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<SEC-DOCUMENT>0000020212-03-000012.txt : 20030620
<SEC-HEADER>0000020212-03-000012.hdr.sgml : 20030620
<ACCEPTANCE-DATETIME>20030620130032
ACCESSION NUMBER:		0000020212-03-000012
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20030620
EFFECTIVENESS DATE:		20030620

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-106310
		FILM NUMBER:		03751403

	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>S-8
<SEQUENCE>1
<FILENAME>fs8203.htm
<DESCRIPTION>REGISTRATION STATEMENT 2003
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Registration Satement
</TITLE>
</HEAD>
<BODY>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
As filed with the Securities and Exchange Commission on June 20, 2003. <BR>
File No. 333-_____________</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        <B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B><br>WASHINGTON, D.C. 20549
</FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM S-8
</FONT></P>


<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>REGISTRATION STATEMENT<BR>
        UNDER THE SECURITIES ACT OF 1933</B>
</FONT></P>


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

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
        <B>CHURCHILL DOWNS INCORPORATED</B></Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Exact name of Registrant as specified in its charter)</Font></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Kentucky</B></Font><HR width=100% align="right"SIZE=1 NOSHADE></TD>
         <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                <B>61-0156015</B></Font><HR width=100% align="left"SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (State or other jurisdiction<BR> of incorporation or
                organization)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (I.R.S. Employer Identification Number)</Font></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>700 Central Avenue, Louisville, Kentucky &nbsp;&nbsp;&nbsp;&nbsp; 40208</B></Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></TD>
</TR>


<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Address of principal executive offices)</Font></TD>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Zip Code)</Font></TD>
</TR>

<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>Churchill Downs Incorporated 2003 Stock Option Plan</B></Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Full title of plan)</Font></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Churchill Downs Incorporated</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                700 Central Avenue</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Louisville, Kentucky 40208</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (502) 636-4400</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD COLSPAN=2 ALIGN="center"><HR SIZE=1 NOSHADE></TD>
</TR>


<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (Name, address and telephone number, including area code, of agent for service)</Font></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Copy to:</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Robert A. Heath</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Wyatt, Tarrant &amp; Combs, LLP </Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                500 W. Jefferson Street, Suite 2800</Font></TD>
</TR>


<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Louisville, Kentucky 40202</Font></TD>
</TR>


<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                (502) 589-5235</Font></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>CALCULATION OF REGISTRATION FEE</B></Font></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</Table>
<!-- Table ##################################################################-->

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0>

<TR VALIGN=TOP>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Title of Securities</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Amount</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Proposed Maximum</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Proposed</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Amount of</Font></TD>

</TR>

<TR VALIGN=TOP>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                to be</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                to be</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Offering Price</Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Maximum Aggregate </Font></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Registration</Font></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Registered</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Registered</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                per Share (1)</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Offering Price (1) </Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Fee (1)</Font><HR width=100% align="center"SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=bottom>
        <TD WIDTH=20% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Common Stock, no par value and associated Preferred
                Share Purchase Rights(2)</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                451,471 shares(3) </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $37.97</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $17,142,353.87</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $1,386.82</Font><HR width=100% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD COLSPAN=2 ALIGN="center"></TD>
</TR>


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</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0>

<TR VALIGN=TOP>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                (1)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                 Estimated  solely for the purpose of  computing  the  registration  fee  pursuant to Rule 457. The maximum
                 offering  price per share is based on the  average of the high and low sale  price of the Common  Stock as
                 reported by the Nasdaq National Market on June 17, 2003, pursuant to Rule 457(h)(1).</Font></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                (2)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                 The  Preferred  Share  Purchase  Rights,  prior to the  occurrence  of certain  events,  are not evidenced
                 separately from the Common Stock.</Font></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                (3)</Font></TD>
        <TD WIDTH=90% align="left"><FONT FACE="Times New Roman, Times, Serif"size=1>
                The Registrant also registers  hereby such  indeterminate  number of additional  shares as may be required
                to cover antidilutive adjustments under the Churchill Downs Incorporated 2003 Stock Option Plan.</Font></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=bottom>
        <TD colspan=5 align="right"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Exhibit Index on Page 10.</Font></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                1</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0>

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>PART II.</B></Font></TD>
</TR>

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

<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                <B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></Font></TD>
</TR>

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</TABLE>
<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Incorporation of Documents by Reference.</B></Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The Registrant hereby incorporates the following documents in this Registration Statement:
</FONT></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  Registrant&#146;s  Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and the portions
        of the Registrant&#146;s Proxy Statement for the 2003 Annual  Shareholders&#146;  Meeting  incorporated by reference therein,
        as amended on Form 10-K/A filed June 18, 2003.
</FONT></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The  Registrant  uses  revenues  and  EBITDA  (defined  as  earnings  before   interest,   taxes,
        depreciation  and  amortization)  as key  performance  measures of results of operations for purposes of evaluating
        performance  internally.  Furthermore,  management  of the  Registrant  believes  that  the use of  these  measures
        enables  management  and  investors to evaluate  and compare,  from period to period,  the  Registrant&#146;s  operating
        performance  in a  meaningful  and  consistent  manner.  Because the  Registrant  uses EBITDA as a key  performance
        measure of financial  performance,  the Registrant is required by accounting  principles  generally accepted in the
        United  States of America to  provide  the  information  in  footnotes  to its  consolidated  financial  statements
        concerning  EBITDA.  However,  these  measures  should not be considered as an alternative  to, or more  meaningful
        than, net income (as determined in accordance with accounting  principles  generally  accepted in the United States
        of  America)  as a measure  of  operating  results or cash  flows (as  determined  in  accordance  with  accounting
        principles generally accepted in the United States of America) or as a measure of the Registrant&#146;s liquidity.
</FONT></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report on Form 10-Q for the fiscal quarter ended March 31, 2003.
</FONT></P>

<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Current Reports on Form 8-K filed January 6, 2003 and February 12, 2003.
</FONT></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Registrant&#146;s  common stock, no par value (the &#147;Common  Stock&#148;),  which is contained
        in the  Registrant&#146;s  Current Report on Form 8-K filed December 14, 1998,  pursuant to Section 13 of the Securities
        Exchange Act of 1934, and any amendment or report filed for the purpose of updating such description.
</FONT></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  description  of the  Registrant&#146;s  Preferred  Share  Purchase  Rights  contained in the  Registrant&#146;s
        Registration  Statement on Form 8-A filed March 20, 1998,  pursuant to Section 12(g) of the 1934 Act, as amended on
        Form 8-A/A filed June 30, 2000 and as amended on Form 8-A/A filed September 14, 2000.
</FONT></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        All documents  subsequently  filed by the Registrant  pursuant to Sections  13(a),  13(c), 14 and
        15(d) of the Securities  Exchange Act of 1934,  prior to the filing of a  post-effective  amendment which indicates
        that all of the  shares of the  Common  Stock  offered  have been sold or which  deregisters  all of the  shares of
        Common  Stock then  remaining  unsold,  shall be deemed to be  incorporated  by  reference  herein and to be a part
        hereof from the date of filing of such documents.
</FONT></P>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                2</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>
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<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Description of Securities.</B>
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Not applicable.
</FONT></P>
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<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Interests of Named Experts and Counsel.</B>
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Not applicable.
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Indemnification of Directors and Officers.</B>
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Article XI of the  Registrant&#146;s  Amended  and  Restated  Articles of  Incorporation,  as amended,
        limits the liability of directors of the Registrant  pursuant to the Kentucky Business  Corporation Act. Under this
        article,  directors  generally are personally  liable to the Registrant or its  shareholders  for monetary  damages
        only in  transactions  involving  conflicts of interest or improper  personal  benefit for a director,  intentional
        misconduct, violations of law, or unlawful distributions.
</FONT></P>
 <!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The Amended and Restated  Bylaws of the  Registrant  require the  Registrant  to  indemnify,  and
        permit the  advancement  of expenses  to, each  director,  officer,  employee or agent of the  Registrant,  and his
        executors,  administrators  or heirs,  who was or is made, or is threatened to be made a defendant or respondent to
        any  threatened,  pending or completed  action,  suit or proceeding,  whether civil,  criminal,  administrative  or
        investigative  (&#147;Proceeding&#148;),  by reason of the fact that he is or was a director,  officer,  employee or agent of
        the  Registrant,  for the costs of such  Proceeding to the fullest  extent  expressly  permitted or required by the
        statutes of the Commonwealth of Kentucky and all other applicable law.
</FONT></P>
 <!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The Amended and  Restated  Bylaws of the  Registrant  further  provide  for  indemnification  and
        advancement  of expenses to the  aforementioned  persons by action of the Board of  Directors in such  amounts,  on
        such terms and  conditions,  and based upon such  standards of conduct as the Board of Directors  may deem to be in
        the best interests of the Registrant.
</FONT></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The  circumstances  under which  Kentucky law requires or permits a corporation  to indemnify its
        directors,  officers,  employees  and/or  agents  are set forth at KRS  271B.8-500,  et seq.  Generally,  under KRS
        271B.8-500 et seq., a corporation may indemnify an individual  made a party to a proceeding  because he is or was a
        director against liability incurred in the proceeding if:
</FONT></P>

<!-- Indentation 2-A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        he conducted himself in good faith; and
</Font></P>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                3</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<!-- Indentation 2-A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        he reasonably believed
</Font></P>
 <!-- Indentation 2-A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in the case of conduct in his official  capacity  with the  corporation,
        that his conduct was in its best interests; and
</Font></P>
 <!-- Indentation 2-A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in all other cases, that his conduct was at least not opposed to its best interests.
</Font></P>
<!-- Indentation 2-A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in the case of any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful.
</Font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A corporation may not indemnify a director:
</Font></P>
<!-- Indentation 2-A and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in connection  with a proceeding by or in the right of the  corporation in which the director
        was adjudged liable to the <BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        corporation; or
</Font></P>
<!-- Indentation 2-A and return##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        in  connection  with any other  proceeding  charging  improper  personal  benefit  to him,  whether or not
                involving  action in his <BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                official  capacity,  in which he was  adjudged  liable on the basis that
                personal benefit was improperly received by him.
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Indemnification  permitted in connection  with a proceeding by or in the right of the corporation
        is limited to reasonable expenses incurred in connection with the proceeding.</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        In addition,  the Registrant  maintains  directors&#146; and officers&#146;  liability  insurance  covering
        certain  liabilities  which may be incurred by the directors and officers of the Registrant in connection  with the
        performance of their duties.
</Font></P>
<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Exemption From Registration Claimed.</B>
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        Not applicable.
</FONT></P>
<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Exhibits.</B>
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        The Exhibits  listed on the Exhibit  Index  appearing on page 10 of this  Registration  Statement
        are hereby incorporated by reference.
</FONT></P>
<!-- Indentation 2 ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        <B>Undertakings.</B>
</Font></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
</Font></P>
<!-- Indentation B-C and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file,  during any period in which  offers or sales are being made, a  post-effective  amendment to this <BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        registration statement:
</Font></P>
<!-- Indentation C-D ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
</Font></P>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                4</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<!-- Indentation C-D and indent##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;
        To reflect in the  prospectus  any facts or events  arising after the effective
        date of the  registration statement<BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (or the most recent post-effective amendment thereof)
        which,  individually  or in  the  aggregate,  represent  a<BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        fundamental change in the information set forth in theregistration statement; and
</Font></P>
<!-- Indentation C-D and indent##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material  information with respect
        to the plan of distribution not previously  disclosed in
        the<BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        registration statement or any material change to such information in the registration statement;
</Font></P>
<!-- Indentation A ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        provided,  however,  that  paragraphs  (a)(1)(i) and  (a)(1)(ii) do not apply if the  information
        required to be  included in a  post-effective  amendment  by those  paragraphs  is  contained  in
        periodic  reports  filed with or  furnished to the  Securities  and  Exchange  Commission  by the
        registrant  pursuant  to  Section  13 or 15(d) of the  Securities  Exchange  Act of 1934 that are
        incorporated by reference in the registration statement.
</FONT></P>
<!-- Indentation B-C and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;
        That, for the  purpose  of  determining  any  liability  under  the  Securities  Act of 1933,  each  such
        post-effective <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        amendment  shall be deemed to be a new  registration  statement relating  to  the  securities  offered  therein,
        <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        and  the  offering  of  such
        securities  at that time shall be deemed to be the initial  bona fide  offering thereof.
</Font></P>
<!-- Indentation B-C and return ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;
        To  remove  from  registration  by  means  of a  post-effective  amendment  any  of the  securities  being
        registered

        <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        which remain unsold at the termination of the offering.
</Font></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned  registrant  hereby  undertakes  that, for purposes of determining any liability under the
Securities  Act of 1933,  each  filing of the  registrant&#146;s  annual  report  pursuant to
Section  13(a) or Section  15(d) of the  Securities  Exchange  Act of 1934  (and,  where
applicable,  each  filing of an  employee  benefit  plan&#146;s  annual  report  pursuant  to
Section  15(d)  of the  Securities  Exchange  Act  of  1934)  that  is  incorporated  by
reference  in the  registration  statement  shall  be  deemed  to be a new  registration
statement  relating  to the  securities  offered  therein,  and  the  offering  of  such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</Font></P>
<!-- Indentation A-B ##################################################################-->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as  indemnification  for liabilities  arising under the Securities Act of 1933 may be permitted to
        directors,   officers  and  controlling  persons  of  the  registrant  pursuant  to  the
        foregoing  provisions,  or  otherwise,  the  registrant  has  been  advised  that in the
        opinion of the  Securities  and  Exchange  Commission  such  indemnification  is against
        public  policy as expressed in the Act and is,  therefore,  unenforceable.  In the event
        that a claim for  indemnification
</Font></P>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         against such  liabilities  (other than the payment by
        the  registrant  of  expenses  incurred or paid by a  director,  officer or  controlling
        person of the  registrant in the successful  defense of any action,  suit or proceeding)
        is asserted by such  director,  officer or  controlling  person in  connection  with the
        securities being  registered,  the registrant will, unless in the opinion of its counsel
        the matter has been settled by controlling  precedent,  submit to a court of appropriate
        jurisdiction  the question whether such  indemnification  by it is against public policy
        as expressed in the Act and will be governed by the final adjudication of such issue.
</Font></P>
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<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                6</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<P align="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
        SIGNATURES
</Font></P>
 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The  Registrant</U>.&nbsp;&nbsp;Pursuant to the  requirements  of the  Securities  Act of 1933,  the Registrant
certifies that it has reasonable  grounds to believe that it meets all of the  requirements  for filing on Form S-8
and has duly caused this  Registration  Statement  to be signed on its behalf by the  undersigned,  thereunto  duly
authorized, in the City of Louisville, State of Kentucky, on the 19th day of June, 2003.
</Font></P>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>
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<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                By:/s/ Thomas H. Meeker</FONT><HR width=80% SIZE=1 NOSHADE></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=50% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
         <TD WIDTH=50% align="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Thomas H. Meeker<BR>President and Chief Executive Officer</FONT></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD colspan=2 align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                POWERS OF ATTORNEY</FONT></TD>
</TR>
</TABLE>
 <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS,  that each person whose signature  appears below  constitutes and
appoints  Thomas H.  Meeker and  Rebecca C. Reed,  and each of them,  as his true and lawful  attorney-in-fact  and
agent,  with full power of substitution,  for him and in his name,  place and stead, in any and all capacities,  to
sign any and all amendments and  post-effective  amendments to this  Registration  Statement,  and to file the same
with all  exhibits  thereto,  granting  unto said  attorney-in-fact  and agent full power and  authority  to do and
perform each and every act and thing  requisite  and  necessary to be done, as fully to all intents and purposes as
he might or could do in person,  hereby  ratifying  and  confirming  all that said  attorney-in-fact  and agent may
lawfully do or cause to be done by virtue thereof.<BR>
</Font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the  requirements  of the Securities  Act of 1933,  this  Registration  Statement has
been signed by the following persons on the 19th day of June, 2003 in the capacities indicated.<BR></Font></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 border=0><!-- Table ##############-->
<TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Carl F. Pollard</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Chairman of the Board (Director)</FONT></TD>
</TR><TR VALIGN=TOP>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Carl F. Pollard</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                7</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Thomas H. Meeker</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                President and Chief Executive Officer (Director and  Principal Executive Officer)</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Thomas H. Meeker</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Michael E. Miller</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Michael E. Miller</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Charles W. Bidwill, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Charles W. Bidwill, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Leonard S. Coleman, Jr.</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Leonard S. Coleman, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Craig J. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Craig J. Duchossois</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Richard L. Duchossois</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Richard L. Duchossois</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Robert  L. Fealy
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Robert  L. Fealy
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/J. David Grissom
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                J. David Grissom
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Seth W. Hancock
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Seth W. Hancock
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Daniel P. Harrington
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Daniel P. Harrington
</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Frank B. Hower, Jr.
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Frank B. Hower, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                8</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/G. Watts Humphrey, Jr.
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>
<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                 G. Watts Humphrey, Jr.</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>

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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Dennis D. Swanson
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Dennis D. Swanson</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                /s/Darrell R. Wells
</FONT><HR width=80% align="left"SIZE=1 NOSHADE></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Director</FONT></TD>
</TR>

<TR VALIGN=bottom>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                Darrell R. Wells</FONT></TD>
        <TD width=50% align="left"><FONT FACE="Times New Roman, Times, Serif"size=2>
                &nbsp;</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                9</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<TR VALIGN=TOP>
        <TD colspan=5 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                INDEX TO EXHIBITS</FONT></TD>
</TR>
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<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Exhibit</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Number</U></FONT></TD>
        <TD WIDTH=75% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
               <U>Description of Exhibit</U></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                <U>Page</U></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(a)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Articles of  Incorporation of the Registrant as amended through March 25, 2002
                (incorporated  herein by reference to Exhibit 3(a) to the Registrant&#146;s  Annual
                Report on Form 10-K for the fiscal year ended  December 31,  2002,  as amended
                on Form 10-K/A filed June 18, 2003) (Commission File No. 0-1469).</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(b)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Restated  Bylaws  of the  Registrant  (incorporated  herein  by  reference  to
                Exhibit 3(a) to the  Registrant&#146;s  Report on Form 10-Q for the fiscal  quarter
                ended March 31, 2003) (Commission File No. 0-1469).
</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(c)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Specimen Stock Certificate  (incorporated  herein by reference to Exhibit 4(d)
                to the Registrant&#146;s Registration Statement on Form S-8, File No. 33-85012).</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(d)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Rights Agreement dated as of March 19, 1998,  between the Registrant and Fifth
                Third Bank as Rights  Agent  (incorporated  herein by reference to Exhibit 4.1
                to the  Registrant&#146;s  Current  Report  on Form 8-K  filed on March  20,  1998,
                Exhibit 4.1 to the  Registrant&#146;s  Registration  Statement  on Form 8-A/A filed
                June 30, 2000 and Exhibit 4.1 to the  Registrant&#146;s  Registration  Statement on
                Form 8-A/A filed September 14, 2000) (Commission File No. 0-1469).
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                4(e)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Churchill Downs Incorporated 2003 Stock Option Plan.
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                11</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                5</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Opinion and Consent of Wyatt,  Tarrant &amp; Combs,  LLP as to the legality of the shares being registered.
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                16</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23(a)</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Consent of Wyatt, Tarrant &amp; Combs (contained in Exhibit 5).
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                23(b) </FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Consent of PricewaterhouseCoopers LLP.
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                18</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                24</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                Power of Attorney (precedes signatures).
                </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
                &nbsp;</FONT></TD>
</TR>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                10</FONT></TD>
</TR>
<TR VALIGN=TOP>
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<TYPE>EX-4
<SEQUENCE>3
<FILENAME>sop203.htm
<DESCRIPTION>CHURCHILL DOWNS INC. 2003 STOCK OPTION PLAN
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<TITLE> Churchill Downs Inc. 2003 Stock Option Plan
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<P ALIGN="CENTER"><FONT SIZE=2><B>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>



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


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

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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;&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;&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>



<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>

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<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>

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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>11</FONT></P>

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<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>

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

<p><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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>

<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>12</FONT></P>

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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>13</FONT></P>

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<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>14</FONT></P>

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<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>15</FONT></P>

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<TYPE>EX-5
<SEQUENCE>4
<FILENAME>fex5.htm
<DESCRIPTION>OPINION & CONSENT OF WYATT, TARRANT & COMBS
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<TITLE> Opinion and Consent of Wyatt, Tarrant and Combs
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<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 5</FONT></P>

<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Wyatt, Tarrant &amp; Combs, LLP</FONT></P>

<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 19, 2003</FONT></P>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board of Directors</FONT></P>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Churchill Downs Incorporated</FONT></P>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>700 Central Avenue</FONT></P>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Louisville, Kentucky 40208</FONT></P>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen:</FONT></P>

<P ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as counsel to Churchill Downs Incorporated, a Kentucky corporation
(the &#147;Company&#148;), in connection with the Registration Statement on Form
S-8 (the &#147;Registration Statement&#148;) being filed by the Company with the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as
amended (the &#147;Act&#148;), to register 451,471 shares (the
&#147;Shares&#148;) of the Company&#146;s common stock, no par value, issuable
under the Churchill Downs Incorporated 2003 Stock Option Plan (the
&#147;Plan&#148;). </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have examined and are familiar with the Company, its organization and
proceedings related thereto. We have also examined such other documents and
procedures as we have considered necessary for the purpose of this opinion. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have assumed, for purposes of this opinion, that the Shares will be validly
authorized on the respective dates of issuance of the Shares under the Plan, and
that, on the dates of issuance of the Shares under the Plan, the obligations of
the Company under the Plan will constitute the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with
their respective terms. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the foregoing and subject to the qualifications hereinafter set forth, we
are of the opinion that the Shares are duly authorized and, when issued and sold
in accordance with the Registration Statement, the prospectus delivered to
participants in the Plan pursuant to the requirements of the Act, the pertinent
provisions of any applicable state securities laws and the Plan, will be duly
and validly issued, fully paid and nonassessable. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
express no opinion with respect to Shares issuable under the Plan which are
purchased by the Company on the open market or in private transactions and are
not original issuance shares. </FONT></P>

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                16</FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are members of the Bar of the Commonwealth of Kentucky and, accordingly, do not
purport to be experts on or express any opinion herein concerning any law other
than the laws of the Commonwealth of Kentucky, and the federal law of the United
States. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
opinion is directed to the Board of Directors of the Company and may not be
relied upon by any persons other than said directors, recipients of the
prospectus and participants in the Plan. We expressly disclaim any
responsibility for advising you of any change hereafter occurring in
circumstances touching or concerning the transaction which is the subject of
this opinion, including any changes in the law or in factual matters occurring
subsequent to the date of this opinion. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the filing of this opinion, or copies thereof, as an Exhibit
to the Registration Statement. In giving this consent, we do not thereby admit
that we are within the category of persons whose consent is required under
Section 7 of the Act or the rules and regulations of the Securities and Exchange
Commission thereunder. </FONT></P>

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                &nbsp;</FONT></TD>
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                Sincerely,
</FONT></TD>
</TR>
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                &nbsp;</FONT></TD>
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                /s/WYATT, TARRANT &amp; COMBS, LLP</FONT><HR SIZE=1 width=85% NOSHADE></TD>
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                &nbsp;</FONT></TD>
        <TD width=40% ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                WYATT, TARRANT &amp; COMBS, LLP</FONT></TD>
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<TYPE>EX-23
<SEQUENCE>5
<FILENAME>fex23b.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
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<TITLE> CONSENT OF INDEPENDENT AUDITORS
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<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 23(b)</FONT></P>

<P ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CONSENT OF INDEPENDENT AUDITORS</B></FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the incorporation by reference in this Registration Statement
on Form S-8 of our report dated March 6, 2003 relating to the financial
statements and financial statement schedule of Churchill Downs Incorporated,
which appears in the Churchill Downs Incorporated&#146;s Annual Report on
Form 10-K for the year ended December 31, 2002. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ PricewaterhouseCoopers LLP</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Louisville, Kentucky</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 18, 2003</FONT></P>
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