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<SEC-DOCUMENT>0000020212-04-000016.txt : 20040622
<SEC-HEADER>0000020212-04-000016.hdr.sgml : 20040622
<ACCEPTANCE-DATETIME>20040622162325
ACCESSION NUMBER:		0000020212-04-000016
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20040622
EFFECTIVENESS DATE:		20040622

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:	333-116733
		FILM NUMBER:		04875129

	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>fs8espp.htm
<DESCRIPTION>REGISTRATION STATEMENT FOR ESPP
<TEXT>
<HTML>
<HEAD>
<TITLE> Churchill Downs Inc. Registration Statement
</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 22, 2004. <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<BR>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>


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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>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 2000 Employee Stock Purchase 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, Esq.</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><HR width=100% align="center"SIZE=1 NOSHADE></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 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>
                100,000 shares(3) </Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $39.56</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $3,956,000</Font><HR width=100% SIZE=1 NOSHADE></TD>
        <TD WIDTH=20% align="center"><FONT FACE="Times New Roman, Times, Serif"size=2>
                $501.23</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 16, 2004, 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 2000 Employee Stock Purchase 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 5.</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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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPLANATORY NOTE </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill
Downs Incorporated (the &#147;Company&#148;) filed a registration statement on Form S-8 on
July 13, 2000 (Reg. No. 333-41376) (the &#147;Previous Registration Statement&#148;),
relating to the registration of shares of common stock, no par value (&#147;Common
Stock&#148;), of the Company in connection with the Churchill Downs Incorporated 2000
Employee Stock Purchase Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to General Instruction E of Form S-8, this Registration Statement on Form S-8 (the
&#147;Registration Statement&#148;) registers an additional 100,000 shares of the
Company&#146;s Common Stock which may be acquired pursuant to the Churchill Downs
Incorporated 2000 Employee Stock Purchase Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
contents of the Previous Registration Statement are hereby incorporated by reference
pursuant to General Instruction E of Form S-8. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II. </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8. Exhibits. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Exhibits listed on the Exhibit Index appearing on page 5 of this Registration Statement
are hereby incorporated by reference. </FONT></P>

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<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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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Registrant</U>. 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 17th day of June, 2004. </FONT></P>

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<!-- 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>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD 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>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWERS OF ATTORNEY </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&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 or her true and
lawful attorney-in-fact and agent, with full power of substitution, for him or her and in
his or her 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 or she 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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the following
persons on the 17th day of June, 2004 in the capacities indicated. </FONT></P>

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<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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</TABLE>
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<TR VALIGN=TOP>
        <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>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD 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>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
<TR VALIGN=TOP>
        <TD 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 COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
                3</FONT></TD>
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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/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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                /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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                /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/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/Susan Elizabeth Packard
</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>
                Susan Elizabeth Packard</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>

</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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                4</FONT></TD>
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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=2>
                INDEX TO EXHIBITS</FONT></TD>
</TR>
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        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Exhibit</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                <U>Number</U></FONT></TD>
        <TD WIDTH=75% align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               <U>Description of Exhibit</U></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                <U>Page</U><BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(a)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Articles of  Incorporation of the Registrant as amended through July 18, 2003
                (incorporated  herein by reference to Exhibit 3(b) to the Registrant&#146;s  Report on Form
                  10-Q for the fiscal quarter ended June 30, 2003 (Commission File No. 0-1469)).<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(b)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Amended and Restated Bylaws of the Registrant (incorporated herein by reference to
                  Exhibit 3(b) to the Registrant's Report on Form 10-K for the fiscal year ended
                  December 31, 2003, as amended on Form 10-K/A filed May 11, 2004 (Commission File No.
                  0-1469)).<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(c)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Specimen Stock Certificate (incorporated herein by reference to Exhibit 4(d) to the
                  Registrant's Registration Statement on Form S-8, File No. 33-85012).<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                4(d)</FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                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's Current Report on Form 8-K filed on March 20, 1998, Exhibit 4.1 to the
                  Registrant's Registration Statement on Form 8-A/A filed June 30, 2000 and Exhibit 4.1
                  to the Registrant's Registration Statement on Form 8-A/A filed September 14, 2000
                  (Commission File No. 0-1469)).<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                5 </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Opinion and Consent of Wyatt, Tarrant &amp; Combs, LLP as to the legality of the shares
                  being registered.<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                 6&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                23(a) </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Consent of Wyatt, Tarrant &amp; Combs, LLP (contained in Exhibit 5).<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                23(b) </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Consent of PricewaterhouseCoopers LLP.<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                8&nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                24  </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Power of Attorney (precedes signatures).<BR><BR></FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
</TR>

<TR VALIGN=TOP>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=10% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                99  </FONT></TD>
        <TD WIDTH=75% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                First Amended and Restated Churchill Downs Incorporated 2000 Employee Stock Purchase
                  Plan. </FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                &nbsp;</FONT></TD>
        <TD WIDTH=5% align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                  9&nbsp;</FONT></TD>
</TR>
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                5</FONT></TD>
</TR>
<TR VALIGN=TOP>
        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>fex5.htm
<DESCRIPTION>OPINION & CONSENT OF WYATT, TARRANT & COMBS
<TEXT>
<HTML>
<HEAD>
<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 letterhead]</FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 17, 2004 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Board of Directors<BR>Churchill
Downs Incorporated<BR>700 Central Avenue<BR>Louisville, KY 40208 </FONT></P>

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

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<P><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 100,000 shares (the &#147;Shares&#148;) of the
Company&#146;s common stock, no par value, issuable under the Churchill Downs Incorporated
2000 Employee Stock Purchase Plan (the &#147;Plan&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Project" -->
<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>

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<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>

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<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>

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<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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<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>

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<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>

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<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>
        <TD width=40% ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                Sincerely,
</FONT></TD>
</TR>
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                &nbsp;</FONT></TD>
        <TD width=40% ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" size=2>
                /s/WYATT, TARRANT &amp; COMBS, LLP</FONT><HR SIZE=1 width=85% NOSHADE></TD>
</TR>

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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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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>fex23b.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
<TITLE> CONSENT OF INDEPENDENT AUDITORS
</TITLE>
</HEAD>
<BODY>
<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><U>CONSENT OF INDEPENDENT ACCOUNTANTS</U></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 3, 2004 (except for the matters  disclosed  in the first two  paragraphs  of Note 1, as
to which the date is May 10, 2004) relating to the financial  statements and financial  statement schedule
of Churchill Downs  Incorporated,  which appears in Churchill Downs  Incorporated's  Annual Report on Form
10-K/A for the year ended December 31, 2003.</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>PricewaterhouseCoopers LLP<BR>
Louisville, Kentucky<BR>June 17, 2004</FONT></P>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>espp2000.htm
<DESCRIPTION>AMENDED & RESTATED EMPLOYEE STOCK PURCHASE PLAN
<TEXT>
<HTML>
<HEAD>
<TITLE>First Amended and Restated Churchill Downs Incorporated 2000 Employee Stock Purchase Plan</title></HEAD>


<BODY>
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> FIRST AMENDED AND RESTATED<BR>
CHURCHILL DOWNS INCORPORATED<BR>
2000 EMPLOYEE STOCK PURCHASE PLAN  </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;&nbsp;&nbsp;The purpose of the Plan is to provide eligible employees of the Company, and of any Parent or
Subsidiary corporation which the Company's Board of Directors has designated as a Participating Employer in the Plan, an opportunity to acquire a proprietary interest in the Company through the
purchase of the Company's common stock on a payroll or other compensation deduction basis. It is believed that participation in the ownership of the Company will be to the mutual benefit of the
eligible employees and the Company. The Company intends for the Plan to qualify as an "employee stock purchase plan" under Code Section&nbsp;423, and the Plan shall be so construed. Any term not
expressly defined in the Plan but defined in the Code for purposes of Code Section&nbsp;423 shall have the same definition herein. </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;"Account"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the funds accumulated with respect to an individual Participant as a result of deductions
from the Participant's pay for the purpose of purchasing Stock under the Plan. The funds allocated to a Participant's Account shall remain the Participant's property at all times. </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;"Base Pay"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means regular straight time earnings, excluding payments for overtime, bonuses, incentive
compensation and other special payments. </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;"Business Day"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means a day when any national securities exchange is open if the Stock is then listed on such
exchange, or, if not listed, the day when the over-the-counter market is open. </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;"Board"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the 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;E.</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;F.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;"Committee"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the Compensation Committee of the Board. </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, 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;"Eligible Employee"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means any person, including any officer or director, who satisfies the following three
requirements: [i] who has been employed by a Participating Employer for at least one (1)&nbsp;year; [ii] whose customary weekly employment with the
Participating Employer is at least twenty-one (21)&nbsp;hours; and [iii] whose customary calendar year employment exceeds five (5)&nbsp;months. The term
"Eligible Employee" does not include any person who is not an employee, including more-than-2% partners in a partnership, more-than-2% shareholders in a
Subchapter S corporation, sole proprietors, independent contractors, non-employee directors and other individuals who are not employees. </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;"Exchange Act"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the Securities Exchange Act of 1934. </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;"Fair Market Value"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means, as of the Business Day preceding the measurement date:
[i] if the Stock is traded on the over-the-counter market, the closing high bid quotation for the Stock in the over-the-counter
market, as reported by the National Association of Securities Dealers Automated Quotation System; [ii] if the Stock is listed on a national securities exchange, the closing
sales price of the Stock on the Composite Tape; and [ii] if the Stock is neither traded on the over-the-counter market nor listed on a national
securities exchange, such value as the Committee shall in good faith determine. </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;"Parent"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means, as defined in Code Section&nbsp;424(e), any corporation, other than the Company, in an
unbroken chain of corporations ending with the Company, if at the time of the granting of an option under the Plan, each of the corporations other than the Company own stock possessing 50% or </FONT></P>

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<P><FONT SIZE=2>more
of the total combined voting power of all classes of stock in one of the other corporations in such chain. </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;"Participant"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means an Eligible Employee who elects to participate in 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;"Participating Employer"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the Company and any Parent or Subsidiary which the Board has authorized to
participate in the Plan as to its Eligible Employees. </FONT></P>


<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 2000 Employee Stock Purchase 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;"Plan Year"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the twelve (12)&nbsp;consecutive month period beginning each August&nbsp;1. </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;"Stock"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means the Company's no par value common stock. </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;"Subsidiary"</I></FONT><FONT SIZE=2>&nbsp;&nbsp;means, as defined in Code Section&nbsp;424(f), any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company if, at the time of the granting of an option under the Plan, each of the corporations other than the last corporation in the unbroken chain
owns stock possessing 50% or more of the total combined voting power of all classes of stock of one of the other corporations in such chain. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Administration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Plan shall be administered by Committee. Any vacancy occurring in the membership of the
Committee shall be filled by appointment by the Board. The Committee shall have full power and authority to construe, interpret, and administer the Plan and may from time to time adopt such rules and
regulations for carrying out the Plan as it may deem proper and in the best interests of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effective Date and Duration of the Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The effective date of the Plan is August&nbsp;1, 2000, subject to
ratification of the Plan, within twelve (12)&nbsp;months before or after the date the Plan is adopted by the Board, by the holders of a majority of all the shares of Stock which are voted in person
or by proxy at
a duly held stockholders' meeting. The Plan shall terminate upon issuance of all shares authorized to be issued under the Plan unless terminated sooner by the Committee pursuant to Section&nbsp;13. </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 and Participation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;All Eligible Employees of a Participating Employer may participate in the
Plan, subject to the limitations set forth in Section&nbsp;7. Participation is voluntary. To become a Participant, an Eligible Employee must complete an authorization form for a payroll deduction
available from the Committee and deliver it to the Committee on or before the last Business Day of July of each year. Payroll deductions shall commence on the Participant's first pay date of August
following delivery of the completed payroll deduction authorization form to the Committee, and shall continue each Plan Year until altered or terminated as provided in Sections 6, 8 and 9. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Payroll Deductions.</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;Percentage of Compensation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Each Eligible Employee electing to participate in the Plan shall indicate on the
payroll deduction form the percentage of the Eligible Employee's Base Pay to be withheld. Such percentage shall not be greater than five percent (5%) nor less than one-half percent (.5%).
Payroll deductions are made on an after-tax basis each payroll period during the Plan Year. </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;Accounts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Payroll deductions from a Participant shall be credited to the Participant's Account. Amounts
shall remain in a Participant's Account until used to purchase shares pursuant to Section&nbsp;8 hereof or paid out pursuant to Sections 8 or 9. A Participant may not make separate cash payments
into the Account. No interest or earnings on the Account will be credited to any Participant. Compensation deductions received or held by the Committee under the Plan shall be used only for the
purposes specified in the Plan. </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;Changes to Payroll Deduction Authorization.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Participants may change their payroll deduction authorization as
of the beginning of each Plan Year and may also make one (1)&nbsp;mid-Plan Year change to </FONT></P>

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<P><FONT SIZE=2>the
percentage of payroll deductions authorized by delivery of a new payroll deduction authorization form to the Committee. The change shall become effective as soon as administratively practicable
and shall continue each Plan Year until again altered pursuant to this section or terminated pursuant to Sections 6, 8 or 9. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Grant of Options.</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;Number of Shares Optioned.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;On the first Business Day in each Plan Year, each individual who is a Participant
on such day shall be granted an option to purchase as many full shares of Stock as the Participant can purchase with the compensation deductions credited to the Participant's Account during the Plan
Year, less any required employment or other tax required to be withheld as a result of the exercise of the option, up to a maximum of five hundred (500)&nbsp;shares. </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;Limitation on Amount of Grant.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Notwithstanding the foregoing, no Participant shall be granted an option to
the extent that the option would permit the Participant's rights to purchase stock under the Plan and all employee stock purchase plans of the Company and its Parent and Subsidiaries (if any) to
accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined at the time the option is granted) for each calendar year in which the option is outstanding at any time. This
section shall be applied by use of all rules and definitions of terms which are applicable for purposes of Code Section&nbsp;423(b)(8), it being the intent that this section shall cause the Plan to
comply with the requirements of such section of the Code. </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;5% Shareholders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Anything herein to the contrary notwithstanding, no Participant shall be granted an option
if the Participant would own, immediately after the grant of the option, stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company
or of any Parent or Subsidiary. The rules of Code Section&nbsp;424(d) shall apply in determining stock ownership and stock which the Participant may purchase under outstanding options shall be
treated as stock owned by the Participant. </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;Option Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The option price per share shall be 85% of the lower of the Fair Market Value per share of the
Stock on the first or last Business Day in the Plan Year (rounded up to the next whole dime). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Exercise of Options.</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;Date of Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Unless a Participant gives written notice to the Committee as provided in
Section&nbsp;8.B, the Participant's option for the Plan Year is deemed exercised automatically at the close of the last Business Day of the Plan Year for as many full shares of Stock as can be
purchased with funds in the Participant's Account on that date. </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;Participant Notice to Change Amount of Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;By delivering a written notice to the Committee at least
two (2)&nbsp;Business Days before the end of the Plan Year, a Participant may decide not to exercise the Participant's option for the Plan Year or to exercise the option for some lesser number of
shares. If more than one written notice is delivered by a Participant, the last notice shall control. </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;Disposition of Account.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Funds in a Participant's Account (less any required withholding tax) will be used to
pay the option price upon exercise of the Participant's option, and the Company shall deliver to each Participant certificates representing any Stock purchased as soon as administratively practicable
after the end of the Plan Year. Any amount in a Participant's Account at the end of the Plan Year will be paid to Participant (without interest) as soon as administratively practicable after the end
of the Plan Year. </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;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 the Participant to have compensation from the Company and its affiliated companies for any year in excess of $1&nbsp;million and that is nondeductible by the Company and its
affiliated companies pursuant to Code Section&nbsp;162(m). </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;Lapse of Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;All unexercised options shall lapse on the earlier of: [i] the end
of the Plan Year; [ii] termination of participation; or [iii] termination of the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination of Participation.</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;Termination by Participant.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;A Participant may at any time terminate participation by giving written notice
of such termination to the Committee and electing to either: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1]&nbsp;&nbsp;&nbsp;leave
any funds in the Participant's Account in which event the Participant's option will be deemed exercised at the end of the Plan Year
pursuant to Section&nbsp;8.A and any amounts remaining after such exercise will be paid to the Participant (without interest); or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2]&nbsp;&nbsp;&nbsp;receive
any funds in the Participant's Account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants
who change their payroll deduction authorization to zero pursuant to Section&nbsp;6.C shall be deemed to have terminated participation in the Plan and will be deemed to
have elected a disposition of the Participant's Account in accordance with Section&nbsp;9.A[1] unless the Participant notifies the Committee in writing at least two
(2)&nbsp;Business Days before the end of the Plan Year that the Participant elects to receive the funds in the Participant's Account. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
termination of participation, all further payroll deductions from such Participant shall cease and all amounts in the Participant's Account which are not used to purchase Stock
shall be paid to the Participant (without interest) as soon as administratively practicable. </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;Change in Employee Status.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;If, on or before the last Business Day of the Plan Year, a Participant ceases to
be an Eligible Employee for any reason, including death, disability, resignation, retirement or dismissal, the Participant's participation in the Plan shall cease and any outstanding options shall
lapse in full on the day the Participant's status as an Eligible Employee ceases. Upon lapse, all further payroll deductions shall cease, and all amounts credited to the Participant's Account and not
used to purchase Stock shall be paid to the Participant (without interest) as soon as administratively practicable following such lapse. </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;Leaves of Absence.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The employment relationship of a Participant with a Participating Employer will be
treated as continuing intact while the Participant is on military, sick leave or other bona fide leave of absence for a period not to exceed ninety (90)&nbsp;days, or for a longer period, provided
that the Participant's right to reemployment with the Participating Employer is guaranteed either by statute or by contract. Where the period of leave exceeds ninety (90)&nbsp;days and where the
Participant's right to reemployment is not guaranteed either by statute or contract, the employment relationship will be deemed to have terminated on the 91st day of such leave. </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;Limitation on Withdrawals From Account.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;A Participant may not withdraw any amount in the Participant's
Account except pursuant to Sections 8.C, 9.A or 9.B. </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;Reinstatement of Participation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;A Participant whose participation in the Plan terminates may not elect to
participate in the Plan again until the next Plan Year. In addition, no Participant who is an officer or director of the Company or a Participating Employer (as contemplated by
Rule&nbsp;16b-3 of the Exchange Act, or any successor rule or regulation) may participate in the Plan again for at least six (6)&nbsp;months after termination of participation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Reserved for 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;Number and Type of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;A total of One Hundred Sixty-eight Thousand, Five Hundred Eighty-One
(168,581) shares of authorized but unissued shares of Stock are reserved for issuance under the Plan, subject to adjustment upon changes in capitalization of the Company as provided in
Section&nbsp;10.C. If any option shall lapse or terminate for any reason as to any shares, such shares of Stock shall again become available under the Plan. </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;B.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Proration of Available Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Notwithstanding anything herein to the contrary, if the total number of
shares which would otherwise have been acquired under the Plan on any date exceeds the number of shares of Stock then available under the Plan, then the Committee may make such pro rata allocation of
the shares remaining available in such practicable manner as it shall determine to be fair and equitable. The payroll deductions to be made pursuant to the Participant authorizations shall be reduced
accordingly and the Committee shall give written notice of such reduction to each affected Participant. Any payroll deductions in a Participant's Account not used to purchase Stock shall be paid
(without interest) to such Participant. </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;Adjustment Provision.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;If there is any change in the number of outstanding shares of Stock by reason of any
stock dividend, stock split-up or similar transaction, the number of shares of Stock then remaining available for issuance and the number of shares subject to any outstanding options shall
be correspondingly changed, without change in the aggregate option price. Additionally, equitable adjustments shall be made in options to reflect any other changes in the Stock, including changes
resulting from a combination of outstanding shares or other recapitalization, reorganization, sale, merger, consolidation or similar transaction. The establishment of the Plan shall not affect the
Company's right to make adjustments, reclassifications, reorganizations or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or otherwise transfer all or
any part of its business or assets. </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;Delivery of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;A Participant shall have no interest in, or rights of a shareholder to, any shares of
Stock covered by an option until shares have been issued to the Participant. Stock to be delivered to a Participant pursuant to the exercise of an option shall be issued in the name of the
Participant, or, if the Participant so directs by written notice delivered to the Committee, in the names of the Participant and one other person designated in the notice, as joint tenants with rights
of survivorship, to the extent permitted by applicable law. </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;Restrictive Legends.</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;[1]&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Failure to Satisfy Holding Period Requirements. </I></FONT><FONT SIZE=2>Certificates representing shares of Stock issued
pursuant to the Plan shall bear a restrictive legend stating that the shares represented thereby may not be transferred before the expiration of two (2)&nbsp;years from the date of grant of the
option and one (1)&nbsp;year from the date of transfer of the Stock to the Participant, unless the Participant notifies the Company of the Participant's intention to dispose of the Stock. Upon
receipt of such notice by the Committee, the Participant is free to dispose of the Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2]&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Insiders. </I></FONT><FONT SIZE=2>Certificates representing shares of Stock issued pursuant to the Plan to any director
or officer of the Company or a Participating Employer within the meaning of Section&nbsp;16 of the Exchange Act shall bear a restrictive legend stating that the shares represented thereby may not be
transferred before the expiration of six (6)&nbsp;months from the date of the issuance of shares of Stock to the Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3]&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Other Legends. </I></FONT><FONT SIZE=2>The Company shall be entitled to place any other legends on certificates for
shares of Stock issued hereunder which it deems appropriate to effectuate the terms of the Plan or to comply with any applicable law. </FONT></P>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transferability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Neither compensation deductions credited to a Participant's Account nor any rights with
regard to participation in the Plan, exercise of any option or the right to receives shares of Stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by a
Participant other than by will or the laws of descent and distribution. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect. An option granted under the Plan
is exercisable during the Participant's lifetime only by the Participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Designation of Beneficiaries.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;A Participant may deliver to the Committee a written designation (on a
prescribed form) of a beneficiary or beneficiaries who are to receive any Stock and cash payable to the Participant but not delivered to the Participant because of the Participant's death before such
delivery. </FONT></P>

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<P><FONT SIZE=2>Such
designation may be changed or revoked by delivery of written notice to the Committee. Upon the death of a Participant and upon receipt by the Committee of proof deemed adequate by it of the
identity and existence of a beneficiary or beneficiaries validly designated by such Participant, the Company shall issue and deliver such Stock and pay such cash to such beneficiary or beneficiaries.
In the absence of the Company's receipt of such proof, or if the Participant fails to designate any beneficiary who is living at the time of the Participant's death, the Company shall issue and
deliver such Stock and pay such cash to the executor or administrator of the estate of such Participant, or if no such executor or administrator has been appointed (to the knowledge of the Committee),
the Company, if and as the Committee may direct in its discretion, shall issue and deliver such Stock and pay such cash to the spouse and/or any one or more dependents or relatives of such
Participant, or if no such spouse, dependent or relative is known to the Committee, then to such other person or persons as the Committee may designate in its discretion. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendment and Termination.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Plan may be amended or terminated by the Committee at any time. Any amendment
of the Plan requires approval by the Company's stockholders within twelve (12)&nbsp;months after such amendment's adoption by the Committee if it increases the total number of shares of Stock
available for issuance under the Plan, or changes the class of corporations eligible to become Participating Employers or the class of persons eligible to receive options under the Plan, or if the
Committee otherwise deems such approval necessary or advisable for purposes of complying with Rule&nbsp;16b-3 of the Exchange Act, or any successor rule or regulation, or other
applicable law. Such stockholder approval shall mean approval by holders of a majority of all the shares of the Stock which are voted in person or by proxy at a duly held stockholders' meeting. No
amendment may be adopted which would adversely affect any rights acquired by any person hereunder before the effective date of the amendment, unless the amendment is necessary for the Company to
obtain a ruling it may request from the Internal Revenue Service with respect to the Plan, or necessary for the plan to conform to the requirements of Code Section&nbsp;423 or any other applicable
law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notices.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any notice or other communication by any person to the Committee shall be deemed to have been duly
given when actually received by a member of the Committee, or when actually received by the Company addressed as follows: </FONT></P>

<P><FONT SIZE=2>Churchill
Downs Incorporated<BR>
700 Central Avenue<BR>
Louisville, Kentucky 40208<BR>
Attention: Board of Directors, Compensation Committee </FONT></P>


<P><FONT SIZE=2>Any
notice or other communication or any delivery of Stock or cash to any person (other than the Committee) under or in connection with the Plan shall be deemed to have been duly given or made when
deposited in the United States mails, postage prepaid, addressed to such person at the address last shown for such person in the records of the Committee or any Participating Employer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The Participating Employer shall have the right to withhold from each Participant's
compensation an amount equal to all federal, state and local taxes which the Participating Employer is required by law to withhold as a result of the Participant's participation in the Plan or
disposition of shares of Stock issued under the Plan to the extent such taxes are not deducted from the Participant's Account. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Nonguarantee of Employment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;No provision of the Plan shall be construed as giving any person any right he
would not otherwise have to become or remain an employee of a Participating Employer, or any other right not expressly created by such provision. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be governed by the laws of the Commonwealth of Kentucky and any applicable
federal laws. </FONT></P>

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