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<SEC-DOCUMENT>0000020212-03-000011.txt : 20030618
<SEC-HEADER>0000020212-03-000011.hdr.sgml : 20030618
<ACCEPTANCE-DATETIME>20030618133701
ACCESSION NUMBER:		0000020212-03-000011
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030618

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-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		03748505

	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-K/A
<SEQUENCE>1
<FILENAME>f10ka02.htm
<DESCRIPTION>AMENDED 10-K 2002
<TEXT>
<HTML>
<HEAD>
<TITLE>Churchill Downs Incorporated Form 10Ka 2002
</TITLE>
</HEAD>
<BODY>

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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        UNITED STATES<BR>
        SECURITIES AND EXCHANGE COMMISSION<BR>
        Washington, D.C. 20549<BR>
        <B>FORM 10-K/A</B></FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>
         THE SECURITIES EXCHANGE ACT OF 1934<BR>
        For year ended December 31, 2002</FONT></TD>
</TR>

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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF <BR>
        THE SECURITIES EXCHANGE ACT OF 1934<BR>
        For the transition period from ____ to ____ </FONT></TD>
</TR>

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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Commission file number 0-1469</FONT></TD>
</TR>

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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        <B><u>CHURCHILL DOWNS INCORPORATED</u></B><br>
        (Exact name of registrant as specified in its charter)</FONT></TD>
</TR>

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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <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=2>
                <U>61-0156015 </U><br>(IRS Employer Identification No.)</FONT></TD>
</TR>

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        <TD WIDTH=55% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <U>700 Central Avenue, Louisville, KY</U><br>(Address of principal
                executive offices)</Font></TD>
        <TD WIDTH=45% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <U>40208</U><br>(Zip Code)</FONT></TD>
</TR>

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        <TD WIDTH=55% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               (Registrant's telephone number, including area code)</Font></TD>
                <TD WIDTH=45% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <U>(502) 636-4400</U></FONT></TD>
</TR>
</TABLE>

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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Securities registered pursuant to Section 12(b) of the Act:</FONT></TD>
</TR>

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        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               <U>None</U><BR>
                Title of each class registered</Font></TD>
                <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <U>None</U><BR>
                Name of each exchange on which registered</FONT></TD>
</TR>
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        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Securities registered pursuant to Section 12(g) of the Act:</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
        <U>COMMON STOCK, NO PAR VALUE</U><BR>
        Title of class
</FONT></TD>
</TR>

</TABLE>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 and (2) has been subject to such filing requirements for the past 90
days. YES <U>&nbsp;X&nbsp;</U> NO <U>&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of registrant&#146;s
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment of this Form 10-K. (_<U>X</U>_)</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of  the Exchange
Act.) YES<U>&nbsp;X&nbsp;</U>NO <U>&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As of March 13, 2003,
13,160,639 shares of the Registrant&#146;s Common Stock were outstanding.  As of June 28, 2002
(based upon the closing sale price for such date on the Nasdaq National Market)
the aggregate market value of the shares held by nonaffiliates of the
Registrant was $243,141,423.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Portions of the
Registrant&#146;s Proxy Statement for its Annual Meeting of Shareholders to be
held on June 19, 2003 are incorporated by reference herein in response to Items
10, 11, 12 and 13 of Part III of Form 10-K. The exhibit index is located on
pages 3 to 6. </FONT></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                1</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This Annual Report on Form
10-K/A is being filed as an amendment to Churchill Downs Incorporated&#146;s
Annual Report on Form 10-K filed March 19, 2003, to include the Articles of
Incorporation in full text, previously only the most recent amendment was
included in the Annual Report on Form 10-K filed March 19, 2003, and to correct
the disclosure pursuant to Item 405 on the cover page of this Annual Report.</FONT></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                2</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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        <TD colspan=6 align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>EXHIBIT INDEX</B></FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD colspan=2 align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <U>Numbers</U></FONT></TD>
        <TD Width=7% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <U>Description</U></FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <U>By Reference To</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (2)</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (a)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Stock Purchase Agreement and Joint Escrow Instructions dated as of January 21, 1999
                 by and among Churchill Downs Incorporated and KE Acquisition Corp.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.1 to Report on Form 8-K dated April 23, 1999</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (b)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                First Amendment to Stock Purchase Agreement dated as of April 19, 1999
                by and between Churchill Downs Incorporated, Churchill Downs Management
                Company and KE Acquisition Corp. </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.2 to Report on Form 8-K dated April 23, 1999</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (c)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Agreement and Plan of Merger and Amendment to Stock Purchase
                 Agreement dated as of April 22,1999 by and among Churchill
                 Downs Incorporated, Churchill Downs Management Company, CR
                 Acquisition Corp., TP Acquisition Corp., Calder Race Course,
                 Inc., Tropical Park, Inc. and KE Acquisition Corp.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.3 to Report on Form 8-K dated April 23, 1999</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (d)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Asset Purchase Agreement dated May 5, 1999 between Hollywood
                Park, Inc., a Delaware Corporation, and Churchill Downs
                Incorporated.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.1 to Registration Statement on Form S-3 filed May 21, 1999
                 (No. 333-79031)</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (e)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Amendment No. 1 to Asset Purchase Agreement dated as of August
                31, 1999 by and among Churchill Downs Incorporated, Churchill
                Downs California Company and Hollywood Park, Inc.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.2 to Report on Form 8-K dated September 10, 1999 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (f)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Stock Purchase Agreement dated as of March 28, 1998 between
                Churchill Downs Incorporated and TVI Corp. </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.1 to Current Report on Form 8-K dated April 21, 1998</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (g)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Partnership Interest Purchase Agreement dated as of October
                 16, 2001 by and among Anderson Park, Inc, Churchill Downs
                 Management Company and Centaur Racing, LLC.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (2)(a) to report on Form 10-Q for the fiscal quarter ended
                September 30, 2001 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (h)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Amended and Restated Agreement and Plan of Merger dated as of
                June 23, 2000, as amended as of July 14, 2000, by and among
                Churchill Downs Incorporated, Duchossois Industries, Inc., A.
                Acquisition Corp., A. Management Acquisition Corp., T. Club
                Acquisition Corp., Arlington International Racecourse, Inc.,
                Arlington Management Services, Inc., and Turf Club of
                Illinois, Inc.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Annex A of the Proxy Statement for a Special Meeting of
                Shareholders of Churchill Downs  Incorporated held September 8,
                2000</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (3)</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (a)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Amended and Restated Articles of Incorporation of Churchill Downs Incorporated
                as amended through March 25, 2002</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Report on Form 10-K/A for the fiscal year ended December 31, 2002</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (b)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Restated Bylaws of Churchill Downs Incorporated as amended</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (3)(a) to Report on Form 10-Q for the fiscal quarter ended
                June 30, 2002</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                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>
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        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (4)</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (a)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Rights Agreement dated as of March 19, 1998 between Churchill Downs, Inc. and Bank of Louisville</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 4.1 to Current Report on Form 8-K dated March 19, 1998</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (b)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                  Amendment No. 2 to Rights Agreement dated as of June 23, 2000, between
                Churchill Downs Incorporated and Fifth Third Bank, as Rights Agent</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A/A
                dated June 30, 2000</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (c)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Amendment No. 3 to Rights Agreement dated as of September 8,
                2000, between Churchill Downs Incorporated and Fifth Third Bank, as Rights Agent</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 4.1 to the Registrant's Registration Statement on Form 8-A/A
                dated September 13, 2000</FONT></TD>
</TR>
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        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (10)</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (a)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                $250,000,000 Revolving Credit Facility Credit Agreement
                between Churchill Downs Incorporated, and the guarantors party
                thereto, and the Banks party thereto and PNC Bank, National
                Association, as Agent, and CIBC Oppenheimer Corp., as
                Syndication Agent, and Bank One, Kentucky, N.A., as
                Documentation Agent, dated as of April 23, 1999</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(a) to Report on Form 10-Q for the fiscal quarter ended
                 March 31, 1999  </FONT></TD>
</TR>
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        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (b)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 First Amendment to $250,000,000 Revolving Credit Facility
                 Credit Agreement dated April 30, 1999</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Exhibit (10)(b) to Report on Form 10-Q for the fiscal quarter ended
                March 31, 1999</FONT></TD>
</TR>
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        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (c)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Second Amendment to $250,000,000 Revolving Credit Facility
                Credit Agreement dated June 14, 1999</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Exhibit (10)(c) to Report on Form 10-Q for the fiscal quarter ended
                  June 30, 1999</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (d)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Third Amendment, Waiver and Consent to $250,000,000 Revolving
                Credit Facility Credit Agreement dated February 23, 2000 </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Exhibit (10)(d) to Report on Form 10-K for the year ended December 31, 1999</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (e)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Fourth Amendment to $250,000,000 Revolving Credit Facility
                Credit Agreement dated May 12, 2000 </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Exhibit (10)(a) to Report on Form 10-Q for the fiscal quarter ended
                June 30, 2000 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (f)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Fifth Amendment to $250,000,000 Revolving Credit Facility
                Credit Agreement dated June 19, 2000 </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                 Exhibit (10)(b) to Report on Form 10-Q for the fiscal quarter ended
                June 30, 2000 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (g)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Sixth Amendment to $250,000,000 Revolving Credit Facility
                Credit Agreement dated March 15, 2001</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(b) to Report on Form 10-K for the year ended December
                31, 2000</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (h)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Waiver, Consent and Seventh Amendment to $250,000,000 Revolving Credit Facility Credit Agreement effective June 30, 2002</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(b) to Report on Form 10-Q for the fiscal quarter ended
                June 30, 2002</FONT></TD>
</TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (i)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Underwriting agreement for 2,000,000 shares of Churchill Downs Incorporated common
                stock between Churchill Downs Incorporated and CIBC World Markets Corporation,
                Lehman Brothers, Inc., JC Bradford &amp; Co., J.J.B. Hilliard, W.L. Lyons, Inc. on
                behalf of several underwriters</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 1.1 to Registration Statement on Form S-3/A filed July 15, 1999 (No. 333-79031)</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (j)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Casino Lease Agreement dated as of September 10, 1999 by and between
                Churchill Downs California Company and Hollywood Park, Inc.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 10.1 to Report on Form 8-K dated September 10, 1999</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (k)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Churchill Downs Incorporated Amended and Restated Supplemental
                Benefit Plan dated December 1, 1998 * </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(a) to Report on Form10-K for the year ended December 31, 1998</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (l)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Employment Agreement dated as of October 1, 1984, with Thomas
                H. Meeker, President * </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (19)(a) to Report on Form 10-Q for fiscal quarter ended
                October 31, 1984</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (m)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Amendment of Employment Agreement with Thomas H. Meeker, President,
                dated October 1, 1994*</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Report on Form 10-K for the fiscal year ended January 31, 1986; Report on Form
                10-K for the fiscal year ended January 31, 1987; 1988, 1990, 1991, 1992 and
                1993</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (n)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Churchill Downs Incorporated Amended and Restated Incentive
                Compensation Plan (1997) * </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Report on Form 10-K for the
                fiscal year ended December 31, 2002**</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (o)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Churchill Downs Incorporated 1993 Stock Option Plan* </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(h) to Report on Form 10-K for the eleven months ended
                December 31, 1993 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (p)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Amendment No. 1 to Churchill Downs Incorporated 1993 Stock
                 Option Plan* </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(g) to Report on Form 10-K for the year ended December
                31, 1994 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (q)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Amendment No. 2 to Churchill Downs Incorporated 1993 Stock
                Option Plan* </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(m) to Report on Form 10-K for the year ended December
                31, 1997 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (r)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Fourth  Amended and Restated Churchill Downs Incorporateion 1997
                Stock Option Plan</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(a) to Report on Form 10-Q for the fiscal quarter ended
                 June 30, 2002</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (s)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Amended and Restated Lease Agreement dated January 31, 1996 </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(i) to Report on Form  10-K for the year ended December 31, 1995 </FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (t)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Churchill Downs Incorporated, Amended and Restated Deferred
                Compensation Plan for Employees and Directors *</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(a) to Report on Form  10-Q for the fiscal quarter ended  March 31,2001</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (u)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Form of Stockholder's Agreement dated September 8, 2000 among
                Churchill Downs Incorporated and Duchossois Industries, Inc.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Annex C of the Proxy Statement for a Special Meeting of  Shareholders of Churchill Downs
                 Incorporated held September 8,  2000</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (v)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Agreement and Plan of Merger dated as of April 17, 1998 by and
                among TVI Corp., Racing Corporation of America, Churchill
                Downs Incorporated and RCA Acquisition Company</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.2 to Current Report on Form 8-K dated April 21, 1998</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (w)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Partnership Interest Purchase Agreement dated December 20,
                1995 among Anderson Park, Inc., Conseco HPLP, LLC, Pegasus
                Group, Inc. and Hoosier Park, L.P.</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit (10)(k) to Report on Form 10-K for the year ended December 31, 1995</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (x)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Lease Agreement between the City of Louisville, Kentucky and Churchill
                Downs Incorporated dated January 1, 2003 </FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Exhibit 2.1 to Current Report on Form 8-K dated January 6, 2003</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (y)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Retirement Agreement between Churchill Downs Incorporated and Robert L.
                Decker*</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Report on Form 10-K for the year ended December 31, 2002**</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (21)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Subsidiaries of the registrant</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Report on Form 10-K for the year ended December 31, 2002**</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (23)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Consent of PricewaterhouseCoopers, LLP Independent Accountants</FONT></TD>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Report on Form 10-K for the year ended December 31, 2002**</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD Width=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=3% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                (99)</FONT></TD>
        <TD Width=7% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=57% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                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=3% align="Right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=28% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Page 95, Report on Form 10-K for the year ended December 31, 2002**</FONT></TD>
</TR>
</table>
<P><FONT FACE="Times New Roman, Times, Serif" size=2>*Management contract or
compensatory plan or arrangement.</FONT></P><BR>

<P><FONT FACE="Times New Roman, Times, Serif" size=2>**Previously filed.</FONT></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                6</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
        <TD colspan=2 align="Center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                SIGNATURES</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD colspan=2 align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Pursuant to the  requirements  of Section 13 or 15(d) 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>
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<TR VALIGN=TOP>
        <TD Width=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=40% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD Width=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                June 13, 2003</FONT></TD>
        <TD Width=40% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                /s/Michael E. Miller</FONT><HR Width=100%></TD>
</TR>
<TR VALIGN=TOP>
        <TD Width=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=40% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Michael E. Miller</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD Width=60% align="Left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD Width=40% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Executive Vice President and<BR>
                Chief Financial Officer<BR>
               (Principal Financial and Accounting Officer)</FONT></TD>
</TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" size=2>CERTIFICATIONS</FONT></H1>
<P><FONT FACE="Times New Roman, Times, Serif" size=2>
I, Thomas H. Meeker, certify that:<BR><BR>
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K/A of Churchill Downs Incorporated;<BR><BR>
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge,
this annual report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with
respect to the period covered by this annual report; <BR><BR>
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge,
the financial statements, and other financial information included in this
annual report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;<BR><BR>
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other
certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the registrant and have:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>a.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
Designed such disclosure controls and procedures to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which
this annual report is being prepared;</FONT></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>b.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Evaluated the  effectiveness  of the registrant's  disclosure  controls and procedures as of a date within 90 days prior to
        the filing date of this annual report (the "Evaluation Date"); and</FONT></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>c.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Presented in this annual report our conclusions  about the  effectiveness  of the
        disclosure  controls and procedures based on our evaluation as of the Evaluation Date;</FONT></TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
other certifying officers and I have disclosed, based on our most recent
evaluation, to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent
functions):<BR><BR> </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>a.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
All significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant&#146;s ability to record, process,
summarize and report financial data and have identified for the
registrant&#146;s auditors any material weaknesses in internal controls; and </FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>b.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Any fraud,  whether or not material,  that involves  management or other
        employees who have a significant role in the registrant's internal controls; and</FONT></TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
other certifying officers and I have indicated in this annual report whether
there were significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of our most
recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses. </FONT></P><BR><BR><BR>

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<TR VALIGN=TOP>
        <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Date:  June 13, 2003</FONT></TD>
        <TD WIDTH=38% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
        /s/Thomas H. Meeker</FONT><HR width=48% SIZE=1 NOSHADE></TD>
        <TD WIDTH=12% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR width=100% SIZE=1 NOSHADE></TD>
</TR>
<TR VALIGN=TOP>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
        President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                8</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" size=2>
I, Michael E. Miller, certify that:<BR><BR>
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this annual report on Form 10-K/A of Churchill Downs Incorporated;<BR><BR>
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge,
this annual report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with
respect to the period covered by this annual report; <BR><BR>
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge,
the financial statements, and other financial information included in this
annual report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the
periods presented in this annual report;<BR><BR>
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other
certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and
15d-14) for the registrant and have:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>a.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
Designed such disclosure controls and procedures to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which
this annual report is being prepared;</FONT></TD>
</TR>

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<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>b.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Evaluated the  effectiveness  of the registrant's  disclosure  controls and procedures as of a date within 90 days prior to
        the filing date of this annual report (the "Evaluation Date"); and</FONT></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>c.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Presented in this annual report our conclusions  about the  effectiveness  of the
        disclosure  controls and procedures based on our evaluation as of the Evaluation Date;</FONT></TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
other certifying officers and I have disclosed, based on our most recent
evaluation, to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent
functions):<BR><BR> </FONT></P>


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<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>a.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
All significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant&#146;s ability to record, process,
summarize and report financial data and have identified for the
registrant&#146;s auditors any material weaknesses in internal controls; and </FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=3% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>b.</FONT></TD>
        <TD WIDTH=2% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
        Any fraud,  whether or not material,  that involves  management or other
        employees who have a significant role in the registrant's internal controls; and</FONT></TD>
</TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s
other certifying officers and I have indicated in this annual report whether
there were significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of our most
recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses. </FONT></P><BR><BR><BR>

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<TR VALIGN=TOP>
        <TD WIDTH=55% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Date:  June 13, 2003</FONT></TD>
        <TD WIDTH=36% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                /s/Michael E. Miller</FONT><HR width=45% SIZE=1 NOSHADE></TD>
        <TD WIDTH=9% align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT><HR width=100% SIZE=1 NOSHADE></TD>
</TR>
<TR VALIGN=TOP>
         <TD WIDTH=55% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                &nbsp;</FONT></TD>
        <TD colspan=2 align="right"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
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                9</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-3.(I)
<SEQUENCE>3
<FILENAME>aoi402.htm
<DESCRIPTION>ARTICLES OF INCORPORATION THROUGH MARCH 25, 2002
<TEXT>
<HTML>
<HEAD>
<TITLE>Articles of Incorporation of Churchill Downs Incorporated as amended through March 25,2002
</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Articles of Incorporation<BR>
         of Churchill Downs Incorporated <BR>
        as amended through March 25,2002</B></FONT>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE 1</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>NAME</U></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        The name of the corporation shall be Churchill Downs Incorporated.</FONT>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE II</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PURPOSE AND POWERS</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature of the business
to be conducted by the corporation and its objects and purposes shall be the
improvement of livestock, particularly thoroughbred horses, by giving
exhibitions of contests of speed and races between horses for premiums, purses
and other awards. In the furtherance and in the accomplishment of the objects
and purposes enumerated, the corporation shall have the power to establish,
maintain, purchase or otherwise acquire suitable race tracks located in or
without the Commonwealth of Kentucky, with all necessary buildings and
improvements and land for the purpose of establishing race tracks; to give or
conduct on said race tracks public exhibitions of speed or races between horses
for premiums, purses and other awards made up from fees or otherwise, and to
charge the public for admission thereto and to the said race tracks; to engage
in the registering of bets on exhibitions of speed or races at paid race tracks
and premises in such manner as may be authorized or permitted by law; to operate
restaurant, cafes, lunch counters and stands for the sale of food and other
refreshments to persons on said premises; to purchase and hold title to such
real estate as may be necessary or deemed to be necessary to fully carry out the
several purposes for which the corporation is formed; to borrow money and give
security therefor; to acquire, hold, mortgage, pledge or dispose of the shares,
bonds, securities and other evidences of indebtedness of any domestic or foreign
corporation and the securities issued by the corporation and the securities
issued by the United States or by the Commonwealth of Kentucky or any
governmental subdivision thereof to adopt through its Board of Directors a
corporate seal and to alter name at the pleasure of the Board of Directors; to
make bylaws through its Board of Directors not inconsistent with the law; and to
transact any or all lawful business for which corporations may be incorporated. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation shall have
the power to purchase shares of the capital stock of the corporation to the
extent of unreserved and unrestricted earned surplus and capital surplus of the
corporation. </FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE III</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DURATION</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation shall have perpetual existence.</FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE IV</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>REGISTERED OFFICE AND AGENT</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Until otherwise designated
as provided by law, the location and Post Office address of the registered
office of the corporation and its principal place of business shall be: </FONT></P>
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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                700 Central Avenue<BR>
                Louisville, Kentucky  40208</FONT></TD>
</TR>
</TABLE>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE V</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>REGISTERED AGENT</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until otherwise designated
as provided by law, the name and Post Office address of the authorized agent of
the corporation upon whom process shall be served shall be:</FONT></P>
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                &nbsp;</FONT></TD>
        <TD WIDTH=60% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Rebecca C. Reed<BR>
                700 Central Avenue<BR>
                Louisville, Kentucky  40208</FONT></TD>
</TR>
</TABLE>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE VI</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DEBT LIMITATION</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There shall be no limit on the amount of indebtedness which the corporation may incur.</FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE VII</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CAPITAL STOCK</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The corporation shall be
authorized to issue 50,000,000 shares of common stock of no par value (the
&#147;Common Stock&#148;), and 250,000 shares of preferred stock of no par value
in such series and with such rights, preferences and limitations, including
voting rights, as the Board of Directors may determine (the &#147;Preferred
Stock&#148;). </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>The  Common  Stock</U>.  Shares of the Common  Stock may be issued  from time to time as
the Board of Directors  shall  determine  and on such  terms  and for such  consideration  as
shall  be  fixed by the  Board of Directors.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>The Preferred Stock Stock</U>.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of the  Preferred  Stock may be issued from time to time in one or more series as
may  from  time to time be  determined  by the  Board  of  Directors  of the  corporation.  Each  series  shall  be
distinctly  designated.  All shares of any one series of the  Preferred  Stock shall be alike in every  particular,
except that there may be  different  dates from which  dividends  (if any)  thereon  shall be  cumulative,  if made
cumulative.  The relative  preferences,  participating,  optional and other special rights of each such series, and
limitations  thereof,  if any,  may differ  from  those of any and all other  series at any time  outstanding.  The
Board of Directors of the  corporation is hereby  expressly  granted  authority to fix by resolution or resolutions
adopted prior to the issuance of any shares of each  particular  series of the Preferred  Stock,  the  designation,
relative  preferences,  participating,  optional and other special rights and limitations  thereof, if any, of such
series, including but without limiting the generality of the foregoing, the following:</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The  distinctive  designation  of,  and the  number of shares of the  Preferred
Stock which shall constitute the series,  which number may be increased  (except as otherwise fixed by the Board of
Directors) or decreased (but not below the number of shares thereof then  outstanding)  from time to time by action
of the Board of Directors;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The  rate  and  times  at  which,  and the  terms  and  conditions  upon  which
dividends,  if any, on shares of the series may be paid,  the extent of  preference  or  relation,  if any, of such
dividend to the dividends  payable on any other class or classes of stock of the  corporation,  or on any series of
the  Preferred  Stock or of any other  class of stock of the  corporation,  and  whether  such  dividends  shall be
cumulative or non-cumulative;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[c]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The right,  if any,  of the holders of shares of the series to convert the same
into,  or  exchange  the same for,  shares of any other  class or  classes of stock of the  corporation,  or of any
series of the Preferred Stock and the terms and conditions of such conversion or exchange;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[d]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether  shares of the series shall be subject to redemption and the redemption
price or prices and the time or times at which,  and the terms and  conditions  upon which shares of the series may
be redeemed;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[e]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights,  if any, of the holders of shares of the series upon  voluntary  or
involuntary liquidation,  merger,  consolidation,  distribution or sale of assets, dissolution or winding up of the
corporation;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[f]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of the sinking fund or redemption or purchase account,  if any, to be
provided for shares of the series; and</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[g]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The voting  powers,  if any, of the holders of shares of the series  which may,
without  limiting the  generality  of the  foregoing,  include the right,  voting as a series by itself or together
with other  series of the  Preferred  Stock as a class,  to vote more or less than one vote per share on any or all
matters voted upon by the  stockholders  and to elect one or more  directors of the  corporation in the event there
shall have been a default in the payment of  dividends  on any one or more series of the  Preferred  Stock or under
such other circumstances and upon such conditions as the Board of Directors may fix.</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Other Provisions</U>.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The relative  preferences,  rights and  limitations of each Series of Preferred Stock in
relation to the  preferences,  rights and  limitations of each other series of Preferred Stock shall, in each case,
be as fixed from time to time by the Board of  Directors  in the  resolution  or  resolutions  adopted  pursuant to
authority  granted in this  Article VII,  and the consent by class or series vote or  otherwise,  of the holders of
the Preferred  Stock of such of the series of the Preferred  Stock as are from time to time  outstanding  shall not
be  required  for the  issuance  by the Board of  Directors  of any other  series of  Preferred  Stock  whether the
preferences  and rights of such other  series shall be fixed by the Board of Directors as senior to, or on a parity
with, the preferences and rights of such outstanding series, or any of them; provided,  however,  that the Board of
Directors  may provide in such  resolution  or  resolutions  adopted with respect to any series of Preferred  Stock
that the  consent of the  holders of a  majority  (or such  greater  proportion  as shall be therein  fixed) of the
outstanding  shares of such series voting  thereon shall be required for the issuance of any or all other Series of
Preferred Stock.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the  provisions of  Subparagraph  1 of this Paragraph C, shares of any series
of Preferred  Stock may be issued from time to time as the Board of  Directors  shall  determine  and on such terms
and for such consideration as shall be fixed by the Board of Directors.</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE VIII</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>VOTING RIGHTS OF COMMON STOCK</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In stockholders&#146;
meetings each holder of Common Stock shall be entitled to one vote for each
share of Common Stock standing in his name on the books of the corporation,
except that in the election of directors, each holder of Common Stock shall have
as many votes as results from multiplying the number of shares held by him by
the number of directors to be elected. Such votes may be divided among the total
number of directors to be elected or distributed among any lesser number in such
proportion as the holder may determine. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The presence in person or
by proxy of the holders of a majority of the outstanding Common Stock of the
corporation shall constitute a quorum at all stockholders&#146; meetings. </FONT></P>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE IX</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PREEMPTIVE RIGHTS</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No holder of any shares of
Common Stock of the corporation, whether now or hereafter authorized, issued or
outstanding, shall be entitled to a preemptive right to acquire unissued or
treasury shares or securities convertible into such shares or carrying a right
to subscribe to or acquire shares or any rights or options to purchase shares of
the corporation. </FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE X</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DIRECTORS</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The business and affairs of
the corporation shall be managed by or under the direction of a Board of
Directors consisting of not less than nine (9) nor more than twenty-five (25)
directors, the exact number of directors to be determined by affirmative vote of
a majority of the entire Board of Directors except that at the time this new
Articles X is adopted, the number of directors shall be fixed at seventeen (17).
The directors shall be divided into three classes, designated Class I, Class II
and Class III. Each class shall consist, as nearly as possible, of one-third of
the total number of directors constituting the entire Board of Directors. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the 1984 annual meeting
of stockholders, the seventeen (17) directors elected will not be elected to a
specific class of directors. Following the 1984 annual meeting of stockholders,
the Board of Directors will initially determine which directors will be
designated and serve as Class I, Class II and Class III directors, respectively.
Upon such determination by the Board of Directors, Class I directors shall serve
for a one-year term expiring in 1985. Class II directors for a two-year term
expiring in 1986, and Class III directors for a three-year term expiring in
1987. At each succeeding annual meeting of Stockholders beginning in 1985,
successors to the class of directors whose term expires at that annual meeting
shall be elected for a three-year term. If the number of directors is changed,
any increase or decrease shall be apportioned among the classes so as to
maintain the number of directors in each class as nearly equal as possible, and
any additional director of any class elected to fill a vacancy resulting from an
increase in such class shall hold office for a term that shall coincide with the
remaining term of that class, but in no case will a decrease in the number of
directors shorten the term of any incumbent director. A director shall hold
office until the annual meeting of the year in which his term expires and until
his successor shall be elected and shall qualify, subject, however, to prior
death, resignation, retirement, disqualification or removal from office. Any
vacancy on the Board of Directors that results from an increase in the number of
directors may be filled by a majority of the Board of Directors then in office,
and any other vacancy occurring in the Board of Directors may be filled by a
majority of the directors then in office, although less than a quorum, or by a
sole remaining director. Any director elected to fill a vacancy not resulting
from an increase in the number of directors shall have the same remaining term
as that of his predecessor. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the
foregoing, whenever the holders of any one or more classes or series of
Preferred Stock issued by the corporation shall have the right, voting
separately by class or series, to elect directors at an annual or special
meeting of stockholders, the election, term of office, filling of vacancies and
other features of such directorships shall be governed by the terms of these
Articles of Incorporation applicable thereto, and such directors so elected
shall not be divided into classes pursuant to this Article X unless expressly
provided by such terms. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any director or the entire
Board of Directors may be removed from office without cause by the affirmative
vote of eighty percent (80%) of the votes entitled to be cast by the holders of
all then outstanding shares of voting stock of the corporation, voting together
as a single class; <U>provided</U>, <U>however</U>, that no individual director
shall be removed without cause (unless the Board of Directors or the class of
directors of which he is a member be removed) in case the votes cast against
such removal would be sufficient, if voted cumulatively for such director, to
elect him to the class of directors of which he is a member. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any other
provision of these Articles or the bylaws of the corporation and notwithstanding
the fact that a lesser percentage or separate class vote may be specified by
law, these Articles or the bylaws of the corporation, the affirmative vote of
the holders of not less than eighty percent (80%) of the votes entitled to be
cast by the holders of all then outstanding shares of voting stock of the
corporation, voting together as a single class, shall be required to amend or
repeal, or adopt any provisions inconsistent with, this Article X, unless such
action has been previously approved by a three-fourths vote of the whole Board
of Directors. </FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE XI</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ELIMINATION OF DIRECTOR LIABILITY</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No director of the
corporation shall be personally liable to the corporation or its stockholders
for monetary damages for a breach of his duties as a director except for
liability: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For any transaction in which the director's  personal  financial interest is in
conflict with the financial interest of the corporation or its stockholders;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For  acts  or  omissions  not  in  good  faith  or  which  involve  intentional
misconduct or are known to the director to be a violation of law;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[c]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For distributions made in violation of the Kentucky Revised Statutes; or</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[d]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For any  transaction  from  which the  director  derives an  improper  personal
benefit.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Kentucky Revised
Statutes are amended after approval by the stockholders of this Article to
authorize corporate action further eliminating or limiting the personal
liability of directors, then the liability of a director of the corporation
shall be eliminated or limited to the fullest extent permitted by the Kentucky
Revised Statutes, as so amended. Any repeal or modification of this Article XI
by the stockholders of the corporation shall not adversely affect any right or
protection of a director of the corporation existing at the time of such repeal
or modification. </FONT></P>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>ARTICLE XII</U></B></FONT>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>SPECIAL MEETING OF SHAREHOLDERS</U></FONT>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Special meetings of the shareholders of the corporation may be called only by:</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors; or</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of not less than sixty-six and two-thirds  percent (66 2/3%) of all
shares  entitled to cast votes on any issue  proposed to be  considered  at the proposed  special meeting upon such holders  signing,  dating and delivering to
the  corporation's  Secretary  one or more  written  demands  for the  meeting,
for which the meeting is to be held.</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>SERIES DESIGNATION FOR SERIES 1998 PREFERRED STOCK</U></B></FONT>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Designation  and Number of Shares</U>.  This series of the  Preferred  Stock shall be  designated  as
"Series 1998  Preferred  Stock" (the "Series 1998 Preferred  Stock").  The number of shares  initially  issuable as
the Series 1998 Preferred  Stock shall be 15,000;  <U>provided</U>,  <U>however</U>,  that, if more than a total of 15,000 shares
of Series 1998  Preferred  Stock shall be issuable upon the exercise of Rights (the  "Rights")  issued  pursuant to
the Rights  Agreement dated as of March 19, 1998,  between the Corporation and Bank of Louisville,  as Rights Agent
(the "Rights  Agreement"),  the Board of Directors of the  Corporation,  shall,  if then  permitted by the Kentucky
Business  Corporation  Act,  direct by  resolution  or  resolutions  that  Articles of Amendment of the Articles of
Incorporation of the Corporation be properly  executed and filed with the Secretary of State of Kentucky  providing
for the total number of shares  issuable as Series 1998  Preferred  Stock to be  increased  (to the extent that the
Articles of  Incorporation  then  permit) to the largest  number of whole shares  (rounded up to the nearest  whole
number) issuable upon exercise of such Rights.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Dividends or Distributions</U>.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the prior and  superior  rights of the holders of shares of any other  series
of Preferred Stock or other class of capital stock of the  Corporation  ranking prior and superior to the shares of
Series 1998 Preferred  Stock with respect to dividends,  the holders of shares of the Series 1998  Preferred  Stock
shall be  entitled  to  receive,  when,  as and if  declared  by the Board of  Directors,  out of the assets of the
Corporation  legally available  therefor,  (i) annual dividends payable in cash on January 15 of each year, or such
other dates as the Board of Directors of the  Corporation  shall approve  (each such date being  referred to herein
as an "Annual  Dividend  Payment  Date"),  commencing  on the first  Annual  Dividend  Payment Date after the first
issuance  of a share or a  fraction  of a share of Series  1998  Preferred  Stock,  in the amount of $.01 per whole
share  (rounded to the nearest cent),  less the amount of all cash dividends  declared on the Series 1998 Preferred
Stock </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
pursuant to the following  clause (ii) since the immediately  preceding Annual Dividend Payment Date or, with
respect to the first Annual  Dividend  Payment Date,  since the first  issuance of any share or fraction of a share
of Series 1998 Preferred  Stock (the total of which shall not, in any event,  be less than zero) and (ii) dividends
payable in cash on the payment  date for each cash  dividend  declared  on the Common  Stock in an amount per whole
share (rounded to the nearest cent) equal to the Formula Number (as  hereinafter  defined) then in effect times the
cash dividends then
to be paid on each share of Common  Stock.  In  addition,  if the  Corporation  shall pay any  dividend or make any
distribution  on the Common Stock  payable in assets,  securities or other forms of non-cash  consideration  (other
than dividends or distributions  solely in shares of Common Stock),  then, in each such case, the Corporation shall
simultaneously  pay or make  on each  outstanding  whole  share  of  Series  1998  Preferred  Stock a  dividend  or
distribution  in like kind equal to the Formula Number then in effect times such dividend or  distribution  on each
share of the Common Stock. As used herein,  the "Formula  Number" shall be 1,000;  <U>provided</U>,  <U>however</U>,  that, if at
any time after March 19, 1998,  excluding,  however,  the two-for-one stock split or stock dividend declared by the
Corporation  on March 19, 1998, the  Corporation  shall (x) declare or pay any dividend on the Common Stock payable
in shares of Common Stock or make any  distribution  on the Common Stock in shares of Common  Stock,  (y) subdivide
(by a stock split or  otherwise)  the  outstanding  shares of Common Stock into a larger number of shares of Common
Stock or (z)  combine  (by a reverse  stock  split or  otherwise)  the  outstanding  shares of Common  Stock into a
smaller  number of shares of Common  Stock,  then,  in each such event,  the Formula  Number shall be adjusted to a
number determined by multiplying the Formula Number in effect  immediately  prior to such event by a fraction,  the
numerator of which is the number of shares of Common Stock that are  outstanding  immediately  after such event and
the  denominator of which is the number of shares of Common Stock that are  outstanding  immediately  prior to such
event (and rounding the result to the nearest whole  number);  and,  <U>provided</U>  <U>further</U>,  that, if at any time after
March  19,  1998,  the  Corporation  shall  issue any  shares of its  capital  stock in a merger,  share  exchange,
reclassification,  or change of the  outstanding  shares of Common  Stock,  then,  in each such event,  the Formula
Number shall be  appropriately  adjusted to reflect  such merger,  share  exchange,  reclassification  or change so
that each share of  Preferred  Stock  continues  to be the  economic  equivalent  of a Formula  Number of shares of
Common Stock prior to such merger, share exchange, reclassification or change.</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The  Corporation  shall declare a dividend or  distribution on the Series 1998 Preferred
Stock  as  provided  in  Section  II(a)  immediately  prior  to or at the  same  time it  declares  a  dividend  or
distribution  on the  Common  Stock  (other  than a dividend  or  distribution  solely in shares of Common  Stock);
<U>provided</U>,  <U>however</U>,  that,  in the event no dividend or  distribution  (other  than a dividend or  distribution  in
shares of Common  Stock)  shall have been  declared  on the Common  Stock  during  the  period  between  any Annual
Dividend  Payment Date and the next subsequent  Annual  Dividend  Payment Date, a dividend of $.01 per share on the
Series 1998 Preferred  Stock shall  nevertheless be payable on such  subsequent  Annual Dividend  Payment Date. The
Board of  Directors  may fix a record  date for the  determination  of holders of shares of Series  1998  Preferred
Stock entitled to receive a dividend or distribution  declared thereon,  which record date shall be the same as the
record date for any corresponding dividend or distribution on the Common Stock.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[c]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dividends  shall begin to accrue and be cumulative on outstanding  shares of Series 1998
Preferred  Stock from and after the Annual  Dividend  Payment  Date next  preceding  the date of original  issue of</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
shares of Series 1998 Preferred Stock; <U>provided</U>,  <U>however</U>  that dividends on such shares that are originally
issued after the record date for the  determination  of holders of shares of Series 1998  Preferred  Stock entitled
to receive an annual  dividend and on or prior to the next succeeding  Annual Dividend  Payment Date shall begin to
accrue and be  cumulative  from and after  such  Annual  Dividend  Payment  Date.  Notwithstanding  the  foregoing,
dividends  on shares of Series 1998  Preferred  Stock that are  originally  issued prior to the record date for the
determination  of holders of shares of Series 1998 Preferred  Stock  entitled to receive an annual  dividend on the
first Annual  Dividend  Payment Date shall be calculated as if cumulative from and after the last day of the fiscal
quarter next preceding the date of original  issuance of such shares.  Accrued but unpaid  dividends shall not bear
interest.  Dividends paid on the shares of Series 1998  Preferred  Stock in an amount less than the total amount of
such  dividends  at the time accrued and payable on such shares  shall be  allocated  pro rata on a  share-by-share
basis among all such shares at the time outstanding and entitled to receive such dividends.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[d]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
So long as any shares of the Series 1998 Preferred Stock are  outstanding,  no dividends
or other distributions  shall be declared,  paid or distributed,  or set aside for payment or distribution,  on the
Common  Stock,  unless,  in each case,  the dividend  required by this Section II to be declared on the Series 1998
Preferred Stock shall have been declared and paid.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[e]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The  holders of the shares of Series  1998  Preferred  Stock  shall not be  entitled  to
receive any dividends or other distributions, except as provided herein.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Voting  Rights</U>.  The holders of shares of Series 1998  Preferred  Stock shall have the  following
voting rights:</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each  holder of Series  1998  Preferred  Stock  shall be  entitled  to a number of votes
equal to the Formula Number then in effect,  for each whole share of Series 1998 Preferred  Stock held of record on
each matter on which  holders of the Common Stock or  shareholders  generally  are entitled to vote,  multiplied by
the maximum  number of votes per share which any holder of the Common  Stock or  shareholders  generally  then have
with respect to such matter  (assuming any holding  period or other  requirement to vote a greater number of shares
is satisfied).</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as  otherwise  provided  herein or by  applicable  law,  the holders of shares of
Series 1998  Preferred  Stock and the holders of shares of Common Stock shall vote together as one voting group for
the election of directors of the  Corporation  and on all other matters  submitted to a vote of shareholders of the
Corporation.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[c]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, at the time of any annual  meeting of  shareholders  for the election of  directors,
the equivalent of two annual dividends  (whether or not consecutive)  payable on any share or shares of Series 1998
Preferred  Stock are in default,  the number of directors  constituting  the Board of Directors of the  Corporation
shall be  increased  by two. In addition to voting  together  with the holders of Common  Stock for the election of
other directors of the  Corporation,  the holders of record of the Series 1998 Preferred Stock,  voting  separately
as a voting group to the exclusion of the</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
holders of Common Stock,  shall be entitled at said meeting of shareholders  (and at each subsequent annual meeting
of  shareholders),  unless all  dividends  in arrears  have been paid or declared  and set apart for payment  prior
thereto,  to vote for the election of two directors of the  Corporation,  the holders of any Series 1998  Preferred
Stock  being  entitled  to cast a number of votes  per whole  share of Series  1998  Preferred  Stock  equal to the
Formula  Number.  Until the default in payments of all  dividends  that  permitted  the election of said  directors
shall cease to exist,  any director who shall have been so elected  pursuant to the next preceding  sentence may be
removed at any time,  either with or without cause,  only by the  affirmative  vote of the holders of the shares of
Series  1998  Preferred  Stock at the time  entitled  to cast such  number of votes as are  required by law for the
election  of any such  director  at a special  meeting of such  holders  called for that  purpose,  and any vacancy
thereby  created may be filled only by the vote of such  holders.  If and when such  default  shall cease to exist,
the holders of the Series 1998 Preferred  Stock shall be divested of the foregoing  special voting rights,  subject
to  revesting  in the  event of each  and  every  subsequent  like  default  in  payments  of  dividends.  Upon the
termination of the foregoing  special  voting rights,  the terms of office of all persons who may have been elected
directors  pursuant to said special  voting rights shall  forthwith  terminate to the extent  permitted by law, and
the number of directors  constituting  the Board of Directors shall be reduced by two. The voting rights granted by
this  Section  III(c)  shall be in addition to any other  voting  rights  granted to the holders of the Series 1998
Preferred Stock in this Section III.</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[d]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as provided  herein,  in Section XI or by applicable law,  holders of Series 1998
Preferred  Stock shall have no special voting rights and their consent shall not be required  (except to the extent
they are  entitled  to vote with  holders  of Common  Stock as set forth  herein)  for  authorizing  or taking  any
corporate action.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Certain Restrictions</U>. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whenever  annual  dividends or other  dividends or  distributions  payable on the Series
1998  Preferred  Stock as  provided  in Section II are in  arrears,  thereafter  and until all  accrued  and unpaid
dividends and  distributions,  whether or not declared,  on shares of Series 1998 Preferred Stock outstanding shall
have been paid in full, the Corporation shall not</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
declare  or pay  dividends  on,  make any other  distributions  on, or
redeem or purchase or otherwise  acquire for  consideration  any shares of stock  ranking  junior
(either as to  dividends  or upon  liquidation,  dissolution  or winding  up) to the Series  1998
Preferred Stock;</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
declare or pay  dividends  on or make any other  distributions  on any
shares of stock ranking on a parity (either as to dividends or upon  liquidation,  dissolution or
winding up) with the Series 1998  Preferred  Stock,  except  dividends paid ratably on the Series
1998  Preferred  Stock and all such parity stock on which  dividends are payable or in arrears in
proportion to the total amounts to which the holders of all such shares are then entitled;</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
redeem or purchase or otherwise  acquire for  consideration  shares of
         any stock  ranking on a parity  (either  as to  dividends  or upon  liquidation,  dissolution  or
         winding up) with the Series l998 Preferred  Stock;  <U>provided</U> that the Corporation may at any time</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
redeem,  purchase or otherwise  acquire shares of any such parity stock in exchange for shares of
any  stock of the  Corporation  ranking  junior  (either  as to  dividends  or upon  dissolution,
liquidation or winding up) to the Series 1998 Preferred Stock; or</FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
purchase or otherwise  acquire for  consideration any shares of Series
1998 Preferred  Stock,  or any shares of stock ranking on a parity with the Series 1998 Preferred
Stock,  except in  accordance  with a  purchase  offer  made in  writing  or by  publication  (as
determined  by the Board of  Directors)  to all  holders  of such  shares  upon such terms as the
Board of  Directors,  after  consideration  of the  respective  annual  dividend  rates and other
relative  rights and  preferences of the respective  series and classes,  shall determine in good
faith will result in fair and equitable treatment among the respective series or classes.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The  Corporation  shall not permit any  subsidiary  of the  Corporation  to  purchase or
otherwise  acquire for  consideration any shares of stock of the Corporation  unless the Corporation  could,  under
paragraph (a) of this Section IV, purchase or otherwise acquire such shares at such time and in such manner.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Liquidation Rights</U>.  Upon the liquidation,  dissolution or winding up of the Corporation,  whether
voluntary  or  involuntary,  no  distribution  shall be made (a) to the holders of shares of stock  ranking  junior
(either as to  dividends  or upon  liquidation,  dissolution  or winding  up) to the Series 1998  Preferred  Stock,
unless,  prior thereto,  the holders of shares of Series 1998  Preferred  Stock shall have received an amount equal
to the accrued  and unpaid  dividends  and  distributions  thereon,  whether or not  declared,  to the date of such
payment,  plus an amount  equal to the  greater of (i) $.01 per whole share or (ii) an  aggregate  amount per share
equal to the Formula  Number then in effect times the aggregate  amount to be  distributed  per share to holders of
Common
Stock or (b) to the holders of stock ranking on a parity (either as to dividends or upon  liquidation,  dissolution
or winding up) with the Series 1998 Preferred Stock, except distributions made ratably
on the Series 1998  Preferred  Stock and all other such parity stock in  proportion  to the total  amounts to which
the holders of all such shares are entitled upon such liquidation, dissolution or winding up.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Consolidation,  Merger,  etc</U>.  In case  the  Corporation  shall  enter  into  any  consolidation,
merger,  share exchange,  combination or other transaction in which the shares of Common Stock are exchanged for or
changed into other stock or securities,  cash or any other property,  then, in any such case, the then  outstanding
shares of Series 1998 Preferred  Stock shall at the same time be similarly  exchanged or changed into an amount per
whole share equal to the Formula  Number then in effect times the aggregate  amount of stock,  securities,  cash or
any other  property  (payable in kind),  as the case may be, into which or for which each share of Common  Stock is
exchanged  or  changed.  In the event both this  Section VI and Section II appear to apply to a  transaction,  this
Section VI will control.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>No Redemption; No Sinking Fund</U>. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The shares of Series  1998  Preferred  Stock shall not be subject to  redemption  by the
Corporation  or at the  option  of any  holder  of  Series  1998  Preferred  Stock;  <U>provided</U>,  <U>however</U>,  that  the
Corporation  may  purchase or  otherwise  acquire  outstanding  shares of Series 1998  Preferred  Stock in the open
market or by offer to any holder or holders of shares of Series 1998 Preferred Stock.</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The shares of Series  1998  Preferred  Stock  shall not be subject to or entitled to the
operation of a retirement or sinking fund.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Ranking</U>.  The Series 1998  Preferred  Stock shall rank  junior to all other  series of  Preferred
Stock of the  Corporation,  unless the Board of  Directors  shall  specifically  determine  otherwise in fixing the
powers,  preferences  and relative,  participating,  optional and other special rights of the shares of such series
and the qualifications, limitations and restrictions thereof.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Fractional  Shares</U>.  The Series  1998  Preferred  Stock shall be  issuable  upon  exercise of the
Rights  issued  pursuant  to the  Rights  Agreement  in  whole  shares  or in  any  fraction  of a  share  that  is
one-thousandth  (1/1,000) of a share or any integral  multiple of such fraction which shall entitle the holder,  in
proportion to such holder's  fractional  shares,  to receive  dividends,  exercise  voting  rights,  participate in
distributions  and have the  benefit of all other  rights of holders of Series  1998  Preferred  Stock.  In lieu of
fractional  shares,  the  Corporation,  prior to the first  issuance  of a share or a fraction of a share of Series
1998 Preferred  Stock,  may elect (a) to make a cash payment as provided in the Rights Agreement for fractions of a
share other than  one-thousandth  (1/1,000) of a share or any integral  multiple thereof or (b) to issue depository
receipts  evidencing such authorized  fraction of a share of Series 1998 Preferred Stock pursuant to an appropriate
agreement  between the  Corporation  and a depository  selected by the  Corporation;  <U>provided</U> that such  agreement
shall provide that the holders of such  depository  receipts shall have all the rights,  privileges and preferences
to which they are entitled as holders of the Series 1998 Preferred Stock.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Reacquired  Shares</U>.  Any shares of Series 1998 Preferred  Stock  purchased or otherwise  acquired
by the Corporation in any manner whatsoever shall be retired and canceled  promptly after the acquisition  thereof.
All such shares shall upon their  cancellation  become  authorized but unissued shares of Preferred Stock,  without
par value, of the  Corporation,  undesignated as to series,  and may thereafter be reissued as part of a new series
of such Preferred Stock as permitted by law.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Amendment</U>.  None of the powers,  preferences  and  relative,  participating,  optional  and other
special rights of the Series 1998 Preferred Stock as provided herein or in the Articles of  Incorporation  shall be
amended in any manner that would alter or change the powers,  preferences,  rights or  privileges of the holders of
Series 1998 Preferred Stock so as to affect such holders  adversely  without the affirmative vote of the holders of
at least 66-2/3% of the  outstanding  shares of Series 1998  Preferred  Stock,  voting as a separate  voting group;
<U>provided</U>,  <U>however</U>,  that no such amendment  approved by the holders of at least 66-2/3% of the outstanding  shares
of Series 1998  Preferred  Stock shall be deemed to apply to the powers,  preferences,  rights or privileges of any
holder of shares of Series 1998 Preferred Stock  originally  issued upon exercise of a Right after the time of such
approval without the approval of such holder.</FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>RESOLUTIONS
ADOPTED BY THE BOARD OF DIRECTORS ELECTING THAT<BR>
THE CORPORATION BE SUBJECT GENERALLY, WITHOUT QUALIFICATION OR<BR>
 <U>LIMITATION, TO THE REQUIREMENTS OF KRS 271B.12-210.</U></B></FONT>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, there may be
uncertainty as to whether the provisions of the Kentucky Business Combinations
statute, KRS 271B.12-210 to 271B.12-230, apply to the Corporation by virtue of
the provisions of KRS 271B.12-220(4)(a) and pursuant to the provisions of that
subsection, the Board of Directors of the Corporation desires to elect by
resolution, adopted by all of the continuing directors of the Corporation, to be
subject generally, without qualification or limitation, to the requirements of
KRS 271B.12-210; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
RESOLVED, that the
Corporation be subject generally, without qualification or limitation, to the
requirements of KRS 271B.12-210 and the officers of the Corporation are hereby
authorized and directed to take any and all actions necessary or appropriate to
give effect to this resolution, including, without limitation, making any
filings required by statute or regulation, including filing articles of
amendment to the articles of incorporation of the Corporation including a copy
of this resolution making this election; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
RESOLVED, that any and all
actions heretofore taken by the officers of the Corporation in connection with
the above resolution, in the name of or on behalf of the Corporation, be and
hereby are approved, ratified and confirmed. </FONT></P>

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