Three Months ended June 30, 2001:</U></FONT></TD>
</TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net</FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Basic earnings</FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Diluted earnings</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=8% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Earnings</U></FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>per common share</U></FONT></TD>
        <TD COLSPAN=3 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>per common share</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Reported net earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $21,895</FONT></TD>
        <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.67</FONT></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=3></FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.66</FONT></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Adjustment for
                amortization of goodwill</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                349</FONT><HR WIDTH=95% SIZE=1 NOSHADE></TD>
        <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 0.03</FONT><HR WIDTH=85% SIZE=1 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=3></FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 0.02</FONT><HR WIDTH=85% SIZE=1 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=36%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Adjusted net
                earnings</FONT></TD>
        <TD WIDTH=8% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $ 22,244</FONT><HR WIDTH=95% SIZE=3 NOSHADE></TD>
        <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $1.70</FONT><HR WIDTH=85% SIZE=3 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=3></FONT></TD>
        <TD WIDTH=6% ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $1.68</FONT><HR WIDTH=85% SIZE=3 NOSHADE></TD>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

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</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>There
                has been no change to the carrying value of the Company&#146;s net goodwill
                since January 1, 2002. Net goodwill at June 30, 2002 for Kentucky Operations,
                Calder Race Course and Churchill Downs Simulcast Network (&#147;CDSN&#148;) was
                $4.8 million, $36.4 million and $11.0 million, respectively.</FONT></TD>
</TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>5.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Adoption of Recently Issued Accounting Standard</U> (cont'd)</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other intangible assets with indefinite useful lives total $3.8 million and
                consist primarily of a future right to participate in the Illinois Horse
                Race Equity fund, which has not been amortized since the Arlington Park
                merger.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Other intangible assets which are being amortized are recorded at
                approximately $3.9 million at June 30, 2002, which is net of accumulated
                amortization of $1.5 million. Amortization expense of these assets was
                $0.2 million for the six months ended June 30, 2002 and 2001.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Future estimated aggregate amortization expense on other intangible assets
                for each of the five fiscal years are as follows:</FONT></TD>
</TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR VALIGN=TOP>
        <TD WIDTH=32%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD COLSPAN=3 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Estimated</FONT></TD>
        <TD WIDTH=39%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=32%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD COLSPAN=3 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Amortization Expense</U></FONT></TD>
        <TD WIDTH=39%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=32%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2002</FONT></TD>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>365</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=39%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=32%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2003</FONT></TD>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>365</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=39%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=32%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2004</FONT></TD>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>182</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=39%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=32%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2005</FONT></TD>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>166</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=39%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=32%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=5% ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2006</FONT></TD>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=4% ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>166</FONT></TD>
        <TD WIDTH=7%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=39%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
</TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>6.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Segment Information</U></FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The Company has determined that it currently operates in the following seven
                segments: (1) Kentucky Operations, including Churchill Downs racetrack and its
                off-track betting facility (&#147;OTB&#148;) and Ellis Park racetrack and its
                on-site simulcast facility; (2) Hollywood Park racetrack and its on-site
                simulcast facility; (3) Calder Race Course; (4) Arlington Park and its five
                OTBs; (5) Hoosier Park racetrack and its on-site simulcast facility and the
                other three Indiana simulcast facilities; (6) CDSN, the simulcast product
                provider of the Company; and (7) other investments, including Charlson Broadcast
                Technologies LLC (&#147;CBT&#148;) and the Company&#146;s other various equity
                interests which are not material. Eliminations include the elimination of
                management fees and other intersegment transactions, primarily between CDSN and
                the racetracks. As a result of reorganization for internal reporting during
                2002, the Company&#146;s segment disclosures are presented on a new basis to
                correspond with internal reporting to combine our two Kentucky racetracks and to
                separately report our CDSN operations. The CDSN segment was designed to increase
                focus on the distribution of the Company&#146;s simulcast signal. CDSN will
                oversee national and international simulcast and wagering opportunities, as well
                as the marketing, sales, operations and data support efforts related to the
                Company-owned racing content. Prior period financial statement amounts have been
                reclassified to conform to the reorganization for CDSN.</FONT></TD>
</TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>6.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Segment Information</U> (cont'd)</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The Company&#146;s recurring revenues are generated from commissions on pari-mutuel
                wagering at the Company&#146;s racetracks and OTBs, plus simulcast fees, Indiana
                riverboat admissions subsidy revenue, admissions, concessions revenue,
                sponsorship revenues, licensing rights and broadcast fees, lease income and
                other sources.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The accounting policies of the segments are the same as those described in the
                &#147;Summary of Significant Accounting Policies&#148; in the Company&#146;s
                annual report to stockholders for the year ended December 31, 2001. Earnings
                before interest, taxes, depreciation and amortization (&#147;EBITDA&#148;)
                should not be considered as an alternative to, or more meaningful than, net
                income (as determined in accordance with accounting principles generally
                accepted in the United States of America) as a measure of our operating results
                or cash flows (as determined in accordance with accounting principles generally
                accepted in the United States of America) or as a measure of our liquidity.</FONT></TD>
</TR>
</TABLE>

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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
<!-- END OF PAGE BREAK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^-->


<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>


<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR><!-- BLANK LINE-->

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>6.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Segment Information</U> (cont'd)</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The table below presents information about reported segments for the six months and
                three months ended June 30, 2002 and 2001:</FONT></TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<!-- CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS-->
<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U><B>Six Months Ended June 30,</B></U></FONT></TD>
               <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=5 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U><B>Three Months Ended June 30,</B></U></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2002</U></B>&nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2001</U></B></FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2002</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B><u>2001</U></B></FONT></TD>
        <TD colspan=1 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Net  revenues:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;69,351</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;67,686</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;63,755</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;62,014</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                48,487</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,386</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                43,455</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                46,897</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>
<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                22,825</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,551</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                21,571</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,297</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27,634</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27,469</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                21,515</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                21,077</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                26,663</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                26,318</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14,627</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13,885</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                30,742</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25,894</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                30,045</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25,636</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                225,702</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                213,304</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                194,968</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                181,806</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,580</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,683</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,743</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,768</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Corporate revenues</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,011</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                705</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                879</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                704</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (25,694</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (21,720</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (24,963</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (21,021</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$203,599</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$194,972</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$172,627</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;$163,257</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                EBITDA:</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;19,700</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;21,665</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;24,911</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;25,977</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,806</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                8,766</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,023</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                10,301</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>
<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                819</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,410</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,894</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,063</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               (2,488</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (280</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (227</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,268</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,878</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,151</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,888</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,434</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,505</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,121</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,242</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,327</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                36,220</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                38,013</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                46,731</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                46,370</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                248</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                848</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                274</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                620</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,435</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,064</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,525</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,785</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (62</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;-</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;32,971</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;34,797</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;45,478</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;45,205</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
       <TD colspan=10 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Operating income (loss):</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;16,766</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;18,824</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;23,437</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;24,573</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>

</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4,136</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,197</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,714</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                9,001</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (327</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,157</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,320</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                214</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,894</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                </FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,389</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (974</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                714</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3,109</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2,360</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,502</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1,039</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,505</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,121</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                7,242</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                6,327</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;Total racing operations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                27,295</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                28,956</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                42,241</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                41,868</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                28</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                209</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                314</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                395</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Corporate expenses</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,406</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,064</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,523</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1,780</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (16</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                22</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=28% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;23,901</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;25,101</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=13% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;41,054</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;40,483</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=3% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR><TD>&nbsp;</TD></TR>
<TR><TD>&nbsp;</TD></TR>
</TABLE>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>


<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

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<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>6.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Segment Information</U> (cont'd)</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD COLSPAN=4 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                As of</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD COLSPAN=4 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                As of</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD COLSPAN=4 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                As of</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD COLSPAN=4 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>June 30, 2002</U></FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD COLSPAN=4 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>December 31, 2001</U></FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD COLSPAN=4 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>June 30, 2001</U></FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% ALIGN="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% ALIGN="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Total assets:</FONT></TD>
         <TD COLSPAN=15 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Kentucky Operations</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $370,165</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $367,277</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $400,527</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hollywood Park</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                174,849</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                152,362</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                177,838</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Calder Race Course</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                86,641</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                95,237</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                91,016</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Arlington Park</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                82,138</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                75,716</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                83,716</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Hoosier Park</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                38,494</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                35,062</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                36,668</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;CDSN</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,018</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,018</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,165</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Other investments</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,005</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,212</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                46,362</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                815,310</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                788,884</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                847,292</FONT></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;Eliminations</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (317,392</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (318,169</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (344,647</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="top">
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $497,918</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
         <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $470,715</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
         <TD width=5% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $502,645</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
         <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
         <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=16 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Following is a reconciliation of total EBITDA to income before provision for income taxes:</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Six Months Ended June 30,</U></FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=5 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Three Months Ended June 30,</U></FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2002</U></FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>2001</U></FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Total EBITDA</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $32,971</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $34,797</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $45,478</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $45,205</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Depreciation and amortization</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,661</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (9,795</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,846</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,870</FONT></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="TOP">
        <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Interest income (expense), net</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (4,793</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (6,624</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2,222</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3,222</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                )</FONT><HR WIDTH=100% SIZE=1 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=6% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=26% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Earnings before provision for income taxes</FONT></TD>
        <TD width=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $18,517</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $18,378</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=9% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 $38,410</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=10% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="right"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $37,113</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=1% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT><HR WIDTH=100% SIZE=3 NOSHADE></TD>
        <TD width=3% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                13</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P align="center"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)<BR>
        for the six months ended June 30, 2002 and 2001 (Unaudited)<BR>
        ($ in thousands, except per share data)
</FONT></P>

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<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>7.</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Significant Accounting Pronouncements</U> (cont'd)</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                In October 2001, the FASB issued SFAS No. 144, &#147;Accounting for the Impairment
                or Disposal of Long-Lived Assets.&#148; The statement addresses financial
                accounting and reporting for the impairment or disposal of long-lived assets.
                This statement supercedes SFAS No. 121 &#147;Accounting for the Impairment of
                Long-Lived Assets and for Long-Lived Assets to be Disposed Of,&#148; and the
                accounting and reporting provisions of Accounting Principles Board Opinion No.
                30, &#147;Reporting the Results of Operations &#150; Reporting the Effects of
                Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently
                Occurring Events and Transactions,&#148; for the disposal of a segment of a
                business (as previously defined in that opinion). This statement also amends
                Accounting Research Bulletin No. 51, &#147;Consolidated Financial
                Statements,&#148; to eliminate the exception to consolidation for a subsidiary
                for which control is likely to be temporary. The objectives of SFAS No. 144 are
                to address significant issues relating to the implementation of SFAS No. 121 and
                to develop a single accounting model, based on the framework established in SFAS
                No. 121, for long-lived assets to be disposed of by sale, whether previously
                held and used or newly acquired. SFAS No. 144 is effective for fiscal years
                beginning after December 15, 2001 and interim periods within those fiscal years.
                Adoption of SFAS No. 144 on January 1, 2002, did not have any impact on our
                financial position or results of operations for the six months ended June 30,
                2002. We do not anticipate that the implementation of this standard will have
                any significant effect throughout 2002.</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=94% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                In April 2002,  the FASB issued SFAS No. 145,  "Rescission  of FASB SFAS No. 4, 44
                and 64,  Amendment of FASB SFAS No. 13, and  Technical  Corrections."  SFAS No. 145
                addresses  financial  accounting  and reporting for gains and losses from the
                extinguishments  of debt.  This statement  rescinds SFAS No. 4,  "Reporting  Gains
                and Losses from Extinguishments of Debt," and an amendment of that Statement,  SFAS No.
                64,  "Extinguishments of Debt Made to Satisfy  Sinking-Fund  Requirements."  This
                Statement also rescinds SFAS No. 44,  "Accounting for Intangible  Assets of Motor
                Carriers,"  SFAS No. 13,  "Accounting  for Leases" and amends other existing
                authoritative  pronouncements to make various  technical  corrections,  clarify  meanings,
                or describe their applicability  under  changed  conditions.  The  provisions  of SFAS No.
                145 are  effective  in fiscal  years beginning  after May 15,  2002.  Management
                anticipates  that the  adoption of SFAS No. 145 will not have an effect on the Company's
                results of operations or financial position.</FONT></TD>
</TR>
</TABLE>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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</TABLE>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
</FONT></P>

<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Information set forth in this discussion and analysis contain various &#147;forward-looking
                statements&#148; within the meaning of Section 27A of the Securities Act of 1933
                and Section 21E of the Securities Exchange Act of 1934. The Private Securities
                Litigation Reform Act of 1995 (the &#147;Act&#148;) provides certain &#147;safe
                harbor&#148; provisions for forward-looking statements. All forward-looking
                statements made in this Quarterly Report on Form 10-Q are made pursuant to the
                Act. These statements represent our judgment concerning the future and are
                subject to risks and uncertainties that could cause our actual operating results
                and financial condition to differ materially. Forward-looking statements are
                typically identified by the use of terms such as &#147;anticipate,&#148;
                &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148;
                &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148;
                &#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148;
                &#147;will,&#148; and similar words, although some forward-looking statements
                are expressed differently. Although we believe that the expectations reflected
                in such forward-looking statements are reasonable, we can give no assurance that
                such expectations will prove to be correct. Important factors that could cause
                actual results to differ materially from our expectations include: the effect of
                global economic conditions; the effect (including possible increases in the cost
                of doing business) resulting from future war and terrorist activities or
                political uncertainties; the impact of increasing insurance costs; the financial
                performance of our racing operations; the impact of gaming competition
                (including lotteries and riverboat, cruise ship and land-based casinos) and
                other sports and entertainment options in those markets in which we operate; a
                substantial change in law or regulations affecting our pari-mutuel
                activities;<I> </I>a substantial change in allocation of live racing days;
                litigation surrounding the Rosemont, Illinois, riverboat casino; changes in
                Illinois law that impact revenues of racing operations in Illinois; a decrease
                in riverboat admissions subsidy revenue from our Indiana operations; the impact
                of an additional racetrack near our Indiana operations; our continued ability to
                effectively compete for the country&#146;s top horses and trainers necessary to
                field high-quality horse racing; our continued ability to grow our share of the
                interstate simulcast market; the impact of interest rate fluctuations; our
                ability to execute our acquisition strategy and to complete or successfully
                operate planned expansion projects; the economic environment; our ability to
                adequately integrate acquired businesses; market reaction to our expansion
                projects; the loss of our totalisator companies or their inability to keep their
                technology current; our accountability for environmental contamination; the loss
                of key personnel and the volatility of our stock price.
<BR><BR>
                <I>You should read this
                discussion with the financial statements included in this report and the
                Company&#146;s Form 10-K for the period ended December 31, 2001, for further
                information.</I>
<BR><BR>
                  <B>Overview</B>
<BR><BR>
                We conduct pari-mutuel wagering on live Thoroughbred, Quarter Horse and Standardbred
                horse racing and simulcast signals of races. Additionally, we offer racing services
                through our other interests.
<BR><BR>

                We own and operate the Churchill Downs racetrack in Louisville, Kentucky, which has
                conducted Thoroughbred racing since 1875 and is internationally known as the home of the
                Kentucky Derby, and Ellis Park Race Course, Inc., a Thoroughbred racing
                operation in Henderson, Kentucky (collectively referred to as &#147;Kentucky
                Operations&#148;). We also own and operate </FONT></P>
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<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                15</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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</TABLE>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
        OPERATIONS (Continued)
</FONT></P>

<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Hollywood Park, a Thoroughbred racing operation in Inglewood, California;
                Arlington Park, a Thoroughbred racing operation in Arlington Heights, Illinois;
                and Calder Race Course, a Thoroughbred racing operation in Miami, Florida.
                Additionally, we are the majority owner and operator of Hoosier Park in Anderson,
                Indiana, which conducts Thoroughbred, Quarter Horse and Standardbred horse racing.
                We conduct simulcast wagering on horse racing at nine simulcast wagering facilities
                in Kentucky, Indiana and Illinois, as well as at our six racetracks.
<BR><BR>

                Our revenues and earnings are significantly influenced by our racing calendar.
                Therefore, revenues and operating results for any interim quarter are not indicative
                of the revenues and operating results for the year and are not necessarily comparable
                with results for the corresponding period of the previous year. We historically have
                very few live racing days during the first quarter, with a majority of our live racing
                occurring in the second, third and fourth quarters, including the running of the
                Kentucky Derby and Kentucky Oaks in the second quarter.
<BR><BR>
                Our revenues are generated from commissions on pari-mutuel wagering at our racetracks
                and off-track betting facilities, plus simulcast fees, Indiana riverboat admissions
                subsidy revenue, admissions, concessions revenue, sponsorship revenues, licensing rights
                and broadcast fees, lease income and other sources. </FONT></P>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                16</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P ALIGN="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS (Continued)
</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>RESULTS OF
OPERATIONS</B> </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Pari-mutuel wagering
information, including intercompany transactions, for our six live racing facilities including on-site simulcast facilities
 and nine separate off-track betting facilities ("OTBs"), which are included in their respective
racetracks, during the six months ended June 30, 2002 and 2001 is as
follows ($ in thousands): </FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- RESULTS OF OPERATIONS -->

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Kentucky</FONT></TD>
        <TD width=7% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Hollywood</FONT></TD>
        <TD colspan=3 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Calder Race</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Arlington</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Hoosier</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Operations</U></FONT></TD>
        <TD width=7% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Park</U></FONT></TD>
        <TD width=7% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Course</U></FONT></TD>
        <TD width=7% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Park</U></FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Park</U></FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B> Pari-mutuel revenues:</B></FONT></TD>
</TR>


<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Live Racing</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;85,552</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;98,938</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;63,985</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;12,166</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;4,634</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 no. of days</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                47</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                20</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                57</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;84,658</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $109,201</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;34,902</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;&nbsp;9,607</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;&nbsp;6,094</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 no. of days</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                46</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                54</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                30</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                83</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Export simulcasting*</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $421,890</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $418,782</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $152,237</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;52,693</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;20,243</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 no. of days</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                47</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                20</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                57</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $386,820</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $412,556</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;84,938</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;30,287</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;20,039</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 no. of days&nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                46</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                54</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                30</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                14</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                83</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Import simulcasting</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;66,249</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $112,200</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $176,129</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;69,259</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 no. of days</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                277</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                130</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                925</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                597</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle</FONT></TD>
        <TD width=2% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;67,938</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $102,525</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $161,547</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;68,242</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 no. of days</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                267</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                134</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                919</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                593</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;Number of OTBs
                &nbsp;</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                -&nbsp;&nbsp;</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
         <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                3</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Totals</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=22% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $573,691</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $629,920</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $216,222</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $240,988</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;94,136</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 handle</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $539,416</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $624,282</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $119,840</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $201,441</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $&nbsp;&nbsp;94,375</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD colspan=11 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        <B> Pari-mutuel revenues:</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2002 revenues</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $42,184</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $41,337</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $22,486</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $23,778</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $24,539</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=23% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;2001 revenues</FONT></TD>
        <TD width=2% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $40,076</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $43,063</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $15,130</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $23,529</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=8% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                $23,959</FONT></TD>
        <TD width=7% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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        <TD COLSPAN=12 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                * Export simulcasting for each racetrack includes handle related to revenues
                recorded in our new internal operating unit, Churchill Downs Simulcast Network
                ("CDSN"). Pari-mutuel revenues recorded for CDSN are $29.4 million and $25.9
                million for the periods ending June 30, 2002 and 2001, respectively. </FONT></TD>

</TR>
</TABLE>
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                17</FONT></TD>
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS (Continued)</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>Six Months
        Ended June 30, 2002 Compared to Six Months Ended June 30, 2001</U></B></FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Net Revenues</U></FONT></P>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Net revenues during the six
months ended June 30, 2002 increased $8.6 million from $195.0 million in 2001 to
$203.6 million in 2002. Calder Race Course revenues increased $9.3 million as a
result of an expanded live race meet during 2002 resulting in 20 additional days
through June 30, 2002. Kentucky Operations revenues increased $1.7 million
primarily due to record wagering for the Kentucky Derby and Kentucky Oaks.
Hollywood Park revenues decreased $3.9 million primarily due to a decrease of
four live racing days in 2002 compared to 2001. CDSN revenues increased $4.8
million primarily due to increases in overall export simulcasting activity as
well as the additional 20 days of racing at Calder and record wagering on the
Kentucky Oaks and Kentucky Derby days.

<BR><BR>

<U>Operating Expenses</U>

<BR><BR>
Operating expenses
increased $8.3 million from $154.1 million in 2001 to $162.4 million in 2002
primarily due to several factors, including increases in 2002 business insurance
expenses at all of our racetracks. Calder Race Course also had increases in
operating expenses from the 20 additional race days and Hollywood Park&#146;s
expenses decreased due to the decrease of four live race days discussed above.
Kentucky Operations also experienced additional costs related to the incremental
Kentucky Derby security measures in May 2002. Increases were offset by a
decrease in amortization expense of $0.7 million related to the adoption of the
FASB Statement of Financial Accounting Standard (&#147;SFAS&#148;) No. 142
adopted January 1, 2002.

<BR><BR>

<U>Gross Profit</U>

<BR><BR>

Gross profit increased $0.3
million from $40.9 million in 2001 to $41.2 million in 2002. Although there was
revenue growth during 2002 as a result of increased live racing days at Calder
Race Course, record wagering results on Kentucky Derby and Oaks days and an
increase for CDSN, these increases were offset by an increase in business
insurance expenses, and other operating expenses, as discussed above.

<BR><BR>

<U>Selling, General and Administrative Expenses</U>

<BR><BR>
Selling, general and
administrative (&#147;SG&amp;A&#148;) expenses increased by $1.5 million from
$15.8 million in 2001 to $17.3 million in 2002 primarily due to costs incurred
by our Kentucky Operations related to the legislative gaming initiatives in 2002
and costs incurred by Arlington Park related to the Illinois riverboat
legislation.</FONT></P>

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                18</FONT></TD>
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS (Continued)</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Other Income and Expense</U>

<BR><BR>

Interest expense decreased
$2.0 million from $7.0 million in 2001 to $5.0 million in 2002 primarily due to
the use of available cash to pay down our line of credit, as well as a reduction
in the interest rate spread charged within the revolving loan facility and an
overall decrease in LIBOR interest rates.<BR><BR> </FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><U>Three
Months Ended June 30, 2002 Compared to Three Months Ended June 30, 2001</U></B></FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Net Revenues</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Net revenues during the
three months ended June 30, 2002 increased $9.4 million from $163.3 million in
2001 to $172.6 million in 2002. Calder Race Course revenues increased $9.3
million resulting from an additional 20 days of live racing due to the racing
calendar starting earlier in the year. Kentucky Operation revenues also
increased as a result of record wagering for the Kentucky Derby and Kentucky
Oaks. These increases were offset by a decrease of $1.2 million in pari-mutuel
revenues at Hollywood Park as a result of a decrease of four live racing days
during the quarter compared to prior year. Hollywood Park also had decreases in
concessions revenue as a result of outsourcing its food service. CDSN had an
increase of $4.4 million primarily due to overall increases in export
simulcasting activity as well as the additional 20 days of racing at Calder and
record wagering on the Kentucky Oaks and Kentucky Derby days.

<BR><BR>

<U>Operating Expenses</U>

<BR><BR>

Operating expenses
increased $7.9 million from $114.8 million in 2001 to $122.7 million in 2002
primarily due to increased expenses at Calder Race Course related to the
increase of 20 days of live racing during the quarter. Additional increases
during 2002 were due to increases in business insurance expenses. Kentucky
Operations also experienced additional costs related to the incremental Kentucky
Derby security measures in May 2002. Hollywood Park operating expenses decreased
for the quarter consistent with the decreases in revenue as a result of the four
fewer live racing days and outsourcing its food service. Increases were also
offset by a decrease in amortization expense of $0.3 million related to the
adoption of the FASB Statement of Financial Accounting Standards No. 142
(&#147;FAS 142&#148;) adopted January 1, 2002.

<BR><BR>

<U>Gross  Profit</U>

<BR><BR>

Gross profit increased $1.5
million from $48.5 million in 2001 to $49.9 million in 2002 due to increased
revenues for the three months ended June 30, 2002 as a result of increased live
racing days at Calder Race Course, record wagering results on Kentucky Derby and
Oaks days and an increase in revenue for CDSN.  These increases were offset by an increase
in business insurance expenses, and other operating expenses, as discussed.

<BR><BR></FONT></P>
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                19</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS (Continued)</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<U>Selling, General and Administrative Expenses</U>

<BR><BR>

SG&amp;A expenses increased
by $0.9 million from $8.0 million in 2001 to $8.9 million in 2002 primarily due
to costs incurred by our Kentucky Operations related to the legislative gaming
initiatives in 2002 and costs incurred by Arlington Park related to Illinois
riverboat legislation.

<BR><BR>

<U>Other Income and Expense</U>

<BR><BR>

Interest expense decreased
$1.1 million in 2002 primarily due to the use of available cash to pay down our
line of credit since June 30, 2001, as well as a reduction in interest rates on
the revolving loan facility resulting from the improvement in our leverage
ratios and an overall decrease in LIBOR interest rates. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Significant
Changes in the Balance Sheet June 30, 2002 to December 31, 2001</U></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Restricted cash increased
$6.4 million due to the timing of the Hollywood Park and Hoosier Park live
meets. Hollywood Park and Hoosier Park&#146;s increases of $11.4 million and
$4.1 million, respectively, were offset by a decrease of $9.3 million at Calder
Race Course. Management of the horsemen&#146;s cash and accounts payable
accounts at Calder Race Course were taken over by the Florida Horseman&#146;s
Benevolent and Professional Association (&#147;FHBPA&#148;). Restricted cash
represents refundable deposits and amounts due to horsemen for purses, stakes
and awards.

<BR><BR>

Accounts receivable
balances increased by $7.3 million in 2002 primarily due to the timing of
payments received related to the 2002 live meets for Arlington and Hollywood
Park with increases in accounts receivable balances of $3.3 million and $4.1
million, respectively.

<BR><BR>

Other current assets
increased $3.9 million primarily due to an increase of $1.6 million in prepaid
insurance with increases at all of our racetracks and $1.5 million of prepaid
expenses at Arlington Park related to the 2002 Breeders&#146; Cup Championship.
Arlington Park will host the event in October 2002.

<BR><BR>


Accounts payable increased
$34.6 million primarily due to the increase of horsemen accounts, purses payable
and other expenses related to the operation of live racing at Arlington Park,
Kentucky Operations, Hollywood Park and Hoosier Park. Calder Race Course
decreased $9.3 million primarily due to FHBPA taking over management of the
horsemen&#146;s payable account.

<BR><BR>

Dividends payable decreased
$6.5 million at June 30, 2002 due to the payment of dividends in the first
quarter of 2002.

<BR><BR>

Deferred revenue decreased
$8.4 million at June 30, 2002, primarily due to the significant amount of
admissions and seat revenue that was received prior to December 31, 2001
recognized as income in May 2002 for the Kentucky Derby and Kentucky Oaks race
days.<BR><BR> </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                20</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS (Continued)</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Long-term debt decreased
$16.1 million as the result of the application of current cash flows to reduce
borrowings under our bank line of credit during 2002. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Significant
Changes in the Balance Sheet June 30, 2002 to June 30, 2001</U></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>The long-term debt decrease
of $26.4 million was a result of the use of current cash flows to reduce
borrowings under our bank line of credit since June 30, 2001. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Liquidity and
Capital Resources</U></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Cash flows provided by
operations were $41.8 million and $40.4 million for the six months ended June
30, 2002 and 2001, respectively. Cash provided by operations increased slightly
as compared to 2001 consistent with results from operations. Management believes
cash flows from operations and available borrowings during 2002 will be
sufficient to fund our cash requirements for the year, including capital
improvements.

<BR><BR>

Cash flows used in
investing activities were $8.8 million and $9.5 million for the six months ended
June 30, 2002 and 2001, respectively. We used $8.8 million during 2002 for
capital spending at our facilities including $2.1 million for the Master Plan
renovation at our Kentucky Operations. We are planning capital expenditures,
including the first phase of our Master Plan renovation, of approximately $20.0
million in 2002.

<BR><BR>

Cash flows used in
financing activities were $22.4 million and $17.8 million for the six months
ended June 30, 2002 and 2001, respectively, reflecting the use of cash flows
from operations to repay debt. We borrowed $141.7 million and repaid $156.9
million on our line of credit and paid dividends of $6.5 million during 2002.

<BR><BR>

We have a $250 million line
of credit under a revolving loan facility, of which $109.6 million was
outstanding at June 30, 2002. This line of credit is secured by substantially
all of our assets and matures in 2004. This credit facility is intended to meet
working capital and other short-term requirements and to provide funding for
future acquisitions. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Significant
Accounting Pronouncements</U></FONT></H2>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>We adopted SFAS No. 142,
&#147;Goodwill and Other Intangible Assets,&#148; during the quarter ended March
31, 2002, as described in Note 5 to the financial statements. The impact of the
adoption of SFAS No. 142 on our results of operations for all periods beginning
on or after January 1, 2002 is to eliminate amortization of goodwill.
Amortization expense will be reduced by $1.4 million for 2002 as a result of the
adoption of SFAS No. 142. We completed the required impairment tests of goodwill
and indefinite lived intangible assets during the six months ended June 30, 2002
and no adjustment to the carrying value of goodwill was required.

<BR><BR>

In October 2001, the
Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS No. 144,
&#147;Accounting for the Impairment or Disposal of Long-Lived Assets.&#148; The
statement addresses </FONT></P>
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                21</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        CHURCHILL DOWNS INCORPORATED<BR>
        ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS (Continued)</FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
financial accounting and reporting for the impairment or
disposal of long-lived assets. This statement supercedes SFAS No. 121,
&#147;Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of,&#148; and the accounting and reporting provisions of
Accounting Principles Board Opinion No. 30, &#147;Reporting the Results of
Operations &#150; Reporting the Effects of Disposal of a Segment of a Business,
and Extraordinary, Unusual and Infrequently Occurring Events and
Transactions,&#148; for the disposal of a segment of a business (as previously
defined in that opinion). This statement also amends Accounting Research
Bulletin No. 51, &#147;Consolidated Financial Statements,&#148; to eliminate the
exception to consolidation for a subsidiary for which control is likely to be
temporary. The objectives of SFAS No. 144 are to address significant issues
relating to the implementation of SFAS No. 121 and to develop a single
accounting model, based on the framework established in SFAS No. 121, for
long-lived assets to be disposed of by sale, whether previously held and used or
newly acquired. SFAS No. 144 is effective for fiscal years beginning after
December 15, 2001 and interim periods within those fiscal years. Adoption of
SFAS No. 144 on January 1, 2002, did not have any impact on our financial
position or results of operations for the six months ended June 30, 2002. We do
not anticipate that the implementation of this standard will have any
significant effect throughout 2002.

<BR><BR>

In April 2002,  the FASB issued SFAS No. 145,  "Rescission  of FASB SFAS No. 4, 44 and 64,  Amendment  of FASB SFAS
No. 13, and  Technical  Corrections."  SFAS No. 145  addresses  financial  accounting  and  reporting for gains and
losses from the  extinguishments  of debt.  This statement  rescinds SFAS No. 4,  "Reporting  Gains and Losses from
Extinguishments  of Debt,"  and an  amendment  of that  Statement,  SFAS No. 64,  "Extinguishments  of Debt Made to
Satisfy  Sinking-Fund  Requirements."  This Statement also rescinds SFAS No. 44,  "Accounting for Intangible Assets
of Motor  Carriers," SFAS No. 13,  "Accounting for Leases" and amends other existing  authoritative  pronouncements
to  make  various  technical  corrections,   clarify  meanings,  or  describe  their  applicability  under  changed
conditions.  The  provisions  of SFAS  No.  145 are  effective  in  fiscal  years  beginning  after  May 15,  2002.
Management  anticipates  that the  adoption  of SFAS No.  145 will not have an effect on the  Company's  results of
operations or financial position.</FONT></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                22</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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        <TD COLSPAN=2 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ITEM 3.</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                At June 30, 2002, we had $109.6 million of debt outstanding under our revolving
                loan facility, which bears interest at LIBOR based variable rates. We are
                exposed to market risk on variable rate debt due to potential adverse changes in
                the LIBOR rate. Assuming the outstanding balance on the revolving loan facility
                remains constant, a one percentage point increase in the LIBOR rate would reduce
                annual pre-tax earnings and cash flows by $1.1 million.</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;</FONT></TD>
        <TD WIDTH=90% ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                In order to mitigate a portion of the market risk associated with our variable rate
                debt, we have entered into interest rate swap contracts with major financial
                institutions. Under terms of these separate contracts we receive a LIBOR based
                variable interest rate and pay a fixed interest rate of 7.015% on a notional
                amount of $35.0 million, which matures in March 2003 and 6.40% on a notional
                amount of $30.0 million, which matures in November 2002. Assuming the June 30,
                2002, notional amounts under the interest rate swap contracts remain constant, a
                one percentage point increase in the LIBOR rate would increase annual pre-tax
                earnings and cash flows by $0.7 million.</FONT></TD>
</TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- OTHER INFORMATION-->
<TR valign="bottom">
        <TD COLSPAN=3 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 PART II.OTHER INFORMATION</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 1.</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Legal Proceedings</U></FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not Applicable</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 2.</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Changes in Securities and Use of Proceeds</U></FONT></TD>
</TR>


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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not Applicable</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 3.</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Defaults Upon Senior Securities</U></FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not Applicable</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 4.</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Submission of Matters to a Vote of Security Holders</U></FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>



<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The registrant&#146;s 2002 Annual Meeting of Shareholders was held on June 20, 2002.
                Proxies were solicited by the registrant&#146;s board of directors pursuant to
                Regulation 14 under the Securities Exchange Act of 1934. There was no
                solicitation in opposition to the board&#146;s nominees as listed in the proxy
                statement, and all nominees were elected by vote of the shareholders. Voting
                results for each nominee were as follows:</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
</TABLE>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- OTHER INFORMATION CONTINUED-->
<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Class III Director</U></FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;<U>Votes For</U></FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Votes Withheld</U></FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Charles W. Bidwill, Jr.</FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,004,190</FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                63,086</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Robert L. Fealy</FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,003,462</FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                63,814</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=13 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Daniel P. Harrington</FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,014,826</FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                52,450</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Carl F. Pollard</FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,016,292</FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50,984</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Darrell R. Wells</FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                12,016,441</FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                50,835</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Class I Director</U></FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;<U>Votes For</U></FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Votes Withheld</U></FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=31% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Leonard S. Coleman, Jr.</FONT></TD>
        <TD width=23% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11,992,914</FONT></TD>
        <TD width=23% align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                74,362&nbsp;&nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=4 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                A proposal  (Proposal  No. 2) to approve an amendment to the  Churchill  Downs  Incorporated  1997
                 Stock Option Plan to increase the number of shares of Common  Stock,  No Par Value,  available for
                 issuance  thereunder  from  600,000 to  1,200,000  was  approved by a vote of the  majority of the
                 shares of the registrant's  common stock represented at the meeting:  11,515,849 shares were voted
                 in favor of the proposal; 468,236 shares were voted against; and 83,191 shares abstained.</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=4 align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                A proposal  (Proposal  No. 3) to approve the minutes of the 2002 Annual  Meeting of  Shareholders'
                 was  approved  by a  vote  of the  majority  of  the  shares  of  the  registrant's  common  stock
                 represented  at the  meeting:  11,629,824  shares  were  voted in favor of the  proposal;  141,319
                 shares were voted against; and 296,133 shares abstained.</FONT></TD>
</TR>
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<TR valign="bottom">
        <TD width=13% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=4 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                The total number of shares of common stock  outstanding  as of April 24, 2002,  the record date of
                 the Annual Meeting of Shareholders, was 13,114,908.</FONT></TD>
</TR>
</TABLE>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        PART II. OTHER INFORMATION</FONT></P>

<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- OTHER INFORMATION CONTINUED-->
<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 5.</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>OTHER INFORMATION</U></FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Not Applicable</FONT></TD>
</TR>


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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                ITEM 6.</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Exhibits and Reports on Form 8-K.</U></FONT></TD>
</TR>

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        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</FONT></TD>
</TR>


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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See exhibit index on page 27.</FONT></TD>
</TR>


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        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports on Form 8-K</FONT></TD>
</TR>


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<TR valign="bottom">
        <TD COLSPAN=2 align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=4% align="left"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=86% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs Incorporated
                filed a Current Report on Form 8-K dated May 8, 2002, attaching our <BR>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;first quarter 2002 earnings release dated May 7, 2002.</FONT></TD>
</TR>
</TABLE>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                25</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE width=100% CELLPADDING=0 CELLSPACING=0 BORDER=0><!-- Table #####################################################-->
<!-- SIGNATURES-->

<TR valign="bottom">
         <TD COLSPAN=3 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                SIGNATURES</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Pursuant to the requirements of the Securities Exchange Act of 1934,
                 the registrant has duly caused this report to be signed on its behalf
                 by the undersigned thereunto duly authorized. </FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
       <TD COLSPAN=2 align="CENTER"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD COLSPAN=1 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>

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        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


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        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                August 13, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Thomas H. Meeker</U></FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Thomas H. Meeker</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                President and Chief Executive Officer</FONT></TD>
</TR>


<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Executive Officer)</FONT></TD>
</TR>

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<TR valign="bottom">
        <TD COLSPAN=3 align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                August 13, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Robert L. Decker</U></FONT></TD>
</TR>

<TR valign="bottom">
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                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Robert L. Decker</FONT></TD>
</TR>


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                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Executive Vice President and Chief Financial Officer</FONT></TD>
</TR>


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        <TD width=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Financial Officer)</FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
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                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                August 13, 2002</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>\s\Michael E. Miller</U></FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Michael E. Miller</FONT></TD>
</TR>


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                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Senior Vice President, Finance</FONT></TD>
</TR>


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                &nbsp;</FONT></TD>
        <TD width=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD width=50% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (Principal Accounting Officer)</FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
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<P ALIGN="CENTER">
<FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>EXHIBIT INDEX</U></FONT></P>

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                &nbsp;</FONT></TD>
</TR>

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        <TD WIDTH=10% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Numbers</U></FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Description</U></FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>By Reference To</U></FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
</TR>

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        <TD WIDTH=10% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (3)(a)</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Restated Bylaws of Churchill Downs Incorporated as amended</FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Page 28, Report on Form 10-Q for the fiscal quarter ended June 30,
         2002.</FONT></TD>
</TR>
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        <TD WIDTH=10% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (10)(a)</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Churchill Downs Incorporated Fourth Amended and Restated 1997 Stock Option Plan
                </FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Page 39, Report on Form 10-Q for the fiscal quarter ended June 30,
                 2002.</FONT></TD>
</TR>

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        <TD WIDTH=10% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (10)(b)</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Waiver, Consent and Seventh Amendment to $250,000,000 Revolving Credit Facility Credit Agreement effective June 30, 2002.
                </FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Page 49, Report on Form 10-Q for the fiscal quarter ended June 30,
                 2002.</FONT></TD>
</TR>

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        <TD WIDTH=10% align="RIGHT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (99)(a)</FONT></TD>
        <TD WIDTH=2% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=43% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
                </FONT></TD>
        <TD WIDTH=5% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=40% align="LEFT"> <FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Page 61, Report on Form 10-Q for the fiscal quarter ended June 30,
                 2002.</FONT></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>3
<FILENAME>arb022.htm
<DESCRIPTION>RESTATED BYLAWS OF CHURCHILL DOWNS AS AMENDED
<TEXT>
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<TITLE>Churchill Downs Incorporated Amended and Restated Bylaws 2002 2Q
</TITLE>
</HEAD>
<BODY>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>AMENDED AND
RESTATED BYLAWS OF</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CHURCHILL
DOWNS INCORPORATED</FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE I</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>OFFICE AND
SEAL</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. OFFICES. The principal office of the Corporation in the State
of Kentucky shall be located at 700 Central Avenue, Louisville, Kentucky. The Corporation
may have such other offices, either within or without the State of Kentucky, as the business
of the Corporation may require from time to time.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2. THE CORPORATE SEAL. The Seal of the Corporation shall be
circular in form, mounted upon a metal die suitable for impressing same upon paper, and
along the upper periphery of the seal shall appear the word "Churchill Downs" and along
the lower periphery thereof the word "Kentucky". The center of the seal shall contain the
word "Incorporated".</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE II</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>STOCKHOLDERS
MEETINGS AND RECORD DATES</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. ANNUAL MEETING. The date of the annual meeting of the
stockholders for the purpose of electing directors and for the transaction of such other
business as may come before the meeting shall be established by the Board of Directors,
but shall not be later than 180 days following the end of the Corporation's fiscal year. If the
election of Directors shall not be held on the day designated for any annual meeting, or at
any adjournment thereof, the Board of Directors shall cause the election to be held at a
special meeting of the stockholders to be held as soon thereafter as may be convenient.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2. SPECIAL MEETINGS. Special meetings of the stockholders
may be called by holders of not less than 66 2/3% of all shares entitled to vote at the
meeting, or by a majority of the members of the Board of Directors.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3. PLACE OF MEETING. The Board of Directors may designate
any place within or without the State of Kentucky as the place of meeting for any annual
meeting of stockholders, or any place either within or without the State of Kentucky as the
place of meeting for any special meeting called by the Board of Directors.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If no designation is made, or if a special meeting be called by other than the
Board of Directors, the place of meeting shall be the principal office of the Corporation in
the State of Kentucky.
</font></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 4. NOTICE OF MEETINGS. Written notice stating the place, day
and hour of the meeting and, in case of a special meeting, the purpose or purposes for
which the meeting is called, shall be delivered not less than ten (10) nor more than sixty
(60) days before the date of the meeting, either personally or by mail, by or at the direction
of the President, or the Secretary, or the officer or persons calling the meeting, to each
stockholder of record entitled to vote at such meeting. If mailed, such notice shall be
deemed to be delivered when deposited in the United States mail in a sealed envelope
addressed to the stockholder at his address as it appears on the records of the
Corporation, with first class postage thereon prepaid.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 5. RECORD DATE. The Corporation's record date shall be fixed
by the Board of Directors for the determination of stockholders entitled to notice of or to
vote at a meeting of stockholders, or stockholders entitled to receive any distribution. When
a determination of stockholders entitled to vote at any meeting of stockholders has been
made as provided herein, such determination shall apply to any adjournment thereof.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 6. VOTING LISTS AND SHARE LEDGER. The Secretary shall
prepare a complete list of the stockholders entitled to vote at any meeting, or any
adjournment thereof, arranged in alphabetical order, with the address of and the number
of shares held by each stockholder, which list shall be produced and kept open at the
meeting and shall be subject to the inspection of any stockholder during the meeting. The
original share ledger or stock transfer book, or a duplicate thereof kept in this State, shall
be <u>prima facie</u> evidence as to the stockholders entitled to examine such list or share ledger
or stock transfer book, or the stockholders entitled to vote at any meeting of stockholders
or to receive any dividend.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 7. QUORUM. A majority of the outstanding shares entitled to vote,
represented in person or by proxy, shall constitute a quorum at any meeting of
stockholders. The stockholders present at a duly organized meeting can continue to do
business at any adjourned meeting, notwithstanding the withdrawal of enough stockholders
to leave less than a quorum.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 8. PROXIES. At all meetings of stockholders, a stockholder may
vote by proxy. An appointment of a proxy shall be executed in writing by the stockholder
or by his duly authorized attorney-in-fact and be filed with the Secretary of the Corporation
before or at the time of the meeting.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 9.  NATURE OF BUSINESS.  At any meeting of stockholders, only
such business shall be conducted as shall have been brought before the meeting by or at
the direction of the Board of Directors or by any stockholder who complies with the
procedures set forth in this Section 9.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No business may be transacted at any meeting of stockholders, other than
business that is either (a) specified in the notice of meeting (or any supplement thereto)</FONT></P>


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<p><FONT FACE="Times New Roman, Times, Serif" SIZE=3>given by or at the direction of the Board of Directors, (b) otherwise properly brought before
such meeting of stockholders by or at the direction of the Board of Directors, or (c)  in the
case of any annual meeting of stockholders or a special meeting called for the purpose of
electing directors, otherwise properly brought before such meeting by any stockholder (i)
who is a stockholder of record on the date of the giving of the notice provided for in this
Section 9 and on the record date for the determination of stockholders entitled to vote at
such meeting of stockholders and (ii) who complies with the notice procedures set forth in
this Section 9.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to any other applicable requirements, for business to be properly
brought before any annual meeting of stockholders by a stockholder, or for a nomination
of a person to serve as a Director, to be made by a stockholder, such stockholder must
have given timely notice thereof in proper written form to the Secretary.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To be timely, a stockholder's notice to the Secretary must be delivered or
mailed to and be received at the principal executive offices of the Corporation (a) in the
case of the annual meeting of stockholders, not less than ninety(90) nor more than one
hundred and twenty (120) days prior to the anniversary date of the immediately preceding
annual meeting of stockholders; <u>provided, however</u>, that in the event that the annual
meeting of stockholders is called for a date that is not within thirty (30) days before or after
such anniversary date, notice by the stockholder, in order to be timely, must be so received
not later than the close of business on the tenth (10th) day following the day on which
notice of the date of the annual meeting of stockholders was mailed or public disclosure
of the date of such meeting was made, whichever first occurs; and (b) in the case of a
special meeting of stockholders called for the purpose of electing directors, not later than
the close of business on the tenth (10th) day following the day on which notice of the date
of the special meeting of stockholders was mailed or public disclosure of the date of such
meeting was made, whichever first occurs.
</font></p>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To be in proper written form, a stockholder's notice to the Secretary must set
forth as to each matter (including nominations) such stockholder proposes to bring before
the meeting of stockholders (a) a brief description of the business desired to be brought
before the meeting and the reasons for conducting the business at the meeting, (b) the
name and record address of such stockholder, (c) the class or series and number of shares
of capital stock of the Corporation which are owned beneficially or of record by such
stockholder as of the record date for the meeting (if such date shall then have been made
publicly available and shall have occurred) and as of the date of such notice, (d) a
description of all arrangements or understandings between such stockholder and any other
person or persons (including their names) in connection with the proposal of such business
by such stockholder and any material interest of such stockholder in such business, (e) as
to each person whom the
stockholder proposes to nominate for election as a director (i) the name, age,
business address and residence address of the person and (ii) the class or
series and number of shares of capital stock of the Corporation which are owned
beneficially or of record by the person as of the record date for the meeting
(if such date</font></p>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
shall then have been made publicly available and shall have
occurred) and as of the date of such notice, (f) any other information which
would be required to be disclosed in a proxy statement or other filings required
to be made in connection with the solicitations of proxies for the proposal
(including, if applicable, with respect to the election of directors) pursuant
to Section 14 of the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder if such stockholder were engaged in such
solicitation, and (g) a representation that such stockholder intends to appear
in person or by proxy at the meeting to bring such business before the meeting.
Any notice concerning the nomination of a person for election as a director must
be accompanied by a written consent of the proposed nominee to being named as a
nominee and to serve as a director if elected.
</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No business shall be conducted and no person shall be eligible for election as a
Director at any annual meeting of stockholders or a special meeting of
stockholders called for the purpose of electing directors except business or
nominations brought before such meeting in accordance with the procedures set
forth in this Section 9; <U>provided</U>, <U>however</U>, that, once business
has been properly brought before the meeting in accordance with such procedures,
nothing in this Section 9 shall be deemed to preclude discussion by any
stockholder of any such business. If the chairman of the meeting of stockholders
determines that business was not properly brought before such meeting, or a
nomination was not properly made, as the case may be, in accordance with the
foregoing procedures, the chairman shall declare to the meeting that (a) the
business was not properly brought before the meeting and such business shall not
be transacted, or, if applicable, (b) the nomination was defective and such
defective nomination shall be disregarded.
</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE III</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>DIRECTORS</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. GENERAL POWERS. The business and affairs of the
Corporation shall be managed by a Board of Directors.
 </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2.  NUMBER AND TENURE.  The Board of Directors shall consist
of fourteen (14) members but the number may be increased or decreased by amendment of
this Bylaw.  The Directors shall be divided into three classes, consisting of four (4) Class
I Directors, five (5) Class II Directors and five (5) Class III Directors.  Each director shall
hold office for a term of three (3) years or until his successor shall have been elected and
qualifies for the office, whichever period is longer. A person shall not be qualified for election as
a Director unless he shall be less than seventy (70) years of age on the date of election.  Each Director
shall become a Director Emeritus upon expiration of his current term following the date the Director is
no longer qualified for election as a Director due to age.  Directors Emeritus may attend all
regular and special meetings of the Board of Directors and shall serve in an advisory capacity
without a vote in Board actions.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3. REGULAR MEETINGS. A regular meeting of the Board of
Directors shall be held without other notice than this bylaw, immediately after, and at the
same place as, the annual meeting of stockholders. The Board of Directors may provide,
</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
by resolution, the time and place, either within or without the State of Kentucky, for the
holding of additional regular meetings without other notice than such resolution.
</FONT></P>

        <P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 4. SPECIAL MEETINGS. Special meetings of the Board of
Directors may be called by or at the request of the President, the Chairman of the Board
or the majority of the Board of Directors. The person or persons authorized to call special
meetings of the Board of Directors may fix any place, either within or without the State of
Kentucky, as the place for holding any special meeting of the Board of Directors.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 SECTION 5. NOTICE. Notice of any special meeting of the Board of Directors
shall be given by notice delivered personally, by mail, by telegraph or by telephone. If
mailed, such notice shall be given at least five (5) days prior thereto and such mailed notice
shall be deemed to have been delivered upon the earlier of receipt or five (5) days after it
is deposited in the United States mail in a sealed envelope so addressed, with first class
postage thereon prepaid. If notice is given by telegram, it shall be delivered at least twenty-
four (24) hours prior to the special meeting and such telegram notice shall be deemed to
have been delivered when the telegram is delivered to the telegraph company. Personal
notice and notice by telephone shall be given at least twenty-four (24) hours prior to the
special meeting and shall be deemed delivered upon receipt. Any Director may waive
notice of any meeting. The attendance of a Director at any meeting shall constitute a
waiver of notice of such meeting, except when a Director attends a meeting for the express
purpose of objecting to the transaction of any business because the meeting is not lawfully
called or convened. Neither the business to be transacted at, nor the purpose of, any
regular or special meeting of the Board of Directors need be specified in the notice or
waiver of notice of such meeting.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 6. QUORUM. A majority of the Board of Directors shall constitute
a quorum for the transaction of business at any meeting of the Board of Directors, provided
that if less than a majority of the Directors are present at said meeting, a majority of the
Directors present may adjourn the meeting from time to time without further notice.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 7. MANNER OF ACTING. The act of the majority of the Directors
present at a meeting at which a quorum is present shall be the act of the Board of
Directors.
</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 8. VACANCIES. Any vacancy occurring in the Board of Directors
may be filled by the affirmative vote of a majority of the remaining Directors though less
than a quorum of the Board of Directors. A Director elected to fill a vacancy shall serve until
the next annual meeting of the stockholders.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 9. INFORMAL ACTION. Any action required or permitted to be
taken of the Board of Directors or of a committee of the Board, may be taken without a
meeting if a consent, in writing, setting forth action so taken shall be signed by all of the
Directors, or all of the members of the committee, as the case may be.  Members of the
</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Board of Directors or any committee designated by the Board may participate in a meeting
of such Board or committee by means of conference telephone or similar communications
equipment whereby all persons participating in the meeting can hear or speak to each
other at the same time.  Participation in a meeting pursuant to this section shall constitute
presence in person at the meeting.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 10.  NOMINATION OF DIRECTORS.  Only persons who are
nominated in accordance with the procedures set forth in Section 9 of Article II of these
Bylaws shall be eligible for election as Directors of the Corporation, except as may be
otherwise provided in the Restated Articles of Incorporation with respect to the right of
holders of preferred stock of the Corporation to nominate and elect a specified number of
Directors in certain circumstances.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE IV</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>COMMITTEES
OF THE BOARD</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. COMMITTEES. The Board of Directors shall have authority to
establish such committees as it may consider necessary or convenient for the conduct of
its business. All committees so established shall keep minutes of every meeting thereof
and such minutes shall be submitted at the next regular meeting of the Board of Directors
at which a quorum is present, and any action taken by the Board with respect thereto shall
be entered in the minutes of the Board. Each committee so established shall elect a
Chairman of the committee.  On all committees where the Chairman of the Board is not
appointed as a voting member, the Chairman of the Board shall be an ex officio, nonvoting
member of that committee.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2. THE EXECUTIVE COMMITTEE.  The Board of Directors shall
appoint and establish an Executive Committee composed of up to six (6) Directors who
shall be appointed by the Board annually. The Executive Committee shall have and may
exercise when the Board of Directors is not in session, all of the authority of the Board of
Directors that may lawfully be delegated; provided, however, the Executive Committee
shall not have the power to enter into any employment agreement with an officer of the
Corporation, without the specific
approval and ratification of the Board of Directors. A majority in membership of
the Executive Committee shall constitute a quorum.
 </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3. THE AUDIT COMMITTEE. The Board of Directors shall appoint
and establish an Audit Committee composed of up to five (5) Directors, none of whom shall
be officers, who shall be appointed by the Board annually. The Audit Committee shall make
an examination every twelve months into the affairs of the Corporation and report the
results of such examination in writing to the Board of Directors at the next regular meeting
thereafter. Such report shall state whether the Corporation is in sound condition and
whether adequate internal audit controls and procedures are being maintained and shall
include recommendations to the Board of Directors regarding such changes in the
</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
manner of doing business or conducting the affairs of the Corporation as shall be deemed
advisable.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 4.  THE COMPENSATION COMMITTEE.  The Board of Directors
shall appoint and establish a Compensation Committee to be composed of five (5)
Directors who shall be appointed by the Board annually.  Each member of the
Compensation Committee shall be a director who is not, during the one year prior to
service or during such service, granted or awarded equity securities pursuant to any
executive compensation plan of the Company.  It shall be the duty of the Compensation
Committee to administer the Company's Supplemental Benefit Plan[s], the Company's
Incentive Compensation Plan[s], the Company's Stock Option Plan[s], any executive
compensation plan and any shareholder approved employee stock purchase or thrift plan,
including without limitation, matters relating to the amendment, administration,
interpretation, employee eligibility for and participation in, and termination of, the foregoing
plans.  It shall further be the duty of the Compensation Committee to review annually the
salary paid to the President and Chief Executive Officer of the Company and to exercise
any other authorities relating to compensation that the Board may lawfully delegate to it;
provided, however, the Compensation Committee shall not have the power to enter into
any employment agreement with an officer of the Company without the specific approval
and ratification of the Board of Directors.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 5. THE RACING COMMITTEE.  The Board of Directors may
appoint and establish a Racing Committee to be composed of up to four (4) Directors who
may be appointed by the Board annually.  The Racing Committee shall be responsible for
and shall have the authority to obligate the Corporation with respect to matters concerning
the Corporation's contracts and relations with horsemen, jockeys and others providing
services relating to the conduct of horse racing, including the authority to approve and
cause the Corporation to enter into contracts with organizations representing horsemen
and/or commit to provide benefits or services by the Corporation to horsemen and others.</FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 6. NOTICE OF COMMITTEE MEETINGS. Notice of all meetings
by the committees established in this Article shall be given in accordance with the special
meeting notice section, Article III, Section 5, of these Bylaws.
</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE V</U></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>OFFICERS</U></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. CLASSES. The officers of the Corporation shall be a Chairman
of the Board, a President, one or more Vice Presidents, a Secretary, a Treasurer and such
other officers and agents as may be provided by the Board and elected in accordance with
the provisions of this Article. Any of the offices may be combined in one person in
accordance with the provisions of law. The Chairman of the Board of Directors shall be a
</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
member of the Board but none of the other officers is required to be a member of the
Board.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2. ELECTION AND TERM OF OFFICE. The officers of the
Corporation shall be elected annually by the Board of Directors at the first meeting of the
Board held after each annual meeting of stockholders. If the election of officers shall not
be held at such meeting, such election shall be held as soon thereafter as convenient.
Vacancies may be filled or new offices created and filled at any meeting of the Board of
Directors. Each officer shall hold office until his successor shall have been duly elected and
shall have qualified or until his death or until he shall resign or shall have been removed
from office in the manner hereinafter provided.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3. REMOVAL. Any officer elected by the Board of Directors may
be removed by the President whenever in his judgment the best interest of the Corporation
would be served thereby, but such removal shall be without prejudice to the contract rights,
if any, of the person so removed and shall be subject always to supervision and control of
the Board of Directors. Election or appointment of an officer or agent shall not of itself
create contractual rights.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 4. CHAIRMAN OF THE BOARD. The Chairman of the Board of
Directors shall call to order and preside at all stockholders' meetings and at all meetings
of the Board of Directors. He shall perform such other duties as he may be authorized to
perform by the Board of Directors.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 5. PRESIDENT. The President shall be the chief executive officer
of the Corporation and as such shall in general supervise and control all of the business
operations and affairs of the Corporation. In the absence of the Chairman of the Board of
Directors, or in the event of the death or incapacity of the Chairman, the President shall
perform the duties of the Chairman until a successor Chairman is elected or until the
incapacity of the Chairman
terminates. The President shall have full power to employ and cause to be
employed and to discharge and cause to be discharged all employees of the
Corporation, subject always to supervision and control of the Board of
Directors. When authorized so to do by the Board of Directors, he shall execute
contracts and other documents for and in behalf of the Corporation. Unless
otherwise ordered by the Board of Directors, the President shall have full power
and authority on behalf of the Corporation to attend, act and vote at any
meeting of stockholders of any corporation in which this Corporation may hold
stock. He shall perform such other duties as may be specified in the Bylaws and
such other duties as he may be authorized to perform by the Board of Directors. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 6. EXECUTIVE VICE PRESIDENT. In the case of the death of the
President or in the event of his inability to act, the Executive Vice President designated by
the Board shall perform the duties of the President and, when so acting, shall have all the
powers of and be subject to all restrictions upon the President. The Executive Vice
</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
President shall perform such other duties as from time to time may be assigned by the
President or by the Board of Directors.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 7. TREASURER. The Treasurer, subject to the control of the Board
of Directors, and together with the President, shall have general supervision of the finances
of the Corporation. He shall have care and custody of and be responsible for all moneys
due and payable to the Corporation from any source whatsoever and deposit such moneys
in the name of the Corporation in such banks, trust companies or other depositories as
shall be selected in accordance with the provisions of these Bylaws. The Treasurer shall
have the care of, and be responsible for all securities, evidences of value and corporate
instruments of the Corporation, and shall supervise the officers and other persons
authorized to bank, handle and disburse its funds, informing himself as to whether all
deposits are or have been duly made and all expenditures duly authorized and evidenced
by proper receipts and vouchers. He shall cause full and accurate books to be kept,
showing the transactions of the Corporation, its accounts, assets, liabilities and financial
condition, which shall at all times be open to the inspection of any Director, and he shall
make due reports to the Board of Directors and the stockholders, and such statements and
reports as are required of him by law. Subject to the Board of Directors, he shall have such
other powers and duties as are incident to his office and not inconsistent with the Bylaws,
or as may be assigned to him at any time by the Board.
</FONT></P>

 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 8. SECRETARY. The Secretary shall attend all meetings of the
Board of Directors, make a record of the business transacted and record same in one or
more books kept for that purpose. The Secretary shall see that the Stock Transfer Agent
of the Corporation keeps proper records of all transfers, cancellations and reissues of stock
of the Corporation and shall keep a list of the stockholders of the Corporation in
alphabetical order, showing the Post Office address and number of shares owned by each.
The Secretary shall also
keep and have custody of the seal of the Corporation and when so directed and
authorized by the Board of Directors shall affix such seal to instruments
requiring same. The Secretary shall be responsible for authenticating records of
the Corporation and shall perform such other duties as may be specified in the
Bylaws or as he may be authorized to perform by the Board of Directors.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 9. VICE PRESIDENTS. There may be additional Vice Presidents
elected by the Board of Directors who shall have such responsibilities, powers and duties
as from time to time may be assigned by the President or by the Board of Directors.

</FONT></P>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE VI</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>CONTRACTS,
LOANS, CHECKS AND DEPOSITS</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. CONTRACTS AND AGREEMENTS. The Board of Directors
may authorize any officer or officers, agent or agents, to enter into any contract or
</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
agreement or execute and deliver any instruments in the name of and on behalf of the
Corporation, and such authority may be general or confined to specific instances.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2. LOANS. No loans shall be contracted on behalf of the
Corporation, and no evidences of indebtedness shall be issued in its name unless
authorized by a resolution of the Board of Directors. Such authority may be general or
confined to specific instances.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 3. CHECKS, DRAFTS, ORDERS, ETC. All checks, drafts or other
orders for the payment of money, notes or other evidences of indebtedness issued in the
name of the Corporation shall be signed by such officer or officers, agent or agents, of the
Corporation and in such manner as shall from time to time be determined by resolution of
the Board of Directors.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 4. DEPOSITS. All funds of the Corporation not otherwise
employed shall be deposited from time to time to the credit of the Corporation in such
banks, trust companies, or other depositories as the Board of Directors may select.
</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE VII</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>CERTIFICATES
FOR SHARES AND THEIR TRANSFER</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 1. CERTIFICATES FOR SHARES. Certificates representing
shares of the Corporation shall be in such form as may be determined by the Board of
Directors. Such certificates shall be signed by the President or Vice President and by the
Secretary or an assistant Secretary and may be sealed with the seal of the Corporation of
a facsimile thereof. All
certificates surrendered to the Corporation for transfer shall be canceled, and
no new certificate shall be issued until the former certificate for all like
number of shares shall have been surrendered and cancelled, except that in case
of a lost, destroyed or mutilated certificate, a new one may be issued therefor
upon such terms and indemnity to the Corporation as the Board of Directors may
prescribe.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION 2. TRANSFER OF SHARES. Transfer of shares of the Corporation
shall be made only on the books of the Corporation by the registered holder thereof or by
his attorney authorized by power of attorney duly executed and filed with the Secretary of
the Corporation, and on surrender for cancellation of the certificate for such shares. The
person in whose name shares stand on the books of the Corporation shall be deemed the
owner thereof for all purposes as regards the Corporation.
</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>ARTICLE VIII</U></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>FISCAL YEAR</U></FONT></H1>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The fiscal year of the Corporation shall begin on the 1st day of January and
end on the 31st day of December.</FONT></p>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>ARTICLE IX</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>WAIVER OF
NOTICE</U></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whenever any notice is required to be given under the provisions of these
Bylaws, or under the provisions of the Articles of Incorporation, or under the provisions of
the corporation laws of the State of Kentucky, waiver thereof in writing, signed by the
person, or persons, entitled to such notice, whether before or after the time stated therein,
shall be deemed equivalent to the giving of such notice.
</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>ARTICLE X</U></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>INDEMNIFICATION
OF OFFICERS AND DIRECTORS</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporation shall indemnify and may advance expenses to all Directors,
officers, employees, or agents of the Corporation, and their executors, administrators or
heirs, who are, were or are threatened to be made a defendant or respondent to any
threatened, pending or completed action, suit or proceedings (whether civil, criminal,
administrative or investigative) by reason of the fact that he is or was a Director, officer,
employee or agent of the Corporation, or while a Director, officer, employee or agent of the
Corporation, is or was serving the Corporation or any other legal entity in any capacity at
the request of the Corporation (hereafter a "Proceeding"), to the fullest extent that is
expressly permitted or required by the statutes of the Commonwealth of Kentucky and all
other applicable law.
</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to the foregoing, the Corporation shall, by action of the Board of
Directors, have the power to indemnify and to advance expenses to all Directors, officers,
employees or agents of the Corporation who are, were or are threatened to be made a
defendant or respondent to any Proceeding, in such amounts, on such terms and
conditions, and based upon such standards of conduct as the Board of Directors may
deem to be in the best interests of the Corporation.</FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>ARTICLE XI</U></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><U>FIDELITY
BONDS</U></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors shall have authority to require the execution of fidelity
bonds by all or any of the officers, agents and employees of the Corporation in such
amount as the Board may determine. The cost of any such bond shall be paid by the
Corporation as an operating expense.
</FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>ARTICLE XII</u></FONT></H1>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><u>AMENDMENT OF
BYLAWS</u></FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors may alter, amend or rescind these Bylaws, subject
to the right of the stockholders to repeal or modify such actions.
</FONT></P>

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<TYPE>EX-10
<SEQUENCE>4
<FILENAME>farsop.htm
<DESCRIPTION>4TH  AMENDED AND RESTATED 1997 STOCK OPTION PLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>Fourth Amended and Restated 1997 Stock Option Plan
</TITLE>
</HEAD>
<BODY>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>
                 CHURCHILL DOWNS INCORPORATED<BR>
    <U>FOURTH AMENDED AND RESTATED 1997 STOCK OPTION PLAN</U>
</FONT></H1>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                1.</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Purpose</U>. &nbsp;&nbsp;&nbsp;The purpose of the Churchill Downs
                Incorporated 1997 Stock Option Plan is to promote
                interests by affording an incentive to key employees to remain
                in the employ of Company and its Subsidiaries and to use their
                best efforts on its behalf; and further to aid Company and its
                Subsidiaries in attracting, maintaining, and developing capable
                personnel of a  caliber required to ensure the continued success
                of Company and its Subsidiaries by means of an offer to such
                persons of an opportunity to acquire or increase their proprietary
                interest in Company through the granting of incentive stock
                options and nonstatutory stock options to purchase Company&#146;
                s stock pursuant to the terms of the Plan and related stock
                appreciation rights. </FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                2.</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Definitions</U>.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Board</U>" means Company's
                 Board of Directors.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                 B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Change in Control</U>" means:
                (a) the sale, lease, exchange or other transfer of all or
                substantially all of the assets of Company (in one transaction or
                in a series of related transactions) to a person that is not
                controlled by Company, (b) the approval by Company shareholders
                of any plan or proposal for the liquidation or dissolution of
                Company, or (c) a change in control of Company of a nature that
                would be required to be reported (assuming such event has not been
                "previously reported") in response to Item 1(a) of the Current
                Report on Form 8-K, as in effect on the effective date of the Plan,
                 pursuant to Section 13 or 15(d) of the Securities Exchange Act
                of 1934, whether or not Company is then subject to such reporting
                 requirement; provided, however, that, without limitation, such
                 a change in control shall be deemed to have occurred at such
                time as (i) any Person becomes after the date this Plan is approved
                 or ratified by Company's shareholders the "beneficial owner"
                (as defined in Rule 13d-3 under the Securities Exchange Act of 1934),
                 directly or indirectly, of 30% or more of the combined voting
                power of Company's outstanding securities ordinarily having the
                right to vote at elections of directors, or (ii) individuals who
                 constitute the board of directors of Company on the date this
                Plan is approved or ratified by Company's shareholders cease for
                 any reason to constitute at least a majority thereof, provided
                 that any person becoming a director subsequent to such date whose
                election, or nomination for election by Company's shareholders,
                was approved by a vote of at least a majority of the directors
                comprising or deemed pursuant hereto to comprise the Board on the
                date this Plan is approved or ratified by Company's shareholders
                 (either by a specific vote or by approval of the proxy statement
                 of Company in which such person is named as a nominee for director)
                shall be, for purposes of this clause (ii) considered as though such
                person were a member of the Board on the date this Plan is approved
                 or ratified by Company's shareholders.</FONT></TD>

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                40</FONT></TD>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Code</U>" means the Internal
                Revenue Code of 1986, as amended.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Committee</U>" means the committee
                appointed by the Board to administer the Plan pursuant to Section
                4.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Common Stock</U>" means Company's
                common stock, no par value, or the common stock or securities of
                 a Successor that have been substituted therefor pursuant to Section
                11.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Company</U>" means Churchill Downs
                 Incorporated, a Kentucky corporation, with its principal place of
                 business at 700 Central Avenue, Louisville, Kentucky  40208.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Disability</U>" means, as defined
                 by and to be construed in accordance with Code Section 22(e)(3),
                 any medically determinable physical or mental impairment that can
                 be expected to result in death or that has lasted or can be
                 expected to last for a continuous period of not less than twelve
                 (12) months, and that renders Optionee unable to engage in any
                 substantial gainful activity.  An Optionee shall not be considered to
                have a Disability unless Optionee furnishes proof of the existence
                 thereof in such form and manner, and at such   time, as the
                Committee may require.</FONT></TD>
 </TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>ISO</U>" means an option to
                purchase Common Stock that at the time the option is granted
                qualifies as an incentive stock option within the meaning of Code
                Section 422.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>NSO</U>" means a nonstatutory
                 stock option to purchase Common Stock that at the time the
                option is granted does not qualify as an ISO.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Option Price</U>" means the
                 price to be paid for Common Stock upon the exercise of an
                option, in accordance with Section 6.E.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Optionee</U>" means a key
                employee to whom an option has been granted under the Plan.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Optionee's Representative</U>"
                 means the personal representative of Optionee's estate, and after
                 final settlement of Optionee's estate, the successor or successors
                entitled thereto by law.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Plan</U>" means the Churchill
                 Downs Incorporated 1997 Stock Option Plan as set forth herein,
                 and as amended from time to time.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                N.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>SAR</U>" means a stock
                appreciation right described in Section 7.</FONT></TD>
</TR>
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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                O.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Subsidiary</U>" means any
                corporation that at the time an option is granted under the
                Plan qualifies as a subsidiary of Company as defined by Code
                Section 424(f).</FONT></TD>
</TR>
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                41</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Successor</U>" means the entity
                surviving a merger or consolidation with Company, or the entity
                that acquires all or a substantial portion of Company's assets or
                 outstanding capital stock (whether by merger, purchase or
                 otherwise).</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<U>Ten Percent Shareholder</U>"
                means an employee who, at the time an option is granted, owns stock
                 possessing more than ten percent (10%) of the total combined voting
                 power of all classes of stock of Company or Subsidiary employing
                 Optionee or of its parent (within the meaning of Code Section
                424(e)) or Subsidiary corporation.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        3.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U> Shares Subject to Plan</U>.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorized Unissued Shares</U>.
                Subject to the provisions of Section 11, shares to be delivered
                upon exercise of options granted under the Plan shall be made
                available, at the discretion of the Board, from the authorized
                 unissued shares of Common Stock.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Aggregate Number of Shares</U>.
                Subject to adjustments and substitutions made pursuant to Section 11,
                the aggregate number of shares that may be issued upon exercise of all
                options that may be granted under the Plan shall not exceed one million
                two hundred thousand (1,200,000) of Company's authorized shares of
                Common Stock.</FONT></TD>
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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shares Subject to Expired Options</U>.
                If an option is canceled, expires or terminates for any reason
                without having been exercised in full, the shares of Common Stock
                subject to, but not delivered under, such option shall become
                available for any lawful corporate purpose, including for transfer
                pursuant to other options granted to the same key employee or
                other key employees without decreasing the aggregate number of
                shares of Common Stock that may be granted under the Plan.</FONT></TD>
</TR>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        4.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan Administration</U>.
                The Plan shall be administered by a Board committee consisting
                of not fewer than two (2) directors who are not officers or employees
                of Company or a parent or subsidiary company and who receive no
                compensation from Company in any capacity other than as a director
                (except for amounts for which disclosure is not required under
                federal securities law). The Committee shall have full power and
                authority to construe, interpret, and administer the Plan and may
                from time to time adopt such rules and regulations for carrying out
                the Plan as it deems proper and in Company&#146;s best interests.
                Subject to the terms, provisions and conditions of the Plan, the
                 Committee shall have exclusive jurisdiction: [i] to determine
                the key employees to whom awards shall be granted; [ii] to
                determine the times at which awards shall be granted; [iii] to
                determine the form, amount, and manner of exercise of awards;
                [iv] to grant any combination of ISOs, NSOs and SARs; [v] to
                determine the limitations, restrictions and conditions applicable
                to awards; [vi] to fix such other provisions of the option agreement
                as it may deem necessary or desirable consistent with the terms
                of the Plan; and [vii] to determine all other questions relating
                to the administration of the Plan. In making such determinations,
                the Committee may take into account the nature of the services
                performed by such employees, their present and potential contributions
                to the success of Company or a Subsidiary and such other factors
                as the Committee in its discretion shall deem relevant. The
                interpretation of any provision of the Plan by the Committee shall
                be final, conclusive, and binding upon all persons and the officers
                of Company shall place into effect and shall cause Company to
                perform its obligations under the Plan in accordance with the
                determinations of the Committee in administering the Plan.</FONT></TD>
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                42</FONT></TD>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        5.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility</U>. Key employees
                of Company and its Subsidiaries shall be eligible to receive options
                under the Plan. Key employees to whom options may be granted under
                the Plan will be those selected by the Committee from time to time
                who, in the sole discretion of the Committee, have contributed in
                the past or who may be expected to contribute materially in the
                future to the successful performance of Company and its
                Subsidiaries. </FONT></TD>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        6.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms and Conditions of Options</U>.
                Each option granted under the Plan shall be evidenced by an option
                agreement signed by Optionee and by a member of the Committee on
                behalf of Company. An option agreement shall constitute a binding
                contract between Company and Optionee, and every Optionee, upon
                acceptance of such option agreement, shall be bound by the terms
                and restrictions of the Plan and of the option agreement. Such
                agreement shall be subject to the following express terms and
                conditions and to such other terms and conditions that are not
                inconsistent with the Plan as the Committee may deem appropriate. </FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$100,000 ISO Limitation</U>.
                The aggregate fair market value (determined as of the date an option
                is granted) of the Common Stock for which ISOs will first become
                exercisable by an Optionee in any calendar year under all ISO plans
                of Optionee's employer corporation and its parent (within the meaning of Code
                Section 424(e)) or subsidiary (within the meaning of Code Section
                424(f)) corporation shall not exceed $100,000.  Options in excess
                of this limitation shall constitute NSOs. </FONT></TD>
</TR>

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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option Period</U>. Each option
                agreement shall specify the period during which the option is
                exercisable.  The Committee may extend the period; provided, however,
                that the period may not be extended without Optionee's consent if
                the extension would disqualify the option as an ISO.  In no case
                shall such period, including extensions, exceed ten (10) years
                from the date of grant, provided, however, that in the case of an ISO
                granted to a Ten Percent Stockholder, such period, including
                extensions, shall not exceed five (5) years from the date of grant.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option Vesting</U>. No part
                of any option may be exercised until Optionee has been employed
                by Company or a Subsidiary for such period, which shall be no less
                than one (1) year, after the date on which the option is granted
                as the Committee may specify in the option agreement.  The option
                agreement may provide for exercisability in installments.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceleration of Option Vesting</U>.
                The Committee may, in its discretion, provide that the exercise
                dates of outstanding options shall accelerate and become exercisable
                on or after the date of a Change in Control or termination of
                Optionee's employment due to death and/or Disability and, in addition,
                on such terms and conditions deemed appropriate by the Committee
                and set forth in the Option Agreement.</FONT></TD>
</TR>

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                43</FONT></TD>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option Price</U>.
                The Option Price per share of Common Stock shall be determined by
                the Committee at the time an option is granted.  The Option Price
                for ISOs shall be not less than fair market value, or in the case
                of an ISO granted to a Ten Percent Shareholder one hundred ten percent
                (110%) of the fair market value, at date of grant.  The fair market
                value of Common Stock shall be the closing high bid quotation for the
                Common Stock in the over-the-counter market, as reported by the
                National Association of Securities Dealers Automated Quotation
                System, on the business day immediately preceding the date of grant.
                The Option Price shall be subject to adjustments in accordance with
                the provisions of Section 11.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option Expiration</U>.
                An option shall expire, and cease to be exercisable, at the earliest
                of the following times:</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                ten (10) years after the date of grant; or</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                in the case of an ISO granted to a Ten Percent Shareholder, five
                (5) years after the date of grant; or</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                in the case of both an ISO and NSO, unless provided otherwise in
                the option agreement solely with respect to an NSO, five (5) years
                after termination of employment with Company or a Subsidiary
                because of Optionee's retirement in accordance with the terms of
                Company's tax-qualified retirement plans or with the consent of
                the Committee; or</FONT></TD>
</TR>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                two (2) years after termination of employment with Company or a
                Subsidiary because of Optionee's death or Disability; or</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                the earlier of: [i] date of Optionee's termination of employment
                 with Company or a Subsidiary for any reason other than death,
                Disability or retirement; or [ii] the date on which written notice
                of such employment termination is delivered by Company to Optionee;
                or</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                any earlier time set by the grant as provided in the option
                agreement.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
                By Optionee's Estate</U>. &nbsp;
                Upon Optionee's death, options may be exercised, to the extent
                exercisable by Optionee on the date of Optionee's death, by Optionee's
                Representative at any time before expiration of said options.</FONT></TD>
</TR>

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                44</FONT></TD>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Leaves of Absence</U>.
                The Committee may, in its discretion, treat all or any portion of
                a period during which an Optionee is on military or an approved
                leave of absence as a period of employment with Company or Subsidiary
                for purposes of accrual of rights under the Plan.  Notwithstanding the
                foregoing, in the case of an ISO, if the leave exceeds ninety (90)
                days and reemployment is not guaranteed by contract or statute,
                Optionee's employment shall be deemed to have terminated on the
                91st day of the leave.</FONT></TD>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
                of Option Price</U>.
                Each option shall provide that the Option Price shall be paid to
                Company at the time of exercise either in cash or in such other
                consideration as the Committee deems appropriate, including, but
                not limited to, Common Stock already owned by Optionee having a
                total fair market value, as determined by the Committee, equal to
                the Option Price, or a combination of cash and Common Stock
                having a total fair market value, as determined by the Committee,
                equal to the Option Price.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner of Exercise</U>.
                To exercise an option, Optionee shall deliver to Company, or to a
                 broker-dealer in the Common Stock with the original copy to Company,
                the following:  [i] seven (7) days' prior written notice specifying
                the number of shares as to which the option is being exercised and,
                if determined by counsel for Company to be necessary, representing
                that such shares are being acquired for investment purposes only
                and not for purpose of resale or distribution; and [ii] payment
                by Optionee, or the broker-dealer, for such shares in cash, or
                if the Committee in its discretion agrees to so accept, by delivery
                to Company of other Common Stock owned by Optionee, or in some
                combination of cash and such Common Stock acceptable to the Committee.
                At the expiration of the seven (7) day notice period, and provided
                that all conditions precedent contained in the Plan are satisfied,
                Company shall, without transfer or issuance tax or other incidental
                expenses to Optionee, deliver to Optionee, at the offices of
                Company, a certificate or certificates for the Common Stock.
                If Optionee fails to accept delivery of the Common Stock, Optionee's
                right to exercise the applicable portion of the option shall terminate.
                If payment of the Option Price is made in Common Stock, the value
                of the Common Stock used form payment of the Option Price shall
                be the fair market value of the Common Stock, determined in accordance
                with Section 6.E, on the business day preceding the day written
                notice of exercise is delivered to Company.  Options may be exercised
                in whole or in part at such times as the Committee may prescribe
                in the applicable option agreement.</FONT></TD>
</TR>
</TABLE>


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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cancellation of SARs</U>.
                The exercise of an option shall cancel a proportionate number, if
                any, of SARs included in such option.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercises Causing Loss of
                Compensation Deduction</U>. No part of an option may be exercised
                to the extent the exercise would cause Optionee to have compensation
                from Company and its affiliated companies for any year in excess
                of $1 million and that is nondeductible by Company and its affiliated
                companies pursuant to Code Section 162(m) and the regulations
                issued thereunder.  Any option not exercisable because of this
                limitation shall continue to be exercisable in any subsequent year
                in which the exercise would not cause the loss of Company's or its
                affiliated companies' compensation tax deduction, provided such
                exercise occurs before the option expires, and otherwise complies
                with the terms and conditions of the Plan and option agreement.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ISOs</U>. Each option agreement
                that provides for the grant of an ISO shall contain provisions
                deemed necessary or desirable by the Committee to qualify such
                option as an ISO.</FONT></TD>
</TR>

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                45</FONT></TD>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        7.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Stock Appreciation
         Rights</U></FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Form of Award</U>.  The Committee
                may include an SAR in any ISO or NSO granted under the Plan,
                either at the time of grant or thereafter while the option is
                outstanding; provided that no SAR may be awarded with respect to
                an outstanding ISO without the Optionee's consent to the extent
                the award would disqualify the option as an ISO.  SARs shall be
                subject to such terms and conditions not inconsistent with the
                other provisions of the Plan as the Committee shall determine.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise of SAR/Cancellation
                of Option</U>.  An SAR shall entitle the Optionee to surrender to
                Company for cancellation the unexercised option, or portion thereof,
                to which it is related, and to receive from Company in exchange
                herefor, at the discretion of the Committee, either: [i] a cash
                payment equal to the excess of the fair market value of the Common
                Stock subject to the option or portion thereof so surrendered over
                the aggregate Option Price for the shares; or [ii] delivery to
                Optionee of Common Stock with a fair market value equal to such
                excess, or [iii] a combination of cash and Common Stock with a
                combined value equal to such excess.  The value of the Common
                Stock shall be determined by the Committee in accordance with
                Section 6.E on the day immediately preceding the day written notice
                of exercise of the SAR is delivered to Company.  The exercise
                procedures provided by Section 6.J shall apply to the exercise of
                an SAR to the extent applicable.</FONT></TD>
</TR>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations</U>. An SAR shall
                be exercisable only to the extent the option to which is relates
                is exercisable and shall be exercisable only for such period as
                the Committee may provide in the option agreement (which period
                may expire before, but not later than, the expiration date of the
                option). Notwithstanding the preceding sentence, an SAR is
                exercisable only when the fair market value of a share of Common
                Stock exceeds the Option Price for the share.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        8.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment Representation</U>.
        Each option agreement may provide that, upon demand by the Committee for
         such a representation, Optionee or Optionee&#146;s Representative shall
        deliver to the Committee at the time of exercise a written representation
        that the shares to be acquired upon exercise of an option or SAR are to
        be acquired for investment and not for resale or distribution. Upon such
        demand, delivery of such representation before delivery of Common Stock shall be
        a condition precedent to the right of Optionee or Optionee&#146;s Representative
        to purchase Common Stock. </FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        9.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax Withholding</U>.
                Company shall have the right to: [i] withhold from any payment
                due to Optionee or Optionee&#146;s Representative; or [ii] require
                Optionee or Optionee&#146;s Representative to remit to Company;
                or [iii] retain Common Stock otherwise deliverable to Optionee or
                Optionee&#146;s Representative, in an amount sufficient to satisfy
                applicable tax withholding requirements resulting from the grant
                or exercise an option or SAR or disqualifying disposition of
                Common Stock acquired pursuant to the Plan. </FONT></TD>
</TR>
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                46</FONT></TD>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        10.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
                With Other Laws and Regulations</U>.  The Plan, the grant and
                exercise of options and SARs and the obligation of Company to sell
                and deliver shares under such options and SARs, shall be subject
                to all applicable federal and state laws, rules and regulations
                and to such approvals by any government or regulatory agency as
                may be required. Company shall not be required to issue or deliver
                certificates for shares of Common Stock before [i] the listing of such
                shares on any stock exchange or over-the-counter market, such as
                NASDAQ, on which the Common Stock may then be listed or traded,
                and [ii] the completion of any registration or qualification of
                any governmental body which Company shall, in its sole discretion,
                determines to be necessary or advisable. </FONT></TD>
</TR>

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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        11.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital
                Adjustments and Mergers and Consolidations</U>.</FONT></TD>
</TR>

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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital Adjustments</U>. In
                the event of a stock dividend, stock split, reorganization, merger,
                consolidation, or a combination or exchange of shares, the number
                of shares of Common Stock subject to the Plan and the number of
                shares under an option or SAR shall be automatically adjusted to
                take into account such capital adjustment.  The price of any share
                under an option or SAR shall be adjusted so that there will be
                no change in the aggregate purchase price payable upon exercise
                of such option or SAR.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mergers and Consolidations</U>.
                In the event Company merges or
                consolidates with another entity, or all or a substantial portion
                of Company's assets or outstanding capital stock are acquired
                (whether by merger, purchase or otherwise) by a Successor, the
                kind of shares of Common Stock that shall be subject to the Plan
                 and to each outstanding option and SAR shall automatically be
                converted into and replaced by shares of common stock, or such
                other class of securities having rights and preferences no less
                favorable than Company's Common Stock, of the Successor, and the
                number of shares subject to the option and SAR and the purchase
                price per share upon exercise of the option or SAR shall be
                correspondingly adjusted, so that each Optionee shall have the
                right to purchase [a] that number of shares of common stock of the
                Successor that have a value equal, as of the date of the merger,
                conversion or acquisition, to the value, as of the date of the
                merger, conversion or acquisition, of the shares of Common Stock
                of Company theretofore subject to Optionee's option and SAR, [b]
                for a purchase price per share that, when multiplied by the number
                of shares of common stock of the Successor subject to the option
                and SAR, shall equal the aggregate exercise price at which Optionee
                could have acquired all of the shares of Common Stock of Company
                theretofore optioned to Optionee.  Conversion of an ISO shall be
                done in a manner to comply with Code Section 424 and the regulations
                thereunder so the conversion does not disqualify the option as
                an ISO.</FONT></TD>
</TR>

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<TR VALIGN=top>
        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Effect on Company's Rights</U>.
                The granting of an option or SAR pursuant to the Plan shall not
                affect in any way the right and power of Company to make adjustments,
                reorganizations, reclassifications, or changes of its capital or
                business structure or to merge, consolidate, dissolve, liquidate,
                sell or transfer all or any part of its business or assets.</FONT></TD>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        12.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transferability</U>.
                Options and SAR granted under the Plan may not be transferred by
                Optionee other than by will or the laws of descent and distribution
                and during the lifetime of Optionee, may be exercised only by the
                Optionee. Any attempted assignment, transfer, pledge, hypothecation
                or other disposition of an option or SAR, or levy or attachment
                or similar process not specifically permitted herein, shall be null
                and void and without effect.</FONT></TD>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        13.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Rights as Shareholder</U>.
                No Optionee or Optionee's Representative shall have any rights as
                a shareholder with respect to Common Stock subject to an option or
                SAR before the date of transfer to the Optionee of a certificate
                for such shares.</FONT></TD>
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        <TD WIDTH=8% align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        14.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                <U>No Rights to Continued Employment</U>.
                Neither the Plan nor any award under the Plan shall confer upon
                any Optionee any right with respect to continuance of
                employment by Company or Subsidiary nor interfere with the right
                of Company or Subsidiary to terminate the Optionee&#146;s employment. </FONT></TD>

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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        15.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                <U>Amendment, Suspension, or Termination</U>.
                The Board may amend, suspend or terminate the Plan at any time
                and in any respect that it deems to be in Company&#146;s best
                interests, except that, without approval by shareholders of
                Company holding not less than a majority of the votes represented
                and entitled to be voted at a duly held meeting of Company&#146;s
                shareholders, no amendment shall be made that would: [i] change
                the aggregate number of shares of Common Stock which may be
                delivered under the Plan, except as provided in Section 11;
                or [ii] change the employees or class of employees eligible to
                receive ISOs; or [iii] require shareholder approval under federal
                or state securities laws. </FONT></TD>

</TR>
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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        16.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                <U>Effective Date, Term and Approval</U>.
                The effective date of the Plan is November 20, 1997 (the date of
                Board adoption of the Plan), subject to approval by stockholders
                of Company holding not less than a majority of the shares
                present and voting at its 1998 annual meeting on June 18, 1998.
                The Plan shall terminate ten (10) years after the effective date
                of the Plan and no options may be granted under the Plan after
                such time, but options granted prior thereto may be exercised in
                accordance with their terms. </FONT></TD>

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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        17.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                <U>Severability</U>.  The invalidity or unenforceability of any
                provision of the Plan or any option or SAR granted pursuant to
                the Plan shall not affect the validity and enforceability of the
                remaining provisions of the Plan and the options and SARs granted
                hereunder. The invalid or unenforceable provision shall be stricken
                to the extent necessary to preserve the validity and enforceability
                of the Plan and the options SARs granted hereunder. </FONT></TD>

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        &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
        18.</FONT></TD>
        <TD WIDTH=87% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                <U>Governing Law</U>.  The Plan shall be governed by the laws of
                 the Commonwealth of Kentucky.</FONT></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>sarcf022.htm
<DESCRIPTION>WAIVER, CONSENT AND SEVENTH AMENDMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Waiver, Consent and Seventh Amendment to 250,000,000 Revolving Credit Facility
</TITLE>
</HEAD>
<BODY>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                WAIVER, CONSENT AND SEVENTH AMENDMENT<BR><BR>
                                                      to<BR><BR>
                                    $250,000,000 REVOLVING CREDIT FACILITY<BR><BR>
                                               CREDIT AGREEMENT<BR><BR>
                                                 by and among<BR><BR>
                                CHURCHILL DOWNS INCORPORATED, as the Borrower,<BR><BR>
                                                      and<BR><BR>
                                          THE GUARANTORS PARTY HERETO<BR><BR>
                                                      and<BR><BR>
                                            THE BANKS PARTY HERETO<BR><BR>
                                                      and<BR><BR>
                                   PNC BANK, NATIONAL ASSOCIATION, As Agent,<BR><BR>
                                                      and<BR><BR>
                                 CIBC OPPENHEIMER CORP., As Syndication Agent,<BR><BR>
                                                      and<BR><BR>
                               BANK ONE, KENTUCKY, N.A., As Documentation Agent<BR><BR>

                                         Effective as of June 30, 2002
</FONT></P>
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                49</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
WAIVER, CONSENT AND SEVENTH AMENDMENT TO CREDIT AGREEMENT </B>(the
&#147;<U>Seventh Amendment</U>&#148;) effective as of June 30, 2002, by and
among CHURCHILL DOWNS INCORPORATED, as the Borrower (the
&#147;<U>Borrower</U>&#148;), the GUARANTORS party to the Credit Agreement (as
hereinafter defined), the BANKS party to the Credit Agreement (as hereinafter
defined) and PNC BANK, NATIONAL ASSOCIATION, as the Agent (the
&#147;<U>Agent</U>&#148;), and CIBC OPPENHEIMER CORP., as Syndication Agent and
BANK ONE, KENTUCKY, N.A., as Documentation Agent. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS,
</B>reference is made to the Credit Agreement dated April 23, 1999 as amended
prior to the date hereof (the &#147;<U>Credit Agreement</U>&#148;) described
above; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS,
</B>capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to such terms in the Credit Agreement; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
the Borrower is undertaking certain renovations and improvements at the
Borrower&#146;s Churchill Downs facility located at 700 Central Avenue in the
City of Louisville, Kentucky (the &#147;<U>Churchill Property</U>&#148;)
pursuant to the Master Plan (as defined below); </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
the Borrower has requested that certain capital expenditures made by the
Borrower pursuant to the Master Plan be excluded from the definition of Fixed
Charges; </FONT></P>

 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>WHEREAS</B>, the Agent and the Required Banks have agreed to so amend the Credit Agreement as more fully
set forth herein; and</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
the Borrower is contemplating entering into a series of transactions with the
City of Louisville, Kentucky or Greater Louisville (the &#147;<U>City</U>&#148;)
and a Guarantor, Churchill Downs Investment Company <U>(&#147;CDIC</U>&#148;),
wherein the following would occur: </FONT></P>

 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower would transfer the real property and certain tangible personal property
comprising the Churchill Property pursuant to a deed (the "<U>Deed</U>") and bill of sale (the "<U>Bill of Sale</U>") to
the City (the "<U>Property Transfer</U>"), which Property Transfer shall be subject to that certain Open-End
Mortgage, Security Agreement and Fixture Filing dated as of April 23, 1999 made by the Borrower in favor of
PNC Bank, National Association, as Agent for the Banks party to the Credit Agreement (the "<U>Existing
Mortgage</U>");</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the City would assist in the financing of certain renovations at the Churchill
Property pursuant to the Master Plan (as defined below) (the
&#147;<U>Renovations</U>&#148;) through the issuance of that certain Taxable
Industrial Building Revenue Bond (Churchill Downs Incorporated Project), in the
principal amount of $250,000,000 or some lesser amount (the
&#147;<U>Bond</U>&#148;) and pursuant to a Loan Agreement by and among the City,
CDIC and the Borrower (the &#147;<U>Loan Agreement</U>&#148;); </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
the City would sell the Bond to CDIC in exchange for cash consideration or for a
promissory note made by CDIC in favor of the City in a principal amount equal to
the principal amount of the Bond (the &#147;Note&#148;) or some combination
thereof, which cash consideration or Note the City would transfer or assign to
the Borrower; and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
the City would lease the Churchill Property to the Borrower pursuant to that
certain Lease Agreement by and between the City and the Borrower (the
&#147;<U>Lease</U>&#148;) (the transactions set forth in items (a) through (d)
are collectively referred to herein as the &#147;<U>IRB Transaction</U>&#148;
and the documents listed in items (a) through (d) are collectively referred to
herein as the &#147;<U>IRB Transaction Documents</U>&#148;); and </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS,
</B>the Borrower and the other Loan Parties have requested that the Agent and
the Required Banks consent to the matters described in these recitals, and upon
satisfaction of the conditions and subject to the terms of this Seventh
Amendment, the Agent and the Required Banks have agreed to so consent as more
fully set forth herein. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, the parties hereto, in consideration of their mutual covenants and
agreements hereinafter set forth and intending to be legally bound hereby,
covenant and agree as follows: </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation by Reference</U>.</FONT></H2>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recitals and all defined terms set forth therein are hereby incorporated herein by
reference in their entirety.

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U> Amendments
of Credit Agreement</U>.</FONT></H2>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition of Fixed Charges set forth in Section 1.1 of the Credit Agreement is hereby amended
and restated as follows:

<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Fixed Charges</U> shall mean for any period of determination, the sum of
         interest expense, income taxes, scheduled principal installments on Indebtedness with
         maturities greater than one year (as adjusted for prepayments), dividend payments, scheduled
         payments under capital leases and non-financed capital expenditures <B>(excluding any
         non-financed capital expenditures made pursuant to the Master Plan in an amount not to
         exceed $27,000,000 over any four fiscal quarter period)</B> for such period."<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A new defined term is hereby added to Section 1.1 of the Credit Agreement as follows:
<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"<U>Master Plan</U> shall mean those certain plans, specifications and cost summaries of
 the Borrower which provide
for the renovation and improvements of certain portions of the Churchill
Property, including, without limitation, the renovation of the grandstands and
the Jockey Club, the addition of approximately 66 new corporate suites, the
installation of certain new elevators, a mechanical system upgrade, and the
addition of new space for catered functions.&#148; </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;       Exhibit 7.3.3 [Quarterly Compliance Certificate] to the Credit Agreement is hereby deleted in its
entirety and amended and restated in the form of <U>Exhibit A</U> attached to this Seventh Amendment.

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Waivers and
Consents.</U></FONT></H2>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver and Consent to Property Transfer, Etc. under the
Credit Agreement.
<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the terms and conditions
of this Seventh Amendment, upon request of the
Borrower, the Agent and the
Required Banks hereby (i) agree that the Agent is authorized to consent to the
IRB Transaction, the Property Transfer, the purchase of the Bond, the issuance
of the Note, the execution and delivery of the Lease, and the execution and
delivery of the Loan Agreement, and (ii) waive any application of Sections
7.2.1, 7.2.4, and 7.2.6 of the Credit Agreement to such IRB Transaction,
Property Transfer, purchase of the Bond, the issuance of the Note, the execution
and delivery of the Lease, and the execution and delivery of the Loan Agreement,
provided that such Churchill Property shall continue to be subject to the
Existing Mortgage. </FONT></P>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent to Property Transfer, Etc. under the Existing Mortgage.
<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Seventh Amendment, upon request of the
 Borrower, the Agent, as
Mortgagee under the Existing Mortgage, hereby agrees to consent to the Property
Transfer and the execution and delivery of the Lease, provided that such
Churchill Property shall continue to be subject to the Existing Mortgage.
<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent to Renovations under the Existing Mortgage.
<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of this Seventh Amendment, the Agent, as
Mortgagee under the Existing Mortgage, and the Required Banks hereby consent to the Renovations in accordance
with the Master Plan.

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Warranties</U>.</FONT></H2>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Loan Parties, jointly and severally, represent and warrant as follows:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Master Plan.
<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower has delivered to the Agent a true, correct and complete copy of the
current draft of the Master
Plan (as defined in the Credit Agreement, as modified by this Seventh
Amendment). </FONT></P>


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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recitals.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recitals hereto are true and correct in all material respects.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Incorporation into Credit Agreement.<BR><BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 The representations and warranties in this Section 4 are incorporated in Section 5
of the Credit Agreement and
any breach of such representations or warranties is a breach under Section 5 of
the Credit Agreement. </FONT></P>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Warranties Under the Credit Agreement.<BR><BR>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The other representations and warranties of Loan Parties contained in the Credit
Agreement, after giving
effect to the amendments thereto on the date hereof, are true and correct on and
as of the date hereof with the same force and effect as though made by the Loan
Parties on such date, except to the extent that any such representation or
warranty expressly relates solely to a previous date. The Loan Parties are in
compliance with all terms, conditions, provisions, and covenants contained in
the Credit Agreement, as amended by this Seventh Amendment. </FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Event of Default.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No event has occurred and is continuing and no condition exists or will exist after
giving effect to this
Seventh Amendment and the transactions contemplated herein which constitutes an
Event of Default or Potential Default. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> <U>Conditions to Effectiveness</U>.</B></FONT></H2>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Seventh Amendment shall become effective provided that each of the following conditions
is satisfied as of the date set forth in such condition:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the representations and warranties of the Loan Parties under Section 4
thereof shall be true and
correct on the Seventh Amendment Effective Date, as that term is defined herein. </FONT></P>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution by Required Banks, Agent and Loan Parties.<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the Seventh Amendment Effective Date, this Seventh Amendment shall
have been executed by the Required Banks, the Agent and the Loan Parties.


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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliveries.<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the Seventh Amendment Effective Date, the Borrower shall have
delivered to the Agent an opinion of the Borrower's counsel as to the due authorization and enforceability of
this Seventh Amendment.<BR>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Conditions
Relating to the IRB Transaction.</U></FONT></H2>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon satisfaction of the following conditions, the Agent is authorized to consent
to the transactions
contemplated by the IRB Transaction and waive the Credit Agreement provisions
applicable thereto as set forth in Section 3 of this Seventh Amendment: (i) the
Borrower shall have delivered to the Agent true, correct and complete executed
copies of the Lease, the Bond, the Loan Agreement, the Note (if applicable), the
Deed and the Bill of Sale, and any documents relating thereto, each in form and
substance satisfactory to the Agent, (ii) the Borrower shall have executed and
delivered to the Agent for the benefit of the Banks a leasehold mortgage in form
and substance satisfactory to the Agent granting to the Agent, for the benefit
of the Banks, a first lien on the Borrower&#146;s leasehold interest in the
Churchill Property, (iii) if applicable, the Borrower shall have executed and
delivered to the Agent for the benefit of the Banks a pledge of the Note in form
and substance satisfactory to the Agent, (iv) CDIC shall have executed and
delivered to the Agent for the benefit of the Banks a pledge of the Bond in form
and substance satisfactory to the Agent, (v) the Borrower shall have delivered
to the Agent appropriate title bringdowns and endorsements in form and substance
satisfactory to the Agent to establish the continuing first priority lien of the
Existing Mortgage in favor of the Agent, (vi) the Borrower shall have delivered
to the Agent opinions of the Borrower&#146;s counsel addressing such matters as
the Agent specifies relating to the transactions contemplated by this Seventh
Amendment in form and substance satisfactory to the Agent, and (vii) the
Borrower shall have advised the Agent that, when taken as a whole, the IRB
Transaction will be neutral as to its impact upon the operating statement and
balance sheet of the Borrower and its Subsidiaries on a consolidated basis;
provided, however, that from and after the date of the Agent&#146;s granting of
such consent and waiver pursuant to this Seventh Amendment, such consent and
waiver shall be deemed to be effective as of the date(s) on which the IRB
Transaction Documents become effective. </FONT></P>

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>References to Credit Agreement, Loan Documents</U>.</FONT></H2>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any reference to the Credit Agreement or other Loan Documents in any document, instrument,
or agreement shall hereafter mean and include the Credit Agreement or such Loan Document, including such
schedules and exhibits, as amended hereby.  In the event of irreconcilable inconsistency between the terms or
provisions hereof and the terms or provisions of the Credit Agreement or such Loan Document, including such
schedules and exhibits, the terms and provisions hereof shall control.

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<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Force and Effect</U>.</FONT></H2>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Loan Party reconfirms, restates, and ratifies the Credit Agreement and all other
documents executed in connection therewith except to the extent any such documents are expressly modified by
this Seventh Amendment and each Loan Party confirms that all such documents have remained in full force and
effect since the date of their execution.

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Governing Law</U>.</FONT></H2>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Seventh Amendment shall be deemed to be a contract under the laws of the Commonwealth
of Kentucky and for all purposes shall be governed by and construed and enforced in accordance with the
internal laws of the Commonwealth of Kentucky without regard to its conflict of laws principles.

<H2 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Counterparts; Effective Date</U>.</FONT></H2>

                  This Seventh Amendment may be signed in any number of counterparts each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.  This Seventh
Amendment shall become effective when it has been executed by the Agent, the Loan Parties and the Required
Banks and each of the other conditions set forth in Section 5 of this Seventh Amendment has been satisfied
(the "<U>Seventh Amendment Effective Date</U>").

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>[SIGNATURE
PAGES TO FOLLOW]</FONT></H1>
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        <TD COLSPAN=2 align="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>[SIGNATURE PAGE 1 OF 5 TO SEVENTH AMENDMENT]</B></FONT></TD>
</TR>

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                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF,</B> the parties hereto, by their officers thereunto duly
                authorized, have executed this Seventh Amendment as of the day and year above
                written. </FONT></TD>
</TR>

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        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>BORROWER:</B></FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

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        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <B>GUARANTORS:</B></FONT></TD>
</TR>

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        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                CHURCHILL DOWNS MANAGEMENT COMPANY</FONT></TD>
</TR>

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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

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        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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                CHURCHILL DOWNS INVESTMENT COMPANY</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                RACING CORPORATION OF AMERICA</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                ELLIS PARK RACE COURSE, INC.</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                <B>[SIGNATURE PAGE 2 OF 5 TO SEVENTH AMENDMENT]</B></FONT></TD>
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                CALDER RACE COURSE</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                TROPICAL PARK, INC.</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                CHURCHILL DOWNS CALIFORNIA COMPANY</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                CHURCHILL DOWNS CALIFORNIA FALL OPERATING COMPANY</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                CHURCHILL DOWNS CALIFORNIA FOOD SERVICES COMPANY</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                57</FONT></TD>
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                <B>[SIGNATURE PAGE 3 OF 5 TO SEVENTH AMENDMENT]</B></FONT></TD>
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                 ARLINGTON PARK RACECOURSE, LLC</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                 ARLINGTON MANAGEMENT SERVICES, LLC</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                ARLINGTON OTB CORP.</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                QUAD CITY DOWNS, INC.</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                CDIP, LLC</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                CDIP HOLDINGS, LLC</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                58</FONT></TD>
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                <B>[SIGNATURE PAGE 4 OF 5 TO SEVENTH AMENDMENT]</B></FONT></TD>
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                 <B>BANKS AND AGENT</B></FONT></TD>
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                 PNC BANK, NATIONAL ASSOCIATION, individually and as Agent</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                 BANK ONE, KENTUCKY, N.A.</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                CIBC INC.</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                &nbsp;</FONT></TD>
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                COMERICA BANK</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                FIFTH THIRD BANK</FONT></TD>
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                &nbsp;</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                &nbsp;</FONT></TD>
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                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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                59</FONT></TD>
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                <B>[SIGNATURE PAGE 5 OF 5 TO SEVENTH AMENDMENT]</B></FONT></TD>
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                 NATIONAL CITY BANK OF KENTUCKY</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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                 FIRSTAR BANK, N.A.</FONT></TD>
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        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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                BANK OF LOUISVILLE</FONT></TD>
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                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                FIFTH THIRD BANK INDIANA</FONT></TD>

</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=bottom>
        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                WELLS FARGO BANK</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

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        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=40% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Title:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>

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                60</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>cfocert.htm
<DESCRIPTION>CEERTIFICATION OF CEO AND CFO
<TEXT>
<HTML>
<HEAD>
<TITLE>Certification of CEO and CFO
</TITLE>
</HEAD>
<BODY>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Certification
of CEO and CFO Pursuant to<BR>

18 U.S.C. Section 1350,<BR>

As Adopted Pursuant to<BR>
Section 906 of the Sarbanes-Oxley Act of 2002</FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>In connection with the
Quarterly Report on Form 10-Q of Churchill Downs Incorporated (the
&#147;Company&#148;) for the quarterly period ended June 30, 2002 as filed with
the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), Thomas H. Meeker, as President and Chief Executive Officer
of the Company, and Robert L. Decker, as Executive Vice President and Chief
Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C.
&#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of
2002, to the best of his knowledge, that: </FONT></P>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table #####################################################-->
<TR VALIGN=bottom>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d)
                of the Securities Exchange Act of 1934; and</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=bottom>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents,
                in all material respects, the financial condition and result of operations of the Company.
                </FONT></TD>
</TR>
</TABLE>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>

<U>/s/ Thomas H. Meeker______________________________</U><BR>

Thomas H. Meeker<BR>
President and Chief Executive Officer<BR>
August 14, 2002<BR>
<BR>
<U>/s/Robert L. Decker______________________________</U><BR>
Robert L. Decker<BR>
Executive Vice President and Chief Financial Officer<BR>
August 14, 2002<BR>
<BR></FONT></P>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>This certification
accompanies the Report pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002
and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002,
be deemed filed by the Company for purposes of &#167; 18 of the Securities
Exchange Act of 1934, as amended. </FONT></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                61</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>7
<FILENAME>f10q202.pdf
<DESCRIPTION>COMPLEMENTARY COPY
<TEXT>
<PDF>
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end

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