-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SSlroYk5/H71ydWyrpZayrYx+V6KZzt+J/7R8+U5XVNE/sW37IiB19fhWZ5/J5Hz
 c+D4XV0g44sBcO10Ni0YXQ==

<SEC-DOCUMENT>0001047469-03-014939.txt : 20030428
<SEC-HEADER>0001047469-03-014939.hdr.sgml : 20030428
<ACCEPTANCE-DATETIME>20030428170200
ACCESSION NUMBER:		0001047469-03-014939
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030619
FILED AS OF DATE:		20030428
EFFECTIVENESS DATE:		20030428

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		03667263

	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>DEF 14A
<SEQUENCE>1
<FILENAME>a2109074zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03CHI2262_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 14A INFORMATION</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Soliciting Material Pursuant to &sect;240.14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=3> CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=5 ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2><B><BR> </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>No fee required</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=532411,FOLIO='blank',FILE='DISK021:[03CHI2.03CHI2262]BA2262A.;11',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=3>CHURCHILL DOWNS INCORPORATED<BR></FONT> <FONT SIZE=1>700 CENTRAL AVENUE<BR></FONT> <FONT SIZE=1>LOUISVILLE, KENTUCKY 40208 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON JUNE 19, 2003  </B></FONT></P>


<P><FONT SIZE=2><I>To the Shareholders of<BR>
Churchill Downs Incorporated:  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given that the Annual Meeting of Shareholders of Churchill Downs Incorporated (the "Company"), a Kentucky corporation, will be held at Churchill
Downs Trackside (formerly, Sports Spectrum), 4520 Poplar Level Road, Louisville, Kentucky, on Thursday, June&nbsp;19, 2003, at 10:00&nbsp;a.m., E.D.T. for the following purposes: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;To
elect four (4)&nbsp;Class&nbsp;I Directors for a term of three (3)&nbsp;years (Proposal No.&nbsp;1); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.&nbsp;&nbsp;&nbsp;&nbsp;To
approve the proposed Churchill Downs Incorporated 2003 Stock Option Plan (Proposal No.&nbsp;2); </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III.&nbsp;&nbsp;&nbsp;&nbsp;To
approve amendments to the Company's Articles of Incorporation to eliminate cumulative voting for the election of Directors of the Company (Proposal
No.&nbsp;3); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV.&nbsp;&nbsp;&nbsp;&nbsp;To
approve or disapprove the minutes of the 2002 Annual Meeting of Shareholders, approval of which does not amount to ratification of actions taken at such
meeting (Proposal No.&nbsp;4); and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V.&nbsp;&nbsp;&nbsp;&nbsp;To
transact such other business as may properly come before the meeting or any adjournment thereof, including matters incident to its conduct. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
close of business on April&nbsp;23, 2003, has been fixed as the record date for the determination of the shareholders entitled to notice of and to vote at the meeting, and only
shareholders of record at that time will be entitled to notice of and to vote at the meeting and at any adjournments thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who do not expect to attend the meeting in person are urged to sign, date and promptly return the Proxy that is enclosed herewith. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
Order of the Board of Directors. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>REBECCA C. REED</FONT><BR><FONT SIZE=2><I>Senior Vice President,</I></FONT><BR><FONT SIZE=2><I>General Counsel and Secretary</I></FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2>May&nbsp;5,
2003 </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=2,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=336027,FOLIO='blank',FILE='DISK021:[03CHI2.03CHI2262]DC2262A.;4',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_de2262_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=3>CHURCHILL DOWNS INCORPORATED<BR></FONT> <FONT SIZE=1>700 CENTRAL AVENUE<BR></FONT> <FONT SIZE=1>LOUISVILLE, KENTUCKY 40208 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3>PROXY STATEMENT </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><A
NAME="de2262_annual_meeting_of_share__de201947"> </A>
<A NAME="toc_de2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>Annual Meeting of Shareholders To Be Held on June&nbsp;19, 2003    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed Proxy is being solicited by the Board of Directors (the "Board of Directors") of Churchill Downs Incorporated (the "Company") to be voted at the 2003
Annual Meeting of Shareholders to be held on Thursday, June&nbsp;19, 2003, at 10:00&nbsp;a.m., E.D.T. (the "Annual Meeting"), at the Churchill Downs Trackside (formerly, Sports Spectrum), 4520
Poplar Level Road, Louisville, Kentucky, and any adjournments thereof. This solicitation is being made primarily by mail and at the expense of the Company. Certain officers and directors of the
Company and persons acting under their instruction may also solicit Proxies on behalf of the Board of Directors by means of telephone calls, personal interviews and mail at no additional expense to
the Company. The Proxy and this Proxy Statement are being sent to shareholders on or about May&nbsp;5, 2003. </FONT></P>


<P><FONT SIZE=2><I>Voting Rights  </I></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only holders of record of the Company's Common Stock, No Par Value ("Common Stock"), on April&nbsp;23, 2003, are entitled to notice of and to vote at the Annual
Meeting. On that date, 13,168,489 shares of Common Stock were outstanding and entitled to vote. Each shareholder has one vote per share on all matters coming before the Annual Meeting, other than the
election of directors. In the election of directors, a shareholder is entitled by Kentucky law to exercise "cumulative" voting rights; that is, the shareholder is entitled to cast as many votes as
equals the number of shares owned by the shareholder multiplied by the number of directors to be elected and may cast all such votes for a single nominee or distribute them among the nominees in any
manner that the shareholder desires. Shares represented by proxies received may be voted cumulatively (see "Election of Directors"). Under the Company's Articles of Incorporation and Bylaws and the
Kentucky statutes, abstentions and broker non-votes on any matter are not counted in determining the number of votes required for the election of a director or passage of any matter
submitted to the shareholders. Abstentions and broker non-votes are counted for purposes of determining whether a quorum exists.

 </FONT>

</P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the enclosed Proxy is properly executed and returned prior to the Annual Meeting, the shares represented thereby will be voted as specified therein. IF A SHAREHOLDER DOES NOT SPECIFY
OTHERWISE, THE SHARES REPRESENTED BY THE SHAREHOLDER'S PROXY WILL BE VOTED <U>FOR</U> THE ELECTION OF THE NOMINEES LISTED BELOW UNDER "ELECTION OF DIRECTORS,"
<U>FOR</U> APPROVAL OF THE PROPOSED CHURCHILL DOWNS INCORPORATED 2003 STOCK OPTION PLAN, <U>FOR</U> APPROVAL OF THE AMENDMENTS TO THE COMPANY'S ARTICLES OF
INCORPORATION TO ELIMINATE CUMULATIVE VOTING FOR THE ELECTION OF DIRECTORS OF THE COMPANY, FOR APPROVAL OF THE MINUTES OF THE 2002 ANNUAL MEETING OF SHAREHOLDERS AND IN THE DISCRETION OF THE PERSON OR
PERSONS VOTING THE PROXIES ON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENTS THEREOF. </FONT></P>

<P><FONT SIZE=2><I>Revocation of Proxy  </I></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A proxy may be revoked at any time before the shares it represents are voted by giving written notice of revocation to the Secretary of the Company and such
revocation shall be effective for all votes after receipt. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=3,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=751196,FOLIO='1',FILE='DISK021:[03CHI2.03CHI2262]DE2262A.;8',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_de2262_1_2"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="de2262_common_stock_owned_by_certain_persons"> </A>
<A NAME="toc_de2262_2"> </A>
<BR></FONT><FONT SIZE=2><B>Common Stock Owned by Certain Persons    <BR>  </B></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information concerning the beneficial ownership of the Common Stock as of April&nbsp;21, 2003, by [i] the
only persons known by the Board of Directors to own beneficially more than five percent (5%) of the Common Stock and [ii] the Company's directors and executive officers as a
group. Except as otherwise indicated, the persons named in the table have sole voting and investment power with respect to all of the shares of Common Stock shown as beneficially owned by them.

 </FONT>

</P>




<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="66%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Address<BR>
of Beneficial Owner<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Shares<BR>
Beneficially<BR>
Owned</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>% of Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="66%"><FONT SIZE=2>Duchossois Industries, Inc.<BR>
845 Larch Avenue<BR>
Elmhurst, Illinois 60126</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>3,150,000</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>23.92</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="66%"><FONT SIZE=2><BR>
Brad M. Kelley<BR>
2200 Lapsley Lane<BR>
Bowling Green, Kentucky 42103</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,165,870</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
8.85</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="66%"><FONT SIZE=2><BR>
32 Directors and Executive Officers as a Group</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
7,120,491</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP"><FONT SIZE=2><BR>(2)(3)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
54.07</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
</TABLE>

<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>By
the terms of a certain Merger Agreement between the Company and Duchossois Industries,&nbsp;Inc., which is described in more detail below, Duchossois Industries,&nbsp;Inc., may
be issued up to an additional 1,250,000 shares of Common Stock in the future, subject to the occurrence of certain events as specified in the Merger Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>See
"Executive Officers of the Company," "Election of Directors," and "Continuing Directors," below.


<BR><BR></FONT></DD>

<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Includes
385,528 shares issuable under currently exercisable options.

</FONT></DD>

</DL>
<P ALIGN="CENTER"><FONT SIZE=1><A
NAME="de2262_section_16(a)_beneficia__de202037"> </A>
<A NAME="toc_de2262_3"> </A>
<BR></FONT><FONT SIZE=2><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires that the Company's directors, executive officers and persons who beneficially own more than
ten percent (10%) of the Company's Common Stock file certain reports with the Securities and Exchange Commission ("SEC") with regard to their beneficial ownership of the Common Stock. The Company is
required to disclose in this Proxy Statement any failure to file or late filings of such reports. During the Company's prior fiscal year, based solely on its review of the forms filed with the SEC,
the Company believes that all filing requirements applicable to its directors, executive officers and ten percent (10%) beneficial owners were satisfied. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=4,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=500749,FOLIO='2',FILE='DISK021:[03CHI2.03CHI2262]DE2262A.;8',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dg2262_1_3"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2262_executive_officers_of_the_company"> </A>
<A NAME="toc_dg2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>Executive Officers of the Company    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's executive officers, as listed below, are elected annually to their executive offices and serve at the pleasure of the Board of Directors. </FONT></P>




<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="43%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Common Stock of the<BR>
Company Beneficially<BR>
Owned as of<BR>
April&nbsp;23, 2003(1)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="43%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s) With Company<BR>
and Term of Office</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>% of Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>Carl F. Pollard(3)<BR>
64</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2>Director since 1985; Chairman of the Board since 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>163,080</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>1.23</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Thomas H. Meeker<BR>
59</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
President and Chief Executive Officer since 1984; Director since 1995</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
278,391</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(4)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Michael W. Anderson<BR>
32</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Treasurer since June 2002; Vice President, Corporate Finance since January 2002; Corporate Controller from January 2000 to December 2001; Controller from November 1996 to December 1999</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
109</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Frederick M. Baedeker, Jr.<BR>
53</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
President, Churchill Downs California Company since November 1999</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,500</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(5)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
C. Kenneth Dunn<BR>
56</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
President, Calder Race Course, Inc. since April 1999; President, Tropical Park, Inc., since April 1999</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7,894</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(6)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Clifford C. Goodrich<BR>
60</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
President, Arlington Park Racecourse, LLC since March 2003; Executive Vice President, Arlington Park Racecourse, LLC from December 2002 to March 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
John R. Long<BR>
55</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Executive Vice President and Chief Operating Officer since July 1999; President, Churchill Downs Management Company since November 1999; Interim President, Churchill Downs Racetrack from July 2002 to March 2003; Interim President, Ellis Park Race
Course, Inc., from July 2002 to March 2003</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
22,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(7)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
..16</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Michael E. Miller<BR>
51</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Chief Financial Officer since January 2003; Senior Vice President, Finance from January 2000 to December 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7,950</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(8)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Rebecca C. Reed<BR>
45</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Senior Vice President, General Counsel and Secretary since January 1999; Associate General Counsel and Assistant Secretary from January 1998 to December 1998; Corporate Counsel from January 1994 to December 1997</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
13,376</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(9)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
..10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Donald R. Richardson<BR>
57</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Senior Vice President, Racing, Churchill Downs Management Company since November 1999; Senior Vice President, Racing, from January 1999 to November 1999; Vice President, Racing from September 1994 to December 1998</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,941</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(10)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=5,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=723977,FOLIO='3',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_4"> </A>
<!-- end of table folio -->


<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Karl F. Schmitt, Jr.<BR>
50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
President, Churchill Downs Simulcast Network since January 2003; Senior Vice President, Communications from March 1998 to December 2002; Chief Operating Officer, Churchill Downs Simulcast Network from April 2002 to December 2002; Vice President,
Corporate Communications from 1990 to March 1998</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
21,822</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(11)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
..16</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Steven P. Sexton<BR>
43</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
President, Churchill Downs Racetrack since March, 2003; President, Ellis Park Race Course, Inc., since March 2003; President, Arlington Park Racecourse, LLC, from January 2002 to March 2003; President, Arlington International Racecourse, Inc., from
September 2001 to December 2001; Executive Vice President, Arlington International Racecourse, Inc., from May 2001 to September 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Andrew G. Skehan<BR>
42</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Senior Vice President, Corporate Sales and Marketing since September 1999; Senior Vice President, Corporate Marketing from April 1999 to September 1999</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,500</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(12)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Alexander M. Waldrop<BR>
46</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=2><BR>
Senior Vice President, Public Affairs since July 2002; President and General Manager, Churchill Downs Racetrack from September 1999 to July 2002; Senior Vice President and General Manager from January 1999 to July 2002; President, Ellis Park Race
Course, Inc., from September 2000 to July 2002; Senior Vice President, Administration from December 1996 to December 1998; Senior Vice President from June 1994 to December 1996; General Counsel and Secretary from August 1992 to December
1998</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
44,423</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(13)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
..33</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
</TABLE>


<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Less
than 0.1%
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>See
the Tables on Option Grants in Last Fiscal Year and Aggregate Year-End Option Values under "Executive Compensation" below for a
discussion of stock options granted by the Board of Directors to executive officers during 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>No
executive officer shares voting or investment power with respect to his or her beneficially owned shares, except that Mr.&nbsp;Meeker shares
investment and voting power with respect to 26,908 shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Pollard
does not serve full-time as an executive officer of the Company and is not compensated as an officer of the Company.

<BR><BR></FONT></DD>

<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Includes
245,478 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Includes
3,500 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Includes
7,400 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Includes
20,000 shares issuable under currently exercisable options.

</FONT></DD>

</DL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=6,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=396397,FOLIO='4',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_5"> </A>
<UL>

</UL>
<DL compact>

<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Includes
7,500 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Includes
11,985 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Includes
11,802 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(11)</FONT></DT><DD><FONT SIZE=1>Includes
21,396 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(12)</FONT></DT><DD><FONT SIZE=1>Includes
12,500 shares issuable under currently exercisable options.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(13)</FONT></DT><DD><FONT SIZE=1>Includes
43,967 shares issuable under currently exercisable options.

</FONT></DD>

</DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 1990 to 1998, Mr.&nbsp;Skehan was employed by PepsiCo,&nbsp;Inc., holding various positions, including that of general manager for
PepsiCo Restaurants International. From February&nbsp;1998, until joining the Company, Mr.&nbsp;Skehan served as a vice president/regional director of marketing and new markets (Europe, Middle
East and Africa) for Nabisco Corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
March&nbsp;1999 to October&nbsp;1999, Mr.&nbsp;Baedeker was employed by ODS Technologies, LLC, an interactive home wagering company, as Vice President, Communications.
Mr.&nbsp;Baedeker was employed from 1998 to February&nbsp;1999 by the National Thoroughbred Racing Association as Senior Vice President, Marketing. From 1992 to 1998, Mr.&nbsp;Baedeker was
employed by Hollywood Park,&nbsp;Inc., as Vice President, Marketing and Public Relations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
1990 until joining the Company, Mr.&nbsp;Dunn was employed as President of Calder Race Course,&nbsp;Inc., and Tropical Park,&nbsp;Inc., under successive former owners,
including Kawasaki Acquisition Corp. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
1993 until March&nbsp;1999, Mr.&nbsp;Long was employed as President and Chief Executive Officer of Ladbroke/USA, where he oversaw racing and gaming operations in North America
for Ladbroke Group, PLC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
1996 to 1999, Mr.&nbsp;Miller was employed as Senior Vice President and Chief Financial Officer of Fender Musical Instruments Corporation. During 1995, he served as a Director of
Entrepreneurial Tax Services with Ernst&nbsp;&amp; Young LLP. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
2000 until joining the Company, Mr.&nbsp;Sexton was employed as Executive Vice President and General Manager of Lone Star Park,&nbsp;Ltd., a racing association, which owns and
operates Lone Star Park at Grand Prairie, Texas. From 1994 to 2000, he was employed by Lone Star as Vice President and Assistant General Manager. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
2000 until joining the Company, Mr.&nbsp;Goodrich was employed as Chief Executive Officer of the California Thoroughbred Horsemen's Foundation,&nbsp;Inc., a charitable
foundation dedicated to improving the quality of life for backstretch personnel in California. From 1989 through 1999, Mr.&nbsp;Goodrich served as President and Chief Operating Officer of the Los
Angeles Turf Club&nbsp;Inc., which operated Santa Anita Park. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=7,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=98120,FOLIO='5',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_6"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2262_election_of_directors_(proposal_no._1)"> </A>
<A NAME="toc_dg2262_2"> </A>
<BR></FONT><FONT SIZE=2><B>Election of Directors<BR>  (Proposal No.&nbsp;1)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Annual Meeting, shareholders will vote to elect four (4)&nbsp;persons to serve in Class&nbsp;I of the Board of Directors to hold office for a term of
three (3)&nbsp;years expiring at the 2006 Annual Meeting of Shareholders and thereafter until their respective successors shall be duly elected and qualified. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Articles of Incorporation of the Company provide that the Board of Directors shall be composed of not less than nine (9)&nbsp;nor more than twenty-five
(25)&nbsp;members, the exact number to be established by the Board of Directors, and further provide for the division of the Board of Directors into three (3)&nbsp;approximately equal classes, of
which one (1)&nbsp;class is elected annually. Mr.&nbsp;Brad Kelley has declined to stand for re-election to the Board of Directors citing the demands on his time in connection with
business commitments and related travel. Accordingly, the Board of Directors, in March&nbsp;2003, amended the Company's Bylaws to establish the number of directors at fourteen (14), with four
(4)&nbsp;directors in Class&nbsp;I and five (5)&nbsp;directors in each of Class&nbsp;II and Class&nbsp;III, to be effective upon the election of directors at the annual meeting of
shareholders on June&nbsp;19, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a party to a Merger Agreement dated as of June&nbsp;23, 2000, as amended (the "Merger Agreement"), between the Company and Duchossois Industries,&nbsp;Inc., under
which certain subsidiaries of the Company were merged into certain wholly-owned subsidiaries of Duchossois Industries,&nbsp;Inc. ("Merger"). The Merger was approved by vote of the Company's
shareholders at a Special Meeting of the shareholders on September&nbsp;8, 2000. Pursuant to a Stockholder's Agreement between the Company and Duchossois Industries,&nbsp;Inc., as part of the
Merger, Duchossois Industries,&nbsp;Inc., designated three (3)&nbsp;individuals for appointment and election to the Board of Directors. The Stockholder's Agreement provides that those individuals,
Mr.&nbsp;Richard L. Duchossois, Mr.&nbsp;Craig J. Duchossois, and Mr.&nbsp;Robert L. Fealy (or substitute designees reasonably acceptable to the Company), would be nominated to serve as
directors of the Company, being allocated as equally as possible among the three classes of directors, for vote of the shareholders of the Company at the annual meeting of shareholders at which each
respective class is then submitted for vote by the shareholders. In 2000, the Board of Directors of the Company appointed Mr.&nbsp;Craig J. Duchossois to serve as a member of Class&nbsp;I,
Mr.&nbsp;Richard L. Duchossois to serve as a member of Class&nbsp;II and Mr.&nbsp;Robert L. Fealy to serve as a member of Class&nbsp;III. At the June&nbsp;2001 Annual Meeting of Shareholders
of the Company, Mr.&nbsp;Craig J. Duchossois was reelected as a Class&nbsp;I director, Mr.&nbsp;Richard L. Duchossois was reelected as a Class&nbsp;II director and Mr.&nbsp;Robert L. Fealy
was reelected as a Class&nbsp;III director. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Annual Meeting, the four (4)&nbsp;persons named in the following table will be nominated on behalf of the Board of Directors for election as directors in Class&nbsp;I. All of
the nominees currently serve as members of Class&nbsp;I and have agreed to serve if reelected. Under cumulative voting, the four (4)&nbsp;nominees receiving the highest number of votes will be
elected. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=8,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=707567,FOLIO='6',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_7"> </A>

<P><FONT SIZE=2><I>Nominees for Election as Directors  </I></FONT></P>




<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Common Stock of the<BR>
Company Beneficially<BR>
Owned as of<BR>
April&nbsp;23, 2003(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="CENTER"><FONT SIZE=1><B>Name, Age and<BR>
Positions with<BR>
Company</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation(1) and<BR>
Certain Directorships(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>% of Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><FONT SIZE=3><B>Class I&#151;Term Expiring 2006(4)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Leonard S. Coleman, Jr.<BR>
54<BR>
Director since 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Senior Advisor, Major League Baseball; Director, The Omnicom Group, Aramark Corp., New Jersey Resources, Electronic Arts, Inc., Cendant Corp., H. J. Heinz Co., and Owens Corning; Chairman, The Jackie Robinson Foundation; Director, Children's Defense
Fund, Metropolitan Opera, The Schuman Fund, Village of Waterloo, and Dimensions International; Former Chairman, ARENACO, Inc. (subsidiary of New York Yankees/New Jersey Nets)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
500</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Craig J. Duchossois<BR>
58<BR>
Director since 2000(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Chief Executive Officer, Duchossois Industries, Inc. (private holding company with diversified business interests); Chairman, The Chamberlain Group, Inc. (garage door opener manufacturer); Chairman, Thrall Car Management Co., Inc. (investments);
Director, Trinity Industries, Inc., Bissell, Inc., LaSalle National Bank, Culver Educational Foundation and Illinois Institute of Technology</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,150,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.92</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
G. Watts Humphrey, Jr.<BR>
58<BR>
Director since 1995</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
President, GWH Holdings, Inc. (private investment company); Chief Executive Officer, The Conair Group, Inc. (plastics machinery equipment company), The Techs (metals manufacturing and distribution companies) and Centria (manufacturer and erector of
metal building systems); Owner, Shawnee Farm (Thoroughbred breeding and racing operation); Vice President and Treasurer, Breeders' Cup Limited; Chairman Breeders' Cup Limited (Executive Committee); Chairman, The Blood Horse, Inc.; Steward, The Jockey
Club; Director, American Horse Council; Keeneland Association, Shakertown at Pleasant Hill, Kentucky, Inc., National Thoroughbred Racing Association and Smithfield Trust Company; Trustee, Centre College and University of Pittsburgh</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
51,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
..38</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=9,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=1004342,FOLIO='7',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_8"> </A>
<!-- end of table folio -->


<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Dennis D. Swanson<BR>
65<BR>
Director since 1996</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Executive Vice President and Chief Operating Officer, Viacom Television Stations Group (television stations); Co-Chairman, NBC Olympics; Former President and General Manager, WNBC-TV; Former President, ABC Sports, Inc. (from January 1986 to May
1996); Chairman, Foundation for Minority Interests in Media, Inc., Resource Development Board, College of Communications, University of Illinois at Champaign-Urbana, and National Academy of Arts and Sciences</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>


<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Less
than 0.1%.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Except
as otherwise indicated, there has been no change in principal occupation or employment during the past five years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Directorships
in companies with a class of securities registered pursuant to the Securities Exchange Act of 1934 or companies registered under the Investment Company Act of 1940 and,
in the case of certain nominees, other directorships or positions considered significant by them.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Craig
J. Duchossois and Richard L. Duchossois share voting and investment power with respect to 3,150,000 shares owned by Duchossois Industries,&nbsp;Inc. Messrs.&nbsp;Richard L.
Duchossois and Craig J. Duchossois specifically disclaim beneficial ownership of 3,150,000 shares owned by Duchossois Industries,&nbsp;Inc. and disclaim the additional amount of up to 1,250,000
shares which may be issued to Duchossois Industries, Inc, in the future, subject to the occurrence of certain events as specified in the Merger Agreement. See "Continuing Directors" below.

<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'>

<FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Brad
M. Kelley, age 46, has been a director of the Company since 2000. He has declined to stand for re-election to the Board of Directors, and his term of office will expire upon the
election of directors at the annual meeting. He is the former Chief Executive Officer and Chairman of Commonwealth Brands, Inc., a cigarette manufacturer; a Member of Kentucky Downs, LLC,


 </FONT>



<P><FONT SIZE=1>a
thoroughbred racing association and pari-mutuel off-track betting facility; and Chairman of Bison Capital, LLC. As of April&nbsp;21, 2003, Mr.&nbsp;Kelley beneficially owned
1,165,870&nbsp;shares, or 8.85%, of the Company's stock.


 </FONT></P>


</DD>

<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Craig
J. Duchossois is the son of Mr.&nbsp;Richard L. Duchossois, who is also a director of the Company. Of the shares listed as beneficially owned by Mr.&nbsp;Richard
L. Duchossois, the 3,150,000 shares owned by Duchossois Industries,&nbsp;Inc., are the same shares listed as beneficially owned by Mr.&nbsp;Craig J. Duchossois.


</FONT></DD>

</DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has no reason to believe that any of the nominees will be unavailable to serve as a director. If any nominee should become
unavailable before the Annual Meeting, the persons named in the enclosed Proxy, or their substitutes, reserve the right to vote for substitute nominees selected by the Board of Directors. In addition,
if any shareholder(s) shall vote shares for the election of a director or directors other than the nominees named above, or substitute nominees, or for less than all of them, the persons named in the
enclosed Proxy or their substitutes, or a majority of them, reserve the right to vote for some number less than all of the nominees named above or any substitute nominees, and for such of the persons
nominated as they may choose. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=10,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=937768,FOLIO='8',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_9"> </A>

<P><FONT SIZE=2><I>Continuing Directors  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information relating to the Class&nbsp;II and Class&nbsp;III directors of the Company who will continue to serve as directors
until the expiration of their respective terms of office, and the Directors Emeriti, and the beneficial ownership of Common Stock by such Directors. </FONT></P>




<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Common Stock of the<BR>
Company Beneficially<BR>
Owned as of<BR>
April&nbsp;23, 2003(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="CENTER"><FONT SIZE=1><B>Name, Age and<BR>
Positions with<BR>
Company</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation(1) and<BR>
Certain Directorships(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Amount</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>% of Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><FONT SIZE=3><B>Class II&#151;Terms Expiring in 2004</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Richard L. Duchossois<BR>
81<BR>
Director since 2000(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Chairman, Duchossois Industries, Inc. (private holding company with diversified business interests); Vice Chairman, Thrall Car Management Co., Inc. (investments); Director, Emirates World Series of Racing, Thoroughbred Racing Association; Chairman,
Arlington Park Racecourse, LLC</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,165,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.03</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
J. David Grissom<BR>
64<BR>
Director since 1979</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Chairman, Mayfair Capital, Inc. (private investment firm); Chairman, The Glenview Trust Company (trust and investment management services); Director, Providian Financial Corporation and Yum! Brands, Inc.; Chairman, Board of Trustees, Centre
College</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
227,400</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.72</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Seth W. Hancock<BR>
53<BR>
Director since 1973</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Partner and Manager, Claiborne Farm, and President, Hancock Farms, Inc. (Thoroughbred breeding and farming); Vice President and Director, Clay Ward Agency, Inc. (equine insurance); Director, Hopewell Company and Keeneland Association</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
290,650</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Frank B. Hower, Jr.<BR>
74<BR>
Director since 1979</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Retired; Former Chairman and Chief Executive Officer, Liberty National Bancorp, Inc., Liberty National Bank &amp; Trust Company of Louisville; Director, American Life and Accident Insurance Company and Hardscuffle, Inc.; Member, Board of Trustees, J.
Graham Brown Foundation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,200</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Thomas H. Meeker<BR>
59<BR>
Director since 1995;<BR>
President and Chief<BR>
Executive Officer Since 1984</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
President and Chief Executive Officer of the Company; Director, PNC Bank, Kentucky, Inc., National Thoroughbred Racing Association; Member, Board of Trustees, Centre College</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
278,391</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>(5)</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=11,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=280156,FOLIO='9',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_10"> </A>
<!-- end of table folio -->


<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><BR><FONT SIZE=3><B>Class III&#151;Terms Expiring in 2005</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Charles W. Bidwill, Jr.<BR>
74<BR>
Director since 1982</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Director Emeritus, National Jockey Club (operator of Sportsman's Park Racetrack); Director, Orange Park Kennel Club, Associated Outdoor Clubs (Tampa Greyhound Track), Jacksonville Kennel Club (Executive Committee), Big Shoulders Fund, Archdiocese of
Chicago, and Cristo Rey Jesuit High School</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
451,680</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.43</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Robert L. Fealy<BR>
51<BR>
Director since 2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Chief Financial Officer, Duchossois Industries, Inc. (private holding company with diversified business interests); Chief Financial Officer and Director, The Chamberlain Group, Inc. (garage door opener manufacturer); Vice President, Thrall Car
Management Co., Inc. (investments); Chief Operating Officer, Duchossois TECnology Partners, LLC (venture capital); Director, Pella Corporation, New Asia Bancorp, Continental Community Holdings, LLC, Brivo Systems, Inc., Illinois Venture Capital
Association and Aura Communications, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Daniel P. Harrington<BR>
47<BR>
Director since 1998</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
President and Chief Executive Officer, HTV Industries, Inc. (private holding company with diversified business interests); Former Chairman and President, Ellis Park Race Course, Inc. (1993 to April 1998); Director, Biopure Corporation (Audit
Committee), Portec Rail Products, Inc., First Guaranty Bank; Trustee, The Veale Foundation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
233,300</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.77</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Carl F. Pollard<BR>
64<BR>
Director since 1985;<BR>
Chairman since 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Owner, Hermitage Farm since 1995 (Thoroughbred breeding); Director, National City Bank, Kentucky (Executive Committee), Breeders' Cup Limited, Kentucky Derby Museum Corporation (Executive Committee) and DNP Select Income Fund, Inc.; Trustee,
Thoroughbred Owners and Breeders Association</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
163,080</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.23</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Darrell R. Wells<BR>
60<BR>
Director since 1985</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
General Partner, Security Management Company (investments); Director, First Security Trust Company, Commonwealth Bancshares, Citizens Financial Corporation, Commonwealth Bank &amp; Trust Company, Jundt Growth Fund, and First Security Bank</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
452,890</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3.44</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>


<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=12,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=617971,FOLIO='10',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_11"> </A>
<!-- end of table folio -->


<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%" ALIGN="CENTER"><BR><FONT SIZE=3><B>Directors Emeriti(6)</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Catesby W. Clay<BR>
79<BR>
Director from 1953 to 1998; Director Emeritus since 1998</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Chairman Emeritus, Kentucky River Coal Corporation (Coal land lessor); President, Runnymede Farm, Inc. (Thoroughbred breeding); Director, Kent-Mar Corp., KRCC Oil &amp; Gas Co., Inc., University of Kentucky Mining Engineering Foundation; Director and
President, Foundation for Drug-Free Youth</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
66,580</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
..50</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Louis J. Herrmann, Jr.<BR>
83<BR>
Director from 1968 to 1994;<BR>
Secretary-Treasurer from 1985 to 1986;<BR>
Director Emeritus since 1994</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Owner, Louis Herrmann Auto Consultant Incorporated (automobile sales); Director, Southeastern Financial Services, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,775</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
..57</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Stanley F. Hugenberg, Jr.<BR>
85<BR>
Director from 1982 to 1992; Director Emeritus since 1992</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
President, Jackantom Sales Company (manufacturers' representative); Member, Board of Trustees, J. Graham Brown Foundation</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
7,340</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
Arthur B. Modell<BR>
77<BR>
Director from 1985 to 2000; Director Emeritus since 2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Owner and Chief Executive Officer, Baltimore Ravens Football Company, Inc. (professional football team); President, Baltimore Ravens Football Company, Inc. (until 1999)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2><BR>
William T. Young<BR>
85<BR>
Director from 1985 to 1992; Director Emeritus since 1992</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Chairman, W.T. Young, LLC (warehousing); Owner, Overbrook Farm (Thoroughbred racing and breeding); Trustee, Transylvania University and Shakertown at Pleasant Hill Kentucky, Inc.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
329,320</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.50</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
</TABLE>


<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Less
than 0.1%
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Except
as otherwise indicated, there has been no change in principal occupation or employment during the past five years.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Directorships
in companies with a class of securities registered pursuant to the Securities Exchange Act of 1934 or companies registered under the Investment Company Act of 1940 and,
in the case of certain directors, other directorships or positions considered significant by them.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>No
director shares voting or investment power of his beneficially owned shares, except Messrs.&nbsp;Hancock and Meeker share with others the voting and investment power with respect
to 212,650 and 26,908 shares, respectively; Messrs.&nbsp;Richard L. Duchossois and Craig J. Duchossois share voting and investment power with respect to 3,150,000 shares owned by Duchossois
Industries,&nbsp;Inc.; Messrs.&nbsp;Clay and Young share with others the voting and investment power with respect to 54,580 shares and 100,000 shares, respectively; Mr.&nbsp;Wells shares voting
and investment power with respect to 452,890 shares; Mr.&nbsp;Harrington shares voting and investment power with respect to 233,300 shares; Mr.&nbsp;Pollard shares voting and investment power with
respect to 29,000 shares owned by The C. F. Pollard Foundation,&nbsp;Inc., a 501(c)(3) corporation in which Mr.&nbsp;Pollard has no pecuniary interest; and Mr.&nbsp;Bidwill shares voting and
investment power with respect to 15,000 held by PSCB Corp Profit Sharing Plan and Trust. Of the total shares listed, Mr.&nbsp;Clay specifically disclaims beneficial ownership of 21,900 shares owned
by the Agnes Clay Pringle Trust of which he is a trustee; and Mr.&nbsp;Young specifically disclaims beneficial ownership of 100,000 shares owned by Overbrook Farm of which two limited liability
companies, each controlled by Mr.&nbsp;Young, are general partners; Messrs.&nbsp;Richard L. Duchossois and Craig J. Duchossois specifically disclaim beneficial ownership of 3,150,000 shares owned
by Duchossois Industries,&nbsp;Inc. and disclaim the additional amount of up to 1,250,000 shares which may be issued to Duchossois Industries, Inc, in the future, subject to the occurrence of
certain events as specified in the Merger Agreement; Mr.&nbsp;Wells specifically disclaims beneficial ownership of </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=9,SEQ=13,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=902769,FOLIO='11',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dg2262_1_12"> </A>
<UL>

<P><FONT SIZE=1>39,800
shares held by the Wells Foundation,&nbsp;Inc., of which he is a trustee and of 263,460 shares held by The Wells Family Partnership, of which he is the Managing General Partner;
Mr.&nbsp;Harrington specifically disclaims beneficial ownership of 233,300 shares held by TVI Corp. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Richard
L. Duchossois is the father of Mr.&nbsp;Craig J. Duchossois, who is also a director of the Company. Of the shares listed as beneficially owned by
Mr.&nbsp;Richard L. Duchossois, the 3,150,000 shares owned by Duchossois Industries,&nbsp;Inc., are the same shares listed as beneficially owned by Mr.&nbsp;Craig J. Duchossois.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Includes
245,478 shares issuable under currently exercisable options.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Directors
Emeriti are entitled to attend meetings of the Board of Directors but do not have a vote on matters presented to the Board. Prior to September&nbsp;2000, the Bylaws
provided that once a director is 72&nbsp;years of age, he could not stand for re-election but assumed Director Emeritus status as of the annual meeting following his current term of
service as a director. The Chairman of the Board could continue to serve as a director notwithstanding this provision. The Board of Directors amended the Bylaws in 2000 to eliminate the age limitation
on election as a director. In 2002, the Board of Directors amended the Bylaws to require
that once a director is 70&nbsp;years of age, he cannot stand for re-election but assumes Director Emeritus status upon the expiration of his current term following the date on which he
is no longer qualified for election due to age. </FONT></DD></DL>


<P><FONT SIZE=2><I>Compensation and Committees of the Board of Directors  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four (4)&nbsp;meetings of the Board of Directors were held during the last fiscal year. During 2002, directors, other than Directors Emeriti, were paid $750 for
each meeting of the Board of Directors that they attended. Directors were paid $750 for each committee meeting they attended and each teleconference meeting in which they participated. Directors who
did not reside in Louisville were reimbursed for their travel expenses. Directors, other than Directors Emeriti, received a retainer of $6,000 for 2002 and Directors who served as committee chairmen
received an additional $2,000 for a total retainer of $8,000 for 2002. The Chairman of the Board of Directors received an additional $5,000 for a total retainer of $11,000 for 2002. Directors Emeriti
were not paid any compensation for attending meetings. They were entitled to have their expenses reimbursed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company currently has four (4)&nbsp;standing committees: the Executive, Audit, Compensation and Strategic Planning Committees. No Director Emeritus serves on any Board committee. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2262_executive_committee"> </A>
<A NAME="toc_dg2262_3"> </A>
<BR></FONT><FONT SIZE=2><B>Executive Committee    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee is authorized, subject to certain limitations set forth in the Company's Bylaws, to exercise the authority of the Board of Directors
between Board meetings. The members of the Executive Committee are as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="63%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="48%" ALIGN="LEFT"><FONT SIZE=2>January to June 2002<BR></FONT>
<HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="48%" ALIGN="LEFT"><FONT SIZE=2>Since June 2002<BR></FONT>
<HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>J. David Grissom, Chairman</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>J. David Grissom, Chairman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Charles W. Bidwill, Jr.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Charles W. Bidwill, Jr.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Richard L. Duchossois</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Richard L. Duchossois</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Carl F. Pollard</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Brad M. Kelley</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Thomas H. Meeker</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Carl F. Pollard</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourteen
(14)&nbsp;meetings of the Executive Committee were held during the last fiscal year. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=10,SEQ=14,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=1033083,FOLIO='12',FILE='DISK021:[03CHI2.03CHI2262]DG2262A.;22',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_di2262_1_13"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di2262_audit_committee"> </A>
<A NAME="toc_di2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>Audit Committee    <BR>  </B></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is responsible for annually examining the financial affairs of the Company, including consultation with the Company's auditors. Except as
noted below, the members of the Audit Committee meet the independence requirements of the National Association of Securities Dealers listing standards. The members of the Audit Committee are as
follows:

 </FONT>

</P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="63%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="48%" ALIGN="LEFT"><FONT SIZE=2>January to June 2002<BR></FONT>
<HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="48%" ALIGN="LEFT"><FONT SIZE=2>Since June 2002<BR></FONT>
<HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Darrell R. Wells, Chairman</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Darrell R. Wells, Chairman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Robert L. Fealy*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Leonard S. Coleman, Jr.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Daniel P. Harrington</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Robert L. Fealy*</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>G. Watts Humphrey, Jr.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Daniel P. Harrington</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five
(5)&nbsp;meetings of the Audit Committee were held during the last fiscal year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mr.&nbsp;Fealy,
who is not a current employee of the Company or an immediate family member of a current employee, is not independent as defined in Rule&nbsp;4200 of the National
Association of Securities Dealers listing of standards because he is employed as an executive officer of Duchossois Industries,&nbsp;Inc. which, within the past three (3)&nbsp;years, has received
payments, as the result of the Arlington merger, that exceed 5% of the Company's gross revenues in any of those three years. Mr.&nbsp;Fealy was appointed to the Audit Committee in 2001 because the
Board determined his membership was required by the best interests of the Company and its shareholders due to his extensive experience in finance, including serving as a chief financial officer for
various entities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di2262_compensation_committee"> </A>
<A NAME="toc_di2262_2"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation Committee    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee administers the Company's executive compensation plans, including its Supplemental Benefit Plan, any incentive compensation plan, any
deferred compensation plan, any stock option plan and any employee stock purchase plan, and reviews and approves the compensation of the Company's Chief Executive Officer. The Compensation Committee
consists of not fewer than two (2)&nbsp;directors who are not officers or employees of the Company or any of its subsidiaries. The members of the Compensation Committee are as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="63%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="48%" ALIGN="LEFT"><FONT SIZE=2>January to June 2002<BR></FONT>
<HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="48%" ALIGN="LEFT"><FONT SIZE=2>Since June 2002<BR></FONT>
<HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Frank B. Hower, Chairman</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Craig J. Duchossois, Chairman</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Craig J. Duchossois</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>G. Watts Humphrey</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>G. Watts Humphrey</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Dennis D. Swanson</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Dennis D. Swanson</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>Darrell R. Wells</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="48%"><FONT SIZE=2>Darrell R. Wells</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="48%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five
(5)&nbsp;meetings of the Compensation Committee were held during the last fiscal year. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di2262_strategic_planning_committee"> </A>
<A NAME="toc_di2262_3"> </A>
<BR></FONT><FONT SIZE=2><B>Strategic Planning Committee    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Strategic Planning Committee is responsible for planning the objectives and direction for the Company's strategic goals and development activities. The
members of the Strategic Planning Committee are as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>G.
Watts Humphrey, Jr., Chairman<BR>
Robert L. Fealy<BR>
J. David Grissom<BR>
Thomas H. Meeker<BR>
Carl F. Pollard </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three
(3)&nbsp;meeting of the Strategic Planning Committee were held during the last fiscal year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company does not have a standing nominating committee. All directors serving as Class&nbsp;I, II or III directors, except Mr.&nbsp;Kelley and Mr.&nbsp;Swanson, attended at
least seventy-five percent (75%) of the meetings of the Board of Directors and the meetings of the committee on which they served. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=15,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=444597,FOLIO='13',FILE='DISK021:[03CHI2.03CHI2262]DI2262A.;9',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dk2262_1_14"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2262_proposal_to_approve_the_church__pro03366"> </A>
<A NAME="toc_dk2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>Proposal To Approve the Churchill Downs Incorporated<BR>  2003 Stock Option Plan<BR>  (Proposal No.&nbsp;2)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;13, 2003, the Board of Directors adopted the Churchill Downs Incorporated 2003 Stock Option Plan (the "2003 Option Plan"), subject to approval by
the Company's shareholders. The purpose of the 2003 Option Plan is to promote the Company's interests by affording an incentive to key employees to remain in the employ of the Company and its
subsidiaries and to use their best efforts on its behalf and to aid the Company and its subsidiaries in attracting, maintaining and developing capable personnel of a caliber required to ensure the
continued success of the Company. </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, on March&nbsp;13, 2003, the Board of Directors suspended the Churchill Downs Incorporated 1997 Stock Option Plan (the "1997 Option Plan"), subject to and effective as of the date
of approval of the 2003 Stock Option Plan by the shareholders at the Annual Meeting. As of April&nbsp;21, 2003, there were stock options granted under the 1997 Option Plan covering 733,925 shares of
Common Stock held by 50 persons and 451,471 shares of Common Stock available for future awards under the 1997 Option Plan. If the 2003 Option Plan is approved, no further stock options will be granted
under the 1997 Option Plan, and it is expected that the 2003 Option Plan will provide a sufficient number of shares for awards thereunder through the year 2004.

 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the 2003 Option Plan by the Company's shareholders is required under the terms of the 2003 Option Plan and is required to qualify the options for favorable tax treatment as
incentive stock options ("ISOs") under Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the "Code"). The 2003 Option Plan will not become effective unless approved by the holders
of record of a majority of the shares of the Company's Common Stock present in person or represented by proxy and voting at the Annual Meeting. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS
OTHERWISE INSTRUCTED, IT IS THE INTENTION OF THE PERSONS NAMED IN THE PROXY TO VOTE THE SHARES REPRESENTED THEREBY IN FAVOR OF THE PROPOSAL TO APPROVE THE 2003 OPTION PLAN. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following constitutes a brief discussion of the material features of the 2003 Option Plan and is qualified in its entirety by reference to the copy of the 2003 Option Plan which is
attached as <U>Exhibit&nbsp;A</U> to this Proxy Statement. The 2003 Option Plan permits the grant of both incentive stock options or ISOs, within the meaning of
Section&nbsp;422 of the Code, and nonqualified stock options or NSOs. Key
employees designated by the Committee, including officers of the Company, may be granted incentive and nonqualified stock options. As of April&nbsp;18, 2003, the Company had approximately 1,200
full-time employees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
granted under the 2003 Option Plan may be accompanied by stock appreciation rights or SARs. The grant of an SAR permits the optionee to surrender an option and receive in
exchange cash or shares of Common Stock with a value equal to the excess of the fair market value of the stock subject to the option over the exercise price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2003 Option Plan is administered by a committee of not fewer than two members of the Board of Directors, who are not officers or employees of the Company or its subsidiaries, who
receive no compensation from the Company (other than as a director), and who meet the Nasdaq Stock Market "independence" requirements (the "Committee"). None of the members of the Committee is
eligible to receive options under the 2003 Option Plan. The Committee selects the key employees who will be granted awards and determines the form, amount and manner of exercise of awards and fixes
the limitations, restrictions and conditions applicable to awards, including the prices at which shares subject to options may be purchased. The Committee may provide in the option agreement for
acceleration of the vesting of an option or SAR on a change in control (as defined in the 2003 Option Plan) in the Company or on the death or disability of the optionee, and in addition, on terms and
conditions deemed appropriate by the Committee. The Committee may waive or modify any vesting requirement after the date on which an </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=16,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=925977,FOLIO='14',FILE='DISK021:[03CHI2.03CHI2262]DK2262A.;9',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dk2262_1_15"> </A>
<BR>

<P><FONT SIZE=2>
option is granted. Interpretations by the Committee of provisions of the 2003 Option Plan are final, conclusive and binding, and the Committee's interpretations may be made selectively and need not
be uniform. The Committee determines all questions relating to the administration of the 2003 Option Plan. </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A total of 451,471 shares of Common Stock will be reserved for issuance under the 2003 Option Plan (representing 3.42% of the total number of shares of Common Stock outstanding on
April&nbsp;18, 2003). Currently, 451,471 shares are reserved for issuance under the 1997 Option Plan, but upon approval of the 2003 Option Plan, the 1997 Option Plan will be suspended. The shares to
be issued under the 2003 Option Plan will be currently authorized but unissued shares of Common Stock of the Company. The number of shares of the Company's Common Stock available under the 2003 Option
Plan or under an option or SAR will be automatically adjusted in the event of a stock dividend, stock split, reorganization, merger, consolidation or a combination or exchange of shares. Shares of the
Company's Common Stock subject to unexercised options that expire or are terminated prior to the end of the period during which options may be granted will be restored to the number of shares
available for issuance under the 2003 Option Plan. Shares of Common Stock applied to the exercise price or payment of taxes upon an option exercise are added to shares available for future option
grants, subject to the aggregate number of available shares. The 2003 Option Plan will be terminated on March&nbsp;12, 2013.


</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
option granted under the 2003 Option Plan will be evidenced by an agreement which will establish the period in which the option may be exercised. The maximum term of each ISO is ten
(10)&nbsp;years except for an ISO granted to an employee owning more than ten percent (10%) of the Common Stock ("Ten Percent Shareholder"). The exercise period for ISOs granted to a Ten Percent
Shareholder will
not exceed five (5)&nbsp;years from the date of grant. The exercise price per share of all ISOs granted under the 2003 Option Plan must be at least 100% of the fair market value of such shares on
the date of grant or, in the case of an ISO granted to a Ten Percent Shareholder, 110% of the fair market value of such shares on such date. The exercise price of any NSO will be established by the
Committee and is not required to be the fair market value of the shares as of the grant date. There is also a $100,000 limit on the value of stock (determined as of the date of grant) covered by ISOs
that first become exercisable by an optionee in any calendar year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the options may be exercised until the optionee has remained employed by the Company or one of its subsidiaries for a period of time specified by the Committee in the option
agreement, which shall not be less than six months. In addition, no part of any option may be exercised to the extent that the exercise would cause the optionee to have compensation from the Company
for any year in excess of $1,000,000 and which is nondeductible by the Company pursuant to Section&nbsp;162(m) of the Code and the regulations issued thereunder. The purchase price of the shares to
be paid to the Company at the time of exercise may be paid in cash by the optionee or in such other consideration as the Committee deems appropriate, including Common Stock already owned by the
optionee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
optionee may exercise an SAR only at such time as the related option may be exercised and only at such times as the fair market value of a share of Common Stock on the exercise date
exceeds the option exercise price of the related option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
granted pursuant to the 2003 Option Plan are not transferable except upon the death of an optionee, in which event, they may be transferred only by will or in accordance with and
to the extent provided for in the laws of descent and distribution. If an optionee's employment with the Company shall terminate for any reason other than death, disability or retirement, all rights
to exercise his options shall terminate at the earlier of three (3)&nbsp;months after the date of such termination of employment or three (3)&nbsp;months after the date of written notice of such
employment termination, provided that if an employee is terminated for "cause," all rights to exercise options shall terminate on the date of termination, unless the Committee determines otherwise. If
an optionee's employment with the Company is terminated due to death or disability, the optionee's options may be exercised at the earlier of the expiration date of the options or eighteen
(18)&nbsp;months after the date of termination. If the optionee's employment terminates by </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=17,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=831905,FOLIO='15',FILE='DISK021:[03CHI2.03CHI2262]DK2262A.;9',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dk2262_1_16"> </A>
<BR>

<P><FONT SIZE=2>
reason of his retirement, unless provided otherwise in the option agreement, his right to exercise his options shall terminate at the earlier of the expiration date of the options or one
(1)&nbsp;year after termination of employment. The Committee may provide in the option agreement for the lapse of an option or SAR sooner than the foregoing times, and the Committee may provide for
the lapse of an option later than the foregoing times. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISOs
granted under the 2003 Option Plan are intended to be "incentive stock options" as defined by Section&nbsp;422 of the Code. Under present law, the optionee of an ISO will not
realize taxable income upon the grant or the exercise of the ISO. The Company will not receive an income tax deduction at either such time. If the optionee does not dispose of the shares of the
Company's Common Stock acquired upon exercising an ISO within either (i)&nbsp;two (2)&nbsp;years after the grant of the ISO or (ii)&nbsp;one (1)&nbsp;year after the date shares of the
Company's Common Stock are transferred to the optionee pursuant
to the exercise of the ISO, the gain upon a subsequent disposition of the shares will be taxed at capital gain rates. If the optionee, within either of the above periods, disposes of the shares of the
Company's Common Stock acquired upon exercise of the ISO, the optionee will recognize as ordinary income an amount equal to the difference between the exercise price and the fair market value of the
shares on the date of exercise. In such event, the Company would be entitled to a corresponding income tax deduction equal to the amount recognized as ordinary income by the optionee. The gain in
excess of such amount recognized by the optionee as ordinary income would be taxed as long-term capital gain or short term capital gain (subject to the holding period requirements for
long-term or short-term capital gain treatment). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise of an ISO will result in the excess of the stock's fair market value on the date of exercise over the exercise price being included in the optionee's alternative minimum
taxable income. Liability for the alternative minimum tax is complex and depends upon an individual's overall tax situation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
exercise of an NSO granted under the 2003 Option Plan, which is subject to applicable income and employment tax withholding, or upon the exercise of an ISO that does not qualify for
the tax treatment described above, the optionee will realize ordinary income in an amount equal to the excess of the fair market value of the shares of the Common Stock received over the exercise
price of such shares. That amount increases the optionee's basis in the stock acquired pursuant to the exercise of the NSO. Upon a subsequent sale of the stock, the optionee will recognize
short-term or long-term capital gain or loss depending upon his holding period for the stock and upon the stock's subsequent appreciation or depreciation in value. The Company
will be allowed a federal income tax deduction for the amount recognized as ordinary income by the optionee upon the optionee's exercise of the option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holder of an SAR is taxed at ordinary income rates on the amount of cash or fair market value of stock received at the time the SAR is exercised. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS APPROVE THE PROPOSAL TO ADOPT THE CHURCHILL DOWNS INCORPORATED 2003 STOCK OPTION PLAN. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=18,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=971883,FOLIO='16',FILE='DISK021:[03CHI2.03CHI2262]DK2262A.;9',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dk2262_1_17"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2262_equity_compensation_plan_information(1)"> </A>
<A NAME="toc_dk2262_2"> </A>
<BR></FONT><FONT SIZE=2><B>Equity Compensation Plan Information<SUP>(1)</SUP>    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="95%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Plan Category<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="22%" ALIGN="CENTER"><FONT SIZE=1><B>(a)<BR>
<BR>
<BR>
Number of Securities to<BR>
be Issued Upon Exercise<BR>
of Outstanding Options,<BR>
Warrants and Rights</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(b)<BR>
<BR>
<BR>
Weighted-Average<BR>
Exercise Price of<BR>
Outstanding Options,<BR>
Warrants and Rights</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>(c)<BR>
<BR>
Number of Securities Remaining<BR>
Available for Future Issuance<BR>
Under Equity Compensation<BR>
Plans (Excluding Securities<BR>
Reflected in Column (a))</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2>Equity compensation plans approved by security holders(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>997,452</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>(3)(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>26.93</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>496,117</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(5)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2><FONT SIZE=2><BR>
Equity compensation plans not approved by security holders</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%">&nbsp;</TD>
<TD WIDTH="21%"><FONT SIZE=2><BR>
Total</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2><BR>
997,452</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2><BR>
26.93</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2><BR>
496,117</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>This
table includes (i)&nbsp;aggregate data, including pricing, for shares presently committed under all equity compensation plans of the Company as of the end of the most recently
completed fiscal year and (ii)&nbsp;aggregate data for shares still available to be issued under those plans.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>The
equity compensation plans of the Company which have been approved by the shareholders of the Company are the Churchill Downs Incorporated 2000 Employee Stock Purchase Plan ("Stock
Purchase Plan"), the Churchill Downs Incorporated 1993 Stock Option Plan ("1993 Plan") and the Churchill Downs Incorporated 1997 Stock Option Plan ("1997 Plan"). Both the 1993 Plan and the 1997 Plan
allow one- to three-year option vesting periods and both Plans require that options expire ten (10)&nbsp;years after the date of grant, if not earlier under certain
circumstances.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Of
this total, 270,986 shares of Common Stock of the Company will be issued upon the exercise of outstanding options granted under the 1993 Plan and 726,466 shares of Common Stock of
the Company will be issued upon the exercise of outstanding options granted under the 1997 Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Because
each participant in the Stock Purchase Plan has one option each plan year and that option consists of the number of shares which can be purchased, through exercise, at the end
of the plan year using compensation deductions made throughout the plan year, no outstanding options, warrants or rights for a specific number of the Company's securities to be issued upon exercise
existed at fiscal year's end and, therefore, none are included in this total for the Stock Purchase Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Of
this total, as of December&nbsp;31, 2002, 6,203 shares of Common Stock of the Company remained available for future issuance under the 1993 Plan, 458,930 shares of Common Stock
of the Company remained available for future issuance under the 1997 Plan, and 30,984 shares of Common Stock of the Company remained available for future issuance under the Stock Purchase Plan. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2262_amendments_to_articles_of_inco__ame03376"> </A>
<A NAME="toc_dk2262_3"> </A>
<BR></FONT><FONT SIZE=2><B>Amendments to Articles of Incorporation To<BR>  Eliminate Cumulative Voting<BR>  (Proposal No.&nbsp;3)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the November&nbsp;2002 election, Kentucky's voters approved an amendment to the Kentucky Constitution which eliminated the requirement for cumulative voting
for directors of a Kentucky corporation. The Company's Articles of Incorporation currently provide for cumulative voting in the election of directors. The Board of Directors has unanimously approved
and recommended that the shareholders adopt amendments to the Company's Articles of Incorporation, which, if approved by the shareholders, would eliminate cumulative voting in the election of
directors. Under this proposal, Article&nbsp;VIII and Article&nbsp;X of the Company's Articles of Incorporation would be amended. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=19,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=1011076,FOLIO='17',FILE='DISK021:[03CHI2.03CHI2262]DK2262A.;9',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dk2262_1_18"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VIII
of the Articles of Incorporation would be amended to delete the current requirement for cumulative voting, so that it would read in its entirety as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2262_article_viii_voting_rights_of_common_stock"> </A>
<A NAME="toc_dk2262_4"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE VIII<BR>  VOTING RIGHTS OF COMMON STOCK    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In stockholders' 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. 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' meetings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, Article&nbsp;X of the Articles of Incorporation would be amended to delete language providing that directors may not be removed without cause in case the votes cast
against such removal would be sufficient, if voted cumulatively for the director, to elect the director, and to make certain technical corrections and delete historical information. Article&nbsp;X
of the Articles of Incorporation, as amended, would read in its entirety as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2262_article_x_directors"> </A>
<A NAME="toc_dk2262_5"> </A>
<BR></FONT><FONT SIZE=2><B>ARTICLE X<BR>  DIRECTORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&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)&nbsp;nor
more than twenty-five (25)&nbsp;directors, the exact number of directors to be determined by affirmative vote of a majority of the entire Board of Directors. The directors shall be
divided into three classes, designated Class&nbsp;I, Class&nbsp;II and Class&nbsp;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 SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
each annual meeting of stockholders, 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>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&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&nbsp;X unless expressly provided by such terms. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&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 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=20,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=1012220,FOLIO='18',FILE='DISK021:[03CHI2.03CHI2262]DK2262A.;9',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dk2262_1_19"> </A>
<BR>

<P><FONT SIZE=2>
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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
approval of the amendment to Kentucky's Constitution in November&nbsp;2002, shareholders of Kentucky corporations do not have the right to cumulate their votes for directors
unless the articles of incorporation so provide. In addition, under Kentucky law, if a corporation's articles of incorporation provide for cumulative voting, a director shall not be removed if the
number of votes sufficient to elect such director under cumulative voting is voted against removal, and if cumulative voting is not provided in the articles of incorporation, a director may be removed
only if the number of votes cast to remove exceeds the number of votes cast not to remove. The Company's Articles of Incorporation presently provide for cumulative voting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
an election of directors in which cumulative voting is invoked by the shareholders, each share has a number of votes equal to the number of directors to be elected, and each
shareholder may allocate his or her cumulative votes among as many candidates and in such proportions as the shareholder chooses. In the absence of cumulative voting, a shareholder's votes are spread
equally among all candidates for whom the shareholder votes. Thus, under cumulative voting minority shareholders may concentrate all of their votes on one candidate and could elect one or more
candidates to the Board who might not otherwise have received enough votes to be elected. Without cumulative voting, the holders of a majority of shares have the power to elect the entire Board of
Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the proposal to eliminate cumulative voting is approved, the ability of an organized block of minority shareholders to elect a representative to the Board of Directors without the
cooperation of shareholders owning a majority of the voting shares would be greatly reduced or eliminated. Under some circumstances the elimination of cumulative voting could have an
anti-takeover effect by making it more difficult for a hostile potential acquirer holding a minority block of shares to obtain representation on the Board. Under other circumstances,
however, the existence of cumulative voting can have an anti-takeover effect by making it more difficult for a hostile potential acquirer who obtains a majority but not all shares from
consolidating control of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the proposed amendments may render more difficult any attempt by a holder or group of holders of a significant number of voting shares, but less than a majority, to monitor,
change or
influence the management or policies of the Company. In addition, under certain circumstances, the proposed amendment, along with other measures that may be viewed as having anti-takeover
effects, may discourage an unfriendly acquisition or business combination involving the Company that a shareholder might consider to be in such shareholder's best interest, including an unfriendly
acquisition or business combination that might result in a premium over the market price for the shares held by the shareholder. For example, the proposed amendment may discourage the accumulation of
large minority shareholdings (as a first step toward an unfriendly acquisition or business combination proposal or otherwise) by persons who would not effect that acquisition without being assured of
representation on the Board of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors believes that approval of the proposed amendments is in the best interests of the Company and its shareholders. The Board recommends the elimination of cumulative
voting because one of the principal results of cumulative voting is to make it more likely that an individual or group of individuals, owning less than a plurality of the Company's Common Stock, could
obtain representation on the Board. Such an individual or group may have interests and goals inconsistent with, or even actively conflicting with, the best interests of a majority of the shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's Board of Directors believes that each director should represent the interests of all shareholders rather than the narrow interests of a special constituency. The proposal
eliminates the possession of voting rights by shareholders that are disproportionate to their respective share holdings. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the elimination of cumulative voting may impact the voting rights of certain minority shareholders, the Board of Directors believes the advantages of the proposed amendments to the
Company's Articles of Incorporation outweigh any disadvantages. Further, the Company's shareholders, as a matter of practice, have not exercised the right of cumulative voting in the election of the
Directors in recent years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
adoption of the proposed amendments to the Articles of Incorporation of the Company requires that the number of votes cast in favor of the proposal exceed the number of votes cast in
opposition to the proposal. Proxies received in response to this solicitation will be voted in favor of the proposal unless the shareholder otherwise instructs. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=21,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=534565,FOLIO='19',FILE='DISK021:[03CHI2.03CHI2262]DK2262A.;9',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_dm2262_1_20"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS APPROVE THE PROPOSED AMENDMENTS TO THE ARTICLES OF INCORPORATION. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm2262_compensation_committee___dm202379"> </A>
<A NAME="toc_dm2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation Committee Report on Executive Compensation    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under rules established by the SEC, the Compensation Committee is required to disclose: (1)&nbsp;the Compensation Committee's compensation policies applicable
to the Company's executive officers; (2)&nbsp;the relationship of executive compensation to Company performance; and (3)&nbsp;the Compensation Committee's bases for determining the compensation of
the Company's Chief Executive Officer ("CEO"), Thomas H. Meeker, for the most recently completed fiscal year. Pursuant to these requirements, the Compensation Committee has prepared this report for
inclusion in the Proxy Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee consists of four (4)&nbsp;independent Directors, none of whom has ever been employed by the Company. The Compensation Committee annually reviews executive
officer compensation and makes recommendations to the Board of Directors on all matters related to the structure of the Company's executive compensation programs. The Compensation Committee's
authority and oversight extend to total executive compensation, including base salaries, incentive and other compensation programs, supplemental benefit plans, deferred compensation plans, stock
option plans and stock purchase plans, for the Company as well as the administration of the employment contracts of the Company's chief executive officer and chief financial officer. The Compensation
Committee also reviews compensation data from comparable companies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fundamental philosophy of the Compensation Committee is to assure that the Company's compensation program for executive officers links pay to business strategy and performance in a
manner which is effective in attracting, motivating and retaining key executives while also providing performance incentives which will inure to the benefit of executive officers and shareholders
alike. The objective is to provide total compensation commensurate with Company performance by combining salaries and benefits that are competitive in the marketplace with incentive opportunities
established by the Compensation Committee which are competitive with median levels of competitors' incentive compensation. The Compensation Committee has determined that as an executive's level of
responsibility increases, a greater portion of his or her compensation should be based upon the Company's performance. The Compensation Committee also believes that the Company's compensation program
should include an individual performance component to reward employees whose job performance does not directly affect revenues. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee has structured executive compensation based upon this philosophy. There are three (3)&nbsp;basic elements of the Company's executive compensation program,
each determined by individual and corporate performance: (1)&nbsp;base salary compensation, (2)&nbsp;annual variable performance incentive compensation earned under the Company's 1997 Incentive
Compensation Plan (the "ICP") and (3)&nbsp;stock option grants made under the Company's 1993 Stock Option Plan (the "1993 Option Plan"), and stock option grants and stock appreciation rights under
the Company's 1997 Stock Option Plan (the "1997 Option Plan") (the 1993 Option Plan and the 1997 Option Plan are, collectively, the "Option Plans"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base
salaries are targeted to be competitive with similar positions in comparable companies. In determining base salaries, the Compensation Committee also takes into account individual
experience and performance and issues specific to the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ICP is designed to reward employees' short term performance by providing for the award of a cash bonus if annual goals based upon the Company's pre-tax earnings, as well
as the performance of the employee and the corporate center or business unit in which the employee works, are achieved. The award of bonuses is based initially on the Company's achievement of certain
target pre-tax earnings goals established by the Compensation Committee. By amendment of the ICP to apply retroactively to 2002, the Compensation Committee, in its calculation of
pre-tax earnings, has discretion to exclude or include extraordinary revenues and expenses. The Committee exercised its discretion to exclude the extraordinary expense related to Ellis
Park in the calculation of pre-tax earnings for purposes of determining bonuses for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=22,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=192730,FOLIO='20',FILE='DISK021:[03CHI2.03CHI2262]DM2262A.;5',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dm2262_1_21"> </A>
<BR>

<P><FONT SIZE=2>
2002. The amount of each bonus is then determined by the Company's performance [measured by earnings (computed before taxes but after recognition of awards made under the
ICP)], by the performance of the corporate center or business unit in which that employee works and by that employee's performance. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
third component of executive compensation is the 1993 Option Plan and the 1997 Option Plan. The Compensation Committee believes that the granting of options and stock appreciation
rights to officers of the Company, including Mr.&nbsp;Meeker, will further the Company's goals of attracting, motivating and retaining employees while also providing compensation which links pay to
the Company's long-term performance. During 2002, all officers were granted a total of 118,599 nonqualified stock options and 91,486 incentive stock options. All of these options are
exercisable in 2005 and all were granted under the 1997 Option Plan. The Option Plans provide for cashless exercises through broker's transactions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee believes that the Option Plans are integral to a performance based compensation package because their reward is based upon the Company's long-term
performance. The Option Plans allow the Company to further tie compensation to performance of the Company with a possibility of increasing the total compensation package of its executives without an
equivalent cash outlay by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Meeker
was employed as President and Chief Executive Officer of the Company in October&nbsp;1984 under an annually renewing three-year contract. Each year,
Mr.&nbsp;Meeker's base salary is set by the Compensation Committee after considering the Company's overall financial performance in light of the Company's strategic development initiatives. For
2002, Mr.&nbsp;Meeker's annual base salary was set at $450,000. Mr.&nbsp;Meeker's base salary is adjusted periodically to incorporate cost of living increases and to keep his salary competitive
with similar positions in comparable companies. Mr.&nbsp;Meeker's bonus is determined by the Company's performance measured by earnings. </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B><U>Compensation Committee</U><BR>  </B></FONT><FONT SIZE=2>Craig J. Duchossois, Chairman<BR>
G. Watts Humphrey, Jr.<BR>
Dennis D. Swanson<BR>
Darrell R. Wells </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=23,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=271510,FOLIO='21',FILE='DISK021:[03CHI2.03CHI2262]DM2262A.;5',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_do2262_1_22"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do2262_compensation_committee___do202500"> </A>
<A NAME="toc_do2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation Committee Interlocks and Insider Participation    <BR>  </B></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is unaware of any relationships among its officers and directors which would require disclosure under this caption, except as set forth below under
"Certain Relationships and Related Transactions."

 </FONT>

</P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Performance Graph  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on the Company's Common Stock against the
cumulative total return of a peer group index and the NASDAQ Market Index for the period of approximately five (5)&nbsp;fiscal years commencing January&nbsp;1, 1998 and ending December&nbsp;31,
2002. The peer group index used by the Company is the Media General Leisure Industry Group index, which is a published industry peer index of companies engaged in the leisure industry. As its broad
equity market index, the Company uses the NASDAQ Market Index which measures the performance of stocks listed on the NASDAQ National Market and the NASDAQ Small Cap Market. The graph depicts the
result of an investment of $100 in the Company, the NASDAQ Market Index and the Media General Leisure Industry Group index. Because the Company has historically paid dividends on an annual basis, the
performance graph assumes that dividends were reinvested annually. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g685106.jpg" ALT="GRAPHIC" WIDTH="639" HEIGHT="424">
  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-97</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-98</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-99</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-00</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-01</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-02</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>Churchill Downs</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>152.24</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>106.67</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>143.38</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>180.38</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>188.75</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>Leisure Industry</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>116.29</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>117.24</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>106.23</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>107.93</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>96.55</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>NASDAQ</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>141.04</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>248.76</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>156.35</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>124.64</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>86.94</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=24,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=1028341,FOLIO='22',FILE='DISK021:[03CHI2.03CHI2262]DO2262A.;18',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_do2262_1_23"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do2262_executive_compensation"> </A>
<A NAME="toc_do2262_2"> </A>
<BR></FONT><FONT SIZE=2><B>Executive Compensation    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the remuneration paid during the last three (3)&nbsp;fiscal years by the Company to [i]
Mr.&nbsp;Meeker, the President and CEO of the Company, and [ii] each of the Company's four (4)&nbsp;most highly compensated executive officers in fiscal year 2002 who were
serving as executive officers at the end of 2002 (collectively the "named executive officers"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>SUMMARY COMPENSATION TABLE</B></FONT></P>




<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=10 ALIGN="CENTER"><FONT SIZE=1><B>ANNUAL COMPENSATION<BR>
<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>LONG-TERM<BR>
COMPENSATION<BR>
<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="CENTER"><FONT SIZE=1><B>Name and<BR>
Principal Position</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Other<BR>
Annual<BR>
Compensation(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Securities Under-<BR>
lying Options/<BR>
SARS(#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All Other<BR>
Compensation (3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Thomas H. Meeker<BR>
&nbsp;&nbsp;&nbsp;&nbsp;President, Chief Executive<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Officer and Director</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>2002<BR>
2001<BR>
2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>450,000<BR>
450,000<BR>
321,360</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>191,250<BR>
180,000<BR>
159,073</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>154,248<BR>
290,000<BR>
87,100</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(5)<BR></FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>36,445<BR>
34,404<BR>
31,130</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>27,198<BR>
20,039<BR>
11,968</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Frederick M. Baedeker, Jr.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;President, Churchill<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Downs California<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Company</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>2002<BR>
2001<BR>
2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>261,495<BR>
255,000<BR>
250,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>98,228<BR>
33,469<BR>
107,188</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>-0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>12,063<BR>
11,102<BR>
9,800</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>11,798<BR>
13,950<BR>
2,856</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Robert L. Decker<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President<BR>
&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Officer(6)</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>2002<BR>
2001<BR>
2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>266,500<BR>
260,000<BR>
237,900</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>(4)<BR>(4)<BR>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>109,709<BR>
94,900<BR>
103,457</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(4)<BR>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>-0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>18,450<BR>
16,979<BR>
14,988</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>(7)<BR><BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>314,078<BR>
16,498<BR>
22,479</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>(8)<BR><BR></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>John R. Long<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President<BR>
&nbsp;&nbsp;&nbsp;&nbsp;and Chief Operating<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Officer; President,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Management Company</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>2002<BR>
2001<BR>
2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>266,500<BR>
260,000<BR>
247,200</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>84,828<BR>
82,160<BR>
93,874</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(4)<BR><BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>-0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>18,450<BR>
16,979<BR>
14,988</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>7,210<BR>
11,237<BR>
128,199</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Alexander M. Waldrop<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Public Affairs</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>2002<BR>
2001<BR>
2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>225,500<BR>
220,000<BR>
183,550</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>(4)<BR>(4)<BR>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>54,632<BR>
63,525<BR>
76,288</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>-0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>8,613<BR>
9,578<BR>
8,455</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>12,650<BR>
14,877<BR>
17,058</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>

<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>In
2000, 2001 and 2002, bonuses were paid in cash pursuant to the Company's Incentive Compensation Plans then in effect. See "Compensation Committee Report on Executive Compensation."
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Includes
the expense of a Supplemental Benefit Plan of which Mr.&nbsp;Meeker is currently the only participant. See the Compensation Committee Report on Executive Compensation above
and discussion regarding the Supplemental Benefit Plan below.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Consists
of life insurance premiums paid by the Company with respect to certain term life insurance payable on the officer's death to beneficiaries designated by him and, further,
includes amounts contributed by the Company to the officer's account under the Company's Profit Sharing Plan. Amounts attributable to such term life insurance are as follows: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Meeker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Baedeker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Decker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Long</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Waldrop</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2002</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>3,078</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>1,788</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>1,822</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,822</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>1,543</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2001</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>7,548</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>1,780</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>1,816</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,816</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>1,539</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2000</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>3,468</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>2,856</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>1,175</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>1,226</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>2,176</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1>Pursuant to the Company's Profit Sharing Plan and Deferred Compensation Plan, the Company matches
employees' contributions (which in 2002 were limited under the Profit Sharing Plan to 4% of annual compensation or bi-weekly contributions and matching contributions in excess of such
limit were made pursuant to the Deferred Compensation Plan). The Company also makes </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>

<!-- ZEQ.=2,SEQ=25,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=101332,FOLIO='23',FILE='DISK021:[03CHI2.03CHI2262]DO2262A.;18',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_do2262_1_24"> </A>
<BR>

<P><FONT SIZE=1>
discretionary contributions. Amounts contributed by the Company, including discretionary contributions, on behalf of the named executive officers are as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Meeker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Baedeker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Decker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Long</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Mr. Waldrop</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2002</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>24,120</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>10,010</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>12,256</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>5,388</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>11,107</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2001</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>12,491</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>12,170</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>14,682</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>9,421</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>13,338</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2000</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=1>8,500</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=1>21,304</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>14,882</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Includes
certain amounts deferred under the Company's Deferred Compensation Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>The
accrual for 2002 includes an adjustment to the related reserve to account for changes in assumptions and anticipated compensation levels. Future increases to the reserve, assuming
current compensation levels, should not be significant.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Decker
was employed as an executive officer of the Company at the end of 2002, but retired on December&nbsp;31, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>All
options granted to Mr.&nbsp;Decker which had not vested, and therefore were not exercisable, as of December&nbsp;31, 2002, his last day as an employee of the Company,
including those granted to him in 2002, were terminated on December&nbsp;31, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Includes
$300,000 as Retirement Pay to be paid in 2003. </FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information with respect to the named executive officers concerning options granted during 2002: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>OPTION GRANTS IN LAST FISCAL YEAR</B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="120%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Options<BR>
Granted<BR>
(#)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>% of Total Options<BR>
Granted to Employees<BR>
Fiscal Year 2002 (%)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercise or<BR>
Base Price ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Expiration Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Grant Date<BR>
Present Value<BR>
($)(12)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>Thomas H. Meeker</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>5,147(2</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>2.44</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>35.95</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6/19/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>105,083</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>31,298(3</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>14.89</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>38.92</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>11/12/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>653,092</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>Frederick M. Baedeker, Jr.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,661(4</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>.79</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>35.95</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6/19/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>33,911</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10,402(5</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>4.95</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>38.92</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>11/12/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>217,057</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>Robert L. Decker</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,540(6</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1.20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>35.95</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6/19/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>51,857</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>15,910(7</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7.57</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>38.92</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>11/12/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>331,992</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>John R. Long</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>2,540(8</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1.20</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>35.95</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6/19/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>51,857</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>15,910(9</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>7.57</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>38.92</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>11/12/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>331,992</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>Alexander M. Waldrop</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>1,433(10</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>.68</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>35.95</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>6/19/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>29,256</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>7,180(11</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>)</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>3.41</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>38.92</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>11/12/2012</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>149,824</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>The
94,021 options granted in 2002 to the named executive officers are composed of incentive stock options, as defined under the Internal Revenue Code of 1986, as amended, and
non-qualified stock options. The exercise price of these options, whether incentive stock options or non-qualified stock options, is the fair market value of the shares on the
date of their grant.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Of
the 5,147 options granted to Mr.&nbsp;Meeker in June&nbsp;2002, 2,781 are incentive stock options and 2,366 are non-qualified stock options, all of which vest on
the third anniversary of the date of grant (June&nbsp;20, 2005) and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Of
the 31,298 options granted to Mr.&nbsp;Meeker in November&nbsp;2002, all are non-qualified stock options which vest on the third anniversary of the date of grant
(November&nbsp;13, 2005) and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Of
the 1,661 options granted to Mr.&nbsp;Baedeker in June&nbsp;2002, all are incentive stock options which vest on the third anniversary of the date of grant (June&nbsp;20,
2005) and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Of
the 10,402 options granted to Mr.&nbsp;Baedeker in November&nbsp;2002, 1,035 are incentive stock options and 9,367 are non-qualified stock options which vest on the
third anniversary of the date of grant (November&nbsp;13, 2005) and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Of
the 2,540 options granted to Mr.&nbsp;Decker in June&nbsp;2002, all are incentive stock options which vest on the third anniversary of the date of grant (June&nbsp;20, 2005)
and were granted under the 1997 Option Plan. All options granted to Mr.&nbsp;Decker in 2002 were terminated on December&nbsp;31, 2002, his last day of employment with the Company. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=26,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=390417,FOLIO='24',FILE='DISK021:[03CHI2.03CHI2262]DO2262A.;18',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_do2262_1_25"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Of
the 15,910 options granted to Mr.&nbsp;Decker in November&nbsp;2002, 15,687 are incentive stock options and 223 are non-qualified stock options which vest on the
third anniversary of the date of grant (November&nbsp;13, 2005) and were granted under the 1997 Option Plan. All options granted to Mr.&nbsp;Decker in 2002 were terminated on December&nbsp;31,
2002, his last day of employment with the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Of
the 2,540 options granted to Mr.&nbsp;Long in June&nbsp;2002, all are incentive stock options which vest on the third anniversary of the date of grant (June&nbsp;20, 2005),
and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Of
the 15,910 options granted to Mr.&nbsp;Long in November&nbsp;2002, 15,687 are incentive stock options and 223 are non-qualified stock options which vest on the
third anniversary of the date of grant (November&nbsp;13, 2005) and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Of
the 1,433 options granted to Mr.&nbsp;Waldrop in June&nbsp;2002, all are incentive stock options which vest on the third anniversary of the date of grant (June&nbsp;20,
2005), and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(11)</FONT></DT><DD><FONT SIZE=1>Of
the 7,180 options granted to Mr.&nbsp;Waldrop in November&nbsp;2002, 5,935 are incentive stock options and 1,245 are non-qualified stock options which vest on the
third anniversary of the date of grant (November&nbsp;13, 2005) and were granted under the 1997 Option Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(12)</FONT></DT><DD><FONT SIZE=1>The
fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for grants
in 2002, respectively: dividend yield of 1.3020% in 2002; risk-free interest rate of 4.32%; and the expected lives of options of 8.1&nbsp;years, and a volatility of 56.2694% for grants
made June&nbsp;20, 2002; and dividend yield of 1.3020% in 2002; risk-free interest rate of 3.2250%; and the expected lives of options of 8.1&nbsp;years, and a volatility of 55.1045%
for grants made November&nbsp;13, 2002. </FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information with respect to the named executive officers concerning unexercised options held as of
December&nbsp;31, 2002: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGGREGATE YEAR-END OPTION VALUES</B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="22%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Shares Acquired<BR>
on Exercise (#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value Realized<BR>
($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities<BR>
Underlying<BR>
Unexercised Options<BR>
at year end (#)<BR>
Exercisable/<BR>
Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-the-Money Options<BR>
at year end ($)(1)<BR>
Exercisable/<BR>
Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Thomas H. Meeker</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>245,478/101,979</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>4,190,372/778,805</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Frederick M. Baedeker, Jr.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>10,500/32,965</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>159,080/225,232</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Robert L. Decker(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>24,948</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>513,506</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>23,460/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>312,529/0</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>John R. Long</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>20,000/50,417</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>200,301/247,737</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="22%"><FONT SIZE=2>Alexander M. Waldrop</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>43,967/26,646</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT"><FONT SIZE=2>764,636/194,315</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Closing
bid as of the last trading day of 2002 (December&nbsp;31, 2002) minus the exercise price. The closing bid was $38.08.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>All
options granted to Mr.&nbsp;Decker which had not vested, and therefore were not exercisable, as of December&nbsp;31, 2002, his last day as an employee of the Company were
terminated on December&nbsp;31, 2002. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains a Supplemental Benefit Plan (the "Plan") in which Mr.&nbsp;Meeker is currently the only participant. The Plan provides
that if a participant remains in the employ of the Company until age 55 or becomes totally and permanently disabled, the participant will be paid a monthly benefit equal to 45% of the "highest average
monthly earnings," as defined in the Plan, prior to the time of disability or age 55, reduced by certain other benefits as set forth in the Plan. Benefits commence at retirement on or after attainment
of age 55, and continue as a 50% joint and survivor annuity. The benefit payable under the Plan is increased by 1% for each year Mr.&nbsp;Meeker remains in the employment of the Company after age
55, to a maximum benefit of 55% of the highest average monthly earnings at age 65. The Plan further provides that the monthly benefit will be reduced by [a] 100% of the primary
insurance amount under social security payable to a participant determined as of the later of the participant's retirement date or attainment of age 62; [b] 100% of the
participant's monthly benefit calculated in the form of a 50% joint and survivor annuity under the Company's terminated Pension Plan; [c] 100% of the monthly income option
calculated as a 50% joint and survivor annuity from the cash surrender value of all life insurance policies listed on a </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=27,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=640865,FOLIO='25',FILE='DISK021:[03CHI2.03CHI2262]DO2262A.;18',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_do2262_1_26"> </A>
<BR>

<P><FONT SIZE=2>
schedule attached to the participant's plan agreement; and [d] 100% of the employer contributions and any employee contributions up to a maximum of $2,000 per year allocated
to the participant's accounts under the Company's Profit Sharing Plan, calculated in the form of a 50% joint and survivor annuity payable on his retirement date. If Mr.&nbsp;Meeker retires at age 59
or later (a)&nbsp;the reduction for Social Security is 50% of the primary insurance amount rather than 100% of that amount; (b)&nbsp;the reduction for the life annuity from the life insurance cash
surrender value is eliminated; and (c)&nbsp;the reduction for the life annuity from employee contributions to the Company's Profit Sharing Plan is eliminated. The estimated annual benefit payable at
age 65 to Mr.&nbsp;Meeker under the Plan is $293,168. This estimate is based upon the following assumptions: (a)&nbsp;8% annual earnings under the Company's Profit Sharing Plan;
(b)&nbsp;Mr.&nbsp;Meeker's salary remains constant, and (c)&nbsp;the maximum wage base for determining the Social Security offset remains constant. </FONT></P>


<P><FONT SIZE=2><I>Employment Agreement and Change in Control Agreement  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Meeker was employed as President and Chief Executive Officer of the Company in October&nbsp;1984 under an annually renewing three-year
contract. Mr.&nbsp;Meeker's compensation for 2003 includes a base salary of $450,000 per year, reimbursement for travel and entertainment expenses (including his wife's
travel expenses on the Company's business), provision of an automobile, payment of dues for one (1)&nbsp;country club and any other professional or business associations, and a $250,000 life
insurance policy. Mr.&nbsp;Meeker's employment may be terminated by the Company prior to the expiration of his employment agreement only if he willfully fails to perform his duties under his
employment agreement or otherwise engages in misconduct that injures the Company. Pursuant to Mr.&nbsp;Meeker's employment agreement, in the event of both a "change in control" of the Company and,
within one (1)&nbsp;year of such "change in control," either termination of Mr.&nbsp;Meeker's employment by the Company without "just cause" or his resignation, the Company will pay to
Mr.&nbsp;Meeker an amount equal to three (3)&nbsp;times his average annual base salary over the prior five (5)&nbsp;years. A "change in control" is defined generally to include the sale by the
Company of all or substantially all of its assets, a consolidation or merger involving the Company, the acquisition of over 30% of the Common Stock in a tender offer or any other change in control of
the type which would be required to be reported under the Federal securities laws; however, a "change in control" will not be deemed to have occurred in the case of a tender offer or change reportable
under the Federal securities laws, unless it is coupled with or followed by the election of at least one-half of the directors of the Company to be elected at any one (1)&nbsp;election
and the election of such directors has not been previously approved by at least two-thirds of the directors in office prior to such change in control. </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March of 1997, the Company and Mr.&nbsp;Decker entered into an employment agreement whereby Mr.&nbsp;Decker was employed as the Company's Senior Vice President, Finance and
Development, and Chief Financial Officer. As of January&nbsp;1999, Mr.&nbsp;Decker became the Company's Executive Vice President and Chief Financial Officer. Mr.&nbsp;Decker's employment
agreement terminated as of December&nbsp;31, 2002, when he retired from the Company. The Company entered into a retirement agreement with Mr.&nbsp;Decker pursuant to which Mr.&nbsp;Decker
received $300,000 in retirement pay, the use of a Company automobile through December&nbsp;31, 2003 and certain other benefits.

 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do2262_certain_relationships_and_related_transactions"> </A>
<A NAME="toc_do2262_3"> </A>
<BR></FONT><FONT SIZE=2><B>Certain Relationships and Related Transactions    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the past fiscal year, the Company did not engage in any transactions in which any director, officer or 5% shareholder of the Company had any material
interest, except as described below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
of the Company may from time to time own or have interests in horses racing at the Company's tracks. All such races are conducted, as applicable, under the regulations of the
Kentucky Racing Commission, the Illinois Racing Board, the Indiana Horse Racing Commission, the California Horse Racing Board or the Florida Department of Business and Professional Regulation Division
of Pari-Mutuel Wagering, and no director receives any extra or special benefit with regard to having his horses selected to run in races or in connection with the actual running of races. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=28,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=263117,FOLIO='26',FILE='DISK021:[03CHI2.03CHI2262]DO2262A.;18',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_dq2262_1_27"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One or more directors of the Company have an interest in business entities which contract with the Company (including its wholly or partially owned subsidiaries), Hoosier Park, L.P.
("Hoosier Park"), Churchill Downs California Company and Churchill Downs California Fall Operating Company (collectively, "Hollywood Park"), Calder Race Course,&nbsp;Inc., and Tropical
Park,&nbsp;Inc. (collectively, "Calder"), Arlington Park Racecourse, LLC ("Arlington Park") and Ellis Park,&nbsp;Inc. ("Ellis Park") (collectively, "Affiliates"), for the purpose of simulcasting
the Kentucky Derby and other races and the acceptance of intrastate or interstate wagers on such races. In such case, no extra or special benefit not shared by all others so contracting with the
Company is received by any director or entity in which such director has an interest. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Charles
W. Bidwill, Jr., a director of the Company, is the Chairman and a 14.42% owner of National Jockey Club. In 2002 National Jockey Club and Hawthorne Race
Course,&nbsp;Inc., doing business together as Hawthorne National LLC and the Company and its Affiliates were parties to simulcasting contracts whereby National Jockey Club was granted the right to
simulcast the Affiliates' respective races and the Company's races, including the Kentucky Oaks-Grade I race and the Kentucky Derby&#151;Grade I race. In consideration for these
rights, National Jockey Club paid to the Company 7.80% of its gross handle on common pool wagers and 9.20% of its gross handle on Illinois separate pool wagers on the Kentucky Oaks&#151;Grade I
race and the Kentucky Derby&#151;Grade I race, 3.50% of gross handle on other races simulcast from Churchill Downs and 3.30% of gross handle on simulcast races from Hollywood Park Racetrack. In
2002, National Jockey Club and the Company and its Affiliates were also parties to simulcasting contracts whereby the Company and its Affiliates were granted certain rights to simulcast National
Jockey Club's thoroughbred races. In consideration for these rights, the Company and its Affiliates paid to National Jockey Club 3.0% of each track's respective gross handle on the National Jockey
Club's simulcast races. For purposes of these and other simulcast contracts, gross handle is defined as the total amount wagered by patrons on the races at the receiving facility less any money
returned to the patrons by cancels and refunds. These simulcast contracts are uniform throughout the industry and the rates charged were substantially the same as rates charged to other parties who
contracted to simulcast the same races. In 2002, the Company and its Affiliates simulcasted their races to over 1,000 locations in the United States and selected international sites. National Jockey
Club received no extra or special benefit as a result of the Company's relationship with Mr.&nbsp;Bidwill. </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Brad M. Kelley, a director and 8.85% owner of the Company, is a member and the majority owner (52%) of Kentucky Downs, LLC ("Kentucky Downs"). The Company has a 24% ownership
interest in Kentucky Downs, a thoroughbred racing association which also serves as a pari-mutuel off-track betting facility receiving simulcast transmissions of races conducted
at the Company's racetracks. In 2002, Kentucky Downs and the Company and its Affiliates were parties to simulcasting contracts whereby Kentucky Downs was granted the right to simulcast the Company's
and its Affiliates' respective races. In consideration for these rights with regard to the Company and Ellis Park, Kentucky Downs paid to the Company and to Ellis Park, respectively, the percentages
of moneys wagered which are required by KRS 230.377, </FONT><FONT SIZE=2><I>et seq</I></FONT><FONT SIZE=2>. In consideration for these rights, with respect to the other Affiliates, Kentucky Downs
paid 3.35% of its gross handle on races simulcast from Hollywood Park, 3.00% of its gross handle on races



simulcast from Calder Race Course, and 3.00% on the other races simulcast from Affiliates. In 2002, Kentucky Downs and the Company and its Affiliates, except Hollywood Park, were also parties to
simulcasting contracts whereby the Company and its Affiliates were granted the right to simulcast Kentucky Downs' thoroughbred races. In consideration for these rights with regard to the Company and
Ellis Park, the Company and Ellis Park, respectively, paid to Kentucky Downs the percentages of moneys wagered which are required by KRS 230.377, et seq. In consideration for these rights, Hoosier
Park, Arlington Park and Calder, respectively, paid to Kentucky Downs 3.00% of each track's gross handle on races simulcast from Kentucky Downs. For purposes of these and other simulcast contracts,
gross handle is defined as the total amount wagered by patrons on the races at the receiving facility less any money returned to the patrons by cancels and refunds. These simulcast contracts are
uniform within Kentucky and throughout the industry and the rates charged were substantially the same as rates charged to other parties

</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=29,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=571233,FOLIO='27',FILE='DISK021:[03CHI2.03CHI2262]DQ2262A.;10',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dq2262_1_28"> </A>
<BR>

<P><FONT SIZE=2>
who contracted to simulcast the same races. In 2002, the Company and its Affiliates simulcasted their races to over 1,000 locations in the United States and selected international sites. Kentucky
Downs received no extra or special benefit as a result of the Company's relationship with Mr.&nbsp;Kelley. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;8, 2000, Arlington, then a wholly-owned subsidiary of the Company, entered into a lease and option to purchase agreement ("Lease") by which Arlington leases from
Duchossois Industries,&nbsp;Inc. approximately 68 acres of real estate adjacent to the racetrack in Arlington Heights, Illinois, for use in Arlington's backside operations. For 2002, Arlington paid
$285,932 to Duchossois Industries,&nbsp;Inc., pursuant to the Lease. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
H. Meeker, President and Chief Executive Officer of the Company, is currently indebted to the Company in the principal amount of $65,000, represented by his demand note bearing
interest at 8% per annum (payable quarterly) and payable in full upon termination of Mr.&nbsp;Meeker's employment with the Company for any reason. This indebtedness arose in connection with
Mr.&nbsp;Meeker's initial employment, pursuant to the terms of which he was granted a loan by the Company for the purpose of purchasing the Company's Common Stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven
P. Sexton, President of Churchill Downs Racetrack and former President of Arlington Park Racecourse, LLC, is indebted to the Company in the principal amount of $300,000,
represented by his demand note dated July&nbsp;6, 2001, bearing interest at 0% interest per annum and payable in full upon Mr.&nbsp;Sexton's resignation of employment; provided, however, this
indebtedness will be forgiven in $60,000 increments each year for five consecutive years beginning in his sixth year of employment. The loan was made in connection with Mr.&nbsp;Sexton's initial
employment in May of 2001, pursuant to the terms of which he was granted two loans by the Company, one of which has been repaid, for the purpose of purchasing a house and otherwise for
Mr.&nbsp;Sexton's relocation to the Chicago area. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_independent_public_accountants"> </A>
<A NAME="toc_dq2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>Independent Public Accountants    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At its meeting held on March&nbsp;13, 2003, the Board of Directors adopted the recommendation of the Audit Committee and selected PricewaterhouseCoopers, LLP
("PwC"), to serve as the Company's
independent public accountants and auditors for the fiscal year ending December&nbsp;31, 2003. PwC has served as the Company's independent public accountants and auditors since the Company's 1990
fiscal year. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives
of PwC are expected to be present at the Annual Meeting and will be available to respond to appropriate questions and will have the opportunity to make a statement if
they desire to do so. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_audit_fees"> </A>
<A NAME="toc_dq2262_2"> </A>
<BR></FONT><FONT SIZE=2><B>Audit Fees    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees incurred by the Company for services provided by PwC for the annual audit and for the quarterly reviews of the Company's financial statements
for the year ended December&nbsp;31, 2002, were approximately $316,342, of which an aggregate amount of $158,656 was billed to the Company through December&nbsp;31, 2002. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_financial_information_s__dq202512"> </A>
<A NAME="toc_dq2262_3"> </A>
<BR></FONT><FONT SIZE=2><B>Financial Information Systems Design and Implementation Fees    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2002, there were no fees billed to the Company by PwC for services concerning the design or implementation of systems that (i)&nbsp;gather the data
underlying the financial statements or (ii)&nbsp;generate data significant to the financial statements taken as a whole. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_all_other_fees"> </A>
<A NAME="toc_dq2262_4"> </A>
<BR></FONT><FONT SIZE=2><B>All Other Fees    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For services other than those described in the two preceding sections ("Other Services"), the Company incurred aggregate fees in the amount of $289,200 during
2002, of which an aggregate amount of $284,500 was billed to the Company by PwC through December&nbsp;31, 2002. Other Services include income </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=30,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=954004,FOLIO='28',FILE='DISK021:[03CHI2.03CHI2262]DQ2262A.;10',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dq2262_1_29"> </A>
<BR>

<P><FONT SIZE=2>
tax consultation, tax return preparation, audits of employee benefit plans and other accounting consultation. The Audit Committee has considered whether the provision of non-audit
services to the Company is compatible with maintaining PwC's independence. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_audit_committee_report"> </A>
<A NAME="toc_dq2262_5"> </A>
<BR></FONT><FONT SIZE=2><B>Audit Committee Report    <BR>  </B></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is the report of the Company's Audit Committee relating to actions taken with respect to the Company's financial statements for the year 2002 and
the related interim periods. All Committee actions are determined by the Committee Charter adopted by the Board. The Committee's job is one of oversight and it recognizes that the Company's management
is responsible for preparing the Company's financial statements.

 </FONT>

</P>

<P><FONT SIZE=2>Specifically,
we: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Reviewed
and discussed with management and the auditors the Company's interim and annual financial statements for 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Discussed
with the auditors all matters required to be discussed under Statement on Auditing Standards No.&nbsp;61, as amended, which sets forth required
communication between external auditors and audit committees.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Received
the written disclosures and letters from the auditors required by Independence Standards No.&nbsp;1 regarding their independence, and discussed
the auditors' independence with them.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Discussed
with management and the auditors the quality and adequacy of the Company's internal controls. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>


Based on the above, we recommend to the Board of Directors that the audited financials be included in the Company's annual report on Form&nbsp;10-K, and that PricewaterhouseCoopers be
re-appointed as auditors for 2003.

</FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B><U>Members of the Audit Committee</U><BR>  </B></FONT><FONT SIZE=2>Darrell R. Wells, Chairman<BR>
Leonard S. Coleman, Jr.<BR>
Robert L. Fealy<BR>
Daniel P. Harrington </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_approval_of_minutes_of_2002_sh__app02969"> </A>
<A NAME="toc_dq2262_6"> </A>
<BR></FONT><FONT SIZE=2><B>Approval of Minutes of 2002 Shareholders' Meeting<BR>  and Other Matters (Proposal No.&nbsp;4)    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors does not know of any matters to be presented to the Annual Meeting other than those specified above, except matters incident to the conduct
of the Annual Meeting and the approval by a majority of the shares represented at the Annual Meeting of minutes of the 2002 Annual Meeting which approval does not amount to ratification of actions
taken thereat. If, however, any other matters should come before the Annual Meeting, it is intended that the persons named in the enclosed Proxy, or their substitutes, will vote such Proxy in
accordance with their best judgment on such matters. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_multiple_shareholders_sharing_the_same_address"> </A>
<A NAME="toc_dq2262_7"> </A>
<BR></FONT><FONT SIZE=2><B>Multiple Shareholders Sharing the Same Address    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2000, the Securities and Exchange Commission adopted new rules that permit companies and intermediaries (e.g., brokers) to satisfy the delivery
requirements for proxy statements with respect to two or more shareholders sharing the same address by delivering a single proxy statement addressed to those shareholders. This process, which is
commonly referred to as "householding," potentially means extra convenience for shareholders and cost savings for companies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=31,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=766868,FOLIO='29',FILE='DISK021:[03CHI2.03CHI2262]DQ2262A.;10',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<A NAME="page_dq2262_1_30"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
year, one or more brokers with accountholders who are Churchill Downs shareholders will be "householding" our proxy materials. A single Proxy Statement will be delivered to multiple
shareholders sharing an address unless contrary instructions have been received from the affected shareholder. Once you have received notice from your broker that they will be "householding"
communications to your address, "householding" will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in "householding" and
would prefer to receive a separate Proxy Statement, please notify your broker. You may direct your written request for a copy of the Proxy Statement to Churchill Downs Incorporated, Attn: Mary Ann
Guenther, Corporate Counsel and Assistant Secretary, 700 Central Avenue, Louisville, Kentucky 40208, or contact Sue Carwile at 502-636-4400. If your broker is not currently
householding (i.e., you received multiple copies of the Company's Proxy Statement), and you would like to request delivery of a single copy, you should contact your broker. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2262_proposals_by_shareholders"> </A>
<A NAME="toc_dq2262_8"> </A>
<BR></FONT><FONT SIZE=2><B>Proposals by Shareholders    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shareholder proposal that may be included in the Board of Directors' Proxy Statement and Proxy for presentation at the Annual Meeting of Shareholders to be
held in 2004 must be received by the Company at 700 Central Avenue, Louisville, Kentucky 40208, Attention of the Secretary, no later than January&nbsp;6, 2004. Pursuant to the Company's Bylaws,
proposals of shareholders intended to be presented at the Company's 2004 annual meeting of shareholders must be received by the Company at the principal executive offices of the Company not less than
90 nor more than 120&nbsp;days prior to the anniversary date of the immediately preceding annual meeting of shareholders. Accordingly, any shareholder proposals intended to be presented at the 2004
annual meeting of shareholders of the Company must be received in writing by the Company at its principal executive offices not later than March&nbsp;21,
2004, nor sooner than February&nbsp;20, 2004. Any proposal submitted before or after those dates will be considered untimely, and the Chairman shall declare that the business is not properly brought
before the meeting and such business shall not be transacted at the annual meeting. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>BY
ORDER OF THE BOARD OF DIRECTORS. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="60%"><FONT SIZE=2>THOMAS H. MEEKER<BR></FONT> <FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2><I><BR>
&nbsp;</I></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><I><BR>&nbsp;</I></FONT></TD>
<TD WIDTH="60%"><BR><FONT SIZE=2>REBECCA C. REED<BR></FONT> <FONT SIZE=2><I>Senior Vice President,<BR>
General Counsel and Secretary</I></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Louisville, Kentucky<BR>
May&nbsp;5, 2003 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>PLEASE
SIGN AND RETURN THE ENCLOSED PROXY<BR>
IF YOU CANNOT BE PRESENT IN PERSON </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=32,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=241646,FOLIO='30',FILE='DISK021:[03CHI2.03CHI2262]DQ2262A.;10',USER='JKANTOR',CD='28-APR-2003;15:53' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_la2262_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la2262_exhibit_#160;a"> </A>
<A NAME="la2262_exhibit_a_churchill_downs_inco__exh02281"> </A>
<A NAME="toc_la2262_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT A    <BR>    <BR>    CHURCHILL DOWNS INCORPORATED<BR>  2003 STOCK OPTION PLAN    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Purpose.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The purpose of the Churchill Downs Incorporated 2003 Stock Option Plan is to promote Company's
interests by affording an incentive to key employees to remain in the employ of Company and its Subsidiaries and to use their best efforts on its behalf; and further to aid Company and its
Subsidiaries in attracting, maintaining, and developing capable personnel of a caliber required to ensure the continued success of Company and its Subsidiaries by means of an offer to such persons of
an opportunity to acquire or increase their proprietary interest in Company through the granting of incentive stock options and nonstatutory stock options to purchase Company's stock pursuant to the
terms of the Plan and related stock appreciation rights. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Definitions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Board"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means Company's Board of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Cause"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means (1)&nbsp;the willful and continued failure of the Optionee to perform substantially the
duties of his or her employment, after written demand for substantial performance improvement is delivered to the Optionee by the Company that specifically identifies the manner in which the Company
believes the Optionee has not substantially performed the duties of his or her employment, or (2)&nbsp;the willful engaging by the Optionee in illegal conduct or gross misconduct that is injurious
to the business or reputation of the Company. The Board's determination that an Optionee's employment has been terminated for Cause shall be conclusive and binding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Change in Control"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the first to occur of the following events: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;the
acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (a "Person") of beneficial ownership (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of 20% or more of either the then outstanding voting
securities of the Company (the "Outstanding Company Common Stock") or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of
directors (the "Outstanding Company Voting Securities"); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;individuals
who, as of the date of this Agreement, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the date of this Agreement whose election, or nomination for election by the Company's shareholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of
assets of another entity (a "Corporate Transaction), in each case, unless, immediately following such Corporate Transaction, (i)&nbsp;all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate Transaction beneficially own, directly
or indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=33,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=84594,FOLIO='A-1',FILE='DISK021:[03CHI2.03CHI2262]LA2262A.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<A NAME="page_la2262_1_2"> </A>
<UL>
<BR>

<P><FONT SIZE=2>
corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Corporate Transaction of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii)&nbsp;no
Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such Corporate Transaction) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then Outstanding Company Common Stock resulting from such Corporate Transaction or the Outstanding Company Voting Securities resulting from such Corporate Transaction, except to the
extent that such ownership existed prior to the Corporate Transaction and (iii)&nbsp;at least a majority of the members of the Board of Directors of the Company resulting from such Corporate
Transaction were members of the Incumbent Board at the time of the execution of the initial plan or of the action of the Board, providing for such Corporate Transaction; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;Notwithstanding
the foregoing, actions taken in compliance with the Stockholder's Agreement dated as of September&nbsp;8, 2000, among the Company, Duchossois
Industries,&nbsp;Inc. and subsequent signatories thereto, as amended from time to time, shall not be deemed a Change in Control. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Code"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the Internal Revenue Code of 1986, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Committee"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means a committee of the Board consisting of not fewer than two (2)&nbsp;directors who
(1)&nbsp;are not officers or employees of Company or a parent or subsidiary company, (2)&nbsp;receive no compensation from Company in any capacity other than as a director (except for amounts for
which disclosure is not required under federal securities law), and (3)&nbsp;meet any "independence" requirements promulgated by the Nasdaq Stock Market and any stock exchange on which the Common
Stock is listed or traded. The Committee shall be appointed by, and serve at the pleasure of, the Board to administer the Plan in accordance with Section&nbsp;4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Common Stock"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means Company's common stock, no par value, or the common stock or securities of a Successor
that have been substituted therefor pursuant to Section&nbsp;11. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Company"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means Churchill Downs Incorporated, a Kentucky corporation, with its principal place of business
at 700 Central Avenue, Louisville, Kentucky 40208. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Disability"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means, as defined by and to be construed in accordance with Code Section&nbsp;22(e)(3), any
medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve
(12)&nbsp;months, and that renders Optionee unable to engage in any substantial gainful activity. An Optionee shall not be considered to have a Disability unless Optionee furnishes proof of the
existence thereof in such form and manner, and at such time, as the Committee may require. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"ISO"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means an option to purchase Common Stock that at the time the option is granted qualifies as an
incentive stock option within the meaning of Code Section&nbsp;422. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"NSO"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means a nonstatutory stock option to purchase Common Stock that at the time the option is granted does
not qualify as an ISO. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Option Price"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the price to be paid for Common Stock upon the exercise of an option, in accordance
with Section&nbsp;6.E. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Optionee"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means a key employee to whom an option has been granted under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Optionee's Representative"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the personal representative of Optionee's estate, and after final
settlement of Optionee's estate, the successor or successors entitled thereto by law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=34,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=352117,FOLIO='A-2',FILE='DISK021:[03CHI2.03CHI2262]LA2262A.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<A NAME="page_la2262_1_3"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Plan"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the Churchill Downs Incorporated 2003 Stock Option Plan as set forth herein, and as amended
from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"SAR"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means a stock appreciation right described in Section&nbsp;7. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Subsidiary"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means any corporation that at the time an option is granted under the Plan qualifies as a
subsidiary of Company as defined by Code Section&nbsp;424(f). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Successor"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the entity surviving a merger or consolidation with Company, or the entity that acquires
all or a substantial portion of Company's assets or outstanding capital stock (whether by merger, purchase or otherwise). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Ten Percent Shareholder"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means an employee who, at the time an option is granted, owns stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of Company or Subsidiary employing Optionee or of its parent (within the meaning of Code Section&nbsp;424(e))
or Subsidiary corporation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Shares Subject to Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Authorized Unissued Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Subject to the provisions of Section&nbsp;11, shares to be delivered upon
exercise of options granted under the Plan shall be made available, at the discretion of the Board, from the authorized unissued shares of Common Stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Number of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Subject to adjustments and substitutions made pursuant to Section&nbsp;11, the
aggregate number of shares that may be issued upon exercise of all options that may be granted under the Plan shall not exceed four hundred fifty-one thousand four hundred
seventy-one (451,471) of Company's authorized shares of Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Re-Use of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;If an option is canceled, forfeited, expires or terminates for any reason
without having been exercised in full, the shares of Common Stock subject to, but not delivered under, such option shall again become available for any lawful corporate purpose, including for transfer
pursuant to other options granted to the same key employee or other key employees without decreasing the aggregate number of shares of Common Stock that may be granted under the Plan. If Common Stock
is applied to pay the Option Price upon exercise of an option, or to pay taxes upon such exercise, the Common Stock so applied shall be added to the shares available for the granting of options,
subject to the limit in Section&nbsp;3.B on the aggregate number of available shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Plan Administration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Committee shall have full power and authority, in its sole discretion subject to the
provisions of the Plan, to construe, interpret, and administer the Plan and may from time to time adopt such rules and regulations for carrying out the Plan as it deems proper and in Company's best
interests. Subject to the terms, and conditions of the Plan, the Committee shall have exclusive power and authority: [1] to determine the key employees to whom awards shall be
granted; [2] to determine the times at which awards shall be granted; [3] to determine the form, amount, and manner of exercise of awards;
[4] to grant any combination of ISOs, NSOs and SARs; [5] to determine the limitations, restrictions and conditions applicable to awards;
[6] to fix such other provisions of the option agreement as it may deem necessary or desirable consistent with the terms of the Plan; and [7] to
determine all other questions relating to the administration of the Plan. In making such determinations, the Committee may take into account the nature of the services performed by such employees,
their present and potential contributions to the success of Company or a Subsidiary and such other factors as the Committee in its discretion shall deem relevant. The interpretation of any provision
of the Plan by the Committee shall be final, conclusive, and binding upon all persons, and the officers of Company shall cause Company to perform its obligations under the Plan in accordance with the
determinations of the Committee in administering the Plan. The Committee's construction, interpretation and administration of the Plan, including the terms and conditions of options and its
determinations with respect to options, need not be uniform and may be made selectively among Optionees and employees (whether or not such persons are similarly situated). The </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=35,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=638669,FOLIO='A-3',FILE='DISK021:[03CHI2.03CHI2262]LA2262A.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<A NAME="page_la2262_1_4"> </A>
<BR>

<P><FONT SIZE=2>
Committee may determine at any time that an option may not be exercised as to less than 100 shares, or the remaining shares covered by the option if less than 100. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Key employees of Company and its Subsidiaries shall be eligible to receive options under the
Plan. Key employees to whom options may be granted under the Plan will be those selected by the Committee from time to time who, in the sole discretion of the Committee, have contributed in the past
or who may be expected to contribute materially in the future to the successful performance of Company and its Subsidiaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each option granted under the Plan shall be evidenced by an option agreement
signed by Optionee and by a member of the Committee on behalf of Company. An option agreement shall constitute a binding contract between Company and Optionee, and every Optionee, upon acceptance of
such option agreement, shall be bound by the terms and restrictions of the Plan and of the option agreement. Such option agreement shall be subject to the following express terms and conditions and to
such other terms and conditions that are not inconsistent with the Plan as the Committee may deem appropriate. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;$100,000 ISO Limitation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The aggregate fair market value (determined as of the date an option is granted) of
the Common Stock for which ISOs will first become exercisable by an Optionee in any calendar year under all ISO plans of Optionee's employer corporation and its parent (within the meaning of Code
Section&nbsp;424(e)) or subsidiary (within the meaning of Code Section&nbsp;424(f)) corporation shall not exceed $100,000. Options in excess of this limitation shall constitute NSOs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Option Period.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each option agreement shall specify the period during which the option is exercisable after
it becomes vested, which period may extend beyond the applicable expiration date under Section&nbsp;6.F. An option may be subject to such other terms and conditions on the time or times when it may
be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The Committee may, after the date of grant, extend the exercise period, which period may
extend beyond the applicable expiration date under Section&nbsp;6.F; provided, however, that the period may not be extended without Optionee's consent if the extension would disqualify the option as
an ISO. In no case shall such period, including extensions, exceed ten (10)&nbsp;years from the date of grant, provided, however, that in the case of an ISO granted to a Ten Percent Stockholder,
such period, including extensions, shall not exceed five (5)&nbsp;years from the date of grant. No option shall be exercisable until the date that is six (6)&nbsp;months from the date on which the
option is granted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Option Vesting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each option agreement may specify that an option may not be exercised until the Optionee is
vested in the option. An Optionee will become vested in an option after he or she has been continuously employed by the Company or a Subsidiary for a vesting period of not less than six
(6)&nbsp;months. Subject to 6.D, the vesting period shall be designated in the option agreement and shall begin on the date on which the option is granted. The option agreement may provide for
vesting in installments. Unless the vesting requirement is waived or modified as provided in Section&nbsp;6.D, any unvested option shall be forfeited on the earlier of date of the Optionee's death
or the date of the Optionee's termination of employment due to Disability or any other reason. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Acceleration of Option Vesting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Committee may, in its discretion, provide that the exercise dates of
outstanding options shall accelerate and such options become exercisable on or after the date of a Change in Control or termination of Optionee's employment due to death, Disability or termination
other than Cause and, in addition, on such terms and conditions deemed appropriate by the Committee and set forth in the Option Agreement. Also, the Committee may waive or modify any vesting
requirement at any time for any reason after the date on which the option is granted. Notwithstanding any other provision of this Plan, no option shall be exercisable until the date that is six
(6)&nbsp;months from the date on which the option is granted. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=36,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=548824,FOLIO='A-4',FILE='DISK021:[03CHI2.03CHI2262]LA2262A.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<A NAME="page_la2262_1_5"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Option Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Option Price per share of Common Stock shall be determined by the Committee at the time an
option is granted. The Option Price for ISOs shall not be less than fair market value, or in the case of an ISO granted to a Ten Percent Shareholder one hundred ten percent (110%) of the fair market
value, at date of grant. The fair market value of Common Stock shall be the closing high bid
quotation for the Common Stock in the over-the-counter market, as reported by the National Association of Securities Dealers Automated Quotation System, on the business day
immediately preceding the date of grant. The Option Price shall be subject to adjustments in accordance with the provisions of Section&nbsp;11. Subject to the approval of the Company's shareholders
holding not less than a majority of the votes represented and entitled to vote at a duly held meeting of the Company's shareholders, the Committee may substitute new options for previously granted
options, but with an exercise price per share based on fair market value on the new option grant date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Option Expiration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Subject to Section&nbsp;6.B, an option shall expire and cease to be exercisable at the
earliest of the following times: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1]&nbsp;&nbsp;ten
(10)&nbsp;years after the date of grant; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2]&nbsp;&nbsp;in
the case of an ISO granted to a Ten Percent Shareholder, one (1)&nbsp;year after the date of grant; or </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3]&nbsp;&nbsp;in
the case of both an ISO and NSO, one (1)&nbsp;year after termination of employment with Company or a Subsidiary because of Optionee's
retirement in accordance with the terms (as determined by the Committee) of the Company's tax-qualified retirement plans, attainment of such other retirement age as the Committee may
designate from time to time, or with the consent of the Committee; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4]&nbsp;&nbsp;eighteen
(18)&nbsp;months after termination of employment with Company or a Subsidiary because of Optionee's death or Disability; or </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5]&nbsp;&nbsp;the
earlier of: [i] three (3)&nbsp;months after the date of Optionee's termination of employment with Company or a
Subsidiary for any reason other than retirement as determined under Section&nbsp;6.F(3), death or Disability; or [ii] three (3)&nbsp;months after the date on which written
notice of such employment termination is delivered by Company to Optionee; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[6]&nbsp;&nbsp;the
date of notification to the Optionee that his or her employment is being terminated for Cause, unless the Committee determines otherwise (If
an Optionee's employment with the Company is suspended pending an investigation of whether the Optionee shall be terminated for Cause, all of the Optionee's rights under all options shall likewise be
suspended during the period of the investigation); or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[7]&nbsp;&nbsp;any
earlier time set by the grant as provided in the option agreement. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise By Optionee's Estate.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Upon Optionee's death, options may be exercised, to the extent exercisable by
Optionee on the date of Optionee's death, by Optionee's Representative at any time before expiration of said options. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Leaves of Absence.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Committee may, in its discretion, treat all or any portion of a period during which
an Optionee is on military or an approved leave of absence as a period of employment with Company or Subsidiary for purposes of accrual of rights under the Plan. Notwithstanding the foregoing, in the
case of an ISO, if the leave exceeds ninety (90)&nbsp;days and reemployment is not guaranteed by contract or statute, Optionee's employment shall be deemed to have terminated on the 91st day of the
leave. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payment of Option Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each option shall provide that the Option Price shall be paid to Company at the
time of exercise either in cash or in such other consideration as the Committee deems appropriate, including, but not limited to, Common Stock already owned by Optionee having a total fair market
value, as determined by the Committee, equal to the Option Price, or a combination of cash and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-5</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=37,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=410979,FOLIO='A-5',FILE='DISK021:[03CHI2.03CHI2262]LA2262B.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<A NAME="page_la2262_1_6"> </A>
<BR>

<P><FONT SIZE=2>
Common Stock having a total fair market value, as determined by the Committee, equal to the Option Price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Manner of Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;To exercise all or part of an option, Optionee shall deliver to Company, or to a
broker-dealer in the Common Stock with the original copy to Company, the following: [1] seven (7)&nbsp;days' prior written notice specifying the number of shares as to which
the option is being exercised and, if determined by counsel for Company to be necessary, representing that such shares are being acquired for investment purposes only and not for purpose of resale or
distribution; and [2] payment by Optionee, or the broker-dealer, for such shares in cash, or if the Committee in its discretion agrees to so accept, by delivery to Company of
other Common Stock owned by Optionee for at least six (6)&nbsp;months, or in some combination of cash and such Common Stock acceptable to the Committee. At the expiration of the seven (7)&nbsp;day
notice period, and provided that all conditions precedent contained in the Plan are satisfied, Company shall, without transfer or issuance tax or other incidental expenses to Optionee, deliver to
Optionee, at the offices of Company, a certificate or certificates for the Common Stock. If Optionee fails to accept delivery of the Common Stock, Optionee's right to exercise the applicable portion
of the option shall terminate. If payment of the Option Price is made in Common Stock, the value of the Common Stock used for payment of the Option Price shall be the fair market value of the Common
Stock, determined in accordance with Section&nbsp;6.E, on the business day preceding the day written notice of exercise is delivered to Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Cancellation of SARs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The exercise of an option shall cancel a proportionate number, if any, of SARs
included in such option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercises Causing Loss of Compensation Deduction.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;No part of an option may be exercised to the extent the
exercise would cause Optionee to have compensation from Company and its affiliated companies for any year in excess of $1&nbsp;million and that is nondeductible by Company and its affiliated
companies pursuant to Code Section&nbsp;162(m) and the regulations issued thereunder. Any option not exercisable because of this limitation shall continue to be exercisable in any subsequent year in
which the exercise would not cause the loss of Company's or its affiliated companies' compensation tax deduction, provided such exercise occurs before the option expires, and otherwise complies with
the terms and conditions of the Plan and option agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;ISOs.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each option agreement that provides for the grant of an ISO shall contain provisions deemed necessary
or desirable by the Committee to qualify such option as an ISO. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Form of Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Committee may include an SAR in any ISO or NSO granted under the Plan, either at the time
of grant or thereafter while the option is outstanding; provided that no SAR may be awarded with respect to an outstanding ISO without the Optionee's consent to the extent the award would disqualify
the option as an ISO. SARs shall be subject to such terms and conditions not inconsistent with the other provisions of the Plan as the Committee shall determine. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise of SAR/Cancellation of Option.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;An SAR shall entitle the Optionee to surrender to Company for
cancellation the unexercised option, or portion thereof, to which it is related, and to receive from Company in exchange therefor, at the discretion of the Committee, either:
[1] a cash payment equal to the excess of the fair market value of the Common Stock subject to the option or portion thereof so surrendered over the aggregate Option Price for
the shares; or [2] delivery to Optionee of Common Stock with a fair market value equal to such excess, or [3] a combination of cash and Common Stock
with a combined value equal to such excess. The value of the Common Stock shall be determined by the Committee in accordance with Section&nbsp;6.E on the day immediately preceding the day written
notice of exercise of the SAR is delivered to Company. The exercise procedures provided by Section&nbsp;6.J shall apply to the exercise of an SAR to the extent applicable. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-6</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=38,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=476403,FOLIO='A-6',FILE='DISK021:[03CHI2.03CHI2262]LA2262B.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<A NAME="page_la2262_1_7"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Limitations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;An SAR shall be exercisable only to the extent the option to which is relates is exercisable
and shall be exercisable only for such period as the Committee may provide in the option agreement (which period may expire before, but not later than, the expiration date of the option).
Notwithstanding the preceding sentence, an SAR is exercisable only when the fair market value of a share of Common Stock exceeds the Option Price for the share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Investment Representation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each option agreement may provide that, upon demand by the Committee for such a
representation, Optionee or Optionee's Representative shall deliver to the Committee at the time of exercise a written representation that the shares to be acquired upon exercise of an option or SAR
are to be acquired for investment and not for resale or distribution. Upon such demand, delivery
of such representation before delivery of Common Stock shall be a condition precedent to the right of Optionee or Optionee's Representative to purchase Common Stock. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Company shall have the right to: [1] withhold from any payment due
to Optionee or Optionee's Representative; or [2] require Optionee or Optionee's Representative to remit to Company; or [3] retain Common Stock otherwise
deliverable to Optionee or Optionee's Representative, in an amount sufficient to satisfy applicable tax withholding requirements resulting from the grant or exercise an option or SAR or disqualifying
disposition of Common Stock acquired pursuant to the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance With Other Laws and Regulations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Plan, the grant and exercise of options and SARs and the
obligation of Company to sell and deliver shares under such options and SARs, shall be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government
or regulatory agency as may be required. Company shall not be required to issue or deliver certificates for shares of Common Stock before [1] the listing of such shares on any
stock exchange or over-the-counter market, such as NASDAQ, on which the Common Stock may then be listed or traded, and [2] the completion of any
registration or qualification of any governmental body which Company, in its sole discretion, determines to be necessary or advisable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capital Adjustments and Mergers and Consolidations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Capital Adjustments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In the event of a stock dividend, stock split, reorganization, merger, consolidation,
or a combination or exchange of shares, the number of shares of Common Stock subject to the Plan and the number of shares under an option or SAR shall be automatically adjusted to take into account
such capital adjustment. The price of any share under an option or SAR shall be adjusted so that there will be no change in the aggregate purchase price payable upon exercise of such option or SAR. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Mergers and Consolidations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In the event Company merges or consolidates with another entity, or all or a
substantial portion of Company's assets or outstanding capital stock are acquired (whether by merger, purchase or otherwise) by a Successor, the kind of shares of Common Stock that shall be subject to
the Plan and to each outstanding option and SAR shall automatically be converted into and replaced by shares of common stock, or such other class of securities having rights and preferences no less
favorable than Company's Common Stock, of the Successor, and the number of shares subject to the option and SAR and the purchase price per share upon exercise of the option or SAR shall be
correspondingly adjusted, so that each Optionee shall have the right to purchase [1] that number of shares of common stock of the Successor that have a value equal, as of the
date of the merger, conversion or acquisition, to the value, as of the date of the merger, conversion or acquisition, of the shares of Common Stock of Company theretofore subject to Optionee's option
and SAR, [2] for a purchase price per share that, when multiplied by the number of shares of common stock of the Successor subject to the option and SAR, shall equal the
aggregate exercise price at which Optionee could have acquired all of the shares of Common Stock of Company theretofore optioned to Optionee. Conversion of an ISO shall be done in a manner to comply
with Code Sections 422 and 424 and the regulations thereunder so the conversion does not disqualify the option as an ISO. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-7</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=7,SEQ=39,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=408737,FOLIO='A-7',FILE='DISK021:[03CHI2.03CHI2262]LA2262B.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<A NAME="page_la2262_1_8"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Effect on Company's Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The granting of an option or SAR pursuant to the Plan shall not affect in any
way the right and power of Company to make adjustments, reorganizations, reclassifications, or changes of its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or
transfer all or any part of its business or assets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transferability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Options and SAR granted under the Plan may not be transferred by Optionee other than by
will or the laws of descent and distribution and during the lifetime of Optionee, may be exercised only by the Optionee. Any attempted assignment, transfer, pledge, hypothecation or other disposition
of an option or SAR, or levy or attachment or similar process not specifically permitted herein, shall be null and void and without effect. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Rights as Shareholder.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;No Optionee or Optionee's Representative shall have any rights as a shareholder
with respect to Common Stock subject to an option or SAR before the date of transfer to the Optionee of a certificate for such shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Rights to Continued Employment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Neither the Plan nor any award under the Plan shall confer upon any
Optionee any right with respect to continuance of employment by Company or Subsidiary nor interfere with the right of Company or Subsidiary to terminate the Optionee's employment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendment, Suspension, or Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Board may amend, suspend or terminate the Plan at any time and in
any respect that it deems to be in Company's best interests, except that, without approval by shareholders of Company holding not less than a majority of the votes represented and entitled to be voted
at a duly held meeting of Company's shareholders, no amendment shall be made that would: [1] increase the aggregate number of shares of Common Stock which may be delivered
under the Plan, except as provided in Section&nbsp;11; or [2] change the employees or class of employees eligible to receive ISOs; or [3] require
shareholder approval under federal or state securities laws. </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effective Date, Term and Approval.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The effective date of the Plan is March&nbsp;13, 2003 (the date of
Board adoption of the Plan), subject to approval by stockholders of Company holding not less than a majority of the shares present and voting at its 2003 annual meeting on June&nbsp;19, 2003. The
Plan shall terminate ten (10)&nbsp;years after the effective date of the Plan and no options may be granted under the Plan after such time, but options granted prior thereto may be exercised in
accordance with their terms.

</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Severability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The invalidity or unenforceability of any provision of the Plan or any option or SAR granted
pursuant to the Plan shall not affect the validity and enforceability of the remaining provisions
of the Plan and the options and SARs granted hereunder. The invalid or unenforceable provision shall be stricken to the extent necessary to preserve the validity and enforceability of the Plan and the
options SARs granted hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Plan shall be governed by the laws of the Commonwealth of Kentucky. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>A-8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=8,SEQ=40,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=918542,FOLIO='A-8',FILE='DISK021:[03CHI2.03CHI2262]LA2262B.;4',USER='JKANTOR',CD='28-APR-2003;15:54' -->
<BR>
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma2264_proxy_churchill_downs_incorporated"> </A>
<A NAME="toc_ma2264_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROXY    <BR>    <BR>    CHURCHILL DOWNS INCORPORATED    <BR>    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> 700 Central Avenue<BR>
Louisville, Kentucky 40208  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>ANNUAL MEETING OF SHAREHOLDERS - JUNE 19, 2003  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="ma2264_this_proxy_is_solicited__ma202419"> </A>
<A NAME="toc_ma2264_2"> </A>
<BR>    THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Frank&nbsp;B. Hower, Jr., and Darrell&nbsp;R. Wells and any of them, as Proxies with full power to appoint a substitute and
hereby authorizes them to represent and to vote, as designated below, all shares of the undersigned at the Annual Meeting of Shareholders to be held on Thursday, June&nbsp;19, 2003, or any
adjournment thereof, hereby revoking any Proxy heretofore given. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors unanimously recommends a vote FOR the following proposals: </FONT></P>

<BR>
<HR NOSHADE>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Election
of Class I Directors (Proposal No. 1):</FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>FOR all nominees listed below (Except as marked to the contrary below)</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="41%"><FONT SIZE=2>WITHHOLD AUTHORITY to vote for all nominees listed below</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>


Class I Directors: (01)&nbsp;Leonard&nbsp;S. Coleman, Jr., (02)&nbsp;Craig&nbsp;J. Duchossois, (03)&nbsp;G.&nbsp;Watts Humphrey, Jr., and (04)&nbsp;Dennis&nbsp;D. Swanson

 </FONT></P>

<P><FONT SIZE=2>(INSTRUCTION:
To withhold authority to vote for any individual nominee, write that nominee's name on the space provided below.) </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Proposal
to approve the Churchill Downs Incorporated 2003 Stock Option Plan (Proposal No. 2); </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="36%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>FOR</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="28%"><FONT SIZE=2>AGAINST</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="27%"><FONT SIZE=2>ABSTAIN</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Proposal
to approve amendments to the Company's Articles of Incorporation to eliminate cumulative voting for the election of Directors of the Company (Proposal No.&nbsp;3); </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="36%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>FOR</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="28%"><FONT SIZE=2>AGAINST</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="27%"><FONT SIZE=2>ABSTAIN</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Proposal
to approve minutes of the 2002 Annual Meeting of Shareholders, approval of which does not amount to ratification of action taken thereat (Proposal No.&nbsp;4); and </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="36%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="13%"><FONT SIZE=2>FOR</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="28%"><FONT SIZE=2>AGAINST</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="27%"><FONT SIZE=2>ABSTAIN</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=41,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=801223,FOLIO='blank',FILE='DISK021:[03CHI4.03CHI2264]MA2264A.;14',USER='ABLIJDE',CD='22-APR-2003;18:47' -->
<A NAME="page_ma2264_1_2"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>In
their discretion, the Proxies are authorized to vote upon such other business as may properly come before the meeting including matters incident to its conduct. </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2><B>UNLESS CONTRARY DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR PROPOSAL NO.&nbsp;2, FOR PROPOSAL NO.&nbsp;3, FOR PROPOSAL NO.&nbsp;4 AND FOR THE ELECTION OF ALL CLASS&nbsp;I DIRECTORS DESIGNATED UNDER PROPOSAL
NO.&nbsp;1. </B></FONT><FONT SIZE=2>Please sign, date and return this Proxy promptly in the enclosed envelope.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>Dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2003</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="58%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2>(Please sign this Proxy exactly as name(s) appears. Joint owners should each sign. When signing as attorney, executor, administrator, trustee, guardian or other fiduciary, please give full title.)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=42,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=81634,FOLIO='2',FILE='DISK021:[03CHI4.03CHI2264]MA2264A.;14',USER='ABLIJDE',CD='22-APR-2003;18:47' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="03CHI2262_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de2262_1">Annual Meeting of Shareholders To Be Held on June 19, 2003</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de2262_2">Common Stock Owned by Certain Persons</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_de2262_3">Section 16(a) Beneficial Ownership Reporting Compliance</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg2262_1">Executive Officers of the Company</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2262_2">Election of Directors (Proposal No. 1)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2262_3">Executive Committee</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di2262_1">Audit Committee</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di2262_2">Compensation Committee</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di2262_3">Strategic Planning Committee</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk2262_1">Proposal To Approve the Churchill Downs Incorporated 2003 Stock Option Plan (Proposal No. 2)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk2262_2">Equity Compensation Plan Information<SUP>(1)</SUP></A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk2262_3">Amendments to Articles of Incorporation To Eliminate Cumulative Voting (Proposal No. 3)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk2262_4">ARTICLE VIII VOTING RIGHTS OF COMMON STOCK</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk2262_5">ARTICLE X DIRECTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm2262_1">Compensation Committee Report on Executive Compensation</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do2262_1">Compensation Committee Interlocks and Insider Participation</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_do2262_2">Executive Compensation</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_do2262_3">Certain Relationships and Related Transactions</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq2262_1">Independent Public Accountants</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2262_2">Audit Fees</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2262_3">Financial Information Systems Design and Implementation Fees</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2262_4">All Other Fees</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2262_5">Audit Committee Report</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2262_6">Approval of Minutes of 2002 Shareholders' Meeting and Other Matters (Proposal No. 4)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2262_7">Multiple Shareholders Sharing the Same Address</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dq2262_8">Proposals by Shareholders</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_la2262_1">EXHIBIT&#160;A</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ma2264_1">PROXY CHURCHILL DOWNS INCORPORATED</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ma2264_2">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JKANTOR,SEQ=,EFW="2109074",CP="CHURCHILL DOWNS INCORPORATED",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g685106.jpg
<DESCRIPTION>G685106.JPG
<TEXT>
begin 644 g685106.jpg
M_]C_X``02D9)1@`!`0$!L`&P``#__@`K1$E32S`R,3I;,#-#2$DR+C`S0TA)
M,C(V,BY/5510551=05)4,2Y%4%/_VP!#``<%!@8&!0<&!@8("`<)"Q(,"PH*
M"Q<0$0T2&Q<<'!H7&AD=(2HD'1\H(!D:)3(E*"PM+S`O'2,T.#0N-RHN+R[_
MP``+"`&H`G\!`1$`_\0`'``!``(#`0$!``````````````0&`@4'`P$(_\0`
M41```0,#`@,$!@8)`@(&"`<``0(#!``%$082$R$Q!R)!4107,F&5T146559Q
M@2,D,S0V=7:RM"610E(U0V)R@J$(4U=CE+'2\"9$5)+!X?'_V@`(`0$``#\`
MZ)$NE^':)/LMQNSD)Q\+7;6EM(<C2F-B]I3@`AQ!P5)*@5`*\,8U<+4%]3>'
M=-.7FZ%UZ]L1@[.B-MR&XRH[CBE)*4A!2M;2TI.,@9\:AHU=J23$U+MNBVG-
M-0)3Z7`TC$QQN0\A)7RP1L9`(3CFHGERQV5B3Q(#<LMJ[S0<V)&3S&<?C7/I
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MX`K#G`0F4H"*MS>%K:(YI4>(K'_+N.,9KW.C;4MO<\[->FA]E],YQ\J?2MH$
M-D*QC`"E#&,'<K(.349SL_TXJ.W'#,A#?`5'?"7S^M-J<XJDN_\`-E942>1[
MRAT)%6\``8`P!X5SWM6_>M"?U/%_L<KH0Z4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I5`U[_`!MV>_S)_P#QUU?QT%*4I2E*
M5SWM6_>M"?U/%_L<KH0Z"E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I
M2E*4I2E*4I2E*4I2E*H&O?XV[/?YD_\`XZZOXZ"E*4I2E*Y[VK?O6A/ZGB_V
M.5T(=!2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E4#7O\;=GO\R?_`,==7\=!2E*4I2E<][5OWK0G]3Q?['*Z$.@I2E*4I2E*
M4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2J!KW^-NSW^9/
M_P".NK^.@I2E*4I2N>]JW[UH3^IXO]CE="'04I2E*4I2E*4I2E*4I2E*4IFE
M*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2J!KW^-NSW^9/\`^.NK^.@I2E*9
MI2E<][5OWK0G]3Q?['*Z$.@I2E*4I2E*4I2E*4I2E*4JE]K#ES;T;*5:9R8L
MH*!V\3AKD(2"I;:%=0LI!(QY8Y9S5<9NDB2QIR[P=375SV'I#$@(0E$5*E)<
MXR0#N<4K]&D@Y*@,<@HUHV-9:@N4^[M1%RGYJ[C$,:U`+BY:+"EJ8#JP-BNZ
M5%7+)2<<B*N3,WZ0[-[?=Y>H+BWZ+#$J4[&(8>>*4*!0K()'>!'+J0*U%HOM
M\MU]A6Z]/2)$6&["MKA$C#JY;[7$+JQM[Z`5!`&X`8)PKPZP*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4J@:]_C;L]_F3_P#CKJ_CH*4I2N4,/7)':),M\V[S
M&E7(.&US(SI=CK1L=_0K03M0XWM4I/+GL.3S(K[$MVHW8VH(^G+Q)E0'9+'H
M9N5P=#CB4`^D%IX`K2A2MJ0H<LA1'(BM-(O<V3:;K)C3;I;Q:=-JGQVGYBG'
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MS;:N%L*!!2M,<N2`C.SAJ'L;<#&<8SRKG.MNUZ'8KT_:[KV<M*E.)9??3(DH
MXF_;W=V$*!*1R!ST/A71-,7!F_-VM2="I8MMUM\=]V:A31:1M3N;:(Y*5L/(
M<L#-3F9<J4;G>I.@GF[I`(3$XBV5.RP-P!0K/=P">O\`S'WU+E:@OC-HMLUK
M1T]Z5)64OPTR&@N*,]5$G!_*IRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NG
MC4.+?KV]`NTAW2,YEZ&<1V%/M%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64
MOPTR&@N*,]5$G!_*IRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]
M`NTAW2,YEZ&<1V%/M%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR&@N*
M,]5$G!_*IRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTAW2,Y
MEZ&<1V%/M%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR&@N*,]5$G!_*
MIRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTAW2,YEZ&<1V%/
MM%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR&@N*,]5$G!_*IRKK<QJ5
M%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTAW2,YEZ&<1V%/M%4P9/-)
M!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR&@N*,]5$G!_*IRKK<QJ5%J&GY1MY
M;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTAW2,YEZ&<1V%/M%4P9/-)!PGH/:\Z
MQE:@OC-HMLUK1T]Z5)64OPTR&@N*,]5$G!_*IRKK<QJ5%J&GY1MY;W&YAU'"
M"L$[=N=V<\NGC4.+?KV]`NTAW2,YEZ&<1V%/M%4P9/-)!PGH/:\ZQE:@OC-H
MMLUK1T]Z5)64OPTR&@N*,]5$G!_*IRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V
M<\NGC4.+?KV]`NTAW2,YEZ&<1V%/M%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z
M5)64OPTR&@N*,]5$G!_*IRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+
M?KV]`NTAW2,YEZ&<1V%/M%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR
M&@N*,]5$G!_*IRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTA
MW2,YEZ&<1V%/M%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR&@N*,]5$
MG!_*IRKK<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTAW2,YEZ&<
M1V%/M%4P9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR&@N*,]5$G!_*IRKK
M<QJ5%J&GY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTAW2,YEZ&<1V%/M%4P
M9/-)!PGH/:\ZQE:@OC-HMLUK1T]Z5)64OPTR&@N*,]5$G!_*IRKK<QJ5%J&G
MY1MY;W&YAU'""L$[=N=V<\NGC4.+?KV]`NTAW2,YEZ&<1V%/M%4P9/-)!PGH
M/:\ZK&I)<J=J/LUES;<[;Y#EPD%<5Y:5*;/`6,$IY'IGEYUTT=!2E*57/J7I
MSTZ9-^C_`-+*0M*QQ5A*=^[>I`SW%*"CDIP>9\SF+$[/=)0PGT2VNLJ24E*T
M3'PI&T$`)5OR!A1Y`X_V%;"1I+3LE$9#MJ9V1V1'0A)*4EH*"@A0!`4G<D':
MK(S6]KGO:M^]:$_J>+_8Y701T%?:4I2E*4I2E*4I2E*4I2E*K^L=46_2EI5.
MF!3KSBN%%B-#+LIT^RV@>))_VZUS)78XC6CKFIM>39<>^32%KBP%H2U&;``0
MWDI.X@`9.>O^]7RR-W'3$N%IQ%O"],0[<D-71<A.]HMC"@Z"`.8P01Y'/NM[
M:VW6TN-J2M"@"E23D$'H0:RI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2N?Z]_
MC;L]_F3_`/CKKH`Z"E*4I2E*Y[VK?O6A/ZGB_P!CE="'04I2E*4I2E*4I2E*
M4I2E*5X2GPPT2E(6\0KAM;@DN*`)VC/CRJLZ?M;]Y%LU+JVPQ(NH(O&$9"'"
MX8S:SR!YXWX`R1[\8R15MKPFQ(TZ(_#F,(?C/H+;K3@RE:2,$$>5<P0;EV5/
MA#BI%PT&XODX<K>L^3R!ZE;/,>]/_P`^H0Y4>;%9EQ'VWX[R`MMUM6Y*TGF"
M#XBO:E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E4#7O\;=GO\R?_P`==7\=!2E*
M4I2E<][5OWK0G]3Q?['*Z$.@I2E*4I2E*4I2E*4I2E*5J]1WRVZ<L\F[W:0E
MB(PG*B>JCX)2/%1/("J7I.RW/4UY8UUJV,N,XT#]$6E9Y0FS_P!8L>+JA_L/
MRQTBE*P=;;>:6TZA*VUI*5)4,A0/4$>(JAVZPH[/7;Q=(EP?^JG!5(5:DLJ>
M5&=SDEG',((SE.#@\^0JYVFY0KO;8USMTA$B');#C3B.BDG_`.^E3*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*H&O?XV[/?YD__CKJ_CH*4I2E*4KGO:M^]:$_
MJ>+_`&.5T(=!2E*4I2E*4I2E*4I2E*5%N,^%;(;LZXRV8L5H`K>>6$(3DX&2
M>0YFJ8=*7"_ZS-]U0XRNVVQW_1[>RLJ;S_\`J'/-?D.B<>-7VE*4I5&UDG55
MCF1;_IO,^V16N',L2&T@N(SGB,D#/$&?9Z$#`JQZ:U!:M36EFZVB2E^.YR(Z
M*;5XH6G_`(5#Q!K;4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*H&O?XV[/?YD_\`
MXZZOXZ"E*4I2E*Y[VK?O6A/ZGB_V.5T(=!2E*4I2E*4I2E*4I2E*C7";$ML)
M^=.D-QXK""XZZX<)0D=235+T^^GM%@KN-\T^TBPMRVY%H3)W!U[9G],M'3:2
M>Z.>1USR-7VE*4I2E<ZU/I:Z6>ZO:PT*E*;BKO7"U%6UFYI\_)+O7"O$]>IS
M>;9,,V%'>=CKBR'&4.N172.(SN'LJ`\>H_(U,I2E*4I2E*4I2E*4I2E*4I2E
M*4I2E*H&O?XV[/?YD_\`XZZOXZ"E*4KYN25%&1N`R1X@?_8-?<TS2N>]JW[U
MH3^IXO\`8Y70AT%*4I2E*4I2E*4I2E*5Y29#,6.[)DNH:8:25N.+5A*4@9))
M\!7+(C$CM6N;-SF(=8T-">W18K@*3=G$GDZL'_J@>B?'QKJZ4I2D)2``!@`>
M%?:4I2E*4JN7/3\=N\/:KML4KOS<);#:..6FY/+*$N8Y'!Z'PS^&/#1&L8FI
MV9$=V.Y;[U"/#GVU_DXPOS'_`#(/@H<C5JI2E*4I2E*4I2E*4I2E*4I2E*4I
M2E4#7O\`&W9[_,G_`/'75_'04I2E<=9;99[192)4YUZ-=B^8=TB2"A<=00\'
M&'03T2$+*5#DDH3T-08\6WQ[O"9MCY:TW>+U&"()D%8=:0RZ2Z4DDA#KH0,'
MVMH)]JM0B6\_;]6>E2WN#:+5,<LJRZ<H*9CZ4+1_VAPVD`^6!T.*[]'7(,!M
M;B`9):!4D\N_MYC_`'KBW:#=->O2-(&XZ6ML8HO\=<8-W/?Q7MJ]J#W.Z",]
M[GC'2NDR;AK)%GMK\;3L!RXNJ(F1U3]J&$YY%*]O>Y8\!4]4O4`U,B(FTQ38
MRWE4WTK]*%X/+AXZ9P,YJ%%N&L%P+LY)T_!;ELG]0:3.W)D#)]I6WN>'GUKY
M*N&LD6BVOQM.P'+BZLB9'5/VH83GD4KV][ECP%3E2]0#4R(B;3%-C+>53?2O
MTH7@\N'CIG`SFH46X:P7`NSDG3\%N6R?U!I,[<F0,GVE;>YX>?6ODJX:R1:+
M:_&T[`<N+JR)D=4_:AA.>12O;WN6/`5.5+U`-3(B)M,4V,MY5-]*_2A>#RX>
M.F<#.:A1;AK!<"[.2=/P6Y;)_4&DSMR9`R?:5M[GAY]:^2KAK)%HMK\;3L!R
MXNK(F1U3]J&$YY%*]O>Y8\!4Y4O4`U,B(FTQ38RWE4WTK]*%X/+AXZ9P,YJ%
M%N&L%P+LY)T_!;ELG]0:3.W)D#)]I6WN>'GUKY*N&LD6BVOQM.P'+BZLB9'5
M/VH83GD4KV][ECP%3E2]0#4R(B;3%-C+>53?2OTH7@\N'CIG`SFH46X:P7`N
MSDG3\%N6R?U!I,[<F0,GVE;>YX>?6ODJX:R1:+:_&T[`<N+JR)D=4_:AA.>1
M2O;WN6/`5.5+U`-3(B)M,4V,MY5-]*_2A>#RX>.F<#.:A1;AK!<"[.2=/P6Y
M;)_4&DSMR9`R?:5M[GAY]:^2KAK)%HMK\;3L!RXNK(F1U3]J&$YY%*]O>Y8\
M!4Y4O4`U,B(FTQ38RWE4WTK]*%X/+AXZ9P,YJ"S<]6BVWB1-L-O8D1\F$CT_
M*'TC.2M6WN<@#XU6I5QUY?6;>[&T[IVX6"9$(EL&>'4/%9([J]N"D`#P.=WN
MY7!MZ^,:@9MT>RPT:>0R`):9.U:"$\DAK'3(`ZU%BW#6"X%V<DZ?@MRV3^H-
M)G;DR!D^TK;W/#SZU\E7#62+1;7XVG8#EQ=61,CJG[4,)SR*5[>]RQX"IRI>
MH!J9$1-IBFQEO*IOI7Z4+P>7#QTS@9S4*+<-8+@79R3I^"W+9/Z@TF=N3(&3
M[2MO<\//K7R5<-9(M%M?C:=@.7%U9$R.J?M0PG/(I7M[W+'@*G*EZ@&ID1$V
MF*;&6\JF^E?I0O!Y</'3.!G-0HMPU@N!=G).GX+<MD_J#29VY,@9/M*V]SP\
M^M?)5PUDBT6U^-IV`Y<75D3(ZI^U#"<\BE>WO<L>`J<J7J`:F1$3:8IL9;RJ
M;Z5^E"\'EP\=,X&<U"BW#6"X%V<DZ?@MRV3^H-)G;DR!D^TK;W/#SZU\E7#6
M2+1;7XVG8#EQ=61,CJG[4,)SR*5[>]RQX"J[K;3%^O6JXUPLL2-;)<-G,6^H
MD_I,X)X+C.WOMD\N9Y9)'B#\TKKG45S7?;)<[##A:IMK:5,P%RBE,L="XDD<
MD9Q@C/6K'*N&LD6BVOQM.P'+BZLB9'5/VH83GD4KV][ECP%3E2]0#4R(B;3%
M-C+>53?2OTH7@\N'CIG`SFH46X:P7`NSDG3\%N6R?U!I,[<F0,GVE;>YX>?6
MODJX:R1:+:_&T[`<N+JR)D=4_:AA.>12O;WN6/`5.5+U`-3(B)M,4V,MY5-]
M*_2A>#RX>.F<#.:A1;AK!<"[.2=/P6Y;)_4&DSMR9`R?:5M[GAY]:^2KAK)%
MHMK\;3L!RXNK(F1U3]J&$YY%*]O>Y8\!4Y4O4`U,B(FTQ38RWE4WTK]*%X/+
MAXZ9P,YJ%%N&L%P+LY)T_!;ELG]0:3.W)D#)]I6WN>'GUKY*N&LD6BVOQM.P
M'+BZLB9'5/VH83GD4KV][ECP%3E2]0#4R(B;3%-C+>53?2OTH7@\N'CIG`SF
MH46X:P7`NSDG3\%N6R?U!I,[<F0,GVE;>YX>?6ODJX:R1:+:_&T[`<N+JR)D
M=4_:AA.>12O;WN6/`5.5+U`-3(B)M,4V,MY5-]*_2A>#RX>.F<#.:A1;AK!<
M"[.2=/P6Y;)_4&DSMR9`R?:5M[GAY]:^2KAK)%HMK\;3L!RXNK(F1U3]J&$Y
MY%*]O>Y8\!4Y4O4`U,B(FTQ38RWE4WTK]*%X/+AXZ9P,YJ%%N&KUP+LY)T_!
M:ELG]0:3.W)D#)]I6WN>'GUKY*N&LD6BVOQM.P'+BZLB9'5/VH83GD4KV]_E
MCP%3E2]0#4R(B;3%-C+>53?2OTH7@\N'CIG`SFH46X:O7`NSDG3\%J6R?U!I
M,[<F0,GVE;>YX>?6ODJX:R1:+:]&T[`<N+JR)D=4_:AA.>12O;WN6/`5.5+U
M`-3(B)M,4V,MY5-]*_2A>#RX>.F<#.:A1;AK!<"[.2=/P6Y;)_4&DSMR9`R?
M:5M[GAY]:^2KAK)%HMK\;3L!RXNK(F1U3]J&$YY%*]O>Y8\!4Y4O4`U,B(FT
MQ38RWE4WTK]*%X/+AXZ9P,YJ%%N&L%P+LY)T_!;ELG]0:3.W)D#)]I6WN>'G
MUKY*N&LD6BVOQM.P'+BZLB9'5/VH83GD4KV][ECP%3E2]0#4R(B;3%-C+>53
M?2OTH7@\N'CIG`SFH46X:P7`NSDG3\%N6R?U!I,[<F0,GVE;>YX>?6ODJX:R
M1:+:_&T[`<N+JR)D=4_:AA.>12O;WN6/`5.5+U`-3(B)M,4V,MY5-]*_2A>#
MRX>.F<#.:A1;AK!<"[.2=/P6Y;)_4&DSMR9`R?:5M[GAY]:K.HWKB_J/LU>N
MT-J)/5<)'%8:=XJ4'@+P`K`SRP>E=-'04I2E:CZMV#TN9,-GA>D36RW)7P4Y
M>2<Y"N7/.>?GRSG%><72FF(C#\>)IZUQV9!27D-1$(#A2<I)`',@\QY5)<L5
ME<3$2Y:82DQ`!'!83AD`@@)Y<AD`\O$#RK95SWM6_>M"?U/%_L<KH0Z"E*4I
M2E*4I2E*4I2A(`))P!7*)\F5VIW-RTVJ0XQHJ&[LN$QL[3<UCJPV?_5C_B5X
M]!74(<6-!B,PX;#;$=E`0VTVD)2A(Z``=!7O2E*4I2E*4I6LO5N=FPY7T?*$
M"YN,%EF>AE*ULY.>6X<QD=*UELU`U"FVS2^H+E&5J5Z('B&FE-MOX)!*">1/
M+.W.>IP!5FI2E*4I2E*4I2E4OM5F7B#I-V599"VGVW4J>#*@'ULC)6&L@@KZ
M''B`16MAZBG+N>G'$7U,FUS;-+DN..10WN6T6L.+`YI/?5E(P!@UH-,ZJU+<
M[C:[1/F2H3LYQH.%QM'$"/1772ZV=F-CBD#:""0$+!VGE5C3==1WCLO@7N"_
M*;NJX7&4(3+2G'UA)`*>)W`DG"CRSCD*U-GUC=INI[4A4M:K3+<CMIE!D!E:
ME1.(IA2<;D.E2DK!SMQW>HP>L4I2E*4I3(\Z5Q;MEUQ9--ZRT>92GGWK=(<E
MR&&$@K2VMI2$]2!DDYQGH/PJV776_IW9Z=5Z30J4TH#>KA;UQD`X<46\C<4=
M2G/OYCK*M^I+E(F:71Q;9*AW6.^M<B*5X6I"=R2C)Y)(QD')!R/"JG$[3;B]
M;I$MQIA*678K<@(8*G(Y<4X%[&PHE]("$E*T\E`J(!VD"WLWB_7'15NO<*3:
M(C[K(DR7WTJ?90T$DDI2A8R3R_XN7/K6DA:KU*I^Q,WDL6MN=$0X99MZELNO
M*0IPMA7%_1%*0.2@=Q"L'E72Z4I7/>U;]ZT)_4\7^QRNA#H*4I2E*4I2E*4I
M2E*H6H4K[0(:+;IS43#=F1,7&O+L<JXRTI`):;5T&<X)\CRSS!N=LM\*U0(]
MNMT9N-$CH"&FFQA*$CPJ52E*4I2E*4I2E:#6&EK7JRU^@7)*T+0KB1Y+*MKT
M9P=%H5X'_P"=5C36J+K8[LQI#72T"<YW;==DC:S<4CH%?\COFGQ\/#/1J4I2
ME*4I2E*4K5ZAL-LU#`]`NL?BLA06DA12I"L$9!','!(_`FL#IRR>DQ)(M[27
M(C)CL;20EMLC!0$@XVG`R,<\#/2N>:GU9V5Z3GG3MR&)".&7$L-N.F/M20@%
M8.4X2I6$I/(*/+GSND?3^D[M%CW"+"C/1GFT+9<94H(4@-[$XVD#;L.W'3'A
M4Q=HT]%FIN*XT5E]*DJ2HJVI"DHV!6W.W<$=T'&0.72ODK5>EX@)E:CM+``!
M/$FMIY?FJM1)[3=`1L\35MJ5C/[-\.=/^[FH'K>T$L[8MV?EJ/01H#[F?S",
M5\/:C;7!F%IG5DT'H6+.Y@^7-6.M9#7MZ?\`W+LVU0K)Y>D(98_'VE__`.UC
M]:.T5X_JW9GPTGHJ5>F4_@<)!_,5],[M9D?L;!I>'SY"3/=<P/\`P(\:^)B=
MKDCD]=])PP>68\-]TC_]RAS'_G0Z:[27SEWM)8CC_EBV1KE^:U&OOU%U"^,3
MNTO4:QC!]&2RQR\>B#7P=F,59W3-8:PEG_WMW6D9\\)``KC_`&N]D(;U/8FM
M-RCNNZE1@U.D+64N(05;N(K)P4CIX$>_EUS1/9PFP]G[6F9-R>]*4ZJ2[)BJ
M*-KJAC"<]4@<L$<^?(588^CK5&5:N`N4ANVH=0RUQ<I5Q,\0KR.\59.3_MBO
M!C0MF87#>;=F"3!0TW$D%[*V&V]VU"21@IPM0.X'(//H*DM:1MC-IDV=EZ8W
M`?92PID/DI"0I2E8!Z%94=Q\<^%27]/1)5T].ER)<AM*PXW#=<!8;7L*-R4X
M\B>1)&3G&>=;JE*5SWM6_>M"?U/%_L<KH0Z"E*4I2E*4I2E*4I5!?U7<KWK%
MO3^DDQW8=O=!O4]Y!6TV/_4-X(W.'GD]$X_$5<[9;H%JAH@VR&Q$BH)*66$!
M"4Y.3@#WFI=*4I2E*4I2E*4I6JU)8+5J6T/VB\14R(CPY@\BE0Z*2>H4/`BM
M9;YL^TWJ'IA=JGOVQN`DM7AQX.A2D#"DNGEM5C!!_P"+)\N5H!!&0<@TI2E*
M4I2E*4K2ZAU1I[3;''OEWBPDD92EU??7_P!U`[ROR%5+Z\ZBOW<T5H^4^PKD
MFY7<F)'_`.\E)[ZQ^`%<7UOV*]H5QU(_=$?1]Q<N#G'D.L.!E#3BCWAM6<[1
MX$9Y5UW3_8WIZ)8X,&\R+C<'V6DI=Q<'FVB>I"4)4`$Y)Q6V8[).SMD[AIB,
MXH]5/N..D_CN4>=;6/H+1,904SI*RI4#D*]!;)'YD5MXUFM$4`1;7"9`&`&X
MZ$\O+D*GA('(#'X5]Q3`\J4I2E*H&O?XV[/?YD__`(ZZOXZ"E*4I2E*Y[VK?
MO6A/ZGB_V.5T(=!2E*4I2E*4I2E*5SO5]\NU]O#FB-'/EF6D`W6Z`93;VE?\
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MMQUI5A:5[AORCGGN@G`P!FJO&[0;A+M=@E(8AQTW!QQIZ:MIYV*VL/<)"-R1
MW%+Z@+QCD#SKIU*4I4:?.A6Z,N7/EL18R.:G7W`A"?Q)Y517^TZ%.=7%T;9K
MCJ:2D[2N(WPXR#Y*?7A(_+->?T)VC:C[U\U%'T["5UAV5.]\I\E2%]#_`-T8
MK=:>[/M*6%_TN+:TR+@3E4V:HR'U'SWKSC\L5;:4I2E*4I2E*4J@:]_C;L]_
MF3_^.NK^.@I2E*4I2N>]JW[UH3^IXO\`8Y70AT%*4I2E*4I5;U[?I6F]-R+K
M%B\93:DI4HI4I+"2<%Q03S*4]3C_`'`YU'B:DG.SM.QW8D(L75AYQ4B/*XJ<
MH3N&S"<*21@YSXXQXUJ;-JS4-Y;NXC0[;&DQ7DI$><7F'(C9"U!;X4D9R$C!
M1D')Y\C6W9OE\N&CK;>8-OAQYDIA+SJ9KQ2S'3L*BHD#)'(8Y#D<GI6O@:Y>
MF2](Q/HLMNWAL+EY7E,0EA;J49\5'83CEA/,]16PU'<Y5U;N6G=)7N#'U$PE
MLO%U)<]&;6>:L`8WXR0#[L]<U9(D<,-C<0X^I*>*]L"5.J``W''CRKWI2E*4
MI2E*4I2E*4I2O*3'8EQW(TEEMYAU)0MMQ(4E:3U!!ZBN<)TX[HJ'>4?6)Z)H
MA,<OH2`I<FW.A0.&E8.6_P#LD'RQU)PMT+1<>TVYAG6T1!1,1=5.B4PDR'BD
M844D=U.`.0Q^.>=6!W2EOOD94B5>9ER0\T4Q9`<;_0I+J706RA(!PIMO!.>2
M![\R8VE3#3(,*^W.,[)>7(?6WPCQ75+2HK(*".B`C`Y;2?'G6(T?%X9CJN,Q
M4-UWCRHQ#>R2Z72ZI:CLW`E6,A)`P`,#GFT4KXI02"20`.I\JI5Y[2]+6^4;
M?#DO7FZ>$&TM&2X3Y';W4_F16N,GM/U)RBPX&D8*O^ME$2YA'F$#N)_`DU)@
M=E]@,I-PU$_-U+<$\P]=GBZA)\=K7L`>[!J],LLL-(98:0VT@82A"0E*1[@.
ME>E*4I2E*4I2E*4I5`U[_&W9[_,G_P#'75_'04I2E>"9<54I<-,AHR4)"U-!
M0W)2>A(ZXY&LC(8"''"\V$-DA:MPPDCJ#Y5Y^GPL,J],8P\HH;/$3WU>0Y\S
M[A4FN>]JW[UH3^IXO]CE="'04I2E*4I2E:O45K=O%K=A,W!^"XK.'6@E6>1!
M"DJ&%)(/,?\`F*U%OT7#MR;(B'/EM-6A#R64`((67<[U*[O7GR`P!Y8Y5R;M
M&UQI_3=TEZ=N,^^72Z.!A,^9'$=O#:,J0R04%"AWRI0V\\X)QRKH]IMT;6.D
MX<R'JN].V^:EMW<L,;E%*E%25)X>,%1PI.-O<`'+.:IK>U01J"SVK3K/TIKM
M#OI2IT@(/`3M*>/)*4@=W(V)`'-*>1``/1]&Z5M^E+8J)$*WY+ZR],F/<W93
MIZK6?QS@>'^]6&E*4I2E*4I2E*4I2E*4KXI*5)*5`$$8(/C7Y)[7>S?5,WM`
MNDC3VEGU6G#*8_HS24M@!I`(2!C`!!KK>AM=VC3.F[+IS5D6Y6";$C-QRNXQ
M5(9=4D8REP93C\<5U*W7&!<XR9=NFQY<=7LNL.!Q)_,&I6:KNI-::7TT-MYO
M,:.\?9CA6]Y7X-IRH_[56OK9K74/=TGI!4&*KI<;^HLIQYI93E:O,'E7T=G,
MF]$.ZYU/<+V"<F"R?1(8]W#0<J_$FKK9K+:+'%$2SVV+!8'_``1V@@'WG'4^
M\UL:4I2E*4I2E*4I2E*50->_QMV>_P`R?_QUU?QT%*4I7&[0JV,]J;J&%Q[G
M'N#[[G$Y(DVQ\(=#J58YEL@$9.,;F^HQ7CI^+9YVB[S:%:@B6=A>I9@CK7PE
MMKVNE2$%#G=6G`!V^(36HG/H>L]T5<XD2,^YI/;;&HK7#;6]Z0Z"MA/@5*]'
M6`.?>17>(XDBWMA93Z4&ADJZ;]OC^=<4[04=I8D:1^EI&E5*^GX_HOHS4@`/
M[5[=^X\T8SG'/I72Y2==FWV@1'M/B<#_`*D76WBVH9'['!R#C/M>ZIJ1JGZS
MK4IRT_5SA]U`0YZ7OP.ISLQG/OQ4&*G7WT/<A+>TZ;L5CT!33;W`"<\^*"=Q
M.,^S64I.NS`M`B/:?$X'_4RZV\6U#(_8X.1RS[7NJ8D:I^LZU*<M/U<X?=0$
M.>E[\#J<[,9S[\5!BIU]]#W(2WM.F[%8]`4TV]P`G//B@G<3C/LUE*3KLP+0
M(CVGQ.!_U,NMO%M0R/V.#D<L^U[JF)&J?K.M2G+3]7.'W4!#GI>_`ZG.S&<^
M_%08J=??0]R$M[3INQ6/0%--O<`)SSXH)W$XS[-92DZ[,"T"(]I\3@?]3+K;
MQ;4,C]C@Y'+/M>ZIB1JGZSK4IRT_5SA]U`0YZ7OP.ISLQG/OQ4",->ILUS],
M?TY]*[@8*FVW@PE&>?%!.[.,^S5)NO:%JB2NV6;1C%IU#?FU%-W,5IPQ&?+:
MZ5`)\>I-4C4O8;K34]^E7^?=;%'DSEAQYID.[6S@`@=WGT\^9K9QIO:#V8VR
M)H>W,V>_S'6'G834-+AD1T[BI3CB2`%(YJQS!SRYXQ6T[.IBD1(\?35WLZM5
MRI!>U$+VV\B6ZK.<(3W3R!.!@I'+WUU5(U1]9UJ4Y:?JYP^Z@(<]+WX'4YV8
MSGWXJ#%3K[Z'N0EO:=-V*QZ`IIM[@!.>?%!.XG&?9K*4G79@6@1'M/B<#_J9
M=;>+:AD?L<'(Y9]KW5,2-4_6=:E.6GZN</NH"'/2]^!U.=F,Y]^*@Q4Z^^A[
MD);VG3=BL>@*:;>X`3GGQ03N)QGV:RE)UV8%H$1[3XG`_P"IEUMXMJ&1^QP<
MCEGVO=4Q(U3]9UJ4Y:?JYP^Z@(<]+WX'4YV8SGWXJ#%3K[Z'N0EO:=-V*QZ`
MIIM[@!.>?%!.XG&?9K*4G79@6@1'M/B<#_J9=;>+:AD?L<'(Y9]KW5,2-4_6
M=:E.6GZN</NH"'/2]^!U.=F,Y]^*@Q4Z^^A[D);VG3=BL>@*:;>X`3GGQ03N
M)QGV:RE)UV8%H$1[3XG`_P"IEUMXMJ&1^QP<CEGVO=4Q(U3]9UJ4Y:?JYP^Z
M@(<]+WX'4YV8SGWXJ#%3K[Z'N0EO:=-V*QZ`IIM[@!.>?%!.XG&?9K*4G79@
M6@1'M/B<#_J9=;>+:AD?L<'(Y9]KW5,2-4_6=:E.6GZN</NH"'/2]^!U.=F,
MY]^*@Q4Z^^A[D);VG3=BL>@*:;>X`3GGQ03N)QGV:RE)UV8%H$1[3XG`_P"I
MEUMXMJ&1^QP<CEGVO=4Q(U3]9UJ4Y:?JYP^Z@(<]+WX'4YV8SGWXJ#%3K[Z'
MN0EO:=-V*QZ`IIM[@!.>?%!.XG&?9K*4G79@6@1'M/B<#_J9=;>+:AD?L<'(
MY9]KW5,2-4_6=:E.6GZN</NH"'/2]^!U.=F,Y]^*@Q4Z^^A[D);VG3=BL>@*
M:;>X`3GGQ03N)QGV:RE)UV8%H$1[3XG`_P"IEUMXMJ&1^QP<CEGVO=4Q(U3]
M9UJ4Y:?JYP^Z@(<]+WX'4YV8SGWXJBWG7TS3+$^V:FU'I6-J)Q250$-LR%-(
M0?%\#)!(SCF/"MMJ"[7IC3%GFRKOH]MEU(5<7IN\QGD'!'`Y\\C/7/A7/&;E
M,E7Z\L=ENDVEV6YQN$JY6]E<!2'`.2@ZY^CP"5'NHR0?/G4V\:0[;IE@CL.:
MQA/.-\G8T=986\GKA3P2"3X>`QSS6KMER7H=FV(>T=#TU<DK_P!2NER@O2F7
M@2/V<AM2U`]?:..E==LEZGWN_KE6F\:=GZ7X?(1EJ7+2Y@>T0=H&<^&<5G%3
MK[Z'N0EO:=-V*QZ`IIM[@!.>?%!.XG&?9K*4G79@6@1'M/B<#_J9=;>+:AD?
ML<'(Y9]KW5,2-4_6=:E.6GZN</NH"'/2]^!U.=F,Y]^*@Q4Z^^A[D);VG3=B
ML>@*:;>X`3GGQ03N)QGV:RE)UV8%H$1[3XG`_P"IEUMXMJ&1^QP<CEGVO=4Q
M(U3]9UJ4Y:?JYP^Z@(<]+WX'4YV8SGWXJ#%3K[Z'N0EO:=-V*QZ`IIM[@!.>
M?%!.XG&?9K*4G79@6@1'M/B<#_J9=;>+:AD?L<'(Y9]KW5,2-4_6=:E.6GZN
M</NH"'/2]^!U.=F,Y]^*@Q4Z^^A[D);VG3=BL>@*:;>X`3GGQ03N)QGV:RE)
MUV8%H$1[3XG`_P"IEUMXMJ&1^QP<CEGVO=4Q(U3]9UJ4Y:?JYP^Z@(<]+WX'
M4YV8SGWXJ#%3K[Z'N0EO:=-V*QZ`IIM[@!.>?%!.XG&?9K*4G79@6@1'M/B<
M#_J9=;>+:AD?L<'(Y9]KW5,2-4_6=:E.6GZN</NH"'/2]^!U.=F,Y]^*@Q4Z
M^^A[D);VG3=BL>@*:;>X`3GGQ03N)QGV:RE)UV8%H$1[3XG`_P"IEUMXMJ&1
M^QP<CEGVO=4Q(U3]9UJ4Y:?JYP^Z@(<]+WX'4YV8SGWXJ#%3K[Z'N0EO:=-V
M*QZ`IIM[@!.>?%!.XG&?9K*4G79@6@1'M/B<#_J9=;>+:AD?L<'(Y9]KW5,2
M-4_6=:E.6GZN</NH"'/2]^!U.=F,Y]^*@Q4Z^^A[D);VG3=BL>@*:;>X`3GG
MQ03N)QGV:K>IA=AJ?LR%X5#5.].D>DF*%!LK]'5[&[GC&>M=.'04I2E>"8D5
M,AV2F.T'G4A#C@2-RTC.`3XCF?\`>L?0(/#+?H<?82"4\).#CIRQ7JMEEPH4
MMI"BV<H*D@[3YCRKTKGO:M^]:$_J>+_8Y70AT%*4I2E*4)Q5$O?:-;F+@JRZ
M;AOZCO@Y&+`(+;)_]Z[[*!_N1Y5`3HS46JG/2-?7G$!7,6*UK4W'QY.N<E.?
MAR&>E7VVVZVV:"B';8<>%#:')ME`0E/OY?\`SK\Z=J/;-J.RZUFVW35QMLBV
M-);"5I:2\-Q2"H;@>>#D>ZNT=E\N5>-$V2^75Q$FZ2HVYV26DI405DA/(#D.
M7^V:V&I](:=U0TE%ZMC,AQ'[-\90ZT?-+B<*'^]5;Z$U_I3O:=O"-26U/2W7
MA>V0D>2)`Z_^,>%3[/VDV.3-3:KXU)T[>#_^3NJ>%O\`>ASV%C/3!R?*KR""
M,@Y%?:4I2E*4I2E*4I2E*5YR'V8S*WY#R&F4#*G'%!*4CS)/(51)_:AI\R5P
M-/,3M2W!/(M6EDNH2?-3IP@#WY-?G[7_`&;=I%]U3+OITNXDW-TNAEJ6V\6/
M`(4K(`P`.?2NX]GW9/8;)9[:[?;>S<KXTR`X[)47T-'.=K:5=T`=,@>^NG)2
ME*0E*0`!@`#I7VOBDI4DI4`0>1!Z&J^QHS2\:_-:@BV2)'NC04$R&$<,G<,'
M<$X"CCQ(-1(]IU/9;3<Q;KX;U.<<"X:+OA*&1GO)*VQN/(G'Y#I6E]85SLXV
MZRT9=;8A/M380$V,!_S%2.\D?B*M6G]6:;U&WOLEZAS3C)0TZ-Z?Q0>\/S%;
MRE*TFJ]10=,VQ,^:AUSB.I8:993E;KBLX2,X'0$\SX5Y-:LM#DJ'&*I+;DJ&
MY-1Q8ZT!+:-N_)(Y*&X93UJ,QK>S+M]WFR&YL--J0ER2U*C*;<VJ22@I2?:W
M8(`'//+K6RF7^WP[3%NCZG`U+X:8[:4%3CJUC*4)2.JC_P#P3T&:^NWZ`S=[
M=9GBM%PGM+>;9(!*$H`*BK!P.N/><XZ&MM2E*4I2E*50->_QMV>_S)__`!UU
M?QT%*4I2E*5SWM6_>M"?U/%_L<KH0Z"E*4I2E4G4/:'9[;-5:+4R_?K[T%NM
MPXBDGS<7[+8'CDY]U:DZ6U;K$!W6UV^C+8KG]!VEPIW#R>?ZK]X3@59G9&CM
M`69#:W+=9+>GV4<F]Y]PZK5_N:\'=272[6VT7'1UJ;N$2<X>(_,=5%##8/M;
M%)W*SSQ@>1Z&HMZT'$U+=WIE^O=SGVM926;2E[A1D8`SN",%?,$\SXXK&7V4
M]GDMX//:6A!02E.&RMM(`&!R2H#\_&K;:+;!L]MCVRVQQ'AQD;&F@20E/EDY
M-3*5`O%GM5[A*@W>WQIL975M]L+`/F,]#[QSJBG0M^TU^ET#J-R/'3S%GNI5
M(BG_`+*%>VW^1->D?M'^BGD0M>625IZ0H[4RS^FA.G_LO)]G/DH#'G5_B2HT
MV.W)B2&GV'!E#K2PI*AY@CD:]J4I6AUEJ6)I6S&YRVG'MSB66FD$`K<5G:,G
MDD<NI_\`ZK!G5,1RXVJW.0I\>3<F776TOL;.'P_:2KG[7N&?_,5'3K!F1$E/
MV^RW:<[&GJ@KCLLH2YO2D**N^I("<$<R0?=7JWJI+^G(-\BV6Z2#-05M0VVT
M%[;@G)RK8.0S[7/(`R3BOD/65FFR=/QHZGENWN.9,9/#P4-A!7E?_+G!`\R#
MCH35EI2E*4)`ZU3;[VD:3L\DP?I`W&Y<PF#;4&2\2/#".0/XD5J_I3M*U$<6
MJR0],P5=)-U5QY)'F&4<DGW*-5O76A'H=@5>KM<+EJF<RXA3RIG>9CM<][C<
M5)2E6.7=.[EGD<8JW62[>@N:;BQ7;,+),MLB0MR"P6F\M[#O2,X2G"_9QD'/
M/E6N8UC=[Q;M22[4]&08+S:XR&HQF.EA3(6G]&A0)6I1\\)!(Z@UN+C?;R_V
M>Q-0VEV.9*X2)3A9B.2=Y+>=K;8()RKES/(9K26S7=QFZFLUOWQ#&G(C*#S:
M"6%A<<N+2'"<I=W`;6R,E//QR.H4I2F*K-ZT)I&]RFYEQL,1R6VL+3(;3PG,
M@Y&5HP3^=24VJ[-:D?NR-02%V]UK:+6XTCA)6``%)7C<.A)'/.:J_P!=-663
M*=5Z&EJ93UG618EM$>9;Y+2/]ZWVGM=Z2U$H-6J^Q79'3T9Q7">!\1PUX5_Y
M5X]I-HN%]TN_;K?"B3%.*&]J0X6U8'13:\':L*VD'\:A0[!J.+==,S)#\>X*
MM=MD19#[KZDK><<X9!]DY`X0!43DYSCPK5N:-U-=HTY=TE0X$][<\78CG'$A
MTMJ;2%;VQL;0D@)`!.259S4J7I*\2X%AASV+=<6K.$I#;[A`E!4932RH!O""
ME2AMQG(ST->=BT%>+7=M/7!W43DHPF]LP.(22LAA+8"5%.XIY'J>621S)KI%
M*4I2E*4I5`U[_&W9[_,G_P#'75_'04I2E*4I7/>U;]ZT)_4\7^QRNA#H*4I2
ME5#4NO['8YHM31?NM[5[%LMR.,^3_P!H#D@>]1'*M%]!ZWU@E2]5W'ZO6=0_
MZ)M;N7W$^3S_`(>\(Y$>5;FVO:-T9.MNDK1#$61/'$:9BQUKW)YCB..`'ED8
MRH^50I\3M(OT^3'$^!IFSH=4A#L8>E2WT`X"@3A+>1SZ9%3K#V<Z8M$H7%V*
M[=;KU5<+HX9+Q/F"KDG_`,(%;S5"FT:<N9=N*[:CT98,Q`),?(QOY>6<_*N-
MZ?N"&]!6Q0ER(KD;44*.M29RE1WLNM;RV<^P4DDH.0E155I1<[O([63&N3%S
MB0'+;,:92%H2TAM#C6'PH*SE7/GC*=R`!U-:^)?'D=B41;%V4;F[$*MX?W/*
M:2^`\L'.X[4*)*NHR#6NO=WO+$*[L6YFY/V1B_)4U)BK2L%(7'_0!2E@["M3
MG3(SA/(9KN*#E()!!//!ZBOM*\I##$EAQB2RV\RX-JVW$A25#R(/(U09G9K'
M@R')^B+O*TS-4=RFH_Z2(Z?^VPKN^[EC%>/UTU/IG]'KK3:E0T\C>+*%/L`>
M;C1[[8`ZGF*NUBOUFU!"$VRW*-.CGJME85M]RAU2?<<&MG2JWK^TSKYIB9:X
M#<)Y3Z2EQF6DE#B,'D"/95G!"L'!'YUJK=I2[0YFDW';@U+19H[[+KCJE\1S
MB@#D3GDD)`&3D^.*](FG+U'M&JHB)41J1>)3TAEU"EG@\1*4'/(<P$Y!'B?"
MI5[M-_<MCEHLKUNCP`AEEH+XB7`R$D.(W)Z$@)`(P0-WC@C6Q-#2D7FS7IR[
M*9?C.AR1%BI"8^$LEI"&P4E24@$#!/0J(P35]I2E5W4FM-+Z:&V\WF,P\?9C
MA6]Y7X-IRH_[56OK=K/4'=TEH]R)'5R3<+^HQT?B&4Y6H>(Z5]]7EPO9WZXU
M9<+LV>L"&?0XF/(I0=R_Q)JY6+3]DT_&]&LMJBP6L8(8:"2K\3U)]Y-;2M5J
M*R1K];_0I+TED)7O0['=+:T*P1G(Z\B1@\N=16-*6B/(MKT=#[:;<RMB.T'E
M<,(7[84D^UNP,DY/*L1I"RM/OOP6GK>Z^ZEUU4%Y3&\I1L`.W&4X\.F>?7G6
M9TO;@AMJ._<8K+80EMJ/.=0A"4H*`D)"L8P>?F<'J,UA'TC8XTMF1'C+:0RX
MVZAA+JN$'&V^&A>S.,A``_('J,U8:4I2E*5H=0Z0TSJ1.+W9(<Q6,!Q;8#B?
MP6,*'^]1GM-SHR+'&T_?G[7`MN$.12TF0F2T".ZI2^\#@$!6?&M?>=3:KLET
MD\?1<BY64'+4JUR$N/!.![3*L$GKT-<WU%_Z1,:UWB1!B:6D2&6MH"Y#YCN9
M*02%-E!*2"2.OAFNVZ<N?TUI^UWC@\'TZ*U(X6[=LWI"L9P,XSUK94I2E*4I
M2E*H&O?XV[/?YD__`(ZZOXZ"E*4I2E*Y[VK?O6A/ZGB_V.5T(=!2E*JFJM=V
M#33J(<AYR9=7>3-M@HXTEP^'<'3\58%5QZ%KK5JMU[G_`%2LI25&!`=#DYY`
MZ[W1R1^"`3X&M5INZLQXQA=E&A%NL.>W=[@%1F'#_P`Q6O\`2O5O/J!=K_W]
M>:HE7!E76UV_,2&!_P`JL=]P>\D5T"%$CP8C$.*T&H\=M+32!T2A(P!^0%>]
M*$9&#45%O@(C-140HZ8[7)MH-)VH_`8P*Y+VR=J#6C+U9;7#9:D/%8=N""D$
MB,>7#&>A5S/_`(1YUU"WS+-(MT2?#<BB)*;#K+@VI"TJ`.1^(QFIK"8JV$I8
M#*F!R`1@I&/PY41,B+6$(DLJ63@)#@)-8S)T*$$&9+8CA>0DNN)1N_#)K.+*
MC2VN-%D-/M9(WM+"AG\14=J[VIYY+#5SAN.J.U*$OH*B?+`->LR?!@A!FS(\
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M@",X*<Y!\Q[C6VI6LO=^LUAC&5>;I%@L^"GW0C=^`/,G\*IA[1)UZ/#T/I2X
MWA)Z3Y(]#B?B%KYJ_`"O@TGK;4'>U7K!4&,KK;]/I+"?P+ZLK(\QRJQZ;T1I
M;31WV>S1F'S[4A0XCRC[W%95_P"=62E*56]=ZE^JMC%RX"7-SZ&-SBBEIHJR
M`MQ0!(3GEG'4CIUKS<U0Y&F6YB?;51VY,%^8XZ'DN!OA!)4D;?:Y*SGEX?EH
M_67&CQDKN,`1GY,>))AM\<$.(D;]F]6`$%(;45=0`.6>E6.Y7J>W8H]QM,&)
M<G'6B]N3,"(X0$%6[B[3D'H.[SSSP,FM7`UI(EW;3L1=I0Q'O4;CM%R6GCH_
M0\0GA8YH'L;LYW>&.=76E*4I2E*4KDVM.Q*PZNU+,U!-NUR8D2MFYMG9L&U`
M2,923T35B@:-FZ:TBFR:.O*XTEMQ+B7KB#*2<``HVY&Q)Q_P],G`KVO^K)^F
M78B;GIVY3H2HZ52;C;6@ZVT[T4"WG>$\LYY]<<ZV>F]7Z:U,WOL=XBRU`94T
ME6UU'_>0<*'YBM]2E*4I2E*H&O?XV[/?YD__`(ZZOXZ"E*4I2E*Y[VK?O6A/
MZGB_V.5T(=!2JUJK6FG],!#=QF;YSO[&!&279+Q\`EL<^?F<#WURC4&O[S?)
M!M[LU^Q-+.$VJS)],N[X\E%/<C]?$[A6UTEI75S2,62UV_1L1P[G9<D"?<Y/
M/.5J/=3GR/3/2NF-Z8LC>I7=3B$%7AQH-&0I:CM0!C"4DX3D=<#G6[``Z5BI
M:$8*U!.3@9..=:K4>H[)IF$B;?;BS"CK7L2MS/>5@G``!).`:PTQJ6T:I@N3
M[*^X_&;=+6];*VLD`'D%@$CGUK3,ZBU>_?$PV]!O-6T/\-R=(N+2,(SC>EL9
M*N7/'*O'M6O%VL>GVIUKNS%O67PT2N*'UNJ4#M2D*4$@Y!YJ./SY'+25[?B)
MM=HOESN-RNER2](;?D6],78EO&YM03R!'N)//RQ7+KAV:=G5U3=;].O&I^(W
M<50EI>6GBN/DC:VA*D%1SN`&?`<\`9J[JT7I:QZ0MMIN5DNFH6([KBXD5]*'
MWV-PW+2"DI2$C;GKU.`3D"MCI+4FC8$2%;]/0'8EMD/,H0M#6UI#S[?$0A65
M;@HC'A@$@9YUM;?V?:+MUR:ND'3L)B:TOB-O(2=R5>?7WUMKYIVQW]#*+W:8
MD]+));$EH+""<9QGIT%>]HM%LLL,0;3`CPHH45!IA`0D$]3@5J86A](09[=Q
MAZ;MC$QI>]#[<=(6E7F#Y\ZV5WL5DO:6DWFT0;@EHDMB7'2Z$$]<;@<9P*]K
M9;+;:8@AVJ!&@Q@HJ#,9I+:`3U.$@#-:V)H_2<.:W.B:9M#$MM6]#[4)M*TJ
M\PH#(-3+O8K+>TM)O-H@W!+));$J.ET()ZXW`XZ"M#=>SC1=RC-LFP1(:V5;
MF7X"!&=95YI6C!Z\^>1518T=J;1DI$RR0;/JB&R=R&ID9J/<&O\`N/A.%GKS
M5@UO(6L-%:HE-6J_P&H5W:/=MU\BI0XDGD=F\%*LX_X3SJHZJT/V(VB[%O4#
M[,.=*472TJ:XG&XDYVI.$)ZXZ#RJXV7079SI9B->(L""PAA7I#,^0_G;D<B'
M%'F,=.>.=5[6.JK#JY34#3*-2WJ;%4K:YI]]<9E"CCVWSA&.7(\Q7MI[2_:8
M_;4P;CJE=F@[U*"4.^G3RDGV%2%@)&/`I%>6F.R.59-2(N\Z_1+XE3F]U=RM
MP=D8`Y!+JEJV\_'%7[5#^JXR8RM,6VV30-W'1,D*9(Z;=A"2//K[JGV*1=9-
MK;>O5N:@SB5;V&9'&2,'D0K`SD<^G*J]9];O3[LQ:Y6C=3VYQY12'Y,,%A.`
M3DN)40!R_P!SBMGJ;6.F]++BHO\`=&X*I6>#Q$*(5C&>8!QU'6MC9[O;+U;6
M[G:YK,J$YG8\VK*3@X//W$&O>+-ART[HLIA]/FTX%#_R-2*TVJ;5*O-G=@19
MB(RG,A?$9#K;J"""A:<C(.?`^`K2QM$)C"R1F[@%6ZV0GH986QE3J'0`KOA0
MVXVC``Y#ESK3.:7MMAN.GWYNHTMW9"H\"UK=8&U:6FG4AM20>\5)=5E64\]N
M,=#/7H:Y-::8TY;M2^CV]D-)"'8*7=Z$@[T*[PRE:B"1Y#;T)SL&=+3GYMMD
M7N]BXIM[R9+`$-+*PZ&U))*@?9[RB$@#P&2!SMM*4I2E*4I4:3.AQ7HK$F2T
MT[*<+3"%JP7%[2K:/,X23^52:55M1Z#TKJ)STBXVEH3`<IF1R67TGSXB,'_?
M-1[/8-0Z;AW,1-0R[\C@_J$2Z%.YMP9Y*?`W*!Y#F.6*SD:TCV.RVZ?K2,;'
M(EK4VMH*,AME0/+<X@8`(P03Y^XU8K9<[==8J9ELG1YD971V.X%I/YBIE*4I
M2E4#7O\`&W9[_,G_`/'75_'04I2E:UN^V9V[.6=NYQ57%L95'#HWCEDC'F`,
MD=0,9ZT^G;-Z"[/%TB*B-.EE;R704AS.-F1_Q9.,=<\JP<U#8FD1''+O"2B6
M,L*+R<.#(&0<],D#/F0.IK:USCM<DQV).AR\^VV$:EBK5O4!M3M<&3[L^-6+
M5&M]+Z5A"7>;O'9"@2VTA6]QW'_*D<SSY9Z#Q-<K3KS76O[E'C:6L\RR:7<=
M2E^[N)2EWADX*D*7W`?<G<??6[@:&TWH&/J.YZGOB9%KN8]'4Y*;(>2A6>2G
MAWU*5G!Q@<NE6KLXEZ)DP)#6B83;$-@I2M:(:V`X2#@[EI!7T//G2=J#68O#
MD&VZ%4Y";>V&=)N+32%HS[24#*CR\\5O=21;Y,MP9L%U8MLPN`E]Z-QP$8.0
M$Y'/IS]U>.E[7>K9&?1>]1NWJ0XL*#JXR&`V,8VI2CP_&M6OLXTB]?%7V7;G
M95P+_I"7)$IUP-KW;LI25;1@]!CE5N<:;=`#C:5@'(W`'!\ZS`Q2JUV@6F=?
M-+S+7`8A/JD)*'&9>0E:<'HH`[5`[2#CJ/#K6IM^EKW$FZ1=>FL3$V>-(9D/
M/.KXCG%"0-N4G(2$@94<GQQ4->BKF_Z0N6BVO?\`X@5=T1W%J6TZA31;+:\H
MY$`Y!P1GPJ1&T]JRW:2BZ:@OVQUIIIIE3KCSK:RWA7%0DA)*>J4I/,A.3UQ2
M)H=UV[6JXSVX,4Q"T](;@+=X<AUI)2RG8HA(2V",*P5*VI]D#%7^E*4I2E*5
MJK_I^RZAAF'>K9&G,>"7D9*?>D]4GW@BOREVG=DVJX6KI`L=JN%SM3VTQ74*
M4^IM.`.&HDY&WH,^&.==HT!V26N'8+4K6##EUNC#7["7(4]'BY)(0AO.W`'7
MD>><5U6-'8BL(CQF6V64#"&VTA*4CR`'(5ZTI2F*Q6A"TE*TA23U!&16(9:#
M)9#:`T01L`P,'KRJM6S0&C;5=V+Q;=/0XD]C=PW6$E&W*=IY`XZ$^%>^J=+H
MU$J.LWR^6Q;`4$FV32P%9Q[0P0K&.6:GVFV/6NRMVU-UF37FTJ"9DY0==422
M05$``XS_`+"M#8;7KR#=&3>-4VZZ6X!7%2+;P'2<<L%*B!S]W05P3MCB]H>K
M-;&7;M,WM-NMBN%`4F,H<TG)='O4H9'N":_0FB;M?+OH^-,NUJ=@WL-J0]'D
MMEH%U/(*_P"ZKD?S/E7C8)6OW;FTB_6FQQ[>4JXCD26XXX#CEA*D@=??4G5"
MM;ID,?55FPK8V'C?2;CR5;L\MNP$8QYULK8;XJQH-T3`1>2VK>(Q6J.%\]N-
MW>QTS^=:+3Z.T<71HZB?TPNV[5<00&GTNYQW<%9QC/7W5L-1MZP6^R=-2K*R
MSM/%%PCNN**L\MNQ:<#'G6PMZ+Q]#H1<GX9NNQ06Y':4&=W/!"5$G'3EGSK3
MV2'K5FX-N7F^6B5"`.]J-;UM+)QRPHN*`Y^ZI&H[=J>:^RNPZCBVMI*2'$/6
MX22LYY$'>G'+PJ?`C71JS)C3;DW(N0;4E4Q$<-I*CG"N'DXQRY9YXK0:?LFM
MH5T:D7K6[-TA)2H+C)M+;!62.1WA1(P>=2]46;4ESD,.6/5[MD:0@AQM$%I_
MB'/(Y7TY<L"ME;85QC6-N#/O#DV>&U)7/X*6U*4<X5L'=&,CE[J_(/:#=-:2
MM7H,:XWRZ,6:1^HS'8FP[P1N6`A(&"I/(^(`K]%VV[:QU;IZU7S3DV!;'5,E
M$R#<H2U8?![V"""!Y>8(-7.VJO;=C0JZHA/WA+:BXF(5(96OG@)*\D`\AD^^
MM'IV^ZPFW-,2^:'-KC%))EHN;4A`..0V@!7/ITJ3J?6$33DMF/+M-ZDI=;+G
M'A0%OM(YXPI2>AY9QY5LXEUMURL2;N246YQE3JE26RWAL9R5)4.0P">=<Z:T
M[V9ZAN9?T?J"/:[V05<2P3TM.*`ZDM`[5#GS[OYU9=.1->6NZHAWF[VR]6@I
M4?2BR6):2!W04I[BA[^53[1J^W3K=(GSX\RQM1WPPX+PT(V%G&,%1P0<C!!\
M:L2%H<0E:%!25#((.0:RI2E4#7O\;=GO\R?_`,==7\=!2E*5R*SK:9[39#4!
MAZ1;Y;KKT^+-85NMSP2Z"ZA1&`VOI@DYXN1X@:RQA#<*')0V1;H>M94AY*&S
MM;97Q@TX1X(W*0<]!U\*U2(DQF!JPR;?**;Y:I:+.T6%947)CY2V/(GBM+QR
MY'/@<=\CM/HM[3*W</I:"2O&>]MQGW\Z_&';FU?D:S4W>[JJ[N16&XXFI@B,
M@GFLH`&02-QYY\?=5O[$.SI=ZMWTWZ8Q%G1Y82MB?:A(26<!22C>0`595W@#
MC'A5T[4=&QK1?']<2FV+G`=<0UZ!+:<4S#44XXJEI5R1N2.02`"OF:WBKAK*
M#;9<2]7R&Z[(M;UUC3VHC;@B<'AE38;'==&%\EDC/E4%.I]9S)6G-.L7B+&O
M+K34F0^8J5MR6EL+=P1_U9!:*>[G.X'EC%7?2[][OSUOU2B]);L4Z$VZFT&(
MDJ;6I`R>-G)P<^%>T6SZO;L]RC2-8-/7%]8,28+8A(BISS!1NPO\2164JT:M
M<@6AF/JYIF5'.9SYMJ%"8,CD$[L-^/3/6IB;??QJ=<]5_0;(6]J;9Z&D*"L#
MO<;.>N3C'C4&+9]7MV>Y1I&L&GKB^L&),%L0D14YY@HW87^)(K*5:-6N0+0S
M'U<TS*CG,Y\VU"A,&1R"=V&_'IGK4Q-OOXU.N>J_H-D+>U-L]#2%!6!WN-G/
M7)QCQJ#%L^KV[/<HTC6#3UQ?6#$F"V(2(J<\P4;L+_$D5E*M&K7(%H9CZN:9
ME1SF<^;:A0F#(Y!.[#?CTSUJ8FWW\:G7/5?T&R%O:FV>AI"@K`[W&SGKDXQX
MU!BV?5[=GN4:1K!IZXOK!B3!;$)$5.>8*-V%_B2*RE6C5KD"T,Q]7-,RHYS.
M?-M0H3!D<@G=AOQZ9ZU,3;[^-3KGJOZ#9"WM3;/0TA05@=[C9SUR<8\:@Q;/
MJ]NSW*-(U@T]<7U@Q)@MB$B*G/,%&["_Q)%92K1JUR!:&8^KFF94<YG/FVH4
M)@R.03NPWX],]:F)M]_&IUSU7]!LA;VIMGH:0H*P.]QLYZY.,>-08MGU>W9[
ME&D:P:>N+ZP8DP6Q"1%3GF"C=A?XDBLI5HU:Y`M#,?5S3,J.<SGS;4*$P9'(
M)W8;\>F>M3$V^_C4ZYZK^@V0M[4VST-(4%8'>XV<]<G&/&H,6SZO;L]RC2-8
M-/7%]8,28+8A(BISS!1NPO\`$D5E*M&K7(%H9CZN:9E1SF<^;:A0F#(Y!.[#
M?CTSUK4ZXN]ZTB^_J9Z[)DV7"&&K3Z*E`2ZK`"UR,Y"<Y/3Q`K61;IJN-':M
M%VOCS-SN[3TB+.=MS*46]+."M"D)6>(<=%<A@@^ZM9*UE>!9K.I[47T?,#$:
M4I:X+*C=6GU$-@`J"6#W#NYD)!SGE5HNUXN%EE1]2W#4$<V26&V(]H99;.]Y
M:>1$DJ`V\BHDX`&?*M&FY=H,5/T6_,]+<NLAIJ#>F6&`U&W)WJPUNR\D)"N]
MRS@XJX2K1JUR!:&8VKFF94<YG/FVH4)@R.03NPWX],]:F)M]_&IUSU7]!LA;
MVIMGH:0H*P.]QLYZY.,>-08MGU>W9[E&D:P:>N+ZP8DP6Q"1%3GF"C=A?XDB
MLI5HU:Y`M#,?5S3,J.<SGS;4*$P9'()W8;\>F>M3$V^_C4ZYZK^@V0M[4VST
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MF<^;:A0F#(Y!.[#?CTSUJ8FWW\:G7/5?T&R%O:FV>AI"@K`[W&SGKDXQXU!B
MV?5[=GN4:1K!IZXOK!B3!;$)$5.>8*-V%_B2*RE6C5KD"T,Q]7-,RHYS.?-M
M0H3!D<@G=AOQZ9ZU,3;[^-3KGJOZ#9"WM3;/0TA05@=[C9SUR<8\:@Q;/J]N
MSW*-(U@T]<7U@Q)@MB$B*G/,%&["_P`2164JT:M<@6AF/JYIF5'.9SYMJ%"8
M,CD$[L-^/3/6IB;??QJ=<]5_0;(6]J;9Z&D*"L#O<;.>N3C'C6BG)OU@TS=7
MK[KN*A]QQ/HL]=M0@1AGV>&%?I">?OK)SZ8EQ[!!@:_MXN'#+\AU$)ISZ1:!
M&5(1N[B>>-PR.=8/7^-&O+E^DZ^MB--9#`@J:0,.E.0>-NR<X*@,8(_"O)B1
M=6-*2IDOM#@/*N"TFVW,6]M*&D]<!`5ASD%<_+)\*S>D7&4Y9+)![1+:B\MH
MXTO;#:<5/;P%92C=W!MY\L\CFK`FWWX:G7/5?VS9"WM3;/0TA05@=[C9SUR<
M8\:@Q;/J]NSW*-(U@T]<7U@Q)@MB$B*G/,%`5A?+Q)%?9EGU8];[2PQJUEJ2
MP?U]]5L0L31RY!)5AOEGIGK6$32KT362[['DVUJWEGAIA-6II#J24@$\<=[&
M1G&/=5:OG9=(U)#FN:COS<Z]D!$"XHAE@PV]V2G8AP!?4\SYU.N6@KI,T5:=
M*#4C7H\=HM379%N1(,M/@1O4>&H<R%<R#@^%5^R=D5]TQ+<7I;M$N,*'C+<2
M1'2\C=_VAN"2/P2#[Z@W)WM\MLU,%#EIN$>4\EM%P8CI/HX)QN4GD0!XDI5C
MSJS"XZCN=M:M=GUE;7-669"C=8;<="O2G!CN`JV\-.>[O`QSZ<L5ZZ8N':%<
M=:..WRT/V>Q>CDB(HQWT!S"0/TR%;R2<G&W%0KU?[OI>-<+5?-3SWI\A*7HM
MSC:<+C,-.3W5!!(6>1ZGED51M:=HT"W:J[/6YER-U^C_`-<GS4Q^!N#R-J3P
MNJ2$*W%/D179=;:@DV/2[EYMK"921L)="2XAIL]72E/-20.?+PY]*KA[093,
MEE$EJW<-"8*G>$^5^D)DNJ1Q&#_Q(3A*NAZD<L<]]HS5K6IO27DA#"=B7F(J
MT+2\6%$A#IW``A>TD;<@=,DU7VM=WE=HNDPVT)EQI#3:H7H4@O0D*W*XCZ,9
M4G8,@M@@G/.K[8Y:I]G@SE/QWS(80[Q8P(;7N&<ISSQS\>=3@E(45A(W$`$^
M./\`[)K[BF*5SSM82E4C0J5`%)U/%R#S![CE="'2M'J^PN:BL[EN:N3T'?D*
M4A"5I<2004K2H8(.?=S`_"M:C1$1M5O9;FO_`$="MSEM$12$D.,N!(7N5C.3
ML3TP!CI49CL_BL.QYK=VF?2D9+;<>8I*"I#2&E-!!3MPH;5J))YE6#X8JUV:
MVQ;-:85JA)*8T1E#+84<G:D8&3YU-I2E*4I2E*4I2E*4I5?UM:)]\T]*MMNE
M1V''DJ0M,AKB-NH*2"A6""`<@Y'3'C6DBZ%<C?5MCZ30]$M$61&4VZR2IY+P
M`4`=W="0`$@YY=2:C1NSQ]J1:9KEW;>FVAJ,Q#4J,=O"92XG"QNR5*#IR01@
MI'*I</14N#;[-"C75DHLSB'8@<BDC<4.)="QOYI4'>Z!C9M',U-T]I+Z&38&
M/3>/&L\);#25(VE3JR,N=<`!(4D#P"CSJV4I2E*4I2E*4I2E*4I2E4?M;@N3
M]*%MF!-D2&GDNLNP\%R,X`=KFTGOCGM*>?)73%:9ZS7^9)T_Q[8F+,^@9L24
M_&;2EIE]T-[.G3FA1Y9`)K"T6B^PX<ZX,V=;$Y%B@VV*VK:2)"0M*UCF>ZCB
M#GGF$FMKJ"TR6HEM8L<"<F;8<-V]1;0MF3O84V0K*QA(!YJ."#T"NA@673D^
M!<M)08K,Q/T"GA2W76FQ&DA4?:IY"O;*\[4CR`((`YGIU*4I2E*@SK3;YK4Q
M#\9(5+8,=YUON.*;((V[TX5XGQJC'1^L-/X5H_5[C\9/LVV_),AO\$NCOI'N
MYT]8<^R91KG2D^T(3UN$0>F1,>94CO(_`BN(=H.E^S^-K:*W<-:7!V3,F+7=
MW'4#='2IO>E0PC',E(QSP#T&*[_9-,L.]GUNLUKU)/<B!D+ASR$;U-*2=J5`
MIPI.U6,$9QCH14Z'HFSQF;5&5Q7XEL)7'8=VE/%)42XK`R3E:B![(SR'(8\[
M;HF+;"TJ'=;BTMAAJ(RL*;)1&;*BEGFCF,JYGVNZGGUS(;TP\WN>1J*Z">YL
M2[,PSQ'6T)4$H(X>T`%:E<@#N.<^%;NVP8ULM\:WPV^'&C-I:;3G.$@8'/QJ
M52E*Y[VK?O6A/ZGB_P!CE="'04I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*
M4I2E*4I2E*4I2E*4I2E*4KX0"",=:_*O;!V::BN7:7Z7'<A!N_RBW#"W2""A
MD$[^[R]D],UVVY?6#2G9=;V;>REVX6Z'':DEE(=*$(0`XMM)QN(QD`^'@>E:
M@=H$Q-RLS'ID.1#F(BJ$]EDICJWN.!8<).6EE"!L2>J@H?AO-%:ND7]J2[(C
MN,2W8J9\2"IL)S&65!M07D[B=O/I@G&/$U=GM.F1[=-,MR$J?]&QGF6WD&,&
M)CB72XPO<>B.%N\R.7,D5TK2=R-YTQ:+JIYMU<J(TZM;>-I64C=C'3GD8\*V
M]*4KGO:M^]:$_J>+_8Y70AT%*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*
M4I2E*4I2E*4I2E*4I2E*50->_P`;=GO\R?\`\==6R_6:+?+<84M<AM.0I+D=
MTMK0K!&01[B>1R#GF*UC.B-.L<)+,-:&4<(J9#JMCI;45H4L$]XA1)R>OCG`
MKT@:0LUO6VN&)32FN&ELIE+&QMLJ4AH<_P!F"LG:>1Y9S@8E-Z<M*(DR,N,7
MO3<F2Z\LN..G;MR5G)Y)Y#R'3%3K9!C6RW1;=#;X<:,TEII&<X2D8'/QZ5*I
M2E<][5OWK0G]3Q?['*Z$.@I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E
M*4I2E*4I2E*4I2E*4I2J!KW^-NSW^9/_`..NK^.@I2E*4I2N>]JW[UH3^IXO
M]CE="'04I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2
ME*4I5`U[_&W9[_,G_P#'75_'04I2E><E]F-'=DR'$MLM(*W%J.`E(&22?("M
M#$UC8)4&5.;E.AJ,4AP*CN!?>44H(1MW*W$'&`<T>UEIYEEAYZ8MI#S9>'$C
MN)*&PO87%@IRA&[EN5@?E5BKGO:L?UK0G]3Q?['*Z"","OM,CSID4ID>=,BE
M,CSID4ID>=,BE,CSID4ID>=,BE,CSID4ID>=,BE,CSID4ID>=,BE,CSID4ID
M>=,BE,CSID4ID>=,BE,CSID4ID>=,BE,CSID4ID>=,BE,CSID4ID>=,BE,CS
MID4ID>=,BE,CSKG^O?XV[/?YD_\`XZZZ`.@I2E*@WP`V:X`P%3P8[@,1)`+X
MVG*!GSZ?G7)M/6YKZ*G6N[VJ_2]-B:@6MQ,=Y,N*4J=)2HHPX4H.,*.>\LCG
MBL)=GU.FV7-F?!GW"9=M,BVL.K2%K#H>>"4O*')*MCS:E*/+*5<^5=ACQU-0
M&XI=.Y#0;WCKD#&:XMVA:1N<*1I`/:XO\STB_P`=A!?4U^@44KPXG"/:&.6<
MCF>5=-DZ<GOLV9M&J;NR;?CBK;4C,W!3^URGW'ICJ:E,V66WJ.1>%7ZXKCNM
M[$VY13P&S@#<D8SGD3U\34"-I>XLV*;:UZOO3K\AP+1.6IOC,`8[J>[C!QXC
MQ->LK3D]]FS-HU3=V3;\<5;:D9FX*?VN4^X],=34IFRRV]1R+PJ_7%<=UO8F
MW**>`V<`;DC&<\B>OB:@1M+W%FQ3;6O5]Z=?D.!:)RU-\9@#'=3W<8./$>)K
MUE:<GOLV9M&J;NR;?CBK;4C,W!3^URGW'ICJ:E,V66WJ.1>%7ZXKCNM[$VY1
M3P&S@#<D8SGD3U\34"-I>XLV*;:UZOO3K\AP+1.6IOC,`8[J>[C!QXCQ->LK
M3D]]FS-HU3=V3;\<5;:D9FX*?VN4^X],=34IFRRV]1R+PJ_7%<=UO8FW**>`
MV<`;DC&<\B>OB:@1M+W%FQ3;6O5]Z=?D.!:)RU-\9@#'=3W<8./$>)KUE:<G
MOLV9M&J;NR;?CBK;4C,W!3^URGW'ICJ:E,V66WJ.1>%7ZXKCNM[$VY13P&S@
M#<D8SGD3U\34"-I>XLV*;:UZOO3K\AP+1.6IOC,`8[J>[C!QXCQ->LK3D]]F
MS-HU3=V3;\<5;:D9FX*?VN4^X],=34IFRRV]1R+PJ_7%<=UO8FW**>`V<`;D
MC&<\B>OB:@1M+W%FQ3;6O5]Z=?D.!:)RU-\9@#'=3W<8./$>)KUE:<GOLV9M
M&J;NR;?CBK;4C,W!3^URGW'ICJ:E,V66WJ.1>%7ZXKCNM[$VY13P&S@#<D8S
MGD3U\34"-I>XLV*;:UZOO3K\AP+1.6IOC,`8[J>[C!QXCQ->LK3D]]FS-HU3
M=V3;\<5;:D9FX*?VN4^X],=34IFRRV]1R+PJ_7%<=UO8FW**>`V<`;DC&<\B
M>OB:@1M+W%FQ3;6O5]Z=?D.!:)RU-\9@#'=3W<8./$>)KUE:<GOLV9M&J;NR
M;?CBK;4C,W!3^URGW'ICJ:E,V66WJ.1>%7ZXKCNM[$VY13P&S@#<D8SGD3U\
M34"-I>XLV*;:UZOO3K\AP+1.6IOC,`8[J>[C!QXCQ->LK3D]]FS-HU3=V3;\
M<5;:D9FX*?VN4^X],=34IFRRV]1R+PJ_7%<=UO8FW**>`V<`;DC&<\B>OB:@
M1M+W%FQ3;6O5]Z=?D.!:)RU-\9@#'=3W<8./$>)KUE:<GOLV9M&J;NR;?CBK
M;4C,W!3^URGW'ICJ:E,V66WJ.1>%7ZXKCNM[$VY13P&S@#<D8SGD3U\34"-I
M>XLV*;:UZOO3K\AP+1.6IOC,`8[J>[C!QXCQ->LK3D]]FS-HU3=V3;\<5;:D
M9FX*?VN4^X],=34IFRRV]1R+PJ_7%<=UO8FW**>`V<`;DC&<\B>OB:@1M+W%
MFQ3;6O5]Z=?D.!:)RU-\9@#'=3W<8./$>)KUE:<GOLV9M&J;NR;?CBK;4C,W
M!3^URGW'ICJ:E,V66WJ.1>%7ZXKCNM[$VY13P&S@#<D8SGD3U\34"-I>XLV*
M;:UZOO3K\AP+1.6IOC,`8[J>[C!QXCQ->LK3D]]FS-HU3=V3;\<5;:D9FX*?
MVN4^X],=34IFRRV]1R+PJ_7%<=UO8FW**>`V<`;DC&<\B>OB:@1M+W%FQ3;6
MO5]Z=?D.!:)RU-\9@#'=3W<8./$>)KUE:<GOLV9M&J;NR;?CBK;4C,W!3^UR
MGW'ICJ:E,V66WJ.1>%7ZXKCNM[$VY13P&S@#<D8SGD3U\34"-I>XLV*;:UZO
MO3K\AP+1.6IOC,`8[J>[C!QXCQ->LK3D]]FS-HU3=V3;\<5;:D9FX*?VN4^X
M],=34IFRRV]1R+PJ_7%<=UO8FW**>`V<`;DC&<\B>OB:@1M+W%FQ3;6O5]Z=
M?D.!:)RU-\9@#'=3W<8./$>)KUE:<GOLV9M&J;NR;?CBK;4C,W!3^URGW'IC
MJ:E,V66WJ.1>%7ZXKCNM[$VY13P&S@#<D8SGD3U\34"-I>XLV*;:UZOO3K\A
MP+1.6IOC,`8[J>[C!QXCQ->LK3D]]FS-HU3=V3;\<5;:D9FX*?VN4^X],=34
MIFRRV]1R+PJ_7%<=UO8FW**>`V<`;DC&<\B>OB:@1M+W%FQ3;6O5]Z=?D.!:
M)RU-\9@#'=3W<8./$>)KUE:<GOLV9M&J;NR;?CBK;4C,W!3^URGW'ICJ:E,V
M66WJ.1>%7ZXKCNM[$VY13P&S@#<D8SGD3U\34"-I>XLV*;:UZOO3K\AP+1.6
MIOC,`8[J>[C!QXCQ->LK3D]]FS-HU3=V3;\<5;:D9FX*?VN4^X],=34IFRRV
M]1R+PJ_7%<=UO8FW**>`V<`;DC&<\B>OB:@1M+W%FQ3;6O5]Z=?D.!:)RU-\
M9@#'=3W<8./$>)KUE:<GOLV9M&J;NR;?CBK;4C,W!3^URGW'ICJ:E,V66WJ.
M1>%7ZXKCNM[$VY13P&S@#<D8SGD3U\34"-I>XLV*;:UZOO3K\AP+1.6IOC,`
M8[J>[C!QXCQ->LK3D]]FS-HU3=V3;\<5;:D9FX*?VN4^X],=34IFRRV]1R+P
MJ_7%<=UO8FW**>`V<`;DC&<\B>OB:@1M+W%FQ3;6O5]Z=?D.!:)RU-\9@#'=
M3W<8./$>)KUE:<GOLV9M&J;NR;?CBK;4C,W!3^URGW'ICJ:E,V66WJ.1>%7Z
MXKCNM[$VY13P&S@#<D8SGD3U\34"-I>XLV*;:UZOO3K\AP+1.6IOC,`8[J>[
MC!QXCQ-5O5<)Z'JWLQ9=N$F6IB8^TMQXC<\?1SWU8`[W+P\S73AT%*4I2F!Y
M4I7/>U;]ZT)_4\7^QRNA#H*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I
M2E*4I2E*4I2E*4I2E*4J@:]_C;L]_F3_`/CKJ_CH*4I2E*4KGO:M^]:$_J>+
M_8Y70AT%*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*50->_P`;=GO\R?\`\==7\=!2E*4I2E<][5OWK0G]3Q?['*Z$.@I2E*4I
M2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2J!KW^-NSW
M^9/_`..NK^.@I2E*4I2N>]JW[UH3^IXO]CE="'04I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I5`U[_&W9[_,G_P#'75_'04I2
ME*4I7/>U;]ZT)_4\7^QRNA#H*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*
M4I2E*4I2E*4I2E*4I2E*4J@:]_C;L]_F3_\`CKJ_CH*4I2E:C4M^B:>MZ9DM
M+CA<<#3+30RIUP@D)'@.22<GRK4R->66.REYQJ:`F.J5)26,*B,I<+:EN`GD
M`H*&!D]TG&!FK8E25)"DD%)&01XUS[M6_>M"?U/%_L<KH(/*ON:9IFF:9IFF
M:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF
M:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9IFF:9KG^O/XV[/?YD__`(ZZ
MZ`.@I2E*54^TB"JY::>A&QJNS+A/$:;4$NM80HI=;R1E25A/0YP3C/0TAS3.
MLS;+BS+87<)EWL1M9?<?1N84'G=BG3D9/">!44YRI"NN03UMF,EN$B)O44I;
M#>X'!P!C/XUQO779Q%C/Z6$&=J24';VPV^5W!Y[@M%*\N#_D(P.]X9]]6P=E
M]GQ_TYJ?XR]\Z^^J^S_;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>J^S_
M`&YJ?XR]\Z>J^S_;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>J^S_`&YJ
M?XR]\Z>J^S_;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>J^S_`&YJ?XR]
M\ZK&L]`BW/:<3:;MJEU,N\,QYF+F^YLCJ2LJ5R/=Y@=[PJS#LOL_VYJ?XR]\
MZ^^J^S_;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>J^S_`&YJ?XR]\Z>J
M^S_;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>J^S_`&YJ?XR]\Z>J^S_;
MFI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>J^S_`&YJ?XR]\ZK.J]`I@7+3
M3-MNVJ7&)=R#,PBZ/KVL\-1SG/=Y@<ZLH[+[/C_IS4_QE[YU]]5]G^W-3_&7
MOG3U7V?[<U/\9>^=/5?9_MS4_P`9>^=/5?9_MS4_QE[YT]5]G^W-3_&7OG3U
M7V?[<U/\9>^=/5?9_MS4_P`9>^=/5?9_MS4_QE[YT]5]G^W-3_&7OG3U7V?[
M<U/\9>^=/5?9_MS4_P`9>^=/5?9_MS4_QE[YU6=5Z!3`N6FF;;=M4N,2[D&9
MA%T?7M9X:CG.>[S`YU91V7V?'_3FI_C+WSK[ZK[/]N:G^,O?.GJOL_VYJ?XR
M]\Z>J^S_`&YJ?XR]\Z>J^S_;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>
MJ^S_`&YJ?XR]\Z>J^S_;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z>J^S_
M`&YJ?XR]\Z>J^S_;FI_C+WSJLZDT"F'J#2\2!=M4KAS);C<U0NCZ]B`TI223
MGN]X#G5E'9?9\?\`3FI_C+WSK[ZK[/\`;FI_C+WSIZK[/]N:G^,O?.GJOL_V
MYJ?XR]\Z>J^S_;FI_C+WSIZK[/\`;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?X
MR]\Z>J^S_;FI_C+WSIZK[/\`;FI_C+WSIZK[/]N:G^,O?.GJOL_VYJ?XR]\Z
M>J^S_;FI_C+WSK0W'1+5CUOHF7;Y%[FH$Y[C&7+<DH:3P%8/>R$Y/+-=='2E
M*4I2H%[ND6RVJ5=9H=]%BMEUY3:"LI0.JL#G@#F:UEMU?9ITV)!W28LJ:V78
MK<N,MGTA(&24%0PHX.<`YQSQ5BY5'GS(UO@R9\QY+,6,VIUUQ71"$C)/^PJN
MKUQ94-*/#N*Y"5MI]$:@NN/G>@K2H-I!44E(//H,$'!&*W%@O$._6MNYP`]Z
M.XI:4\9E32LI44J!2H`CF"/RK94I2E*4J!>[I&LMJE76:'?18K9=>4V@K*4#
MF58'/`'.M7;-8V6X2845*Y,9Z>WQ(:94=;(DIQNRA2AA1P<X!SCGBK'RKPG2
MXT"%(G3'DLQH[:G77%=$(2,DG\`*T3>LK*X%)"I"9(<9;$9;"DNJ+J2IO"3X
M$)4<^&U6<8-;>T7*)=[>U<(2U*8<W`;DE)!2HI4"#S!"@01[JFTI2E*4J%>+
MC'M%KE7.6'#&BMEUTMH*U!`YDX',X'/E6IMFL;+<)$&.E<F,[/1Q(8EQELB2
MG`5W%*&%'!SC.<<\58\BO";*CP8<B;+=2U&CMJ==<5T0A(R2?P`JOMZVL2^Y
MODIE%;*$15QUI>674E3>$D<P0E1SX;59Q@UN;-=(5YMS5QM[I<CN%0!*2DA2
M5%*DD'F"%`@@^(J=2E*4I2M1J._P=.PVIEP3(++CR&`665.'>HX2,#GS)`'O
M-86G4EKNDY^VLK>9N+"`XY$E,J9=""<!82H#<G/+<,C-;K-0KM<X=IA*F37"
MAH*0VD)25*6M2@E*4@<R22`![ZTKNMK"W'+I>?4M'I!=90PI3C(8(#I6D<P$
MY'XY&,YJQQWFI##<AAQ+C+B0M"TG(4DC((/EBO2E*4I2E:;5FH(FEK'(O<]B
M0[#C[>+P$I4I()`S@D9&2.G/G7C!U1#?N[5FEQ)MNN#S:G6&9;8''2G&XH4D
MJ2HC(R,Y&<XK<B5&+2WA(:+2"0I86,)QUR?"HMYNT*SVB1=ICA$5A&XE`W%6
M2`D)'B22`/>16FEZVM,.%-DRF9K:X4I$22P&=ZV5KV%)5M)2$D.)(5G'/SY5
M::4I2E*4JINZUC(O%VM+5EN\B1:@VJ46&FUA*5@E"@`O<K(!.`"?=6\MEYM=
MTMT.Y0)K3T28D*CN`XXGN`///7EU&*FAYHNED.(+H&XHW#('GBM!<=76JWW%
MZ"^'\1W([4F0E(X4=;QPVE9)SS..@(&Y).,U\L^K85TO)M"8-QBOJCJE,+E,
M<-$AI*PDK0<D]5)Y$`X(.*L=*4I5=[0(\J9HB_P8,5V3+EP'H[+3>,J6M!2.
MI``R>9JIR;=?;^WI*`S9Y%M;LSS4Q^9,V#](VR4I;0E*B594KF3@8'CG%:&'
M9-4HLB%?0=Y]+;3$1=8[\UG;/#;NYT-!)[Q4"HE2U))&$\\\KA&T\_*L$BWN
MLNV_3LAA]MRSK;XLG:O=T<"R$'*@0@`A.`/<(=BM6H[/`U+?7$R95SD16HUN
MCO);XVQE"@V7-G=W*6M1(&<#'CR%WT]:V[+8X%J:.Y,5A#17_P`Y`YJ/O)R?
MSK8TI2E*4JO:_CR9NB;_``849R3*E0'H[+38&5+6@I'4@`9/6J;]$WN^6[1=
MG%GDVY-D<C2I4R5L`"V6BD-M@*)42H\S@`)!ZYQ6FA6/52+&DJL]Z5/:1$1=
M67IC(;N`;>"G0UM/>4H;B5+(RD[3G/*XQM/NR;!(@KC.VW3LEF2AZSK:XL@I
M<W9VK"R&_:R$`*`P![A5'=&7N6ER7=!<'X\J7#8R@MHG1HL=#A0\"C`2X75@
MG;E03GQ)`Z#V?0;A;-(V^!<D;7V-Z$Y0E*BV%JX96$\@LIVE6/$FK+2E*4I2
MM)K1J1(TC>XT2,Y)DOPGF6F6\;EK4@I`YD#J:HPM-\O=LT391:)-M39'8LJ7
M-E;`$K9:VAMM(42HE74X`VYY\\5I8=BU6BQ$&RW@W!MN.W=&W9K0;N(0^%.!
MK:<DK3ORI9'=.WGGE<X%@D2+)(A".Y:M/26Y"'K0ZWQ7U(<W9VK2LAO.[DA(
M4!@>>!78VC[KF1?+B[=W9[+D1%I"`SZ4A#"7`"Y_U??XJP<]`1D@\A>M!669
M8=,QX5R>0]<7''9,IQ![I==<4XK'(<@58Z#ITJQTI2E*4JF]I\6?-L,2/;K?
M(FO"XQ'U(9"<A#;R5J/,@=$G\35;U;:M4:DN,N\6JV/VTPK3(BQ..ZAM^6XZ
MI!4!M)V)"4$!2B#N5G'+-17;/=%"(\K3%Z?L+DQY<RUOR&2]N4P$)6EM*@@(
M2H'`W9R2O`P*W=WL.HU6BUN!:9#%OF09+=L2C<\VAI:=R2^I?Z503GF0,D=:
MT#.G]00KQ?[\FSR7Q>6+DTU&2I.]E2U-\'<"<)"P@D^7+-=0TQ;W+1INT6IY
M>]V'#9CK7G.XH0$DY_$5M*4I2E*53NU>T7*_:"NMEM,4R)LM*$(3O2@#"TJ)
M)41RPFM-J:PZDU9/CR$1OH1%LB2Q%6Z^E3SLEU@M)/Z,D(0G).<Y)QR&*T<+
M25]CPX4IK2@1P9D=V=;'KDAWTT(:6WN2?V8"2I*@#@J*>>,"M[>-&W:;HURV
MPGDPFDM,KC65)0665-NH=">+MW$G9CKMRKR`J+>]-7R5;-7R8]K<5+OEQB.L
MQ2\T"VVR&1N6K=M!/#5R!/4>_'4&E*6VE:FU-J4,E"L93[C@D?[&LZ4I2E*5
MSF+$U):]<:OO<73KDMFYMQ&XA,IEM)4TA225]XE*25`\@3CPJL)[.[W;TVR%
M(A?3<7T,I<X,[T5$:4J2MY2P#SV$K3S3WOT?3G5AL>F;VU=)@EVUF-/3*ENM
M:C;<0MQ;;J]P2&R#SQM1A0V@(Y<Z\+MHN]R)-[@E2I;-YEVV2Y<%*;06^`4<
M7<@8YD-`@)&"5>&*W.G!J63JN1<[UIHPPMM;+3ZIK3B66`<I;0E&25+5A2B>
M7(#P%7JE*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4
MI2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E*4I2E,CSK5WJ
M_P!DL+3;MYNT.`APX09+R4;S[LGG4Z+)C3([<J)(:?CNIW(=:6%)6/,$<B*]
MLCSJM/ZF<=O,VT6:UNW%^`$>F.!U+3;2E#*6PI7M+V\\`8&1DC-1-/ZZ@76[
M/VF7'5:Y:&H[C;4QU"5NEW?W`G.2H;""!GW59$W.W*V[9\4[@I2</)YA/M$<
M_#Q\JC_6&PF.9/TW;N`%\/B>E(V[L9VYSC..>/*M=8M76VZW&ZVU:VHDV!-<
MB\!U]&]T(2E1<2G.=N%?EBM-/[0TP8LAY^S.DLVE5T*6I33@4A+O#4D*22"<
M$*ST\.M;O5VIT:;CVUY=O?E^GS&H3:6EI20XYR1G<1RSX^%+9JF-(NLNS7&(
M_:[E&C^E*:DJ04K8S@N(6DD%(/(YP1XBI_U@L.Q*_INW;%[]JO2D85L&5XY^
M'CY>-?3?K&$I6;S;PE2$N))DHP4G.%#GT.#@^XUZ)O-H4(I3=81$O'HV)"#Q
MLG`V<^]S\JGTI2E*4I2E*4I5=UMJZT:,M"+I=W%!I;Z&$)1S4HJ//`]R<J/N
M%;]IUMYI#S2TK;6D*2I)R%`\P16=5^V:B]/U3=]/"WO-+MK;3CCZEI*%I<R4
M;0#G_A5G.,8K:.W*WM2%Q5S8PE)07"R7DA>T#)."<X]]0;=J&WR(4)Z9)B0I
M4E@/B,N6TM03@DD%*B%#`/,9'(U,7=K4VVXZY<H:&VTI4M2GT@)"O9).>0/A
MYU\:O-H=,8-72$LR<\`)?0>+@D';S[W,$<O(UK+WJ9%IU%8[&Y!==7=U.):>
M2M(0CAIWKW9Y\D\^76MC$O=FF+=1#NT&0MI'$<2U(0LH3_S'!Y#WUJ[/JZV7
M2]72UM.L@0ULH;?$A"D2"XDJ`1@]1M/+K6W7=[2@,%=SAI$@[6<OI'%.<83S
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M*4K6W^!-N5L<B6^[/VN0HI*93"$K4D`Y(`4".?2JC]3-6_\`M-O/_P`''_\`
MIKAG;GH36Z+Y#G+D734L54<-HDICA2FB%'*"EL8`YY!QSS[JOO9)H+7$31K"
M)6J[II_>ZMQNWHCM++:#CFK>"4DG)V^'XDUTK3^G+_;;BF5<=:W&ZQPA23&?
MCLH22>ARD`\JC1+1?-/ZCOLVUQ8L^WW=U,HMN2."XP^$!"AG:0I"@D'S'/D:
MKEXTAJ2==[O<785N=D2U6I;3B7MO#5&=XCF-P)`(.T<^>,G&<5DC2&I6[TTH
MPK:Y;XUPNDI"_22%N(E)7M24%&`05X//!Q7E:M#WNUVW3J&K39I:H]J>M=PA
MR7-K2BLH_3`A!W9",*!`)!Q7I#T??8U\%Q-N@J4G4*[EQ&W0E7HYB\'8`1D<
M^>W.`/&M2G06JDZ?^C!$A<3ZNO6K(E=T.+?WA7L^R$C\<^'C5V[0;->;W`T\
MFVQ6%/0;I&N#R'7]@PT<E(.#DG./*M/J31NH-3R9]XEJA0Y:8B(L"$'%.-E(
M?0\OC+VC._AA&`"`#XUA=-"W>Z3KC?&O1+=<9$Z.\RT%<5*$!HLOE1Q@E;:U
M<@.>Q&3Y>+'9_=(-NL\4B/<E0+PTZDO+`*8#(6EEOFG!4$KSY9SSKQM.B-10
MW[4\RQ%AO1)"R5MR`MI;*IJWRTMLIPH!*@4%."E8//%=>I2E*4I2E*4K6W^!
M-N5L<B6^[/VN0HI*93"$K4D`Y(`4".?2H.E[+=[1Z5]*:GF7KB[>'Z2RVWPL
M9SC8!G.1U\JXMVO]G?:-K35#[L5UEVR,*_4F7Y2$\/*4[R`!XD>.35Z[/M.Z
MWB:`^K%ZN)M<R(M*8<^(M#Z^#G.PA0QRYIY^!'E5OTO9;O:/2?I34\R]<7;P
M_266V^%C.<;`,YR.OE6A;@:IMVL]37N):(<IBXLQF8Z5SN&1P0OFKN'`)7X9
MP!6KMNC[_'U!(GW&WVR?OEKGHEJF.A2%+9V*9#)&SKE`63R1C()J#9-!:AC"
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MXS_P=>E2^SBUQ?IF]72W2FY%B1(<3:=B<);XI2Y)"?-/$``QTP171Z4I2E*4
MI2E*Q<2I3:DI64*(("AX>^J#]3-6_P#M-O'_`,''_P#IKG_;)H#6LW3,5J-J
M"ZZF6)B5&(N,RD(&Q?Z3*0#RZ?\`BK4=B79_K6WN7I$M^Y:94X&"AY+#:B\`
M5Y3WLCQ!KN%ZL%[GW9F;"U?/MT5"4!41EAI2%D'))*AGF.5>>H[&[>=16WTF
M`Q)LZ8DJ/+#CF"H.A&`$XYC]'YCJ,=*K,31-^@V=_31G*FVR7<T*<E+>VOH@
MH0V$M\TG<K*`DGQ2/?BOATMJ.TW74#-NA0[O8KNXR^^Q<9`RXY[+^4A&`%)Q
MS_YD#P-0FM%:DA6ZWQ($5DPHFH47.-!>G%7HD9">3(64G)*BHXZ)\S6SO.F=
M372YS;ZXS%9ERX:+2B.S)_=XBG-[SA<*.\ZH<D@`!/(Y-0KUV<W!ZY7>#`DK
M59;W;$Q)CC[PWM/-_L7$H"1N"0`DC(R/'E4RZ1M4WZ9IZSWNRF)%@RV)LJ?%
;=#S<EQHY2E`Y*0"KO$J`P!@9ZUTVE*4I7__9
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
