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<SEC-DOCUMENT>0000020212-05-000018.txt : 20050729
<SEC-HEADER>0000020212-05-000018.hdr.sgml : 20050729
<ACCEPTANCE-DATETIME>20050729142306
ACCESSION NUMBER:		0000020212-05-000018
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050725
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050729
DATE AS OF CHANGE:		20050729

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		05984244

	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>8-K
<SEQUENCE>1
<FILENAME>f8kitem303.htm
<DESCRIPTION>JULY 27, 2005 AMENDED & RESTATED ARTICLES
<TEXT>
<HTML>
<HEAD>
<TITLE>8K July 27, 2005</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549 <BR><BR>
<B>FORM 8-K<BR><BR>
CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<BR><BR>
Date of Report (Date of earliest event reported): July 27, 2005</B> <BR>
</FONT></P>
<P ALIGN="Center"><IMG SRC="smalllogo.gif" ALIGN="MIDDLE"></P><BR>


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     <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
        (Exact name of registrant as specified in its charter)</FONT><BR><BR></TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U>KENTUCKY</U><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U> 0-1469</U> <BR>
(Commission File Number)</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U> 61-0156015</U><BR>
 (IRS Employer Identification No.)</FONT></TD></TR>

<TR VALIGN="TOP">
     <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
<U>700 Central Avenue Louisville, KY  40208</U><BR>
(Address of principal executive offices)<BR>
(Zip Code)<BR><BR></FONT></TD></TR>

 <TR VALIGN="TOP">
        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U>(502) 636-4400</U><BR>
Registrant's telephone number, including area code<BR><BR></FONT></TD></TR>

<TR VALIGN="TOP">
        <TD COLSPAN="3" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
<U>Not Applicable</U><BR>
(Former name or former address, if changed since last report) </FONT></TD></tr>
</TABLE>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>

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<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#144;</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=96% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &#144;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#144;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#144;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               &nbsp;</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
<!-- BLANK LINE--><TR><TD>&nbsp;</TD></TR>
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<A NAME=A001></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.03 Material
Modification to Rights of Security Holders. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 27, 2005, Churchill Downs Incorporated (the &#147;Company&#148;) filed with the
Kentucky Secretary of State Amended and Restated Articles of Incorporation, which included
as an amendment to the previous Amended and Restated Articles of Incorporation new Article
XIII. Article XIII (the &#147;Regulatory Amendment&#148;), was previously approved by the
Company&#146;s Board of Directors on March 10, 2005 and by its shareholders at the
Company&#146;s Annual Meeting of Shareholders held June 16, 2005. The following summary of
the Regulatory Amendment is qualified in its entirety by reference to the complete text of
the Regulatory Amendment, which is included as Article XIII of the Company&#146;s Amended
and Restated Articles of Incorporation attached to this Report on Form 8-K as Exhibit 4.1. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Regulatory Amendment, all shares of the Company&#146;s voting stock will be held
subject to any statute, rule, regulation, order, ordinance or interpretation of a
regulatory authority, as defined in the Regulatory Amendment (a &#147;Regulation&#148;).
If any owner of the Company&#146;s voting stock is requested or required to appear before,
submit to the jurisdiction of, or provide information to a regulatory authority and either
refuses to do so or otherwise fails to comply with the request, or is determined by a
regulatory authority not to be suitable or qualified to beneficially own the
Company&#146;s voting stock, then the Company may, at its election: (i)&nbsp;purchase any
or all of the voting stock held by such owner (a &#147;Disqualified Owner&#148;), or
(ii)&nbsp;if such voting stock is not so purchased by the Company, the owner, pursuant to
the Regulatory Amendment, agrees to dispose of his or her interest within the 120&nbsp;day
period following the date the Company receives notice from the regulatory authority of the
holder&#146;s unsuitability, or such earlier time required by the regulatory authority.
The determination that a beneficial owner of the Company&#146;s voting stock is a
Disqualified Owner will be made by the Company&#146;s Board of Directors on the basis of
information known to it after reasonable inquiry. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company elects to repurchase shares of a Disqualified Owner, the purchase price for
the shares will depend upon the date of acquisition of shares by the Disqualified Owner.
If the Disqualified Owner acquired his or her shares within 24&nbsp;months prior to the
date of the notice provided by the Company electing to purchase the shares, the price will
be the lesser of (a)&nbsp;the market price of the Disqualified Owner&#146;s shares, based
upon the average of the 15 consecutive trading days prior to the date of the
Company&#146;s election to purchase (the &#147;Market Price&#148;), or (b)&nbsp;the price
paid by the Disqualified Owner for the shares. If the Disqualified Owner has acquired the
shares prior to the 24&nbsp;month period terminating on the date of the Company&#146;s
purchase notice, then the purchase price for the shares will be the Market Price.
Following the date of the repurchase specified by the Company in its notice, or any
earlier date required by any Regulation, no dividends will be payable on and no voting
rights will be available on any shares covered by the notice which have not been duly
delivered by the holder for repurchase by the Company. </FONT></P>

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        <TD COLSPAN=3 ALIGN="center"><FONT FACE="Times New Roman, Times, Serif" size=2>
               2</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<A NAME=A002></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8.01 Other Events. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
text of Item 3.03 is incorporated by reference. This information updates the description
of the Company&#146;s common stock, no par value (the &#147;Common Stock&#148;), which is
contained in the Company&#146;s Current Report on Form 8-K filed December 14, 1998,
pursuant to Section 13 of the Securities Exchange Act of 1934. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<A NAME=A003></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01 Financial
Statements and Exhibits. </FONT></H1>

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<TR VALIGN=TOP>
<TD WIDTH="0%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></TD>
<TD WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U> <BR><BR></FONT></TD>
</TR>

<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Amended and Restated Articles of Incorporation of Churchill Downs Incorporated.<BR><BR> </FONT></TD></TR>
</TABLE>
<BR>

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               3</FONT></TD>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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<A NAME=A005></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>

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<TR VALIGN="BOTTOM">
     <Td ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;</FONT></Td>
     <Td ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CHURCHILL DOWNS
INCORPORATED <BR><BR><BR><BR><BR></FONT></Td></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date:    July 29, 2005 </FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> By:<U>/s/Thomas H. Meeker&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas H. Meeker<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer
</font></TD></TR>
</TABLE>

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               4</FONT></TD>
</TR>
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        <TD COLSPAN=3 ALIGN="center"><HR SIZE=5 NOSHADE></TD>
</TR>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>3
<FILENAME>amendedrestatedarticles2005.htm
<DESCRIPTION>AMENDED AND RESTATED ARTICLES OF INCORPORATION
<TEXT>
<html>
<head><title>Exhibit 4.1</title></head>
<body>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED<BR> ARTICLES OF
INCORPORATION <BR>OF CHURCHILL DOWNS
INCORPORATED </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A004></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE I</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>NAME </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the corporation shall be Churchill Downs Incorporated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A006></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE II</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A007></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PURPOSE AND POWERS </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature
of the business to be conducted by the corporation and its objects and purposes shall be
the improvement of livestock, particularly thoroughbred horses, by giving exhibitions of
contests of speed and races between horses for premiums, purses and other awards. In the
furtherance and in the accomplishment of the objects and purposes enumerated, the
corporation shall have the power to establish, maintain, purchase or otherwise acquire
suitable race tracks located in or without the Commonwealth of Kentucky, with all
necessary buildings and improvements and land for the purpose of establishing race tracks;
to give or conduct on said race tracks public exhibitions of speed or races between horses
for premiums, purses and other awards made up from fees or otherwise, and to charge the
public for admission thereto and to the said race tracks; to engage in the registering of
bets on exhibitions of speed or races at paid race tracks and premises in such manner as
may be authorized or permitted by law; to operate restaurant, cafes, lunch counters and
stands for the sale of food and other refreshments to persons on said premises; to
purchase and hold title to such real estate as may be necessary or deemed to be necessary
to fully carry out the several purposes for which the corporation is formed; to borrow
money and give security therefor; to acquire, hold, mortgage, pledge or dispose of the
shares, bonds, securities and other evidences of indebtedness of any domestic or foreign
corporation and the securities issued by the corporation and the securities issued by the
United States or by the Commonwealth of Kentucky or any governmental subdivision thereof
to adopt through its Board of Directors a corporate seal and to alter name at the pleasure
of the Board of Directors; to make bylaws through its Board of Directors not inconsistent
with the law; and to transact any or all lawful business for which corporations may be
incorporated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
corporation shall have the power to purchase shares of the capital stock of the
corporation to the extent of unreserved and unrestricted earned surplus and capital
surplus of the corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A008></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE III </U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A009></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DURATION </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
corporation shall have perpetual existence. </FONT></P>


<!-- MARKER PAGE="sheet: 1; page: 1" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A010></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE IV</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A011></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>REGISTERED OFFICE
AND AGENT </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
otherwise designated as provided by law, the location and Post Office address of the
registered office of the corporation and its principal place of business shall be: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Workstation" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=45%>&nbsp;</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
700
Central Avenue<BR>Louisville, Kentucky  40208</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A012></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE V </U></FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A013></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>REGISTERED AGENT </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR"  -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
otherwise designated as provided by law, the name and Post Office address of the
authorized agent of the corporation upon whom process shall be served shall be: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 5-TNR" FSL="Workstation" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=45%>&nbsp;</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Rebecca C. Reed<BR>700 Central Avenue<BR>Louisville, Kentucky  40208</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A014></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VI</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A015></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DEBT LIMITATION </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall be no limit on the amount of indebtedness which the corporation may incur. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A016></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VII</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A017></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>CAPITAL STOCK </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
corporation shall be authorized to issue 50,000,000 shares of common stock of no par value
(the &#147;Common Stock&#148;), and 250,000 shares of preferred stock of no par value in
such series and with such rights, preferences and limitations, including voting rights, as
the Board of Directors may determine (the &#147;Preferred Stock&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Common Stock</U>.&nbsp;&nbsp;Shares of the Common Stock may be issued from time to           time as
the Board of Directors shall determine and on such terms and for such
          consideration as shall be fixed by the Board of Directors.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>The Preferred Stock</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Shares
of the Preferred Stock may be issued from time to time in one or more           series as
may from time to time be determined by the Board of Directors of the
          corporation. Each series shall be distinctly designated. All shares of any one
          series of the Preferred Stock shall be alike in every particular, except that
          there may be different dates from which dividends (if any) thereon shall be
          cumulative, if made cumulative. The relative preferences, participating,
          optional and other special rights of each such series, and limitations thereof,
          if any, may differ from those of any and all other series at any time
          outstanding. The Board of Directors of the corporation is hereby expressly
          granted authority to fix by resolution or resolutions adopted prior to the
          issuance of any shares of each particular series of the Preferred Stock, the
          designation, relative preferences, participating, optional and other special
          rights and limitations thereof, if any, of such series, including but without
          limiting the generality of the foregoing, the following:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
distinctive designation of, and the number of shares of the Preferred Stock
          which shall constitute the series, which number may be increased (except as
          otherwise fixed by the Board of Directors) or decreased (but not below the
          number of shares thereof then outstanding) from time to time by action of the
          Board of Directors;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
rate and times at which, and the terms and conditions upon which dividends,           if
any, on shares of the series may be paid, the extent of preference or           relation,
if any, of such dividend to the dividends payable on any other class           or classes
of stock of the corporation, or on any series of the Preferred Stock           or of any
other class of stock of the corporation, and whether such dividends           shall be
cumulative or non-cumulative;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[c]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
right, if any, of the holders of shares of the series to convert the same           into,
or exchange the same for, shares of any other class or classes of stock of           the
corporation, or of any series of the Preferred Stock and the terms and
          conditions of such conversion or exchange;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[d]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Whether
shares of the series shall be subject to redemption and the redemption           price or
prices and the time or times at which, and the terms and conditions           upon which
shares of the series may be redeemed;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[e]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
rights, if any, of the holders of shares of the series upon voluntary or
          involuntary liquidation, merger, consolidation, distribution or sale of assets,
          dissolution or winding up of the corporation;  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[f]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
terms of the sinking fund or redemption or purchase account, if any, to be
          provided for shares of the series; and  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 2- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[g]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
voting powers, if any, of the holders of shares of the series which may,
          without limiting the generality of the foregoing, include the right, voting as
a           series by itself or together with other series of the Preferred Stock as a
          class, to vote more or less than one vote per share on any or all matters voted
          upon by the stockholders and to elect one or more directors of the corporation
          in the event there shall have been a default in the payment of dividends on any
          one or more series of the Preferred Stock or under such other circumstances and
          upon such conditions as the Board of Directors may fix.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Other Provisions</U>. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
relative preferences, rights and limitations of each Series of Preferred           Stock
in relation to the preferences, rights and limitations of each other           series of
Preferred Stock shall, in each case, be as fixed from time to time by           the Board
of Directors in the resolution or resolutions adopted pursuant to           authority
granted in this Article VII, and the consent by class or series vote           or
otherwise, of the holders of the Preferred Stock of such of the series of the
          Preferred Stock as are from time to time outstanding shall not be required for
          the issuance by the Board of Directors of any other series of Preferred Stock
          whether the preferences and rights of such other series shall be fixed by the
          Board of Directors as senior to, or on a parity with, the preferences and
rights           of such outstanding series, or any of them; provided, however, that the
Board of           Directors may provide in such resolution or resolutions adopted with
respect to           any series of Preferred Stock that the consent of the holders of a
majority (or           such greater proportion as shall be therein fixed) of the
outstanding shares of           such series voting thereon shall be required for the
issuance of any or all           other Series of Preferred Stock.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 1- TNR" FSL="Workstation" -->
<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Subject
to the provisions of Subparagraph 1 of this Paragraph C, shares of any           series
of Preferred Stock may be issued from time to time as the Board of           Directors
shall determine and on such terms and for such consideration as shall           be fixed
by the Board of Directors.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A018></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE VIII</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A019></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>VOTING RIGHTS OF
COMMON STOCK </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
stockholders&#146; meetings each holder of Common Stock shall be entitled to one vote for
each share of Common Stock standing in his name on the books of the corporation. The
presence in person or by proxy of the holders of a majority of the outstanding Common
Stock of the corporation shall constitute a quorum at all stockholders&#146; meetings. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A020></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE IX</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A021></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PREEMPTIVE RIGHTS </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
holder of any shares of Common Stock of the corporation, whether now or hereafter
authorized, issued or outstanding, shall be entitled to a preemptive right to acquire
unissued or treasury shares or securities convertible into such shares or carrying a right
to subscribe to or acquire shares or any rights or options to purchase shares of the
corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A022></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE X</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR" FSL="Workstation" -->
<A NAME=A023></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>DIRECTORS </U></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
business and affairs of the corporation shall be managed by or under the direction of a
Board of Directors consisting of not less than nine (9) nor more than twenty-five (25)
directors, the exact number of directors to be determined by affirmative vote of a
majority of the entire Board of Directors. The directors shall be divided into three
classes, designated Class I, Class II and Class III. Each class shall consist, as nearly
as possible, of one-third of the total number of directors constituting the entire Board
of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
each annual meeting of stockholders, successors to the class of directors whose term
expires at that annual meeting shall be elected for a three-year term. If the number of
directors is changed, any increase or decrease shall be apportioned among the classes so
as to maintain the number of directors in each class as nearly equal as possible, and any
additional director of any class elected to fill a vacancy resulting from an increase in
such class shall hold office for a term that shall coincide with the remaining term of
that class, but in no case will a decrease in the number of directors shorten the term of
any incumbent director. A director shall hold office until the annual meeting of the year
in which his term expires and until his successor shall be elected and shall qualify,
subject, however, to prior death, resignation, retirement, disqualification or removal
from office. Any vacancy on the Board of Directors that results from an increase in the
number of directors may be filled by a majority of the Board of Directors then in office,
and any other vacancy occurring in the Board of Directors may be filled by a majority of
the directors then in office, although less than a quorum, or by a sole remaining
director. Any director elected to fill a vacancy not resulting from an increase in the
number of directors shall have the same remaining term as that of his predecessor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, whenever the holders of any one or more classes or series of Preferred
Stock issued by the corporation shall have the right, voting separately by class or
series, to elect directors at an annual or special meeting of stockholders, the election,
term of office, filling of vacancies and other features of such directorships shall be
governed by the terms of these Articles of Incorporation applicable thereto, and such
directors so elected shall not be divided into classes pursuant to this Article X unless
expressly provided by such 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;Any
director or the entire Board of Directors may be removed from office without cause by the
affirmative vote of eighty percent (80%) of the votes entitled to be cast by the holders
of all then outstanding shares of voting stock of the corporation, voting together as a
single class. </FONT></P>

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

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<A NAME=A024></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE XI</U> </FONT></H1>

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<A NAME=A025></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ELIMINATION OF
DIRECTOR LIABILITY </U></FONT></P>

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

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[a] </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               For any transaction in which the director&#146;s personal financial interest is
               in conflict with the financial interest of the corporation or its stockholders; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[b] </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               For acts or omissions not in good faith or which involve intentional misconduct
               or are known to the director to be a violation of law; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[c] </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               For distributions made in violation of the Kentucky Revised Statutes; or </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[d] </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               For any transaction from which the director derives an improper personal
               benefit. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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

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<A NAME=A026></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE XII</U> </FONT></H1>

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<A NAME=A027></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>SPECIAL MEETING OF
SHAREHOLDERS </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
meetings of the shareholders of the corporation may be called only by: </FONT></P>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  [a]  </FONT></TD>
<TD WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Board of Directors; or </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
               <TR VALIGN=TOP>
               <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[b] </FONT></TD>
               <TD WIDTH="75%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The holders of not less than sixty-six and two-thirds percent (66 b%) of all
               shares entitled to cast votes on any issue proposed to be considered at the
               proposed special meeting upon such holders signing, dating and delivering to the
               corporation&#146;s Secretary one or more written demands for the meeting,
               including a description of the purpose or purposes for which the meeting is to
               be held. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<A NAME=A028></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>ARTICLE XIII</U> </FONT></H1>

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<A NAME=A029></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>REGULATORY
AUTHORITIES </U></FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          For the purposes of this Article XIII: </FONT></P>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Affiliate&#148; or
&#147;Associate&#148; shall have the respective           meanings ascribed to such terms
in Rule 12b-2 of the rules and regulations under           the Securities Exchange Act of
1934, as amended.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Market
Price&#148; means the average of the last sale prices of a Voting           Security on
the Nasdaq Stock Market for each of the 15 consecutive trading days           (the &#147;Valuation
Period&#148;) commencing 16 trading days prior to the date           in question;
provided that if such Voting Security is not listed on the Nasdaq           Stock Market,
on the principal United States securities exchange registered           under the
Exchange Act on which such Voting Security is listed, or, if such           Voting
Security is not listed on any such exchange, the average of the closing           bid
quotations with respect to such a Voting Security during the Valuation           Period
on any system then in use, or if no such quotations are available, the           fair
market value of such a Voting Security on the date in question as           determined by
the Board of Directors in good faith.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
&#147;person&#148; shall mean any individual, firm, corporation, partnership,
          limited liability company or other entity.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          A
person shall be a &#147;beneficial owner&#148; of any Voting Securities:  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          which
such person or any of its Affiliates or Associates beneficially owns,           directly
or indirectly; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          which
such person or any of its Affiliates or Associates has (a) the right to           acquire
(whether such right is exercisable immediately or only after the passage           of
time), pursuant to any agreement, arrangement or understanding or upon the
          exercise of conversion rights, exchange rights, warrants or options, or
          otherwise, or (b) the right to vote pursuant to any agreement, arrangement or
          understanding; or  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="10%"></TD>
<TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;[c]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          which
are beneficially owned, directly or indirectly, by any other person with           which
such person or any of its Affiliates or Associates has any agreement,
          arrangement or understanding for the purpose of acquiring, holding, voting or
          disposing of any Voting Securities.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Purchase
Price&#148; means the price paid to acquire a share of Voting           Securities,
exclusive of commissions, taxes and other fees and expenses,           adjusted for any
stock split, stock dividend, combination of shares or similar           event.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Regulation&#148; shall
mean any statute, rule, regulation, order,           ordinance or interpretation of a
Regulatory Authority.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Regulatory
Authority&#148; shall mean any government, court, or federal,           state, local,
international or foreign governmental, administrative or           regulatory and
licensing body, agency, authority or official, which regulates,           has authority
over, or otherwise asserts jurisdiction over current or proposed           gaming or
pari-mutuel wagering activities, operations or facilities conducted by           the
corporation or any of its subsidiaries or Affiliates, including without
          limitation the Illinois Gaming Board, the Indiana Gaming Commission, the
          Louisiana Gaming Control Board, the Nevada Gaming Control Board, the California
          Horse Racing Board, the Florida Department of Business and Professional
          Regulation &#150; Division of Pari-Mutuel Wagering, the Illinois Racing Board,
          the Indiana Horse Racing Commission, the Kentucky Horse Racing Authority, and
          the Louisiana State Racing Commission.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          &#147;Voting
Securities&#148; shall mean any shares of the corporation&#146;s           capital stock
entitled to vote generally in the election of directors.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          All Voting Securities of the corporation shall be held subject to the applicable
          provisions of all Regulations. If any person which beneficially owns Voting
          Securities of the corporation is requested or required pursuant to any
          Regulations to appear before, or submit to the jurisdiction of, or provide
          information to, any Regulatory Authority and either refuses to do so or
          otherwise fails to comply with such request or requirement within a reasonable
          period of time, or is determined or shall have been determined by any Regulatory
          Authority not to be suitable or qualified with respect to the beneficial
          ownership of Voting Securities of the corporation, then at the election of the
          corporation (unless otherwise required by any Regulatory Authority or
          Regulation): (i) each such person by owning such Voting Securities in the
          corporation hereby agrees to sell to the corporation and the corporation shall
          have the absolute right in its sole discretion to repurchase, any or all of the
          Voting Securities of the corporation beneficially owned by such person at a
          price determined pursuant to this Article XIII; or (ii) each such person owning
          such Voting Securities in the corporation hereby agrees to otherwise dispose of
          his or her interest in the corporation within the 120 day period commencing on
          the date on which the corporation receives notice from a Regulatory Authority of
          such holder&#146;s unsuitability or disqualification (or an earlier time if so
          required by a Regulatory Authority or any Regulation) and the corporation shall
          have no obligation to repurchase any or all of the Voting Securities of the
          corporation beneficially owned by such person. The operation of this Article
          XIII shall not be stayed by an appeal from a determination of any Regulatory
          Authority. A majority of the whole Board of Directors shall have the power and
          duty to determine, for the purposes of this Article XIII, on the basis of
          information known to it after reasonable inquiry, whether clause (i) or (ii) of
          this paragraph B applies to any person who beneficially owns Voting Securities
          of the corporation such that the corporation shall have the right to repurchase
          shares of Voting Securities held by such person or require the disposition of
          such person&#146;s interest in the corporation pursuant to this Article XIII. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If the corporation intends to repurchase Voting Securities beneficially owned by
          any person referred to in clause (i) or (ii) of paragraph B hereof, it shall
          notify the person in writing (the &#147;Purchase Notice&#148;) of such
          intention, specifying the Voting Securities to be repurchased, the date, time
          and place when such repurchase will be consummated (the &#147;Purchase
          Date&#148;), which date in no event will be earlier than three business days
          after the date of such notice, and the price at which such Voting Securities
          will be repurchased (it being sufficient for the purposes of this Article XIII
          for the corporation to indicate generally that the price will be determined in
          accordance with paragraph D hereof). The Purchase Notice shall be deemed to
          constitute a binding agreement on the part of the corporation to repurchase, and
          on the part of the person notified to sell, the Voting Securities referred to in
          the Purchase Notice in accordance with this Article XIII. Following the Purchase
          Date (or any earlier date if required by any Regulatory Authority or
          Regulation), no dividends will be payable on and no voting rights will be
          available to the holders of any Voting Securities covered by such Purchase
          Notice which has not been duly delivered by the holder thereof for repurchase by
          the corporation. If, following such Purchase Date, any Voting Securities with
          respect to which a Purchase Notice has been given have not been duly delivered
          by the holder thereof for repurchase by the corporation, the corporation shall
          deposit in escrow or otherwise hold in trust for the benefit of such holder an
          amount equal to the aggregate Market Price of the stock to be repurchased,
          except that to the extent New Shares (as hereafter defined) are to be
          repurchased and the Purchase Price thereof shall have been publicly disclosed or
          otherwise made available to the corporation, the amount deposited in escrow or
          otherwise segregated with respect to such New Shares may be the lesser of the
          Market Price thereof on the date of the Purchase Notice and the Purchase Price
          thereof. The establishment of such an account shall in no way alter the amount
          otherwise payable to any person pursuant to this Article XIII. No interest shall
          be paid on or accrue with respect to any amount so deposited or held. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          1. In the event that the person to whom a Purchase Notice is directed pursuant
          to paragraph C hereof has acquired beneficial ownership of Voting Securities
          within the 24-month period terminating on the date of such Purchase Notice
          (&#147;New Shares&#148;), the price at which the corporation shall repurchase
          such New Shares covered by the Purchase Notice shall be the lesser of the Market
          Price thereof on the date of such Purchase Notice and the Purchase Price
          thereof. </FONT></P>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          In
the event that the person to whom a Purchase Notice is directed pursuant to
          paragraph C hereof has acquired beneficial ownership of any or all of its
Voting           Securities prior to the 24-month period terminating on the date of such
Purchase           Notice (&#147;Old Shares&#148;), the price at which the corporation
shall           repurchase such Old Shares covered by the Purchase Notice shall be the
Market           Price thereof on the date of the Purchase Notice.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
corporation shall have the option in its sole discretion of designating           which
of the Voting Securities beneficially owned by any person referred to in           clause
(i) or (ii) of paragraph B hereof are subject to the Purchase Notice and,           for
purposes hereof, it shall be sufficient for the corporation to indicate
          generally that Voting Securities shall be repurchased based on the order in
          which they were purchased or based on the reverse of such order.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Any
person to whom a Purchase Notice is given pursuant to the provisions of this
          Article XIII shall have the burden of establishing to the satisfaction of the
          corporation the dates on which and prices at which such person acquired the
          Voting Securities subject to the Purchase Notice.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A030></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SERIES DESIGNATION FOR
SERIES 1998 PREFERRED STOCK </FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Designation and Number of Shares</U>. This series of the Preferred Stock
          shall be designated as &#147;Series 1998 Preferred Stock&#148; (the &#147;Series
          1998 Preferred Stock&#148;). The number of shares initially issuable as the
          Series 1998 Preferred Stock shall be 15,000; <U>provided</U>, <U>however</U>,
          that, if more than a total of 15,000 shares of Series 1998 Preferred Stock shall
          be issuable upon the exercise of Rights (the &#147;Rights&#148;) issued pursuant
          to the Rights Agreement dated as of March 19, 1998, between the Corporation and
          Bank of Louisville, as Rights Agent (the &#147;Rights Agreement&#148;), the
          Board of Directors of the Corporation, shall, if then permitted by the Kentucky
          Business Corporation Act, direct by resolution or resolutions that Articles of
          Amendment of the Articles of Incorporation of the Corporation be properly
          executed and filed with the Secretary of State of Kentucky providing for the
          total number of shares issuable as Series 1998 Preferred Stock to be increased
          (to the extent that the Articles of Incorporation then permit) to the largest
          number of whole shares (rounded up to the nearest whole number) issuable upon
          exercise of such Rights. </FONT></P>

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

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Subject
to the prior and superior rights of the holders of shares of any other           series
of Preferred Stock or other class of capital stock of the Corporation           ranking
prior and superior to the shares of Series 1998 Preferred Stock with           respect to
dividends, the holders of shares of the Series 1998 Preferred Stock           shall be
entitled to receive, when, as and if declared by the Board of           Directors, out of
the assets of the Corporation legally available therefor, (i)           annual dividends
payable in cash on January 15 of each year, or such other dates           as the Board of
Directors of the Corporation shall approve (each such date being           referred to
herein as an &#147;Annual Dividend Payment Date&#148;), commencing           on the first
Annual Dividend Payment Date after the first issuance of a share or           a fraction
of a share of Series 1998 Preferred Stock, in the amount of $.01 per           whole
share (rounded to the nearest cent), less the amount of all cash dividends
          declared on the Series 1998 Preferred Stock pursuant to the following clause
          (ii) since the immediately preceding Annual Dividend Payment Date or, with
          respect to the first Annual Dividend Payment Date, since the first issuance of
          any share or fraction of a share of Series 1998 Preferred Stock (the total of
          which shall not, in any event, be less than zero) and (ii) dividends payable in
          cash on the payment date for each cash dividend declared on the Common Stock in
          an amount per whole share (rounded to the nearest cent) equal to the Formula
          Number (as hereinafter defined) then in effect times the cash dividends then to
          be paid on each share of Common Stock. In addition, if the Corporation shall
pay           any dividend or make any distribution on the Common Stock payable in
assets,           securities or other forms of non-cash consideration (other than
dividends or           distributions solely in shares of Common Stock), then, in each
such case, the           Corporation shall simultaneously pay or make on each outstanding
whole share of           Series 1998 Preferred Stock a dividend or distribution in like
kind equal to the           Formula Number then in effect times such dividend or
distribution on each share           of the Common Stock. As used herein, the &#147;Formula
Number&#148; shall be           1,000; <U>provided</U>, <U>however</U>, that, if at any
time after March 19,           1998, excluding, however, the two-for-one stock split or
stock dividend declared           by the Corporation on March 19, 1998, the Corporation
shall (x) declare or pay           any dividend on the Common Stock payable in shares of
Common Stock or make any           distribution on the Common Stock in shares of Common
Stock, (y) subdivide (by a           stock split or otherwise) the outstanding shares of
Common Stock into a larger           number of shares of Common Stock or (z) combine (by
a reverse stock split or           otherwise) the outstanding shares of Common Stock into
a smaller number of           shares of Common Stock, then, in each such event, the
Formula Number shall be           adjusted to a number determined by multiplying the
Formula Number in effect           immediately prior to such event by a fraction, the
numerator of which is the           number of shares of Common Stock that are outstanding
immediately after such           event and the denominator of which is the number of
shares of Common Stock that           are outstanding immediately prior to such event
(and rounding the result to the           nearest whole number); and, <U>provided</U><U>further</U>,
that, if at any time           after March 19, 1998, the Corporation shall issue any
shares of its capital           stock in a merger, share exchange, reclassification, or
change of the           outstanding shares of Common Stock, then, in each such event, the
Formula Number           shall be appropriately adjusted to reflect such merger, share
exchange,           reclassification or change so that each share of Preferred Stock
continues to be           the economic equivalent of a Formula Number of shares of Common
Stock prior to           such merger, share exchange, reclassification or change.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Corporation shall declare a dividend or distribution on the Series 1998
          Preferred Stock as provided in Section II(a) immediately prior to or at the
same           time it declares a dividend or distribution on the Common Stock (other
than a           dividend or distribution solely in shares of Common Stock); <U>provided</U>,
<U>however</U>, that, in the event no dividend or distribution (other than a
          dividend or distribution in shares of Common Stock) shall have been declared on
          the Common Stock during the period between any Annual Dividend Payment Date and
          the next subsequent Annual Dividend Payment Date, a dividend of $.01 per share
          on the Series 1998 Preferred Stock shall nevertheless be payable on such
          subsequent Annual Dividend Payment Date. The Board of Directors may fix a
record           date for the determination of holders of shares of Series 1998 Preferred
Stock           entitled to receive a dividend or distribution declared thereon, which
record           date shall be the same as the record date for any corresponding dividend
or           distribution on the Common Stock.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Dividends
shall begin to accrue and be cumulative on outstanding shares of           Series 1998
Preferred Stock from and after the Annual Dividend Payment Date next           preceding
the date of original issue of such shares of Series 1998 Preferred           Stock; <U>provided</U>,
<U>however</U>, that dividends on such shares that are           originally issued after
the record date for the determination of holders of           shares of Series 1998
Preferred Stock entitled to receive an annual dividend and           on or prior to the
next succeeding Annual Dividend Payment Date shall begin to           accrue and be
cumulative from and after such Annual Dividend Payment Date.           Notwithstanding
the foregoing, dividends on shares of Series 1998 Preferred           Stock that are
originally issued prior to the record date for the determination           of holders of
shares of Series 1998 Preferred Stock entitled to receive an           annual dividend on
the first Annual Dividend Payment Date shall be calculated as           if cumulative
from and after the last day of the fiscal quarter next preceding           the date of
original issuance of such shares. Accrued but unpaid dividends shall           not bear
interest. Dividends paid on the shares of Series 1998 Preferred Stock           in an
amount less than the total amount of such dividends at the time accrued           and
payable on such shares shall be allocated pro rata on a share-by-share basis
          among all such shares at the time outstanding and entitled to receive such
          dividends.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          So
long as any shares of the Series 1998 Preferred Stock are outstanding, no
          dividends or other distributions shall be declared, paid or distributed, or set
          aside for payment or distribution, on the Common Stock, unless, in each case,
          the dividend required by this Section II to be declared on the Series 1998
          Preferred Stock shall have been declared and paid.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
holders of the shares of Series 1998 Preferred Stock shall not be entitled           to
receive any dividends or other distributions, except as provided herein.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Each
holder of Series 1998 Preferred Stock shall be entitled to a number of           votes
equal to the Formula Number then in effect, for each whole share of Series           1998
Preferred Stock held of record on each matter on which holders of the           Common
Stock or shareholders generally are entitled to vote, multiplied by the           maximum
number of votes per share which any holder of the Common Stock or           shareholders
generally then have with respect to such matter (assuming any           holding period or
other requirement to vote a greater number of shares is           satisfied).  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as otherwise provided herein or by applicable law, the holders of shares           of
Series 1998 Preferred Stock and the holders of shares of Common Stock shall
          vote together as one voting group for the election of directors of the
          Corporation and on all other matters submitted to a vote of shareholders of the
          Corporation.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          If,
at the time of any annual meeting of shareholders for the election of
          directors, the equivalent of two annual dividends (whether or not consecutive)
          payable on any share or shares of Series 1998 Preferred Stock are in default,
          the number of directors constituting the Board of Directors of the Corporation
          shall be increased by two. In addition to voting together with the holders of
          Common Stock for the election of other directors of the Corporation, the
holders           of record of the Series 1998 Preferred Stock, voting separately as a
voting           group to the exclusion of the holders of Common Stock, shall be entitled
at said           meeting of shareholders (and at each subsequent annual meeting of
shareholders),           unless all dividends in arrears have been paid or declared and
set apart for           payment prior thereto, to vote for the election of two directors
of the           Corporation, the holders of any Series 1998 Preferred Stock being
entitled to           cast a number of votes per whole share of Series 1998 Preferred
Stock equal to           the Formula Number. Until the default in payments of all
dividends that           permitted the election of said directors shall cease to exist,
any director who           shall have been so elected pursuant to the next preceding
sentence may be           removed at any time, either with or without cause, only by the
affirmative vote           of the holders of the shares of Series 1998 Preferred Stock at
the time entitled           to cast such number of votes as are required by law for the
election of any such           director at a special meeting of such holders called for
that purpose, and any           vacancy thereby created may be filled only by the vote of
such holders. If and           when such default shall cease to exist, the holders of the
Series 1998 Preferred           Stock shall be divested of the foregoing special voting
rights, subject to           revesting in the event of each and every subsequent like
default in payments of           dividends. Upon the termination of the foregoing special
voting rights, the           terms of office of all persons who may have been elected
directors pursuant to           said special voting rights shall forthwith terminate to
the extent permitted by           law, and the number of directors constituting the Board
of Directors shall be           reduced by two. The voting rights granted by this Section
III(c) shall be in           addition to any other voting rights granted to the holders
of the Series 1998           Preferred Stock in this Section III.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Except
as provided herein, in Section XI or by applicable law, holders of Series           1998
Preferred Stock shall have no special voting rights and their consent shall           not
be required (except to the extent they are entitled to vote with holders of
          Common Stock as set forth herein) for authorizing or taking any corporate
          action.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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


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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Whenever
annual dividends or other dividends or distributions payable on the           Series 1998
Preferred Stock as provided in Section II are in arrears, thereafter           and until
all accrued and unpaid dividends and distributions, whether or not           declared, on
shares of Series 1998 Preferred Stock outstanding shall have been           paid in full,
the Corporation shall not  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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          <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
               <TR VALIGN=TOP>
               <TD ALIGN="RIGHT" WIDTH="10%"></TD>
               <TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               declare or pay dividends on, make any other distributions on, or redeem or
               purchase or otherwise acquire for consideration any shares of stock ranking
               junior (either as to dividends or upon liquidation, dissolution or winding up)
               to the Series 1998 Preferred Stock; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
               <TR VALIGN=TOP>
               <TD ALIGN="RIGHT" WIDTH="10%"></TD>
               <TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               declare or pay dividends on or make any other distributions on any shares of
               stock ranking on a parity (either as to dividends or upon liquidation,
               dissolution or winding up) with the Series 1998 Preferred Stock, except
               dividends paid ratably on the Series 1998 Preferred Stock and all such parity
               stock on which dividends are payable or in arrears in proportion to the total
               amounts to which the holders of all such shares are then entitled; </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
               <TR VALIGN=TOP>
               <TD ALIGN="RIGHT" WIDTH="10%"></TD>
               <TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               redeem or purchase or otherwise acquire for consideration shares of any stock
               ranking on a parity (either as to dividends or upon liquidation, dissolution or
               winding up) with the Series l998 Preferred Stock; <U>provided</U> that the
               Corporation may at any time redeem, purchase or otherwise acquire shares of any
               such parity stock in exchange for shares of any stock of the Corporation ranking
               junior (either as to dividends or upon dissolution, liquidation or winding up)
               to the Series 1998 Preferred Stock; or </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
               <TR VALIGN=TOP>
               <TD ALIGN="RIGHT" WIDTH="10%"></TD>
               <TD WIDTH="90%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               purchase or otherwise acquire for consideration any shares of Series 1998
               Preferred Stock, or any shares of stock ranking on a parity with the Series 1998
               Preferred Stock, except in accordance with a purchase offer made in writing or
               by publication (as determined by the Board of Directors) to all holders of such
               shares upon such terms as the Board of Directors, after consideration of the
               respective annual dividend rates and other relative rights and preferences of
               the respective series and classes, shall determine in good faith will result in
               fair and equitable treatment among the respective series or classes. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
Corporation shall not permit any subsidiary of the Corporation to purchase           or
otherwise acquire for consideration any shares of stock of the Corporation
          unless the Corporation could, under paragraph (a) of this Section IV, purchase
          or otherwise acquire such shares at such time and in such manner.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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

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

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

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
shares of Series 1998 Preferred Stock shall not be subject to redemption by           the
Corporation or at the option of any holder of Series 1998 Preferred Stock; <U>provided</U>,
<U>however</U>, that the Corporation may purchase or otherwise           acquire
outstanding shares of Series 1998 Preferred Stock in the open market or           by
offer to any holder or holders of shares of Series 1998 Preferred Stock.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN=TOP>
<TD ALIGN="RIGHT" WIDTH="5%"></TD>
<TD WIDTH="95%"><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          The
shares of Series 1998 Preferred Stock shall not be subject to or entitled to
          the operation of a retirement or sinking fund.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;IX.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <U>Fractional Shares</U>. The Series 1998 Preferred Stock shall be issuable upon
          exercise of the Rights issued pursuant to the Rights Agreement in whole shares
          or in any fraction of a share that is one-thousandth (1/1,000) of a share or any
          integral multiple of such fraction which shall entitle the holder, in proportion
          to such holder&#146;s fractional shares, to receive dividends, exercise voting
          rights, participate in distributions and have the benefit of all other rights of
          holders of Series 1998 Preferred Stock. In lieu of fractional shares, the
          Corporation, prior to the first issuance of a share or a fraction of a share of
          Series 1998 Preferred Stock, may elect (a) to make a cash payment as provided in
          the Rights Agreement for fractions of a share other than one-thousandth
          (1/1,000) of a share or any integral multiple thereof or (b) to issue depository
          receipts evidencing such authorized fraction of a share of Series 1998 Preferred
          Stock pursuant to an appropriate agreement between the Corporation and a
          depository selected by the Corporation; <U>provided</U> that such agreement
          shall provide that the holders of such depository receipts shall have all the
          rights, privileges and preferences to which they are entitled as holders of the
          Series 1998 Preferred Stock. </FONT></P>

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

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


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESOLUTIONS ADOPTED
BY THE BOARD OF DIRECTORS ELECTING THAT<BR> THE CORPORATION BE SUBJECT GENERALLY, WITHOUT
QUALIFICATION OR<BR><U>LIMITATION, TO THE REQUIREMENTS OF KRS 271B.12-210.</U></FONT></H1>

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

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

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED,
that any and all actions heretofore taken by the officers of the Corporation in connection
with the above resolution, in the name of or on behalf of the Corporation, be and hereby
are approved, ratified and confirmed. </FONT></P>
<BR><BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is hereby certified that on this date I am the duly elected and qualified Executive Vice
President and Chief Financial Officer of Churchill Downs Incorporated and that on the
16<SUP>th</SUP> day of June, 2005, the foregoing Restated Articles of Incorporation of the
corporation were amended to add Article XIII, in the manner set forth in the Certificate
delivered herewith and that the foregoing Restated Articles of Incorporation were approved
by action of the Board of Directors. </FONT></P>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CHURCHILL DOWNS INCORPORATED</B><BR><BR>
<BR>BY: /s/ Michael E. Miller<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Michael E. Miller, Executive Vice President<BR>&amp; Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<BR>


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