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<SEC-DOCUMENT>0001047469-06-005874.txt : 20060428
<SEC-HEADER>0001047469-06-005874.hdr.sgml : 20060428
<ACCEPTANCE-DATETIME>20060428060257
ACCESSION NUMBER:		0001047469-06-005874
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060615
FILED AS OF DATE:		20060428
DATE AS OF CHANGE:		20060428
EFFECTIVENESS DATE:		20060428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHURCHILL DOWNS INC
		CENTRAL INDEX KEY:			0000020212
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-RACING, INCLUDING TRACK OPERATION [7948]
		IRS NUMBER:				610156015
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-01469
		FILM NUMBER:		06786995

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40208
		BUSINESS PHONE:		5026364400

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2169624zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#06CHI1457_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>SCHEDULE&nbsp;14A  </B></FONT></P>

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

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Filed by the Registrant&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Filed by a Party other than the Registrant&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="94%"><FONT SIZE=2><BR>
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="94%"><BR><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="94%"><FONT SIZE=2><BR>
Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="94%"><FONT SIZE=2><BR>
Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="94%"><FONT SIZE=2><BR>
Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><BR><FONT SIZE=3>CHURCHILL DOWNS INCORPORATED</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><BR><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><BR><FONT SIZE=2><B>Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.</B></FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=852290,FOLIO='blank',FILE='DISK121:[06CHI7.06CHI1457]BA1457A.;5',USER='DCUSHIN',CD='25-APR-2006;11:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=3>CHURCHILL DOWNS INCORPORATED<BR></FONT> <FONT SIZE=1>700 CENTRAL AVENUE<BR></FONT> <FONT SIZE=1>LOUISVILLE, KENTUCKY 40208 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON JUNE 15, 2006  </B></FONT></P>


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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given that the Annual Meeting of Shareholders (the "Annual Meeting") of Churchill Downs Incorporated (the "Company"), a Kentucky corporation,
will be held </FONT><FONT SIZE=2><B>at Churchill Downs Racetrack, 700 Central Avenue, Louisville, Kentucky</B></FONT><FONT SIZE=2>, on Thursday, June&nbsp;15, 2006, at 10:00&nbsp;a.m., E.D.T. for
the following purposes: </FONT></P>

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


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II.&nbsp;&nbsp;To
approve an amendment to the Churchill Downs Incorporated 2004 Restricted Stock Plan to add 120,000 shares of Common Stock by increasing the number of shares of
Common Stock, no par value, reserved for issuance thereunder from 195,000 to 315,000 (Proposal No.&nbsp;2); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III.&nbsp;&nbsp;To
approve the material terms of the performance goals established by the Compensation Committee of the Board of Directors for the payment of compensation to Thomas H.
Meeker and William&nbsp;C. Carstanjen under the Churchill Downs Incorporated Amended and Restated Incentive Compensation Plan (1997) (Proposal No.&nbsp;3); </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV.&nbsp;&nbsp;To
approve or disapprove the minutes of the 2005 Annual Meeting of Shareholders, approval of which does not amount to ratification of actions taken at such meeting
(Proposal No.&nbsp;4); and </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
close of business on April&nbsp;12, 2006, has been fixed as the record date for determining the shareholders entitled to notice of, and to vote at, the Annual Meeting. Only
shareholders of record at that time will be entitled to notice of and to vote at the Annual Meeting and at any adjournments thereof. </FONT></P>


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

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<TD WIDTH="50%"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By Order of the Board of Directors.</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
REBECCA&nbsp;C. REED<BR></FONT> <FONT SIZE=2><I>Senior Vice President,<BR>
General Counsel and Secretary</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
May&nbsp;1, 2006</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=130687,FOLIO='blank',FILE='DISK121:[06CHI7.06CHI1457]DA1457A.;6',USER='DCUSHIN',CD='25-APR-2006;11:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=3>CHURCHILL DOWNS INCORPORATED<BR></FONT> <FONT SIZE=1>700 CENTRAL AVENUE<BR></FONT> <FONT SIZE=1>LOUISVILLE, KENTUCKY 40208 </FONT></P>

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

<P ALIGN="CENTER"><FONT SIZE=3><A
NAME="dc1457_annual_meeting_of_share__dc101949"> </A>
<A NAME="toc_dc1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Annual Meeting of Shareholders To Be Held on June&nbsp;15, 2006    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed Proxy is being solicited by the Board of Directors (the "Board of Directors") of Churchill Downs Incorporated (the "Company") to be voted at the 2006
Annual Meeting of Shareholders to be held on Thursday, June&nbsp;15, 2006, at 10:00&nbsp;a.m., E.D.T. (the "Annual Meeting"), </FONT><FONT SIZE=2><B>at Churchill Downs Racetrack, 700 Central
Avenue, Louisville, Kentucky</B></FONT><FONT SIZE=2>, and any adjournments thereof. This solicitation is being made primarily by mail and at the expense of the Company. Certain officers and directors
of the Company and persons acting under their instruction may also solicit proxies on behalf of the Board of Directors by means of telephone calls, personal interviews and mail at no additional
expense to the Company. The Proxy and this Proxy Statement are being sent to shareholders on or about May&nbsp;1, 2006. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only holders of record of the Company's Common Stock, No Par Value ("Common Stock"), on April&nbsp;12, 2006, are entitled to notice of and to vote at the Annual
Meeting. On that date, 13,192,789&nbsp;shares of Common Stock were outstanding and entitled to vote. Each shareholder has one vote per share on all matters coming before the Annual Meeting. The
shareholders of the Company do not have cumulative voting rights in the election of directors. Under the Company's Amended and Restated Articles of Incorporation and Bylaws and the Kentucky statutes,
abstentions and broker non-votes on any matter are not counted in determining the number of votes required for the election of a director or passage of any matter submitted to the
shareholders. Abstentions and broker non-votes are counted for purposes of determining whether a quorum exists. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the enclosed Proxy is properly executed and returned prior to the Annual Meeting, the shares represented thereby will be voted as specified therein. IF A SHAREHOLDER DOES NOT SPECIFY
OTHERWISE, THE SHARES REPRESENTED BY THE SHAREHOLDER'S PROXY WILL BE VOTED <U>FOR</U> THE ELECTION OF THE NOMINEES LISTED BELOW UNDER "ELECTION OF DIRECTORS,"
<U>FOR</U> APPROVAL OF THE AMENDMENT OF THE CHURCHILL DOWNS INCORPORATED 2004 RESTRICTED STOCK PLAN TO ADD 120,000 SHARES OF COMMON STOCK BY INCREASING THE NUMBER OF SHARES OF
COMMON STOCK, NO PAR VALUE, RESERVED FOR ISSUANCE THEREUNDER FROM 195,000 TO 315,000, <U>FOR</U> APPROVAL OF
THE PERFORMANCE GOALS FOR THOMAS&nbsp;H. MEEKER AND WILLIAM&nbsp;C. CARSTANJEN UNDER THE COMPANY'S 1997 INCENTIVE COMPENSATION PLAN, <U>FOR</U> APPROVAL OF THE MINUTES OF THE
2005 ANNUAL MEETING OF SHAREHOLDERS AND IN THE DISCRETION OF THE PERSON OR PERSONS VOTING THE PROXIES ON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENTS THEREOF. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may also vote by telephone or over the Internet. Please refer to the instructions on your proxy card or the information forwarded by your bank, broker or other holder of
record. The Internet and telephone voting facilities will close at 11:59&nbsp;P.M. E.D.T. on June&nbsp;14, 2006. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A proxy may be revoked at any time before the shares it represents are voted by giving written notice of revocation to the Secretary of the Company at
700&nbsp;Central Avenue, Louisville, KY 40208, and such revocation shall be effective for all votes after receipt or by delivery of a properly executed, later-dated proxy, including an Internet or
telephone vote, or by voting in person at the Annual Meeting. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=507036,FOLIO='blank',FILE='DISK121:[06CHI7.06CHI1457]DC1457A.;19',USER='DCUSHIN',CD='25-APR-2006;11:07' -->
<A NAME="page_dc1457_1_2"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>Security Ownership of Certain Beneficial<BR>
Owners and Management  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information as of April&nbsp;12, 2006 (except as otherwise indicated below) regarding the beneficial ownership of the Common
Stock by the only persons known by the Company to beneficially own more than five percent (5%) of the Common Stock, each director of the Company, each named executive officer (as defined in "Executive
Compensation&#151;Summary Compensation Table" herein), and the Company's directors and executive officers as a group. Except as otherwise indicated, the persons named in the table have sole
voting and investment power with respect to all of the shares of Common Stock shown as beneficially owned by them. The percentage of beneficial ownership is calculated based on
13,192,789&nbsp;shares of Common Stock outstanding as of April&nbsp;12, 2006. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="CENTER"><FONT SIZE=1><B>Name of Beneficial Owner(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="15%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Amount and Nature Of&nbsp;Beneficial&nbsp;Ownership</B></FONT><HR NOSHADE></TH>
<TH WIDTH="8%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Percent&nbsp;of&nbsp;Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Duchossois Industries,&nbsp;Inc.<BR>
845 Larch Avenue<BR>
Elmhurst, IL 60126</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>3,150,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>23.88</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Gabelli Funds,&nbsp;LLC and affiliates<BR>
One Corporate Center<BR>
Rye, New York 10580-1435</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>968,316</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>7.34</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Carl&nbsp;F. Pollard</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>132,303</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.00</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Leonard&nbsp;S. Coleman,&nbsp;Jr.</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Craig&nbsp;J. Duchossois</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>3,150,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>23.88</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Richard&nbsp;L. Duchossois</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>3,165,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(6)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>23.99</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Robert&nbsp;L. Fealy</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>J.&nbsp;David Grissom</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>150,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.14</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Seth&nbsp;W. Hancock</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>288,650</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(7)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>2.19</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Daniel&nbsp;P. Harrington</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>233,300</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.77</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>G.&nbsp;Watts Humphrey,&nbsp;Jr.</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>51,000</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>0.39</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Thomas&nbsp;H. Meeker</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>238,022</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(9)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.80</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Susan&nbsp;E. Packard</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>500</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Darrell&nbsp;R. Wells</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>189,430</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(10)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.44</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>William&nbsp;C. Carstanjen</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(11)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Michael&nbsp;E. Miller</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>26,494</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(12)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>0.20</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Steven&nbsp;P. Sexton</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>30,157</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(13)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>0.23</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>Andrew&nbsp;G. Skehan</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>31,100</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(14)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>0.24</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="45%" VALIGN="TOP"><FONT SIZE=2>24&nbsp;Directors and Executive Officers as a Group</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>4,629,432</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP"><FONT SIZE=2>(15)(16)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>35.09</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Less
than 0.1%
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>According
to the Schedule&nbsp;13D/A filed by Brad M. Kelley on April&nbsp;30, 2004, Mr.&nbsp;Kelley, having an address of P.O.&nbsp;Box 1355, Boca Grande,
Florida 33921, has beneficial ownership of 1,165,870 shares of the Company's Common Stock. On October&nbsp;19, 2004, the Company acquired a total of 539,489&nbsp;shares of its Common Stock from
Mr.&nbsp;Kelley, pursuant to a Stock Redemption Agreement between the Company and Mr.&nbsp;Kelley (the "Redemption Agreement") and a Purchase Agreement between Kelley Farms Racing, LLC and the
Company (the "Kentucky Downs Purchase Agreement"), each dated October&nbsp;19, 2004. Pursuant to the Kentucky Downs Purchase Agreement, the Company acquired, for consideration set forth in the
Kentucky Downs Purchase Agreement, 86,886&nbsp;shares of Common Stock. Under the Redemption Agreement, the Company redeemed 452,603&nbsp;shares of Common Stock from Mr.&nbsp;Kelley, which, after
giving effect to the transactions under the Kentucky Downs Purchase Agreement, reduced Mr.&nbsp;Kelley's ownership of Common Stock to 4.9%. The shares redeemed under the Redemption Agreement were
acquired by the Company in exchange for its subordinated unsecured convertible promissory note in the principal amount of $16,669,379.87, originally dated October&nbsp;19, 2004 and as amended on
March&nbsp;7, 2005 (the "Note"). The Note matures on October&nbsp;18, 2014, and may not be prepaid without Mr.&nbsp;Kelley's consent. Upon maturity of the Note, the Company must pay the
principal balance and unpaid accrued interest in cash. Mr.&nbsp;Kelley may convert the Note, in whole or in part and upon not less than seventy-five days notice to the Company, into the
number of shares of Common Stock equal to the principal amount of the Note plus accrued and unpaid interest being converted divided by the conversion price of $36.83. Under the terms of the Note,
Mr.&nbsp;Kelley may exercise his conversion right if his total beneficial ownership of the Common Stock immediately after conversion </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<UL>

<P><FONT SIZE=1>would
be less than 4.9% of the total number of issued and outstanding shares of Common Stock. If Mr.&nbsp;Kelley's post-conversion beneficial ownership of Common Stock would be 5.0% or
greater, he may exercise the conversion right only if he has fully disclosed any and all information, has executed any documents, and has taken all steps required by any applicable gaming agency or
regulatory authority for holders of 5.0% of Common Stock (the "Disclosure Requirements"). The Note may be immediately converted without prior notice, subject to Mr.&nbsp;Kelley's compliance with the
Disclosure Requirements, in the event the Company establishes a record date for holders to receive certain Company distributions (other than a distribution payable only in cash), or any right to
subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right, or in the event of certain reorganizations,
reclassifications, recapitalizations, transfers, consolidations or mergers or any voluntary or involuntary dissolution, liquidation or winding-up of the Company. Mr.&nbsp;Kelley agreed
in the Redemption Agreement that neither he nor any of his affiliates would purchase Common Stock unless his total beneficial ownership of Common Stock immediately after such purchase would be less
than 4.9% or, prior to such purchase, he has complied with the Disclosure Requirements. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>By
the terms of a certain Merger Agreement between the Company and Duchossois Industries,&nbsp;Inc., which is described in more detail below, Duchossois
Industries,&nbsp;Inc., may have been issued up to an additional 1,250,000&nbsp;shares of Common Stock, subject to the occurrence of certain events as specified in the Merger Agreement. The
provision in the Merger Agreement which could have resulted in these additional shares has terminated pursuant to its terms without such shares being issued.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Based
upon information set forth in Amendment No.&nbsp;2 to Schedule&nbsp;13D/A, filed with the Securities and Exchange Commission on April&nbsp;24, 2006 jointly
by Gabelli Funds,&nbsp;LLC ("Gabelli Funds"), GAMCO Asset Management,&nbsp;Inc. ("GAMCO"), MJG Associates,&nbsp;Inc. ("MJG"), Gabelli Securities,&nbsp;Inc. ("GSI"), GGCP,&nbsp;Inc. ("GGCP"),
GAMCO Investors,&nbsp;Inc. ("GBL"), and Mario&nbsp;J. Gabelli (the majority stockholder, Chairman of the Board of Directors and Chief Executive Officer of GGCP and GBL and Chief
Investment Officer for each of the Reporting Persons), among others. Gabelli Funds has sole voting and dispositive power with respect to 103,000&nbsp;shares. GAMCO has sole voting power with respect
to 795,166&nbsp;shares and sole dispositive power with respect to 857,166&nbsp;shares. MJG has sole voting and dispositive power with respect to 7,150&nbsp;shares. GSI has sole voting and
dispositive power with respect to 1,000&nbsp;shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Pollard
shares voting and investment power with respect to 8,223&nbsp;shares owned by The C.&nbsp;F.&nbsp;Pollard Foundation,&nbsp;Inc., a 501(c)(3)
corporation in which Mr.&nbsp;Pollard has no pecuniary interest.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Craig&nbsp;J.
Duchossois is the son of Mr.&nbsp;Richard&nbsp;L. Duchossois, who is also a director of the Company. Craig&nbsp;J. Duchossois shares
voting and investment power with respect to 3,150,000&nbsp;shares owned by Duchossois Industries,&nbsp;Inc. He specifically disclaims beneficial ownership of these shares. Of the shares listed as
beneficially owned by Mr.&nbsp;Craig&nbsp;J. Duchossois, the 3,150,000&nbsp;shares owned by Duchossois Industries,&nbsp;Inc., are the same shares listed as beneficially owned by
Mr.&nbsp;Richard&nbsp;L. Duchossois.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Richard&nbsp;L.
Duchossois is the father of Mr.&nbsp;Craig J. Duchossois, who is also a director of the Company. Of the shares listed as beneficially
owned by Mr.&nbsp;Richard&nbsp;L. Duchossois, the 3,150,000&nbsp;shares owned by Duchossois Industries,&nbsp;Inc., are the same shares listed as beneficially owned by
Mr.&nbsp;Craig&nbsp;J. Duchossois. Mr.&nbsp;Richard&nbsp;L. Duchossois shares voting and investment power with respect to 3,150,000 shares owned by Duchossois Industries,&nbsp;Inc., and he
specifically disclaims beneficial ownership of these shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Hancock
shares voting and investment power with respect to 36,120&nbsp;shares held in trusts for his sisters of which he serves as a trustee and
18,130&nbsp;shares held by ABC Partnership of which he is a one-third partner.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Harrington
shares voting and investment power with respect to 233,300&nbsp;shares held by TVI Corp. He specifically disclaims beneficial ownership of these
shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Includes
190,057&nbsp;shares issuable under currently exercisable options, but excludes 24,827&nbsp;shares awarded under the Company's Restricted Stock Plan over
which Mr.&nbsp;Meeker has neither voting nor dispositive power until the lapse of a five-year restriction period pursuant to the Restricted Stock Agreement governing this award.
Mr.&nbsp;Meeker shares voting and investment power with respect to 26,908&nbsp;shares owned by his wife.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Wells
shares voting and investment power with respect to 39,800&nbsp;shares held by the Wells Foundation,&nbsp;Inc., of which he is a trustee. He
specifically disclaims beneficial ownership of these shares.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(11)</FONT></DT><DD><FONT SIZE=1>Excludes
11,000&nbsp;shares awarded under the Company's Restricted Stock Plan over which Mr.&nbsp;Carstanjen has neither voting nor dispositive power until the
lapse of a five-year restriction period pursuant to the Restricted Stock Agreement governing this award.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(12)</FONT></DT><DD><FONT SIZE=1>Includes
25,317&nbsp;shares issuable under currently exercisable options, but excludes 9,109&nbsp;shares awarded under the Company's Restricted Stock Plan over
which Mr.&nbsp;Miller has neither voting nor dispositive power until the lapse of a five-year restriction period pursuant to the Restricted Stock Agreement governing this award.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(13)</FONT></DT><DD><FONT SIZE=1>Includes
30,157&nbsp;shares issuable under currently exercisable options, but excludes 5,757&nbsp;shares awarded under the Company's Restricted Stock Plan over
which Mr.&nbsp;Sexton has neither voting nor dispositive power until the lapse of a five-year restriction period pursuant to the Restricted Stock Agreement governing this award.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(14)</FONT></DT><DD><FONT SIZE=1>Includes
30,961&nbsp;shares issuable under currently exercisable options, but excludes 8,543&nbsp;shares awarded under the Company's Restricted Stock Plan over
which Mr.&nbsp;Skehan has neither voting nor dispositive power until the lapse of a five-year restriction period pursuant to the Restricted Stock Agreement governing this award.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(15)</FONT></DT><DD><FONT SIZE=1>See
"Executive Officers of the Company," and "Election of Directors" herein.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(16)</FONT></DT><DD><FONT SIZE=1>Includes
169,891&nbsp;shares issuable under currently exercisable options. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<BR></FONT><FONT SIZE=2><B>Executive Officers of the Company    <BR>    </B></FONT></P>

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

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="71%" ALIGN="CENTER"><FONT SIZE=1><B>Position(s) With Company<BR>
and Term of Office</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="26%" VALIGN="TOP"><FONT SIZE=2>Carl&nbsp;F. Pollard(1)<BR>
67</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="71%" VALIGN="TOP"><FONT SIZE=2>Director since 1985; Chairman of the Board since 2001</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Thomas&nbsp;H. Meeker<BR>
62</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President and Chief Executive Officer since 1984; Director since 1995</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Michael&nbsp;W. Anderson<BR>
35</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Treasurer since June 2002; Vice President, Corporate Finance since January 2002; Corporate Controller, from January 2000 to December 2001; Controller, from November 1996 to December 1999</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Roy&nbsp;A. Arnold(2)<BR>
50</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President, Arlington Park Racecourse, LLC, since April 2006</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
William&nbsp;C. Carstanjen(3)<BR>
38</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Executive Vice President, General Counsel and Chief Development Officer since June 2005</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
C.&nbsp;Kenneth Dunn<BR>
59</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President, Calder Race Course, Inc., since April 1999; President, Tropical Park, Inc., since April 1999</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Michael&nbsp;E. Miller<BR>
54</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Executive Vice President since June 2003; Chief Financial Officer since January 2003; Senior Vice President, Finance from January 2000 to December 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Rebecca&nbsp;C. Reed<BR>
48</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Senior Vice President, Senior Counsel and Secretary since June 2005; Senior Vice President, General Counsel and Secretary from January 1999 to June 2005</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Donald&nbsp;R. Richardson<BR>
60</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Senior Vice President, Racing, Churchill Downs Management Company, since November 1999</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Karl&nbsp;F. Schmitt,&nbsp;Jr.<BR>
53</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Senior Vice President, Special Projects since September 2005; President, Churchill Downs Simulcast Network, from January 2003 to September 2005; Chief Operating Officer, Churchill Downs Simulcast Network, from April 2002 to December 2002; Senior Vice
President, Communications from March 1998 to December 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Timothy&nbsp;N. Scott(4)<BR>
47</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Senior Vice President, Sales and Marketing, Churchill Downs Management Company, since February 2005</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Steven&nbsp;P. Sexton<BR>
46</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President, Churchill Downs Racetrack, since March, 2003; President, Ellis Park Race Course,&nbsp;Inc., since March 2003; President, Arlington Park Racecourse,&nbsp;LLC, from January 2002 to March 2003; President, Arlington International Racecourse,
&nbsp;Inc. (Arlington Park), from September 2001 to December 2001; Executive Vice President, Arlington International Racecourse,&nbsp;Inc. (Arlington Park), from May 2001 to September 2001</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Andrew&nbsp;G. Skehan<BR>
45</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Executive Vice President and Chief Operating Officer since September 2004; Chief Marketing Officer from June 2004 to September 2004; Senior Vice President, Corporate Sales and Marketing from September 1999 to June 2004</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Randall&nbsp;E. Soth<BR>
55</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President, Churchill Downs Louisiana Horseracing Company,&nbsp;L.L.C., since October 2004; Vice President and General Manager, Calder Race Course,&nbsp;Inc. and Tropical Park,&nbsp;Inc., from April 1999 to October 2004</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Pollard
does not serve full-time as an executive officer of the Company and is not compensated as an officer of the Company.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Prior
to joining the Company, Mr.&nbsp;Arnold served a 30-year tenure with the United States Marine Corps.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Prior
to joining the Company, Mr.&nbsp;Carstanjen was employed at General Electric Company. From 2004 through June&nbsp;2005, he served as the Managing Director and General
Counsel of GE Commerical Finance, Energy Financial Services. From 2002 to 2004, he served as General Counsel of GE Specialty Materials and, from 2000 to 2002, he served as Transactions and Finance
Counsel of GE Worldwide Headquarters.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>From
October&nbsp;1999 until July&nbsp;2004, Mr.&nbsp;Scott was employed as Senior Vice President, Marketing of AMF Bowling&nbsp;Inc. and as Chief Operating Officer of its
International Bowling Centers division. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg1457_election_of_directors_(proposal_no._1)"> </A>
<A NAME="toc_dg1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Election of Directors<BR>  (Proposal No.&nbsp;1)    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Annual Meeting, shareholders will vote to elect four (4)&nbsp;persons to serve in Class&nbsp;I of the Board of Directors to hold office for a term of
three (3)&nbsp;years expiring at the 2009 Annual Meeting of Shareholders and thereafter until their respective successors shall be duly elected and qualified or until the earlier of their
resignation, death or removal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Amended and Restated Articles of Incorporation of the Company provide that the Board of Directors shall be composed of not fewer than nine (9)&nbsp;nor more than
twenty-five (25)&nbsp;members, the exact number to be established by the Board of Directors, and further provide for the division of the Board of Directors into three
(3)&nbsp;approximately equal classes, of which one (1)&nbsp;class is elected annually. In the Company's Amended and Restated Bylaws, the Board of Directors has established the number of directors
at twelve (12), with four (4)&nbsp;directors in Class&nbsp;I, four (4)&nbsp;directors in Class&nbsp;II and four (4)&nbsp;directors in Class&nbsp;III. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Annual Meeting, the four (4)&nbsp;persons named in the following table will be nominated on behalf of the Board of Directors for election as directors in Class&nbsp;I. The
Nominating and Governance Committee has recommended, and the Board has approved, the nomination of these persons. All of the nominees currently serve as members of Class&nbsp;I and have agreed to
serve if reelected. With each
shareholder having one vote per share to cast for each nominee, the nominees receiving the greatest number of votes will be elected. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS
OTHERWISE INSTRUCTED, IT IS THE INTENTION OF THE PERSONS NAMED IN THE PROXY TO VOTE THE SHARES REPRESENTED THEREBY IN FAVOR OF THE ELECTION OF THE CLASS&nbsp;I DIRECTORS NAMED
BELOW. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dg1457_1_7"> </A>

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

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Name, Age and<BR>
Positions with<BR>
Company</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="71%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation(1)<BR>
and Certain Directorships(2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B>Class&nbsp;I&nbsp;&#151; Terms Expiring in 2009</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Leonard&nbsp;S. Coleman, Jr.<BR>
57<BR>
Director since 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Senior Advisor, Major League Baseball, 1999-2005; Former President, National League of Professional Baseball Clubs, 1994-1999; Director, The Omnicom Group, Aramark&nbsp;Corp. (Audit Committee), Electronic Arts,&nbsp;Inc., Cendant&nbsp;Corp. and
H.&nbsp;J.&nbsp;Heinz&nbsp;Co. (Audit Committee); Chairman, The Jackie Robinson Foundation; Director, Children's Defense Fund, Spoleto Festival, Little League Baseball, Metropolitan Opera, The Schuman Fund and Village of Waterloo, Urban America;
Former Chairman, ARENACO,&nbsp;Inc. (subsidiary of New York Yankees/New Jersey Nets)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Craig&nbsp;J. Duchossois<BR>
61<BR>
Director since 2000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Chief Executive Officer and Director, Duchossois Industries,&nbsp;Inc. (private holding company with diversified business interests); Chairman, The Chamberlain Group,&nbsp;Inc. (access control devices); Chairman, Thrall Car Management&nbsp;Co.,
&nbsp;Inc. (investments); Director, Trinity Industries,&nbsp;Inc., LaSalle National Bank, Culver Education Foundation, University of Chicago, University of Chicago Hospitals, Illinois Institute of Technology, Kellogg Graduate School of Management,
World Business Chicago and AMX&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
G.&nbsp;Watts Humphrey,&nbsp;Jr.<BR>
61<BR>
Director since 1995</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President, GWH Holdings,&nbsp;Inc. (private investment company); Chief Executive Officer, IPEG (international plastics machinery equipment company) and Centria (manufacturer and erector of metal building systems); Owner, Shawnee Farm (thoroughbred
breeding and racing operation); Steward, The Jockey Club; Vice-Chairman, The Blood-Horse,&nbsp;Inc.; Director, American Horse Council, Breeders' Cup Limited, Keeneland Association, National Thoroughbred Racing Association, Shakertown at Pleasant Hill,
 Kentucky,&nbsp;Inc. and Smithfield Trust Company; Member, Board of Trustees, Centre College and University of Pittsburgh</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Thomas&nbsp;H. Meeker<BR>
62<BR>
Director since 1995</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President and Chief Executive Officer of the Company since 1984; Director, PNC Bank, Kentucky, Inc., National Thoroughbred Racing Association; Member, Board of Trustees, Centre College</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>There
has been no change in principal occupation or employment during the past five years, except Mr.&nbsp;Coleman retired as the Senior Advisor to Major League Baseball effective
December&nbsp;31, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Directorships
in companies with a class of securities registered pursuant to the Securities Exchange Act of 1934 or companies registered under the Investment Company Act of 1940 and,
in the case of certain nominees, other directorships or positions considered significant by them. </FONT></DD></DL>

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

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dg1457_1_8"> </A>

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

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

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Name, Age and<BR>
Positions with<BR>
Company</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="71%" ALIGN="CENTER"><FONT SIZE=1><B>Principal Occupation(1)<BR>
and Certain Directorships(2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=3><B>Class&nbsp;II&nbsp;&#151; Terms Expiring in 2007</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Richard&nbsp;L. Duchossois<BR>
84<BR>
Director since 2000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Chairman, Duchossois Industries,&nbsp;Inc. (private holding company with diversified business interests); Vice Chairman, Thrall Car Management Co.,&nbsp;Inc. (investments); Director, Emirates World Series of Racing, Thoroughbred Racing Association;
Chairman, Arlington Park Racecourse,&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
J.&nbsp;David Grissom<BR>
67<BR>
Director since 1979</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Chairman, Mayfair Capital, Inc. (private investment firm); Chairman, The Glenview Trust Company (trust and investment management services); Director, Yum! Brands,&nbsp;Inc. (Audit Committee Chairman); Chairman, Board of Trustees, Centre College;
Director, Appriss&nbsp;Inc. and United Metro Media,&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Seth&nbsp;W. Hancock<BR>
56<BR>
Director since 1973</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Managing Partner, Claiborne Farm, Ltd. and President, Hancock Farms,&nbsp;LLC (Thoroughbred breeding and farming); Director, Hopewell Company and Keeneland Association</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Susan Elizabeth Packard<BR>
51<BR>
Director since 2004</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President, Affiliate Sales and International Development, Scripps Networks (media sales, distribution and development); former President, Scripps Networks New Ventures (new network development and new media applications); former Chief Operating
Officer, Home &amp; Garden Television (HGTV) Network (television network); Director, YMCA of East Tennessee (Chair), Columbus Home (Knoxville), Scripps Howard Foundation, and National Cable Television Center and Museum</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><BR><FONT SIZE=3><B>Class&nbsp;III&nbsp;&#151; Terms Expiring in 2008</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Robert&nbsp;L. Fealy<BR>
54<BR>
Director since 2000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Chief Financial Officer and Director, Duchossois Industries,&nbsp;Inc. (private holding company with diversified business interests); Director, The Chamberlain Group,&nbsp;Inc. (access control devices); Director, AMX Corporation; Managing Director,
Duchossois Technology Partners,&nbsp;LLC (venture capital); Director, Pella Corporation, Illinois Venture Capital Association, Aura Communications,&nbsp;Inc.; Chairman and Director, Brivo Systems,&nbsp;Inc.; and Trustee, University of Cincinnati
Foundation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Daniel&nbsp;P. Harrington<BR>
50<BR>
Director since 1998</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
President and Chief Executive Officer, HTV Industries,&nbsp;Inc. (private holding company with diversified business interests); Former Chairman and President, Ellis Park Race Course,&nbsp;Inc. (1993 to April 1998); Director, Biopure Corporation
(Audit Committee), Portec Rail Products,&nbsp;Inc. (Audit Committee), First State Financial Corporation (Audit Committee), First Guaranty Bank; Trustee, The Veale Foundation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
Carl&nbsp;F. Pollard<BR>
67<BR>
Director since 1985;<BR>
Chairman since 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
Owner, Hermitage Farm since 1995 (Thoroughbred breeding); Director, DNP Select Income Fund,&nbsp;Inc. (Audit Committee); Member of Executive Committee, Kentucky Derby Museum Corporation</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<TD WIDTH="26%"><FONT SIZE=2><BR>
Darrell&nbsp;R. Wells<BR>
63<BR>
Director since 1985</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="71%"><FONT SIZE=2><BR>
General Partner, Security Management Company (investments); Director, Commonwealth Bancshares, Citizens Financial Corporation, Commonwealth Bank &amp; Trust Company, Jundt Growth Fund (Chairman, Audit Committee), First Security Bank, American
Printing House and Louisville Youth Training Center</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Except
as otherwise indicated, there has been no change in principal occupation or employment during the past five years.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Directorships
in companies with a class of securities registered pursuant to the Securities Exchange Act of 1934 or companies registered under the Investment Company Act of 1940 and,
in the case of certain directors, other directorships or positions considered significant by them. </FONT></DD></DL>


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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors Emeriti are available for counsel, but do not attend meetings of the Board of Directors and do not vote on matters presented to the Board. The Company's
Amended and Restated Bylaws provide that a person shall not be qualified for election as a Director unless such person is less than 70&nbsp;years of age on the date of election, unless the election
of such person is required by contract. Each director shall become a Director Emeritus upon the expiration of his or her current term following the date on which he or she is no longer qualified for
election due to age. The Emeriti Directors are Charles&nbsp;W. Bidwill,&nbsp;Jr., Catesby&nbsp;W. Clay, Louis&nbsp;J. Herrmann,&nbsp;Jr., Frank&nbsp;B. Hower,&nbsp;Jr., Stanley&nbsp;F.
Hugenberg,&nbsp;Jr. and Arthur&nbsp;B. Modell. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four (4)&nbsp;regular meetings and three (3)&nbsp;special meetings of the Board of Directors were held during the last fiscal year. During 2005, Directors
received an annual retainer fee of $25,000; Directors who served as committee chairmen received an additional $3,000 for a total annual retainer fee of $28,000; and the Chairman of the Board received
an additional $20,000 for a total annual retainer fee of $45,000. Directors were also paid $1,000 for each meeting of the Board of Directors that they attended. Directors were paid $1,000 for each
committee meeting they attended and each teleconference meeting in which they participated. Directors who did not reside in Louisville were reimbursed for their travel expenses. Only
non-employee directors receive this compensation. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1457_corporate_governance"> </A>
<A NAME="toc_di1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Corporate Governance    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors is responsible for providing effective governance over the Company's affairs. The Company's corporate governance practices are designed to
align the interests of the Board and management with those of our shareholders and to promote honesty and integrity throughout the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the past year, we have continued to review our corporate governance policies and practices and compare them to those suggested by various authorities in corporate governance and
the practices of other public companies. We have also reviewed guidance and interpretations provided by the Securities and Exchange Commission and Nasdaq. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the current charter, as approved by our Board, for each of our Audit, Compensation and Nominating and Governance Committees and a copy of our Corporate Governance Guidelines,
Code of Conduct for Employees and Code of Ethics for Principal Financial Officers are available on our corporate website, </FONT> <FONT SIZE=2><I>www.churchilldownsincorporated.com</I></FONT><FONT SIZE=2> under the "Investors" heading. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may send communications to the Company's Board of Directors addressed to the Board of Directors c/o Churchill Downs Incorporated, 700 Central Avenue, Louisville, Kentucky
40208. Any correspondence addressed to the Board of Directors in care of the Company is forwarded to the Board of Directors without review by management. </FONT></P>

<P><FONT SIZE=2><I>Board Meetings and Committees  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All directors serving as Class&nbsp;I, II or III directors, except Mr.&nbsp;Hancock, attended at least seventy-five percent (75%) of the meetings
of the Board of Directors and the meetings of the committee(s) on which they served. Mr.&nbsp;Hancock attended all regularly scheduled meetings of the Board of Directors but was unable to attend two
of the three special meetings called. The Company encourages its directors to attend the Annual Meeting each year. All directors serving as Class&nbsp;I, II or III directors attended the Company's
Annual Meeting held on June&nbsp;16, 2005. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has determined that all of the directors of the Company are "independent directors," as defined under Nasdaq Rule&nbsp;4200, other than Richard&nbsp;L. Duchossois and
Thomas&nbsp;H. Meeker. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
required by the Company's corporate governance guidelines, the Board of Directors currently has four (4)&nbsp;standing committees: the Executive, Audit, Compensation and the
Nominating and Governance Committees. No Director Emeritus serves on any Board committee. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1457_executive_committee"> </A>
<A NAME="toc_di1457_2"> </A>
<BR></FONT><FONT SIZE=2><B>Executive Committee    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee is authorized, subject to certain limitations set forth in the Company's Amended and Restated Bylaws, to exercise the authority of the
Board of Directors between Board meetings. The members of the Executive Committee are J.&nbsp;David Grissom, who serves as Chairman, Robert&nbsp;L. Fealy, G.&nbsp;Watts Humphrey,&nbsp;Jr. and
Carl&nbsp;F. Pollard. </FONT></P>

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

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1457_audit_committee"> </A>
<A NAME="toc_di1457_3"> </A>
<BR></FONT><FONT SIZE=2><B>Audit Committee    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary purpose of the Audit Committee is to assist the Board of Directors in fulfilling its responsibility in monitoring management in their conduct of the
Company's financial reporting process. Under its charter, the Audit Committee is generally responsible for monitoring the integrity of the financial reporting process, systems of internal controls and
financial statements and other financial reports provided by the Company to any governmental or regulatory body, the public or other users thereof. The Audit Committee monitors the performance of the
Company's internal audit function and is directly responsible for the appointment, compensation and oversight of the Company's independent </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<BR>

<P><FONT SIZE=2>auditors
employed by the Company for the purpose of preparing or issuing audit opinions on the Company's financial statements and its internal controls. The Audit Committee monitors the Company's
compliance with legal and regulatory requirements as well as the Company's Code of Conduct and Compliance Policy. In discharging its oversight role, the Audit Committee is empowered to investigate any
matter brought to its attention with full access to all books, records, facilities and personnel of the Company and has the power to retain outside counsel, auditors or other experts for this purpose.
The Audit Committee reviews the adequacy of its charter on an annual basis. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Audit Committee meet the independence requirements of the Nasdaq listing standards. The members of the Audit Committee are Darrell&nbsp;R. Wells, who serves as
Chairman, Leonard&nbsp;S. Coleman,&nbsp;Jr., Daniel&nbsp;P. Harrington and Susan&nbsp;E. Packard. </FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has determined that Darrell&nbsp;R. Wells, who is independent as defined under Nasdaq Rule&nbsp;4200(a)(15) and rules promulgated by the Securities and
Exchange Commission, possesses the attributes of, and therefore shall serve as, an audit committee financial expert as defined by regulations promulgated by the Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's Board of Directors has determined that all members of the Company's Audit Committee are independent as defined under Nasdaq Rule&nbsp;4200(a)(15) and
Rule&nbsp;10A-3(b)(1) of the Securities Exchange Commission. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1457_compensation_committee"> </A>
<A NAME="toc_di1457_4"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation Committee    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee administers the Company's executive compensation plans, including its Supplemental Benefit Plan, any incentive compensation plan, any
deferred compensation plan, any stock option plan, any restricted stock plan, any long-term compensation plan and any employee stock purchase plan, and determines and approves the
compensation of the Company's Chief Executive Officer. The Compensation Committee consists of not fewer than two (2)&nbsp;directors who are not officers or employees of the Company or any of its
subsidiaries. At this time, the Compensation Committee includes two (2)&nbsp;independent Directors who are "Non-employee Directors" as defined in Rule&nbsp;16b-3 of the
rules promulgated under the Securities Exchange Act of 1934. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Compensation Committee, each of whom is independent as defined by the Nasdaq listing standards, are Craig&nbsp;J. Duchossois, who serves as Chairman,
Leonard&nbsp;S. Coleman,&nbsp;Jr., G.&nbsp;Watts Humphrey and Darrell&nbsp;R. Wells. </FONT></P>

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

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1457_nominating_and_governance_committee"> </A>
<A NAME="toc_di1457_5"> </A>
<BR></FONT><FONT SIZE=2><B>Nominating and Governance Committee    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's Executive Committee, acting as the Nominating and Governance Committee, is responsible for establishing the criteria for and reviewing the
effectiveness of the Company's Board of Directors. In addition, the Nominating and Governance Committee provides oversight with regard to the Company's programs for dealing with business ethics and
other governance issues. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Committee determines criteria regarding personal qualifications needed for Board membership and the Committee considers, reviews qualifications and recommends qualified candidates
for Board membership. In doing so, the Nominating and Governance Committee reviews the composition of the Board to identify skill sets and qualifications which are represented in order to determine
which ones are needed. In addition, the Committee reviews the Company's Strategic Plan to determine its needs with regard to Board composition. The Committee sometimes employs an outside consultant to
identify nominees with the skill sets, experience and backgrounds that suit the Company's needs. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
candidate for the Company's Board of Directors should possess the highest personal and professional ethics, integrity and values and be committed to representing the
long-term interests of the Company's various constituencies. In considering a candidate for nomination as a member of the Board, the Nominating and Governance Committee will consider
criteria such as independence; occupational background, including principal occupation (i.e., chief executive officer, attorney, accountant, investment banker, or other pertinent occupation); level
and type of business experience (i.e., financial, lending, investment, media, racing industry, technology, etc.); diversity in race and gender; number of boards on which the individual serves; and the
general variety of backgrounds represented on the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Governance Committee receives and considers issues raised by shareholders or other stakeholders in the Company and recommends appropriate responses to the Board. The
Nominating and Governance Committee will consider recommendations for director candidates submitted by shareholders. Such questions, comments or recommendations should be submitted in writing to the
Nominating and Governance Committee in care of the Office of the Secretary at 700 Central Avenue, Louisville, Kentucky 40208. The Nominating and Governance Committee, in having adopted criteria to be
considered for membership on its Board, considers such candidates applying such criteria and follows the recommendation process noted above. Recommendations by shareholders that are made in accordance
with these procedures will receive the same consideration given to nominees of the Company's Board of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Nominating and Governance Committee, each of whom is independent as defined by the Nasdaq listing standards, are J.&nbsp;David Grissom, who serves as Chairman,
Robert&nbsp;L. Fealy, G.&nbsp;Watts Humphrey,&nbsp;Jr. and Carl&nbsp;F. Pollard. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating and Governance Committee held one meeting during the last fiscal year. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di1457_strategic_planning_committee"> </A>
<A NAME="toc_di1457_6"> </A>
<BR></FONT><FONT SIZE=2><B>Strategic Planning Committee    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Strategic Planning Committee is responsible for planning the objectives and direction for the Company's strategic goals and development activities. The Board
of Directors previously dissolved the Strategic Planning Committee in March&nbsp;2004 and the responsibilities of the Strategic Planning Committee were assumed by the Executive Committee. Due to the
Company's strategic focus, this Committee was re-established effective September&nbsp;22, 2005. The members of the Strategic Planning Committee are G.&nbsp;Watts Humphrey,&nbsp;Jr.,
who serves as Chairman, Robert&nbsp;L. Fealy, J.&nbsp;David Grissom, Susan&nbsp;E. Packard and Carl&nbsp;F. Pollard. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Strategic Planning Committee held two meetings during the last fiscal year. </FONT></P>

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

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk1457_proposed_amendment_of_the_chur__pro08406"> </A>
<A NAME="toc_dk1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Proposed Amendment of the Churchill Downs Incorporated<BR>  2004 Restricted Stock Plan to Add 120,000 Shares of Common Stock by<BR>  Increasing the Number of Shares of Common Stock Available for Issuance Under the<BR>  Plan
from 195,000 to 315,000<BR>  (Proposal No.&nbsp;2)    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;13, 2003, the Board of Directors adopted the Churchill Downs Incorporated 2004 Restricted Stock Plan and submitted the 2004 Restricted Stock
Plan to the shareholders at the Annual Meeting on June&nbsp;17, 2004, where it was approved. The 2004 Restricted Stock Plan aids the Company and its subsidiaries in securing and retaining directors
and key employees of outstanding ability and provides additional motivation to such directors and employees to exert their best efforts on behalf of the Company and its subsidiaries. The Company
benefits from the added interest that directors and employees have in the welfare of the Company as a result of their ownership or increased ownership of the Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;9, 2006, the Board of Directors adopted a proposal to amend the 2004 Restricted Stock Plan (as amended, the "Restricted Stock Plan") to increase the aggregate number of
shares of Common Stock available for issuance thereunder from 195,000 to 315,000&nbsp;shares, subject to shareholder approval at the Annual Meeting. The 120,000 share increase represents less than
1% of the outstanding shares of Common Stock as of April&nbsp;12, 2006. Since its adoption, 90,608&nbsp;shares have been awarded to 31&nbsp;employees. As of April&nbsp;12, 2006, there were
only 104,392&nbsp;shares of Common Stock remaining available for issuance under the 2004 Restricted Stock Plan. The proposed amendment is expected to provide a sufficient number of additional shares
for award under the Restricted Stock Plan through 2008. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Annual Meeting, the shareholders will be asked to approve this amendment of the 2004 Restricted Stock Plan. Approval of the proposal requires the affirmative vote of a majority of
the shares casting votes in favor of or opposed to the proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following constitutes a brief description of the material features of the 2004 Restricted Stock Plan and is qualified in its entirety by reference to the copy of the 2004 Restricted
Stock Plan, as proposed to be amended, which is attached as Exhibit&nbsp;A to this Proxy Statement. The Restricted Stock Plan permits the award of Common Stock to directors and key employees,
including officers, of the Company and its subsidiaries who are from time to time responsible for the management, growth and protection of the business of the Company and its subsidiaries. The Company
has twelve directors. As of April&nbsp;1, 2006, the Company had approximately 1,125 full-time employees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restricted Stock Plan is administered by a committee of not fewer than two members of the Compensation Committee of the Board of Directors (or such other committee as the Board of
Directors may designate), who are "non-employee directors" as defined in Rule&nbsp;16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended (the "Committee"). Members of the Committee are eligible to receive awards under the Restricted Stock Plan. The Committee selects the directors and employees who will be granted awards under
the Restricted Stock Plan and determines the number and provisions of the shares to be awarded and the restrictions and other terms and conditions applicable to each award. Interpretations by the
Committee of provisions of the Restricted Stock Plan are final, binding and conclusive, and the Committee's determinations with respect to awards and its selection of eligible directors and employees
to whom such awards are made need not be uniform and may be made selectively. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the proposed amendment is approved by shareholders, an additional 120,000&nbsp;shares of Common Stock will be reserved and set aside out of the Company's authorized but unissued
shares of Common Stock for issuance under the Restricted Stock Plan (representing 2.39% of the total number of shares outstanding on April&nbsp;12, 2006). The shares to be issued under the
Restricted Stock Plan will be currently authorized but unissued shares of Common Stock and will carry all rights of ownership attributable to Common Stock (subject to the terms and conditions and
restrictions contained in the Restricted Stock Plan and any award agreement), including the right to vote the shares, receive dividends and purchase securities </FONT></P>

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

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<P><FONT SIZE=2>under
that certain Rights Agreement, dated as of March&nbsp;19, 1998, between the Company and National City Bank (as successor Rights Agent to Fifth Third Bank), as amended, and as the same may be
amended, modified or supplemented from time to time. If the outstanding Common Stock subject to the Restricted Stock Plan shall at any time be changed or exchanged by declaration of a stock dividend,
stock split, combination of shares, recapitalization, merger, consolidation or other corporation reorganization, an appropriate adjustment will be made in the number and kind of shares that have been
awarded pursuant to the Restricted Stock Plan and are subject to restrictions imposed by the Restricted Stock Plan and that may thereafter be awarded under the Restricted Stock Plan. The Restricted
Stock Plan will terminate on January&nbsp;1, 2014, unless sooner terminated by the Committee. The Committee may also suspend the Restricted Stock Plan at any time prior to January&nbsp;1, 2014. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
award granted under the Restricted Stock Plan will be evidenced by an agreement that will impose certain conditions and restrictions upon the Common Stock awarded, which conditions
and restrictions will remain in effect for a period of not less than six months nor more than ten years, as specified by the Committee (the "Restriction Period"). Such conditions and restrictions may
include, among other things, provisions allowing the Company to withhold taxes from any awards granted and covenants prohibiting award recipients from competing with the business of the Company and
its subsidiaries during the recipient's employment with the Company or service as a director and a reasonable time thereafter. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock awarded under the Restricted Stock Plan may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of during the Restriction Period. In the
event that a
recipient of an award under the Restricted Stock Plan retires at or after the age of sixty, becomes permanently and totally disabled or dies, the Restriction Period will lapse; except that no
restrictions shall lapse less than six months from the date of the award upon the occurrence of any such events. Notwithstanding the term of the Restriction Period, the restrictions will lapse in the
event that the Company undergoes a "change in control" as defined in the Restricted Stock Plan. In addition, the Committee may in its sole discretion establish terms and conditions to accelerate the
termination of the Restriction Period. Finally, a recipient who is an employee of the Company or its subsidiaries must remain so employed during the Restriction Period or otherwise forfeit all right,
title and interest in and to the shares subject to the restrictions. Shares that are forfeited as a result of a participant's termination of employment or service as a director or withheld to satisfy
applicable tax requirements will again become available for award under the Restricted Stock Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to an award of Common Stock under the Restricted Stock Plan, in the sole and exclusive discretion of the Committee, the Company may make a cash payment or payments in
connection with an award of Common Stock, the lapse of restrictions or the payment by the recipient of any taxes related to an award. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may amend the Restricted Stock Plan at any time; provided, however, that without the further approval of the Board of Directors no such amendment shall: (i)&nbsp;increase
the maximum number of shares reserved for purposes of the Restricted Stock Plan except in the event of a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation or
other corporation reorganization; (ii)&nbsp;extend the duration of the Restricted Stock Plan; (iii)&nbsp;materially increase the benefits accruing to participants under the Restricted Stock Plan;
(iv)&nbsp;modify the eligibility requirements of the Restricted Stock Plan; or (v)&nbsp;impair the rights of any participant during the Restriction Period without such participant's consent.
Amendments to the Restricted Stock Plan may be subject to approval by the shareholders of the Company pursuant to applicable federal or state securities laws or rules adopted by Nasdaq or any other
stock exchange on which shares of the Common Stock may be listed from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
recipient who has been granted a restricted stock award under the Restricted Stock Plan will not realize taxable income at the time of the award and the Company will not be entitled to
a corresponding </FONT></P>

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

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<BR>

<P><FONT SIZE=2>deduction,
assuming that the restrictions constitute a "substantial risk of forfeiture" for federal income tax purposes. Upon the vesting of Common Stock subject to an award, the recipient will
realize ordinary income in an amount equal to the then fair market value of those shares, and the Company will be entitled to a corresponding tax deduction, to the extent not otherwise limited under
Internal Revenue Code &sect;162(m). Under Code &sect;162(m), compensation paid to any covered employee in excess of $1,000,000 in any taxable year is not deductible by the Company
(except to the extent such amounts otherwise constitute "performance based compensation" under Code &sect;162(m)). Gains or losses realized by the recipient upon disposition of such shares will
be treated as capital gains and losses, with the basis in such shares equal to the fair market value of the shares at the time of vesting. Any dividends paid to the recipient during the Restriction
Period will also be compensation income to the recipient and the Company will be entitled to a corresponding tax deduction. A recipient may elect pursuant to section&nbsp;83(b) of the Internal
Revenue Code to have income recognized at the date of a grant of a restricted stock award and to have the applicable capital gain holding period commence as of that date. If the recipient makes this
election, the Company will be entitled to a corresponding tax deduction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
acceleration of the vesting or payment of awards under the Restricted Stock Plan in the event of a change in control of the Company may cause part or all of the change in control
benefits involved to be treated as an "excess parachute payment" under the Internal Revenue Code, which may subject the recipient of the award to a 20% excise tax and preclude a tax deduction by the
Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
grants of awards of restricted stock, if any, that will be made to eligible directors and employees with respect to those shares that are subject to shareholder approval are
subject to the discretion of the Committee and, therefore, are not determinable at this time. The following table reflects awards of restricted stock granted in 2005. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>2004 Restricted Stock Plan  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="68%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Position</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dollar&nbsp;Value(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Number&nbsp;of&nbsp;Shares</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2>Thomas&nbsp;H. Meeker<BR>
President, Chief Executive Officer and Director</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>528,740</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>14,298</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2><BR>
William&nbsp;C. Carstanjen<BR>
Executive Vice President, General Counsel and<BR>
Chief Development Officer</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
406,780</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
11,000</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2><BR>
Michael&nbsp;E. Miller<BR>
Executive Vice President and<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
179,353</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
4,850</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2><BR>
Steven&nbsp;P. Sexton,<BR>
President, Churchill Downs Racetrack &amp;<BR>
Ellis Park Race Course</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
134,903</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
3,648</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2><BR>
Andrew&nbsp;G. Skehan<BR>
Executive Vice President and Chief Operating Officer</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
158,422</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
4,284</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2><BR>
All executive officers as a group</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1,728,519</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
46,742</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2><BR>
All non-employee directors as a group</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
0</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="68%" VALIGN="TOP"><FONT SIZE=2><BR>
Company employees other than executive officers, as a group</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
255,865</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
6,919</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Based
on the fair market value of the Common Stock as of April&nbsp;12, 2006. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS APPROVE THE PROPOSAL TO AMEND THE CHURCHILL DOWNS INCORPORATED 2004 RESTRICTED STOCK PLAN. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS
OTHERWISE INSTRUCTED, IT IS THE INTENTION OF THE PERSONS NAMED IN THE PROXY TO VOTE THE SHARES REPRESENTED THEREBY IN FAVOR OF THE PROPOSAL TO AMEND THE 2004 RESTRICTED STOCK
PLAN. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=17,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=712028,FOLIO='15',FILE='DISK121:[06CHI7.06CHI1457]DK1457A.;6',USER='DCUSHIN',CD='25-APR-2006;11:00' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dm1457_proposal_to_approve_the_perfor__pro09397"> </A>
<A NAME="toc_dm1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Proposal to Approve the Performance Goals for the<BR>  Payment of Compensation to the Chief Executive Officer and the<BR>  Executive Vice President, General Counsel and Chief Development Officer<BR>  Under the Incentive
Compensation Plan<BR>  (Proposal No.&nbsp;3)    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company's President and Chief Executive Officer, Executive Vice President, General Counsel and Chief Development Officer, and certain other key employees
designated by the Compensation Committee, are eligible to receive an annual cash incentive bonus under the Churchill Downs Incorporated 1997 Incentive Compensation Plan (the "Plan"). The Compensation
Committee establishes various performance goals, the attainment of which entitles the participating employee to receive an annual bonus award. The amount of the award is a function of the
participant's base salary. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
its meeting in March&nbsp;2006, the Compensation Committee established certain objective performance goals pursuant to which the Chief Executive Officer, Thomas Meeker, and the
Executive Vice President, General Counsel and Chief Development Officer, William Carstanjen, may receive a bonus award for fiscal year 2006 under the Plan if the performance goals applicable to
Mr.&nbsp;Meeker and Mr.&nbsp;Carstanjen are achieved. The performance goals set by the Committee include the attainment of a pre-tax income target for the Company. The Compensation
Committee has determined that the specific target is confidential business information, the disclosure of which would have an adverse effect on the Company and its business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee has established certain additional objective performance goals for Mr.&nbsp;Meeker and for Mr.&nbsp;Carstanjen related to the Company's property, its asset
utilization strategy, the development of its business, the character of its operations and product offerings, the development of strategic management positions, and a management succession plan, the
specific details of which the Compensation Committee has determined to be confidential business information, the disclosure of which would adversely affect the Company and its business. At the
conclusion of the year, the Committee will make a determination whether the performance goals have been attained. The ultimate bonus award to Mr.&nbsp;Meeker and Mr.&nbsp;Carstanjen will be
determined by the extent to which each achieves each of the applicable performance goals established by the Compensation Committee. The Compensation Committee retains the discretion to award less than
the maximum available based upon its determination of Mr.&nbsp;Meeker's and Mr.&nbsp;Carstanjen's performance in meeting the applicable performance goals. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
maximum dollar amount of bonus that may be awarded to Mr.&nbsp;Meeker under the performance goals established by the Compensation Committee is $1,001,160. The maximum dollar amount
of bonus that may be awarded to Mr.&nbsp;Carstanjen under the performance goals is $384,000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
current U.S. tax law the Company may deduct the amount of the bonus award paid to the Mr.&nbsp;Meeker and Mr.&nbsp;Carstanjen to the extent that the deduction is not otherwise
limited under Internal Revenue Code&nbsp;&sect;162(m). Under Code&nbsp;&sect;162(m), compensation paid to any covered employee in excess of $1,000,000 in any taxable year is not
deductible by the Company except to the extent such amounts constitute "qualified performance based compensation". Qualified performance based compensation is compensation paid solely on account of
the attainment of one or more performance goals if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
performance goals are objective, pre-established and determined by a compensation committee comprised solely of two or more outside directors,
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
material terms of the performance goals have been approved by the corporation's shareholders prior to the payment of the compensation, and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
compensation committee certifies that the performance goals and other material terms were in fact satisfied before the compensation is paid. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=18,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=118135,FOLIO='16',FILE='DISK121:[06CHI7.06CHI1457]DM1457A.;4',USER='DCUSHIN',CD='25-APR-2006;11:00' -->
<A NAME="page_dm1457_1_17"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Annual Meeting, shareholders will be asked to approve the material terms of the performance goals established by the Compensation Committee for fiscal year 2006 for the payment of
incentive compensation to Mr.&nbsp;Meeker and Mr.&nbsp;Carstanjen under the Plan. A vote in favor of this proposal will result in [i]&nbsp;the compensation payable to
Mr.&nbsp;Meeker and Mr.&nbsp;Carstanjen under the Plan qualifying as performance-based compensation under Code&nbsp;&sect;162(m), and [ii]&nbsp;the availability
to the Company of a tax deduction in the amount of the compensation received by Mr.&nbsp;Meeker and Mr.&nbsp;Carstanjen pursuant to this annual incentive bonus. A vote against the proposal will
result in no incentive award being paid to Mr.&nbsp;Meeker and Mr.&nbsp;Carstanjen under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
of the proposal requires the affirmative vote of a majority of the shares casting votes in favor of or opposed to the proposal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
BOARD OF DIRECTORS RECOMMENDS THAT THE SHAREHOLDERS VOTE TO APPROVE THE PERFORMANCE GOALS FOR THE PAYMENT OF COMPENSATION TO MR.&nbsp;MEEKER AND MR.&nbsp;CARSTANJEN UNDER THE
INCENTIVE COMPENSATION PLAN. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS
OTHERWISE INSTRUCTED, IT IS THE INTENTION OF THE PERSONS NAMED IN THE PROXY TO VOTE THE SHARES REPRESENTED THEREBY IN FAVOR OF THE PROPOSAL TO APPROVE THE PERFORMANCE GOALS FOR
THE PAYMENT OF COMPENSATION TO MR.&nbsp;MEEKER AND MR.&nbsp;CARSTANJEN UNDER THE INCENTIVE COMPENSATION PLAN. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_do1457_1_18"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="do1457_equity_compensation_plan_information(1)"> </A>
<A NAME="toc_do1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Equity Compensation Plan Information(1)    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>(a)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>(b)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>(c)<BR> </B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=8 ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="CENTER"><FONT SIZE=1><B>Plan Category<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column&nbsp;(a))</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2>Equity compensation plans approved by security holders(2)</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>529,730</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>(3)(4)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>28.30</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>189,836</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>(5)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
Equity compensation plans not approved by security holders</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
- -0-</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
- -0-</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
- -0-</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP"><FONT SIZE=2><BR>
Total</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
529,730</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="18%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
28.30</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
189,836</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>This
table includes (i)&nbsp;aggregate data, including pricing, for shares presently committed under all equity compensation plans of the Company as of the end of the most recently
completed fiscal year and (ii)&nbsp;aggregate data for shares still available to be issued under those plans.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>The
equity compensation plans of the Company which have been approved by the shareholders of the Company are the Churchill Downs Incorporated 2000 Employee Stock Purchase Plan ("Stock
Purchase Plan"), the Churchill Downs Incorporated 1993 Stock Option Plan ("1993 Plan"), the Churchill Downs Incorporated 1997 Stock Option Plan ("1997 Plan"), the Churchill Downs Incorporated 2003
Stock Option Plan ("2003 Plan"), and the Churchill Downs Incorporated 2004 Restricted Stock Plan ("Restricted Stock Plan"). The 1993 Plan, the 1997 Plan and the 2003 Plan each allow one-
to three-year option vesting periods and require that options expire ten (10) years after the date of grant, if not earlier under certain circumstances. The Restricted Stock Plan allows
for the award of stock subject to certain conditions and restrictions as determined by the Compensation Committee at the time of the award.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Of
this total, 100,762 shares of Common Stock of the Company are issuable upon the exercise of outstanding options granted under the 1993 Plan, 426,468&nbsp;shares of Common Stock
of the Company are issuable upon the exercise of outstanding options granted under the 1997 Plan and 2,500&nbsp;shares of Common Stock of the Company are issuable upon the exercise of outstanding
options under the 2003 Plan. The total does not include 98,372 outstanding shares of Common Stock which have been awarded under the Restricted Stock Plan, as of December&nbsp;31, 2005, which are
unvested and over which the participants have neither voting nor dispositive power until the lapse of the restriction period.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>Because
each participant in the Stock Purchase Plan has one option each plan year and that option consists of the number of shares which can be purchased, through exercise, at the end
of the plan year using compensation deductions made throughout the plan year, no outstanding options, warrants or rights for a specific number of the Company's securities to be issued upon exercise
existed at fiscal year's end and, therefore, none are included in this total for the Stock Purchase Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Of
this total, as of December&nbsp;31, 2005, no shares of Common Stock of the Company remained available for future issuance under the 1993 Plan because that Plan has expired, no
shares of Common Stock of the Company remained available for future issuance under the 1997 Plan because that Plan was suspended, no shares of Common Stock remained available for future issuance under
the 2003 Plan because that Plan was terminated, 96,628 shares of Common Stock remained available for future issuance under the Restricted Stock Plan and 93,208 shares of Common Stock of the Company
remained available for future issuance under the Stock Purchase Plan. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq1457_compensation_committee___dq102388"> </A>
<A NAME="toc_dq1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation Committee Report on Executive Compensation    <BR>    </B></FONT></P>


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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee consists of four (4)&nbsp;"independent directors" as defined by the Nasdaq listing standards. The Compensation Committee annually reviews executive officer
compensation and makes recommendations to the Board of Directors on all matters related to the structure of the Company's executive compensation programs. The Compensation Committee's authority and
oversight extend to total executive compensation, including base salaries, incentive and other compensation programs, supplemental benefit plans, deferred compensation plans, restricted stock plans,
long term compensation plans, severance policy, and stock purchase plans for the Company as well as the oversight and administration of the employment contract of the Company's chief executive
officer. The Compensation Committee's review of total compensation also includes all aspects of the executive officers' potential future benefits under the Company's severance policy, and in the case
of Mr.&nbsp;Meeker, under his employment agreement. The Compensation Committee also periodically reviews compensation data from comparable companies and considers input from professional
compensation consultants. </FONT></P>

<P><FONT SIZE=2><I>Compensation Policies with Respect to Executive Officers  </I></FONT></P>

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee has structured executive compensation based upon this philosophy. There are four basic elements of the Company's executive compensation program, each
determined by individual, unit and corporate performance: (i)&nbsp;base salary compensation; (ii)&nbsp;annual variable performance incentive compensation earned under the Company's 1997 Incentive
Compensation Plan (the "ICP"); (iii)&nbsp;grants of restricted stock under the Company's 2004 Restricted Stock Plan ("Restricted Stock Plan"); and (iv)&nbsp;the Company's Long Term Compensation
Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m)
of the Internal Revenue Code generally disallows a tax deduction to a public corporation for non-performance-based compensation over $1&nbsp;million
paid for any fiscal year to each of the individuals who were, at the end of the fiscal year, the corporation's chief executive officer and the four other most highly compensated executive officers.
The Company intends that the cash bonuses paid to the Chief Executive Officer and the four other most highly compensated executive officers (the "named executive officers") under the ICP will be fully
deductible under Section&nbsp;162(m). Restricted stock granted under the Restricted Stock Plan is not considered "performance-based" compensation under Section&nbsp;162(m), so that compensation in
excess of $1&nbsp;million realized upon the vesting of restricted stock </FONT></P>

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

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<A NAME="page_dq1457_1_20"> </A>
<BR>

<P><FONT SIZE=2>awarded
to the named executive officers covered by Section&nbsp;162(m) will not be deductible by the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
salary or other annual compensation paid or imputed to the individual named executive officer covered by Section&nbsp;162(m) that causes non-performance-based
compensation to exceed the $1&nbsp;million limit will not be deductible by the Company. While the Compensation Committee designs certain components of executive compensation to preserve income tax
deductibility, it believes that it is not in the shareholders' interest to restrict the Compensation Committee's discretion and flexibility in developing appropriate compensation programs and
establishing compensation levels and, in some instances, the Compensation Committee may approve compensation that is not fully deductible. </FONT></P>

<P><FONT SIZE=2><I>Base Salaries  </I></FONT></P>

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

<P><FONT SIZE=2><I>Incentive Compensation Plan  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ICP is designed to reward employees' short term performance by providing for the award of a cash bonus if annual minimum goals based upon the Company's
pre-tax earnings, as well as unit goals and individual goals, are achieved. The award of bonuses is based initially on the Company's achievement of certain target pre-tax
earnings goals established by the Compensation Committee. The Compensation Committee, in its calculation of pre-tax earnings, has discretion to exclude or include extraordinary revenues
and expenses. The amount of each bonus is then determined by the Company's performance measured by earnings (computed before taxes but after recognition of awards made under the ICP), by the
performance of the corporate center or business unit in which that employee works and by that employee's performance. For 2005, the officer group as a whole received average payouts of approximately
56.08% of target. These awards were approved by the Compensation Committee based on the performance of the Company, as defined in the ICP, units and individuals with consideration of the financial
impact of various strategic initiatives in 2005. The ICP awards to the named executive officers are shown in the Summary Compensation Table, including any amounts deferred under the Company's Deferred
Compensation Plan. </FONT></P>

<P><FONT SIZE=2><I>Equity Compensation  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The third component of executive compensation is equity compensation through the Restricted Stock Plan and, in the past, through the 1993 Stock Option Plan, the
1997 Stock Option Plan and the 2003 Stock Option Plan (collectively the "Option Plans"). The Compensation Committee believes that awarding equity to officers of the Company, including
Mr.&nbsp;Meeker, has operated to further the Company's goals of attracting, motivating and retaining employees while also providing compensation which links pay to the Company's
long-term performance and aligns the long-term interest of shareholders and management. The Compensation Committee, which believes the Option Plans have served their stated
function, further believes that the Restricted Stock Plan, which was approved in 2004, fully meets the stated goals for equity compensation. The Restricted Stock Plan awards are directed at
attracting, motivating and retaining employees. In addition, the Company expects to benefit from the added interest such employees will have in the welfare of the Company as a result of their
ownership or increased ownership of the Company's Common Stock. During 2005, 29,623&nbsp;shares of restricted stock were granted to the named executive officers. Individual Restricted Stock awards
were based upon the contribution of the individual named executive officer in achieving the Company's strategic objectives. </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_dq1457_1_21"> </A>
<BR>

<P><FONT SIZE=2><I>Long-Term Compensation Plan  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fourth element of executive compensation, the Company's Long Term Compensation Plan (the "LTC Plan"), encourages management to focus on achieving long term
financial and strategic goals which are set to align management and shareholder interests by creating a link between compensation and Company performance. The LTC Plan provides compensation for
superior performance to attract and retain the necessary leadership talent. Cash payouts under the LTC Plan are based on performance measures which are aligned with shareholder value creation over
two-year or three-year periods of time, such as contribution to return on invested capital and earnings per share growth. The LTC Plan is currently dormant and the Compensation
Committee plans to evaluate the efficacy of the LTC Plan. </FONT></P>

<P><FONT SIZE=2><I>Chief Executive Officer Compensation  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Meeker was employed as President and Chief Executive Officer of the Company in October&nbsp;1984 under an annually renewing three-year
contract. Effective December&nbsp;31, 2005, the Company entered into an amended and restated employment agreement which will expire on March&nbsp;13, 2007. Each year, Mr.&nbsp;Meeker's base
salary is set by the Compensation Committee after considering the Company's overall financial performance, as measured by earnings before taxes in light of the Company's strategic development
initiatives. Under his employment agreement, Mr.&nbsp;Meeker's base salary may not be reduced below that paid in the preceding year. For 2005, Mr.&nbsp;Meeker's annual base salary was set at
$500,580. Mr.&nbsp;Meeker's bonus is determined by the Company's performance measured by earnings, as well as specific individual objectives established by the Committee for 2005 related to the
Company's property, the character of its operations and product offerings, the development of strategic management positions, and the adoption of an updated strategic plan, a management development
plan and a succession plan. These individual objectives were approved by the Company's shareholders at the annual meeting held June&nbsp;16, 2005. For 2005, Mr.&nbsp;Meeker was awarded a bonus of
$240,914, or 48% of his target bonus opportunity. </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B><U>Compensation Committee</U><BR>  </B></FONT><FONT SIZE=2>Craig&nbsp;J. Duchossois, Chairman<BR>
Leonard&nbsp;S. Coleman,&nbsp;Jr.<BR>
G.&nbsp;Watts Humphrey,&nbsp;Jr.<BR>
Darrell&nbsp;R. Wells </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=23,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=918605,FOLIO='21',FILE='DISK121:[06CHI7.06CHI1457]DQ1457A.;6',USER='DCUSHIN',CD='25-APR-2006;11:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ds1457_1_22"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ds1457_stock_performance_graph"> </A>
<A NAME="toc_ds1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Stock Performance Graph    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on the Company's Common Stock against the
cumulative total return of a peer group index and the Nasdaq Market Index for the period of approximately five (5)&nbsp;fiscal years commencing January&nbsp;1, 2001 and ending December&nbsp;31,
2005. The peer group index used by the Company is the Media General Leisure Industry Group index, which is a published industry peer index of companies engaged in the leisure industry. As its broad
equity market index, the Company uses the Nasdaq Market Index which measures the performance of stocks listed on the Nasdaq National Market and the Nasdaq Small Cap Market. The graph depicts the
result of an investment of $100 in the Company, the Nasdaq Market Index and the Media General Leisure Industry Group index. Because the Company has historically paid dividends on an annual basis, the
performance graph assumes that dividends were reinvested annually. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g1024415.jpg" ALT="GRAPHIC" WIDTH="639" HEIGHT="427">
  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-00</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-01</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-02</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-03</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-04</B></FONT><BR></TH>
<TH WIDTH="6%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-05</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>Churchill Downs</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>125.81</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>131.64</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>127.14</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>157.95</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>131.53</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>Leisure Industry</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>101.60</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>90.88</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>127.74</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>178.06</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>180.31</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2>Nasdaq</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>79.71</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>55.60</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>83.60</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>90.63</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>92.62</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=24,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=242718,FOLIO='22',FILE='DISK121:[06CHI7.06CHI1457]DS1457A.;8',USER='DCUSHIN',CD='25-APR-2006;11:00' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_dw1457_1_23"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dw1457_executive_compensation"> </A>
<A NAME="toc_dw1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Executive Compensation    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the remuneration paid during the last three (3)&nbsp;fiscal years by the Company to (i)&nbsp;Mr.&nbsp;Meeker, the President
and CEO of the Company, and (ii)&nbsp;each of the Company's four (4)&nbsp;most highly compensated executive officers in fiscal year 2005 who were serving as executive officers at the end of 2005
(collectively the "named executive officers"). </FONT></P>

<P><FONT SIZE=2><I>Summary Compensation Table  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ALIGN="CENTER"><FONT SIZE=1><B>ANNUAL COMPENSATION<BR>
<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>LONG-TERM COMPENSATION<BR>
<BR> </B></FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Name and<BR>
Principal Position</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus($)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Other Annual Compensation<BR>
($)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Restricted Stock Awards<BR>
($)(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Securities Underlying Options/SARS<BR>
(#)(4)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All Other Compensation<BR>
($)(5)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Thomas&nbsp;H. Meeker<BR>
President, Chief Executive<BR>
Officer and Director</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2>2005<BR>
2004<BR>
2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>499,021<BR>
463,500<BR>
450,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(6)<BR>(6)<BR>(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>240,914<BR>
121,633<BR>
119,532</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(6)<BR>(6)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>2,249,700<BR>
100,000<BR>
100,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>500,573<BR>
463,487<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>-0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>31,430<BR>
27,884<BR>
28,321</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
William&nbsp;C. Carstanjen(7)<BR>
Executive Vice President,<BR>
General Counsel and Chief<BR>
Development Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2005<BR>
2004<BR>
2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
146,462<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(6)<BR><BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
192,000<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
439,450<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
257<BR>
- -0-<BR>
- -0-</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Michael&nbsp;E. Miller<BR>
Executive Vice President and<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2005<BR>
2004<BR>
2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
259,952<BR>
250,000<BR>
210,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
84,607<BR>
54,873<BR>
62,121</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(6)<BR>(6)<BR>(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
169,799<BR>
187,481<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
13,496<BR>
11,517<BR>
1,021</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Steven&nbsp;P. Sexton<BR>
President, Churchill Downs<BR>
Racetrack &amp; Ellis Park Race Course</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2005<BR>
2004<BR>
2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
272,569<BR>
265,225<BR>
257,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(6)<BR>(6)<BR>(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
55,696<BR>
55,968<BR>
73,497</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(6)<BR>(6)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
128,310<BR>
92,838<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12,634<BR>
15,174<BR>
13,164</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Andrew&nbsp;G. Skehan<BR>
Executive Vice President and<BR>
Chief Operating Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2005<BR>
2004<BR>
2003</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
277,836<BR>
237,077<BR>
193,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(6)<BR><BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
68,319<BR>
59,724<BR>
79,371</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
149,983<BR>
187,481<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
- -0-<BR>
- -0-<BR>
- -0-</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,748<BR>
7,001<BR>
2,905</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>In
2003, 2004 and 2005, bonuses were paid in cash pursuant to the Company's Incentive Compensation Plans then in effect. See "Compensation Committee Report on Executive Compensation"
herein.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Represents
the expense of a Supplemental Benefit Plan of which Mr.&nbsp;Meeker is currently the only participant. The increase in the expense from previous years is primarily the
result of changes in Mr.&nbsp;Meeker's employment agreement effective as of December&nbsp;31, 2005. See the discussion below under "Supplemental Benefit Plan" and "Employment Agreements and
Severance Agreements."
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>The
shareholders approved the Company's Restricted Stock Plan at the 2004 Annual Meeting of Shareholders. The first awards under the Plan were granted on November&nbsp;18, 2004,
when the closing price of the Common Stock was $44.02 per share on the Nasdaq Stock Market. Additional awards were granted on March&nbsp;10, 2005, when the closing price of the Common Stock was
$39.34, July&nbsp;5, 2005, when the closing price of the Common Stock was $44.89 and on November&nbsp;9, 2005, when the closing price of the Common Stock was $35.01. The shares awarded have a
five-year restriction period wherein the participant has neither voting nor dispositive power. The recipient does not receive dividends on the restricted stock during the restricted
period. The following table provides information with respect to the named executive officers concerning the number and value of restricted shares held as of December&nbsp;30, 2005 based upon the
closing price of the Common Stock on December&nbsp;30, 2005 of $36.73 on the Nasdaq Stock Market: </FONT></DD></DL>
<BR>

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<DIV ALIGN="RIGHT"><TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Mr. Meeker</B></FONT><BR></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Mr. Carstanjen</B></FONT><BR></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Mr. Miller</B></FONT><BR></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Mr. Sexton</B></FONT><BR></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1><B>Mr. Skehan</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>24,827/$911,896</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1>11,000/$404,030</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>9,109/$334,574</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>5,757/$211,455</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="CENTER"><FONT SIZE=1>8,543/$313,784</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>No
stock options were granted to any of the named executive officers in 2005. All stock option plans have expired or been terminated or suspended. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=25,EFW="2169624",CP="CHURCHILL DOWNS INCORPORATED",DN="1",CHK=392122,FOLIO='23',FILE='DISK121:[06CHI7.06CHI1457]DW1457A.;16',USER='DCUSHIN',CD='25-APR-2006;11:00' -->
<A NAME="page_dw1457_1_24"> </A>
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Consists
of life insurance premiums paid by the Company with respect to certain term life insurance payable on the officer's death to beneficiaries designated by him and, further,
includes amounts contributed by the Company to the officer's account under the Company's Profit Sharing Plan. Amounts attributable to such term life insurance are as follows: </FONT></DD></DL>
<BR>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="RIGHT"><TABLE WIDTH="95%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Meeker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Carstanjen</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Miller</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Sexton</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Skehan</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2005</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>8,117</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>257</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>1,891</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>993</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>884</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2004</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>5,777</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>1,372</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>765</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>791</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2003</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>4,412</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>1,021</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>936</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>496</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=1>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Company's Profit Sharing Plan and Deferred Compensation Plan, the Company matches employees' contributions (which in 2005 were limited under the Profit Sharing Plan to 5%
of annual compensation or bi-weekly contributions and matching contributions in excess of such limit were made pursuant to the Deferred Compensation Plan). The Company also makes
discretionary contributions. Amounts contributed by the Company, including discretionary contributions, on behalf of the named executive officers are as follows: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="RIGHT"><TABLE WIDTH="95%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Meeker</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Carstanjen</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Miller</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Sexton</B></FONT><BR></TH>
<TH WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Mr.&nbsp;Skehan</B></FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2005</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>23,313</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>11,605</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>11,641</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>19,864</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2004</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>22,107</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>10,145</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>14,409</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>6,210</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="6%"><FONT SIZE=1>2003</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>23,909</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=1>-0-</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>12,228</FONT></TD>
<TD WIDTH="9%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=1>2,409</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Includes
certain amounts deferred under the Company's Deferred Compensation Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Mr.&nbsp;Carstanjen
joined the Company effective July&nbsp;5, 2005. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information with respect to the named executive officers concerning unexercised options held as of
December&nbsp;31, 2005: </FONT></P>

<P><FONT SIZE=2><I>Aggregate Option Exercises in Last Fiscal Year and Year-End Option Values  </I></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Shares&nbsp;Acquired on Exercise&nbsp;(#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value&nbsp;Realized<BR>
($)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Number&nbsp;of&nbsp;Securities Underlying Unexercised Options at&nbsp;year&nbsp;end&nbsp;(#) Exercisable/Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Value&nbsp;of&nbsp;Unexercised In-the-Money Options at&nbsp;year&nbsp;end&nbsp;($)(2) Exercisable/Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>Thomas&nbsp;H. Meeker</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>80,194</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>1,365,366</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>247,263/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>$2,632,467/0</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>William&nbsp;C. Carstanjen</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>Michael&nbsp;E. Miller</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>25,317/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>$175,051/0</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>Steven&nbsp;P. Sexton</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>30,157/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>$122,141/0</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>Andrew&nbsp;G. Skehan</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="CENTER"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>30,961/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>$213,920/0</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="42">
<DL compact>
<DT style='margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Fair
market value of shares underlying options at time of exercise minus the exercise price.
<BR><BR></FONT></DD><DT style='margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Closing
bid as of the last trading day of 2005 (December&nbsp;30, 2005) minus the exercise price. The closing bid was $36.61. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dw1457_1_25"> </A>

<P><FONT SIZE=2><I>Supplemental Benefit Plan  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains a Supplemental Benefit Plan (the "Plan") in which Mr.&nbsp;Meeker is currently the only participant. The Plan provides that if a
participant remains in the employ of the Company until age 55 or becomes totally and permanently disabled, the participant will be paid a monthly benefit equal to 45% of the "highest average monthly
earnings," as defined in the Plan, prior to the time of disability or age 55, reduced by certain other benefits as set forth in the Plan. Benefits commence at retirement on or after attainment of age
55, and continue as a 50% joint and survivor annuity. The benefit payable under the Plan is increased by 1% for each year Mr.&nbsp;Meeker remains in the employment of the Company after age 55, to a
maximum benefit of 55% of the highest average monthly earnings at age 65. The Plan further provides that the monthly benefit will be reduced by [a]&nbsp;50% of the primary
insurance amount under social security payable to a participant determined as of the later of the participant's retirement date or attainment of age 62; and [b]&nbsp;100% of
the participant's monthly benefit calculated in the form of a 50% joint and survivor annuity under the Company's terminated Pension Plan. The estimated annual benefit payable after age 62 to
Mr.&nbsp;Meeker under the Plan is $476,518. This estimate is based upon the following assumptions: (a)&nbsp;Mr.&nbsp;Meeker's actual Profit Sharing Plan balance as of December&nbsp;31, 2005;
(b)&nbsp;Mr.&nbsp;Meeker's salary as of December&nbsp;31, 2005, and (c)&nbsp;the projected Social Security offset as of December&nbsp;31, 2005. </FONT></P>

<P><FONT SIZE=2><I>Employment Agreements and Severance Agreement  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;13, 2003, Mr.&nbsp;Meeker and the Company entered into an employment agreement for a three year term as President and Chief Executive Officer,
renewing automatically for three year periods unless the Board determines not to renew. In 2004, the Board determined not to extend the agreement beyond the then current three year period expiring in
2007. Under the agreement, Mr.&nbsp;Meeker is entitled to a base salary of $450,000 a year, to be adjusted by the Board of Directors at any time, but in no event shall the base salary be reduced
below that paid in the preceding year. Mr.&nbsp;Meeker's base salary for 2006 is $500,580. Under the agreement he is also entitled to participate in the Company's supplemental benefit plan and
company sponsored annual or long-term cash or equity based incentive plans, including the Company's Incentive Compensation Plan, Long Term Incentive Compensation Plan, Deferred
Compensation Plan and Restricted Stock Plan, and in the Company's welfare benefit plans, profit sharing plans, health insurance and vacation. Mr.&nbsp;Meeker's compensation includes reimbursement
for travel and entertainment expenses (including his wife's travel expenses on the Company's business), provision of an automobile, payment of dues for one country club and any other professional or
business associations, and a $250,000 life insurance policy. On January&nbsp;4, 2006, the Company amended and restated Mr.&nbsp;Meeker's employment agreement to clarify that the agreement expires
on March&nbsp;13, 2007, and to make changes to his severance benefits. Under the agreement, if Mr.&nbsp;Meeker is terminated without cause, or due to death or disability, or is constructively
discharged, the Company is required to pay the following severance benefit: (i)&nbsp;one year of base salary; (ii)&nbsp;pro rated bonus for the year in which termination occurs; (iii)&nbsp;an
amount equal to the greater of the Target Bonus, as defined under the Company's Incentive Compensation Plan, or the highest annual bonus Mr.&nbsp;Meeker received within the last three years;
(iv)&nbsp;the balance of any annual or long-term cash incentive awards, if any, earned (but not yet paid) for the year in which termination occurs; (v)&nbsp;the acceleration of any
outstanding stock options or restricted stock grants; (vi)&nbsp;continued participation in employee benefits for one year; (vii)&nbsp;assignment of a $250,000 life insurance policy to him; and
(viii)&nbsp;the inclusion of the Target Bonus calculation of Mr.&nbsp;Meeker's Supplemental Benefit Plan benefit and credit for length of service through October&nbsp;1, 2007. In the event
Mr.&nbsp;Meeker remains employed by the Company through the term of his employment agreement, he will receive a retention benefit equal to the severance benefit. The agreement also provides that in
the event that Mr.&nbsp;Meeker's severance benefit is delayed in order to avoid imposition of taxes under Section&nbsp;409A of the Internal Revenue Code, he will receive an additional payment in
an amount equal to one-half percent (0.5%) monthly simple interest on the payments delayed. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dw1457_1_26"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
July&nbsp;5, 2005, the Company entered into an employment agreement with William&nbsp;C. Carstanjen as Executive Vice President, General Counsel and Chief Development
Officer. Under the employment agreement, Mr.&nbsp;Carstanjen is entitled to receive an annual base salary of $320,000 or such higher amount as the Compensation Committee shall from time to time
determine. Mr.&nbsp;Carstanjen will be entitled to participate in the Company's Incentive Compensation Plan, and his award for 2005 is guaranteed to be no less than 60% of his annual base salary
without any pro-ration due to time of employment. Under the employment agreement, Mr.&nbsp;Carstanjen received a grant of 5,500 shares of restricted stock which will vest in five years
under the terms of the Company's Restricted Stock Plan and he will receive no less than 5,500 shares of restricted stock as part of the annual long-term incentive awards for key
executives. Mr.&nbsp;Carstanjen is entitled to $900 per
month automobile allowance, club dues, relocation expenses and participation in all other plans and programs offered to the Company's employees and executives, including without limitation, the
Company's Employee Stock Purchase Plan, Deferred Compensation Plan, and disability and group life insurance plans. If Mr.&nbsp;Carstanjen's employment is terminated by the Company without "just
cause" or in the event of a "constructive termination" as each term is defined in the employment agreement, then among other things, Mr.&nbsp;Carstanjen is entitled to the following termination
benefits: (i)&nbsp;twenty-four months' salary then in effect; (ii)&nbsp;pro rata annual bonus based at a minimum on his target bonus under the Company's Incentive Compensation Plan;
(iii)&nbsp;the balance of any long-term or annual cash incentive awards, if any, earned but not yet paid subject to the applicable program; (iv)&nbsp;continuation of employee benefits
for six months from the date of termination; and (iv)&nbsp;elimination of the restriction period of any shares of restricted stock issued to him under the Company's Restricted Stock Plan. If such
termination would constitute a parachute payment under Section&nbsp;280G(b)(2) of the Internal Revenue Code which would subject Mr.&nbsp;Carstanjen to an excise tax under Section&nbsp;4999 of
the Internal Revenue Code, Mr.&nbsp;Carstanjen would be entitled to receive an additional gross-up payment to cover the excise tax on all such payments received by Mr.&nbsp;Carstanjen. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the executive officers, including those named in the </FONT><FONT SIZE=2><I>Summary Compensation Table,</I></FONT><FONT SIZE=2> other than Mr.&nbsp;Meeker or
Mr.&nbsp;Carstanjen, is eligible for severance under the Company's Executive Severance Policy established effective November&nbsp;13, 2003. The Executive Severance Policy provides executives and
certain key employees of the Company with severance income while they seek alternative employment if they are involuntarily separated from employment with the Company due to an elimination of their
position or duties. "Elimination of their positions or duties" means elimination for lack of work, cost containment, a general reduction in force, or other reasons unrelated to job performance, but
excludes, without limitation, termination of employment for cause or otherwise due to job performance or other job-related matters. The amount of severance payable under the Executive
Severance Policy is determined in accordance with the executive's position with the Company and his or her length of service with the Company, ranging from two weeks base salary for each year of
service with the Company, and a maximum severance of twenty-six weeks base salary in the case of a corporate or unit vice president, to four weeks base salary for each year of service with
the Company, and a maximum severance of fifty-two weeks base salary, in the case of an executive vice president. Participants also are provided with outplacement services at the expense of
the Company, not to exceed $8,000. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR></FONT><FONT SIZE=2><B>Compensation Committee Interlocks and Insider Participation    <BR>    </B></FONT></P>

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

<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_dy1457_2"> </A>
<BR></FONT><FONT SIZE=2><B>Certain Relationships and Related Transactions    <BR>    </B></FONT></P>

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

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

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
its ordinary course of business, the Company may enter into transactions with certain of its officers and directors for the sale of personal seat licenses and suite accommodations at
its racetracks, and tickets for its live racing events. The Company believes that each such transaction has been on terms no less favorable for the Company than could have been obtained in a
transaction with a third party and no such person received any extra or special benefit in connection with such transactions. </FONT></P>


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


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Charles&nbsp;W.
Bidwill,&nbsp;Jr., who became a Director Emeritus following the 2005 Annual Meeting, is a 14.42% owner of National Jockey Club,&nbsp;Inc. In 2005
National Jockey Club,&nbsp;Inc., Hawthorne Race Course,&nbsp;Inc. and Suburban Downs,&nbsp;Inc. doing business together as Hawthorne National&nbsp;LLC (referred to hereinafter as "National
Jockey Club"), and the Company and its Affiliates were parties to simulcasting contracts whereby National Jockey Club was granted the right to simulcast the Affiliates' respective races and the
Company's races, including the Kentucky Oaks-Grade&nbsp;I race and the Kentucky Derby&#151;Grade&nbsp;I race. In consideration for these rights, National Jockey Club paid to the
Company 7.8% of its gross handle on common pool wagers and 9.2% of its gross handle on Illinois separate pool wagers on the Kentucky Oaks&#151;Grade&nbsp;I race and the Kentucky
Derby&#151;Grade&nbsp;I race, 3.5% of gross handle on other races simulcast from Churchill Downs and 3.3% of gross handle on simulcast races from Hollywood Park during its Spring Meet. In
2005, National Jockey Club and the Company and its Affiliates were also parties to simulcasting contracts whereby the Company and its Affiliates were granted certain rights to simulcast National
Jockey Club's thoroughbred races. In consideration for these rights, the Company and its Affiliates paid to National Jockey Club 3.0% of each track's respective gross handle on the National Jockey
Club's simulcast races. For purposes of these and other simulcast contracts, gross handle is defined as the total amount wagered by patrons on the races at the receiving facility less any money
returned to the patrons by cancels and refunds. These simulcast contracts are uniform throughout the industry and the rates charged were substantially the same as rates charged to other parties who
contracted to simulcast the same races. In 2005, the Company and its Affiliates simulcasted their races to over 1,000 locations in the United States and selected international sites. National Jockey
Club received no extra or special benefit as a result of the Company's relationship with Mr.&nbsp;Bidwill. </FONT></P>

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

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October&nbsp;19, 2004, the Company acquired a total of 539,489&nbsp;shares of Common Stock from Brad&nbsp;M. Kelley, pursuant to a Stock Redemption Agreement between the Company
and Mr.&nbsp;Kelley (the "Redemption Agreement") and a Purchase Agreement between Kelley Farms Racing,&nbsp;LLC and the Company (the "Kentucky Downs Purchase Agreement"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Kentucky Downs Purchase Agreement, the Company sold a 19% interest in Kentucky Downs,&nbsp;LLC, the operator of Kentucky Downs racetrack, to Kelley Farms
Racing,&nbsp;LLC, controlled by Mr.&nbsp;Kelley, along with debt owed to the Company by Kentucky Downs,&nbsp;LLC in the approximate amount of $2.7&nbsp;million and the Company's rights under a
racetrack management agreement, in exchange for 86,886&nbsp;shares of Common Stock valued at approximately $3.2&nbsp;million. Under the Kentucky Downs Purchase Agreement, if certain alternative
gaming legislation is enacted or such gaming becomes legal within five years, Kelley Farms Racing,&nbsp;LLC will be required to pay the Company $2&nbsp;million as additional consideration for its
acquisition of the Company's interest in Kentucky Downs,&nbsp;LLC, and if alternative gaming has commenced at Kentucky Downs racetrack within five years, Kelley Farms Racing,&nbsp;LLC will be
required to pay the Company up to an additional $12&nbsp;million as additional consideration. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Redemption Agreement, the Company redeemed 452,603&nbsp;shares of its common stock from Mr.&nbsp;Kelley at a price of $36.83 per share, which, after giving effect to the
transactions under the Kentucky Downs Purchase Agreement, reduced Mr.&nbsp;Kelley's ownership of the Company's common stock to 4.9%. The shares redeemed under the Redemption Agreement were acquired
by the Company in exchange for its subordinated unsecured convertible promissory note originally dated October&nbsp;19, 2004 and as amended March&nbsp;7, 2005, in the principal amount of
$16,669,379.87 (the "Note"). The Note matures on October&nbsp;18, 2014, and may not be prepaid without Mr.&nbsp;Kelley's consent. The Note bears interest on an annualized basis based upon the
dividends which Mr.&nbsp;Kelley would have received on the Company shares redeemed under the Redemption Agreement had such redemption not occurred. Upon maturity of the Note, the Company must pay
the principal balance and unpaid accrued interest in cash. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Kelley
may convert the Note, in whole or in part and upon not less than seventy-five days notice to the Company, into the number of shares of Common Stock equal to
the principal amount of the Note plus accrued and unpaid interest being converted divided by the conversion price of $36.83. Under the terms of the Note, Mr.&nbsp;Kelley may exercise his conversion
right if his total beneficial ownership of Common Stock immediately after conversion would be less than 4.9% of the total number of issued and outstanding shares of Common Stock. If
Mr.&nbsp;Kelley's post-conversion beneficial ownership of the Company's Common Stock would be 5.0% or greater, he may exercise the conversion right only if he has fully disclosed any and
all information, has executed any documents, and has taken all steps required by any applicable gaming agency or regulatory authority for holders of 5.0% of the Company's Common Stock (the "Disclosure
Requirements"). The Note may be immediately converted without prior notice, subject to Mr.&nbsp;Kelley's compliance with the Disclosure Requirements, in the event the Company establishes a record
date for holders to receive certain Company distributions (other than a distribution payable only in cash), or any right to subscribe for, purchase or otherwise acquire any shares of stock of any
class or any other securities or property, or to receive any other right, or in the event of certain reorganizations, reclassifications, recapitalizations, transfers, consolidations or mergers or any
voluntary or involuntary dissolution, liquidation or winding-up of the Company. Mr.&nbsp;Kelley agreed in the Redemption Agreement that neither he nor any of his affiliates would
purchase the Company's Common Stock unless his total beneficial ownership of the Company's Common Stock immediately after such purchase would be less than 4.9% or prior to such purchase, he has
complied with the Disclosure Requirements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
consummation of the Kentucky Downs Purchase Agreement, Mr.&nbsp;Kelley became the 71% owner of Kentucky Downs,&nbsp;LLC, with the Company retaining a 5% ownership interest in
Kentucky Downs,&nbsp;LLC, which also serves as a pari-mutuel off-track betting facility receiving simulcast transmissions of races conducted at the Company's racetracks. In
2005, Kentucky Downs and the Company and its Affiliates were parties to simulcasting contracts whereby Kentucky Downs was granted the right to simulcast the Company's and its Affiliates' respective
races. In consideration for these rights with regard to the Company and Ellis Park, Kentucky Downs paid to the Company and to Ellis Park, respectively, the </FONT></P>

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

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<P><FONT SIZE=2>percentages
of moneys wagered which are required by KRS 230.377, </FONT><FONT SIZE=2><I>et seq.</I></FONT><FONT SIZE=2> In consideration for these rights, with respect to the other affiliates,
Kentucky Downs paid 3.35% of its gross handle for Win, Place and Show wagers and 3.85% of its gross handle for exotic wagers on races simulcast from Hollywood Park, 3.25% of its gross handle on races
simulcast from Calder Race Course, and 3.00% on the other races simulcast from Affiliates. In 2005, Kentucky Downs and the Company and Affiliates, except Hollywood Park, were also parties to
simulcasting contracts whereby the Company and its affiliates were granted the right to simulcast Kentucky Downs' thoroughbred races. In consideration for these rights with regard to the Company and
Ellis Park, the Company and Ellis Park, respectively, paid to Kentucky Downs the percentages of moneys wagered which are required by KRS 230.377, </FONT><FONT SIZE=2><I>et
seq.</I></FONT><FONT SIZE=2> In consideration for these rights, Hoosier Park, Arlington Park and Calder, respectively, paid to Kentucky Downs 3.00% of each track's gross handle on races simulcast from
Kentucky Downs. For purposes of these and other simulcast contracts, gross handle is defined as the total amount wagered by patrons on the races at the receiving facility less any money returned to
the patrons by cancels and refunds. These simulcast contracts are uniform within Kentucky and throughout the industry and the rates charged were substantially the same as rates charged to other
parties who contracted to simulcast the same races. In 2005, the Company and its Affiliates simulcasted their races to over 1,000 locations in the United States and selected international sites.
Kentucky Downs received no extra or special benefit as a result of the Company's relationship with Mr.&nbsp;Kelley. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September&nbsp;8, 2000, Arlington, then a wholly-owned subsidiary of the Company, entered into a lease and option to purchase agreement ("Lease") by which Arlington leases from
Duchossois Industries,&nbsp;Inc. approximately 68 acres of real estate adjacent to the racetrack in Arlington Heights, Illinois, for use in Arlington's backside operations. For 2005, Arlington paid
$378,000 to Duchossois Industries,&nbsp;Inc., pursuant to the Lease. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dy1457_independent_public_accountants"> </A>
<A NAME="toc_dy1457_3"> </A>
<BR></FONT><FONT SIZE=2><B>Independent Public Accountants    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;6, 2006, the Company's Audit Committee selected PricewaterhouseCoopers&nbsp;LLP ("PwC") to serve as the Company's independent public accountant
and auditor for the year ending December&nbsp;31, 2006. PwC has served as the Company's independent public accountants and auditors since the Company's 1990 fiscal year. </FONT></P>


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

<P><FONT SIZE=2><I>Audit Fees  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees incurred by the Company for services provided by PwC for the annual audit and for the quarterly reviews of the Company's financial statements,
including expenses, (i)&nbsp;for the year ended December&nbsp;31, 2004, were $1,098,300, and (ii)&nbsp;for the year ended December&nbsp;31, 2005, were approximately $770,400, of which an
aggregate amount of $630,500 was billed to the Company through December&nbsp;31, 2005, and an additional amount of $139,900 was billed to the Company through March&nbsp;1, 2006. Audit fees were
incurred for services which include controls-related audit procedures under Sarbanes-Oxley Act Section&nbsp;404 requirements, consultation on unusual accounting issues and involvement with
registration statement filings or similar activities required of outside auditors. </FONT></P>

<P><FONT SIZE=2><I>Audit-Related Fees  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees incurred by the Company for assurance and related services performed by PwC that were reasonably related to the performance of the audit or
review of the Company's financial statements and are not reported in the preceding section ("Audit-Related Fees") are as follows: (i)&nbsp;in 2004, such aggregate fees were $24,000 and
(ii)&nbsp;in 2005, such aggregate fees were $0, all of which was billed to the Company by PwC through December&nbsp;31, 2005. Audit-Related Fees were incurred for audits of employee benefit plans
in 2004. </FONT></P>

<P><FONT SIZE=2><I>Tax Fees  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For professional services rendered by PwC to the Company for tax compliance, tax advice and tax planning ("Tax Fees"), the aggregate fees incurred and billed to
the Company (i)&nbsp;in 2004, were $20,200, and (ii)&nbsp;in 2005, such aggregate fees were $11,090, of which $11,090 was billed to the Company by PwC through December&nbsp;31, 2005. Services
rendered to the Company by PwC in connection with Tax Fees included tax return preparation for a related entity, tax consultation and tax assistance. </FONT></P>

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

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<P><FONT SIZE=2><I>All Other Fees  </I></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all other services provided by PwC to the Company for the use of Comperio, the firm's accounting research software ("Other Fees"), the aggregate fees incurred
and billed to the Company (i)&nbsp;in 2004, were $1,500, and (ii)&nbsp;in 2005, such aggregate fees were $1,500, all of which were billed to the Company by PwC through December&nbsp;31, 2005.
The Audit Committee has considered whether the provision of non-audit services to the Company is compatible with maintaining PwC's independence. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has adopted a policy of evaluating pre-approval of services provided by the independent auditors on a case-by-case basis. The
Audit Committee pre-approved all audit and permissible non-audit services provided by the independent auditors in 2005. These services may include audit services, audit-related
services, tax services, and other services. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea1457_churchill_downs_incorporated_audit_committee_report"> </A>
<A NAME="toc_ea1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>Churchill Downs Incorporated<BR>  Audit Committee Report    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is the report of the Company's Audit Committee (the "Committee"), which currently consists of four directors, each of whom has been determined by
the Board of Directors (the "Board") to meet the current standards of the Securities and Exchange Commission and the Nasdaq exchange to be considered an "independent director." The Board has also
determined that one member, Darrell&nbsp;R. Wells, is an "audit committee financial expert" as defined by the Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee has an Audit Committee Charter (the "Charter"), which was revised and approved by the Board on March&nbsp;11, 2004. The Committee's actions are determined by this
Charter, which includes monitoring and oversight of the financial reporting process, the system of internal controls, the internal audit function, the independent auditors and the Company's procedures
for legal and regulatory compliance. The Committee's job is one of oversight and the Committee reviews the work of the Company's management, the internal audit staff and the independent auditors on
behalf of the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specifically,
the Committee: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Met
six times during the year, during which the Committee reviewed and discussed with management and the independent auditors the Company's interim and annual financial
statements for 2005. The Committee recommended to the Board that the Company's audited financial statements be included in the Company's Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Discussed
with the independent auditors all matters required to be discussed under Statement on Auditing Standards No.&nbsp;61 (Communication with Audit Committees) and
No.&nbsp;90 (Audit Committee Communications), which sets forth required communication between independent auditors and audit committees.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Received
the written disclosures and letters from the independent auditors required by Independence Standards Board Standard No.&nbsp;1 (Independence Discussions with
Audit Committees) regarding their independence, and discussed the auditors' independence and ability to conduct the audit.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Reviewed
and discussed reports from the Company's internal audit department and reports from the Company's legal department.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Discussed
with management and the independent auditors the quality of the Company's internal controls.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Reviewed
and approved all related party transactions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Self-evaluated
the effectiveness of the Committee.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Evaluated
the effectiveness of the Company's internal audit function. </FONT></DD></DL>
</UL>
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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Reviewed
and approved the 2005 audit and non-audit services and related fees provided by the independent auditors, PwC. The non-audit services
approved by the Audit Committee were also reviewed to ensure compatibility with maintaining the auditor's independence.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>In
March&nbsp;2006, the Committee selected PwC to be reappointed as independent auditors for the calendar year 2006. The Committee also reviewed and
pre-approved the 2006 audit fees for services related to the first quarter Form&nbsp;10-Q review. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
portion of this Audit Committee Report shall be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the
Exchange Act, through any general statement incorporating by reference in its entirety the Proxy Statement in which this report appears, except to the extent that the Company specifically incorporates
this report or a portion of it by reference. In addition, this report shall not be deemed to be filed under either the Securities Act or the Exchange Act. </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2><B><U>Members of the Audit Committee</U><BR>  </B></FONT><FONT SIZE=2>Darrell&nbsp;R. Wells, Chairman<BR>
Leonard&nbsp;S. Coleman,&nbsp;Jr.<BR>
Daniel&nbsp;P. Harrington<BR>
Susan&nbsp;E. Packard </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea1457_approval_of_minutes_of_2005_sh__app02972"> </A>
<A NAME="toc_ea1457_2"> </A>
<BR></FONT><FONT SIZE=2><B>Approval of Minutes of 2005 Shareholders' Meeting and Other Matters<BR>  (Proposal No.&nbsp;4)    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors does not know of any matters to be presented at the Annual Meeting other than those specified above, except matters incident to the conduct
of the Annual Meeting and the approval by a majority of the shares represented at the Annual Meeting of minutes of the 2005 Annual Meeting which approval does not amount to ratification of actions
taken thereat. If, however, any other
matters should come before the Annual Meeting on which vote may properly be taken, it is intended that the persons named in the enclosed Proxy, or their substitutes, will vote such Proxy in accordance
with their best judgment on such matters. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ea1457_section_16(a)_beneficia__ea102039"> </A>
<A NAME="toc_ea1457_3"> </A>
<BR></FONT><FONT SIZE=2><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires that the Company's directors, executive officers and persons who beneficially own more than
ten percent (10%) of the Company's Common Stock file certain reports with the Securities and Exchange Commission with regard to their beneficial ownership of the Common Stock. The Company is required
to disclose in this Proxy Statement any failure to file or late filings of such reports. Based solely on our review of the forms filed with the Securities and Exchange Commission or written
representations from certain reporting persons received by us, we believe that our directors, officers and persons who own more than ten percent (10%) of the Company's Common Stock have complied with
all applicable filing requirements, except in the following instances: (i)&nbsp;Mr.&nbsp;Frederick&nbsp;M. Baedeker,&nbsp;Jr., a former executive officer, filed a late Statement of Changes in
Beneficial Ownership of Securities on Form&nbsp;4 reporting the acquisition over a two day period of 15,902&nbsp;shares through the exercise of stock options granted under the Company's 1997 Stock
Option Plan and their subsequent sale on the open market; and (ii)&nbsp;Mr.&nbsp;Seth&nbsp;W. Hancock, a member of the Board of Directors, filed a late Statement of Changes in Beneficial
Ownership of Securities on Form&nbsp;4 reporting the transfer of shares from the Mrs.&nbsp;A.B. Hancock,&nbsp;Jr. Marital Trust to the Estate of Waddell&nbsp;W. Hancock. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

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<BR></FONT><FONT SIZE=2><B>Multiple Shareholders Sharing the Same Address    <BR>    </B></FONT></P>


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

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

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ec1457_proposals_by_shareholders"> </A>
<A NAME="toc_ec1457_2"> </A>
<BR></FONT><FONT SIZE=2><B>Proposals by Shareholders    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shareholder proposal that may be included in the Board of Directors' Proxy Statement and Proxy for presentation at the annual meeting of shareholders to be
held in 2007 must be received by the Company at 700&nbsp;Central Avenue, Louisville, Kentucky 40208, Attention of the Secretary, no later than January&nbsp;1, 2007. Pursuant to the Company's
Bylaws, proposals of shareholders intended to be presented at the Company's 2007 annual meeting of shareholders must be received by the Company at the principal executive offices of the Company not
less than 90 nor more than 120&nbsp;days prior to the anniversary date of the immediately preceding annual meeting of shareholders. Accordingly, any shareholder proposals intended to be presented at
the 2007 annual meeting of shareholders of the Company must be received in writing by the Company at its principal executive offices no later than March&nbsp;17, 2007, and no sooner than
February&nbsp;15, 2007. Any proposal submitted before or after those dates will be considered untimely, and the Chairman shall declare that the business is not properly brought before the meeting
and such business shall not be transacted at the annual meeting. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2>BY ORDER OF THE BOARD OF DIRECTORS.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
Thomas&nbsp;H. Meeker<BR></FONT> <FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
Rebecca&nbsp;C. Reed<BR></FONT> <FONT SIZE=2><I>Senior Vice President,<BR>
General Counsel and Secretary</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="50%"><FONT SIZE=2><BR>
Louisville, Kentucky<BR>
May&nbsp;1, 2006</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 ALIGN="CENTER"><FONT SIZE=2><BR>
PLEASE SIGN AND RETURN THE ENCLOSED PROXY<BR>
OR VOTE BY TELEPHONE OR OVER THE INTERNET<BR>
IF YOU CANNOT BE PRESENT IN PERSON</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ee1457_1_33"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ee1457_exhibit_a"> </A>
<A NAME="toc_ee1457_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT&nbsp;A    <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ee1457_churchill_downs_incorporated_2__chu02436"> </A>
<A NAME="toc_ee1457_2"> </A></FONT> <FONT SIZE=2><B>CHURCHILL DOWNS INCORPORATED<BR>  2004 RESTRICTED STOCK PLAN, AS AMENDED    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE OF PLAN</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Churchill Downs Incorporated 2004 Restricted Stock Plan (the "Plan") is established by Churchill Downs Incorporated (the "Company") to aid the Company and its subsidiaries in
securing and retaining directors and key employees of outstanding ability and to provide additional motivation to such directors and employees to exert their best efforts on behalf of the Company and
its subsidiaries. The Company expects that it will benefit from the added interest that such directors and employees will have in the welfare of the Company as a result of their ownership or increased
ownership of the Company's Common Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;STOCK SUBJECT TO THE PLAN</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares that may be awarded under the Plan shall be the Common Stock, no par value, of the Company. The maximum number of shares of Common Stock that may be awarded hereunder (subject
to any adjustments as provided below) shall not in the aggregate exceed three hundred fifteen thousand (315,000) shares. Shares that are forfeited as a result of a participant's termination of
employment or service as a director or withheld to satisfy applicable tax requirements shall again become available for award under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be administered by those members, not less than two, of the Compensation Committee of the Board of Directors, each of whom is a "non-employee director" as
defined in Rule&nbsp;16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the "Committee"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have full power and authority, in its sole discretion subject to the provisions of the Plan, and the sole authority, to (i)&nbsp;award shares under the Plan;
(ii)&nbsp;consistent with the Plan, determine the provisions of the shares to be awarded and the restrictions and other terms and conditions applicable to each award of shares under the Plan;
(iii)&nbsp;construe and interpret the Plan and the instruments evidencing the restrictions imposed upon stock awarded under the Plan and the shares awarded under the Plan; (iv)&nbsp;adopt, amend
and rescind rules and regulations for the administration of the Plan; and (v)&nbsp;generally administer the Plan and make all determinations in connection therewith that may be necessary or
advisable in the Committee's sole discretion, and all such actions of the Committee shall be binding upon all participants. Committee decisions and selections shall be made by a majority of its
members present at a meeting at which a quorum is present, and shall be final, binding and conclusive upon all persons. Any decision or selection reduced to writing and signed by all of the members of
the Committee shall be as fully effective as if it had been made at a meeting duly held. The officers of the Company shall cause the Company to perform its obligations under the Plan in accordance
with the determinations of the Committee. The Committee's construction, interpretation and administration of the Plan, including the terms and conditions of shares awarded under the Plan, its
determinations with respect to such awards and its selection of eligible directors and employees to whom such awards are made, need not be uniform and may be made selectively among participants under
the Plan and directors and employees (whether or not such persons are similarly situated). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;ELIGIBILITY</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
and key employees, including officers, of the Company and its subsidiaries who are from time to time responsible for the management, growth and protection of the business of
the Company and its subsidiaries shall be eligible for awards of stock under the Plan. The directors and employees who shall </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ee1457_1_34"> </A>
<BR>

<P><FONT SIZE=2>receive
awards under the Plan shall be selected from time to time by the Committee, in its sole discretion, from among those eligible, and the Committee shall determine, in its sole discretion, the
number of shares to be awarded to each such director and employee selected. Members of the Committee shall not be precluded from receiving awards under the Plan during their service on the Committee.
Directors and employees selected by the Committee to receive awards of stock hereunder are hereinafter referred to as "Eligible Recipients." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;RIGHTS WITH RESPECT TO SHARES</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms, conditions and restrictions contained in the Plan and in the instrument under which an award is made by the Committee, an Eligible Recipient to whom an award of
Common Stock is made hereunder shall have, after delivery to the Company or its designee of a certificate or certificates for such stock to be held in escrow on such Eligible Recipient's behalf, all
rights of ownership with respect to such stock, including, without limitation, the right to vote the same, receive any dividends paid thereon and purchase any securities pursuant to that certain
Rights Agreement dated as of March&nbsp;19, 1998, between the Company and National City Bank (as successor Rights Agent to The Fifth Third Bank), as amended, and as the same may be amended, modified
or supplemented from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT REPRESENTATION</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the shares of Common Stock that have been awarded to an Eligible Recipient pursuant to the terms of the Plan are not registered under the Securities Act of 1933, as amended, pursuant
to an effective registration statement, such Eligible Recipient, if the Committee shall deem it advisable, may be required to represent and agree in writing (i)&nbsp;that any shares of Common Stock
acquired by employee pursuant to the Plan will not be sold except pursuant to an effective registration statement under the Securities Act of 1933, as amended, or pursuant to an exemption from
registration under such Act, and (ii)&nbsp;that such director or employee has acquired such shares of Common Stock for the participant's own account and not with a view to the distribution thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;CASH BONUSES</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Committee so determines in its sole and exclusive discretion, the Company may make a cash payment or payments to an Eligible Recipient in connection with an award of Common Stock
hereunder, the lapse of restrictions imposed thereon or the payment by the Eligible Recipient of any taxes related thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;RESTRICTIONS</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Terms, Conditions and Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In addition to such other terms, conditions and restrictions as may be
imposed by the Committee and contained in the instrument under which awards of Common Stock are made pursuant to the Plan, (i)&nbsp;no Common Stock so awarded shall be restricted for a period (the
"Restriction Period") of less than six months or more than ten years unless otherwise specified by the Committee; and (ii)&nbsp;except as provided in paragraph&nbsp;(e) below, an Eligible
Recipient of the award who is an employee of the Company shall remain in the employ of the Company or its subsidiaries during the Restriction Period or otherwise forfeit all right, title and interest
in and to the shares subject to such restrictions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Transferability Restriction.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;No share awarded under the Plan shall be sold, assigned, transferred, pledged,
hypothecated or otherwise disposed of during the Restriction Period applicable thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Agreements; Stock Legend.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;As a condition to the grant of an award under the Plan, each Eligible Recipient
shall execute and deliver to the Company an agreement in form and substance satisfactory to the Committee reflecting the conditions and restrictions imposed upon the Common Stock awarded. Certificates
for shares of Common Stock delivered pursuant to such awards may, if the Committee so determines, bear a legend referring to the restrictions and the instruments to which such awards are subject. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
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<A NAME="page_ee1457_1_35"> </A>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Conditions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;In the agreement evidencing awards or otherwise, the Committee may impose such other
and additional terms, conditions and restrictions upon the award as it, in its sole discretion, deems appropriate, including, without limitation: (i)&nbsp;that the Company shall have the right to
deduct from payments of any kind due to the Eligible Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to the shares awarded or the payment of related
cash bonuses; and (ii)&nbsp;that the Eligible Recipient enter into a covenant not to compete with the business of the Company and its subsidiaries during the period of the Eligible Recipient's
employment or service as a director, as the case may be, and for a reasonable time thereafter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Lapse of Restrictions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;The restrictions imposed under paragraph&nbsp;(a) above shall terminate with
respect to the shares of Common Stock to which they apply on the earliest to occur of the following, except no restrictions shall lapse less than six months from the date of award in the event of (i),
(ii), (iii) and (iv) below, unless otherwise specified by the Committee: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
expiration of the Restriction Period;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>The
retirement of an Eligible Recipient who is an employee at or after age&nbsp;60;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>The
Eligible Recipient's total and permanent disability;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>The
Eligible Recipient's death;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD><FONT SIZE=2>A
Change in Control (as defined below) of the Company; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(vi)</FONT></DT><DD><FONT SIZE=2>The
acceleration of the termination of such restrictions on such terms and conditions as the Committee may establish in its sole discretion. </FONT></DD></DL>
</UL>
</UL>

<P><FONT SIZE=2>Certificates
for shares of Common Stock with respect to which restrictions have lapsed as provided above shall, upon lapse thereof, be released from escrow and delivered to the Eligible Recipient, or,
in the event of the Eligible Recipient's death, to the Eligible Recipients' personal representative. Any stock legend referring to the restrictions imposed hereunder shall thereupon be removed. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Change in Control.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;For purposes of the Plan, a "Change of Control" shall mean the first to occur of the
following events: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>the
acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (a "Person") of beneficial ownership (within the meaning of Rule&nbsp;13d-3 promulgated under the Exchange Act) of 20% or more of either the then-outstanding
voting securities of the Company (the "Outstanding Company Common Stock") or the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally
in the election of directors (the "Outstanding Company Voting Securities");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>individuals
who, as of the date of adoption of the Plan, constitute the Board of Directors of the Company (the "Incumbent Board") cease for any reason to constitute at
least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the date of adoption of the Plan whose election, or nomination for election by the
Company's shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of
assets of another entity (a "Corporate Transaction"), in each case, unless, immediately following such Corporate </FONT></DD></DL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
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<A NAME="page_ee1457_1_36"> </A>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>Transaction,
(i)&nbsp;all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60% of, respectively, the then-outstanding shares of Common Stock and the
combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the Company resulting from such Corporate
Transaction (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting
Securities, as the case may be, (ii)&nbsp;no Person (excluding any employee benefit plan (or related trust) of the Company or such entity resulting from such Corporate Transaction) beneficially
owns, directly or indirectly, 20% or more of, respectively, the then Outstanding Company Common Stock resulting from such Corporate Transaction or the Outstanding Company Voting Securities resulting
from such Corporate Transaction, except to the extent that such ownership existed prior to the Corporate Transaction, and (iii)&nbsp;at least a majority of the members of the Board of Directors of
the Company resulting from the Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial plan or action of the Board of Directors providing for such
Corporate Transaction; or </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company. </FONT></DD></DL>
</UL>
</UL>

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


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, if the Company enters into an agreement or series of agreements or the Board of Directors of the Company adopts a resolution that results in the occurrence of any of the
foregoing events, and the employment of an Eligible Recipient who is an employee or the service of an Eligible Recipient who is a director is terminated after the entering into of such agreement or
series of agreements or the adoption of such resolution, then, upon the termination of such Eligible Recipient's employment or service as a director, as the case may be, a Change of Control shall be
deemed to have retroactively occurred on the date of entering into of the earliest of such agreements or the adoption of such resolution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;CHANGES IN CAPITAL</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the outstanding Common Stock of the Company subject to the Plan shall at any time be changed or exchanged by declaration of a stock dividend, stock split, combination of shares,
recapitalization, merger, consolidation or other corporate reorganization, an appropriate adjustment shall be made in the number and kind of shares that have been awarded pursuant to the Plan and are
subject to restrictions imposed by the Plan and that may thereafter be awarded hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Right to Receive Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Nothing in the Plan shall be construed to give any director or employee of the
Company or a subsidiary of the Company any right to receive an award under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Additional Shares Received with Respect to Restricted Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Any shares of Common Stock or other securities
of the Company received by an Eligible Recipient as a stock dividend on, or as a result of stock splits, combinations, exchanges of shares, reorganizations, mergers, consolidations or otherwise with
respect to, shares of Common Stock received pursuant to an award hereunder shall have the same status, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ee1457_1_37"> </A>
<BR>

<P><FONT SIZE=2>be
subject to the same restrictions and bear the same legend, if any, as the shares received pursuant to the original award. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Effect on Employment Rights, Etc.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Nothing in the Plan or in the instruments evidencing the grant of an
award hereunder shall in any manner be construed to limit in any way the right of the Company or a subsidiary of the Company to terminate any person's employment or the right of the shareholders to
remove any director at any time, or give any right to any person to be or remain employed by, or to serve as a director of, the Company or a subsidiary of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;EFFECTIVE DATE OF PLAN</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall become effective when approved by the Board of Directors of the Company, subject to approval by the shareholders of the Company at its 2004 annual shareholders' meeting or
a special meeting duly called and held. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan may be amended at any time or from time to time by the Committee; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, however, that no such amendment shall, without the
further approval of the Board of Directors: </FONT></P>

<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i.)</FONT></DT><DD><FONT SIZE=2>Except
as provided in paragraph&nbsp;9 of the Plan, increase the maximum number of shares reserved for purposes of the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii.)</FONT></DT><DD><FONT SIZE=2>Extend
the duration of the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii.)</FONT></DT><DD><FONT SIZE=2>Materially
increase the benefits accruing to participants under the Plan; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv.)</FONT></DT><DD><FONT SIZE=2>Modify
the eligibility requirements of paragraph&nbsp;4 of the Plan. </FONT></DD></DL>
</UL>
</UL>

<P><FONT SIZE=2>Neither
shall any amendment or alteration impair the rights of any participant during the Restriction Period without such participant's consent. Amendments to the Plan may be subject to approval by
the shareholders of the Company pursuant to applicable federal or state securities laws or rules adopted by NASDAQ or any other stock exchange on which shares of the Company's Common Stock may be
listed from time to time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;DURATION, SUSPENSION AND TERMINATION</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall terminate and no further stock shall be awarded hereunder after January&nbsp;1, 2014. In addition, the Committee may suspend or terminate the Plan at any time prior
thereto. The suspension or termination of the Plan shall not, however, affect any restriction previously imposed or restricted stock awarded pursuant to the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;COMPLIANCE WITH SECTION&nbsp;16(B)</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is intended to comply with all applicable conditions of Rule&nbsp;16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended.
All transactions involving the Company's executive officers are subject to such conditions, regardless of whether the conditions are expressly set forth in the Plan. Any provision of the Plan that is
contrary to a condition of Rule&nbsp;16b-3 shall not apply to executive officers of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;SEVERABILITY</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
invalidity or unenforceability of any provision of the Plan or any stock awarded hereunder shall not affect the validity and enforceability of the remaining provisions of the Plan
and any stock awarded hereunder. The invalid or unenforceable provision shall be stricken to the extent necessary to preserve the validity and enforceability of the Plan and the stock awarded
hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;GOVERNING LAW</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

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

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1><B>CHURCHILL DOWNS INCORPORATED<BR>
ATTN: INVESTOR RELATIONS<BR>
700 CENTRAL AVENUE<BR>
LOUISVILLE, KY 40208</B></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=1><B>VOTE BY INTERNET&#151;www.proxyvote.com</B></FONT><FONT SIZE=1><BR>
Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59&nbsp;P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and
follow the instructions to obtain your records and to create an electronic voting instruction form.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=1><B>ELECTRONIC DELIVERY OF FUTURE SHAREHOLDER COMMUNICATIONS</B></FONT><FONT SIZE=1><BR>
If you would like to reduce the costs incurred by Churchill Downs Incorporated in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up
for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access shareholder communications electronically in future years.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=1><B>VOTE BY PHONE&#151;1-800-690-6903</B></FONT><FONT SIZE=1><BR>
Use any touch-tone telephone to transmit your voting instructions until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and follow the instructions.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><BR><FONT SIZE=1><B>VOTE BY MAIL</B></FONT><FONT SIZE=1><BR>
Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Churchill Downs Incorporated, c/o ADP, 51 Mercedes Way, Edgewood, NY 11717.</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="65%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="65%"><FONT SIZE=1><BR>
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHRC1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="33%" ALIGN="RIGHT"><FONT SIZE=1><BR>
KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="RIGHT"><FONT SIZE=1>DETACH AND RETURN THIS PORTION ONLY</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=1><B>CHURCHILL DOWNS INCORPORATED  </B></FONT></P>

<P><FONT SIZE=1><B>The Board of Directors unanimously recommends a vote FOR the following proposals:  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1>1.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=1>To elect four (4) Class&nbsp;I Directors for a term of three (3)&nbsp;years (Proposal No.&nbsp;1):</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=1><B>For<BR>
All</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>Withhold<BR>
All</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><B>For&nbsp;All<BR>
Except</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=1>To withhold authority to vote for any individual nominee, mark "For All Except" and write that nominee's number on the space provided below.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=1><BR>
Class&nbsp;I Directors:<BR>
(01)&nbsp;Leonard&nbsp;S.&nbsp;Coleman,&nbsp;Jr.;<BR>
(02)&nbsp;Craig&nbsp;J.&nbsp;Duchossois;<BR>
(03)&nbsp;G.&nbsp;Watts&nbsp;Humphrey,&nbsp;Jr.;&nbsp;and<BR>
(04)&nbsp;Thomas&nbsp;H.&nbsp;Meeker;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="39%"><FONT SIZE=1><BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="78%"><BR><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
For</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Against</B></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B><BR>
Abstain</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=1><BR>
II.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="78%"><FONT SIZE=1><BR>
To approve an amendment to the Churchill Downs Incorporated 2004 Restricted Stock Plan to add 120,000&nbsp;shares of Common Stock by increasing the number of shares of Common Stock, no par value, reserved for issuance thereunder from 195,000 to
315,000 (Proposal No.&nbsp;2);</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=1><BR>
III.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="78%"><FONT SIZE=1><BR>
To approve the material terms of the performance goals established by the Compensation Committee of the Board of Directors for the payment of compensation to Thomas&nbsp;H. Meeker and William&nbsp;C. Carstanjen under the Churchill Downs Incorporated
Amended and Restated Incentive Compensation Plan (1997) (Proposal No.&nbsp;3);</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=1><BR>
IV.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="78%"><FONT SIZE=1><BR>
To approve or disapprove the minutes of the 2005 Annual Meeting of Shareholders, approval of which does not amount to ratification of action taken at such meeting (Proposal No.&nbsp;4).</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="1%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><BR><FONT SIZE=1><B>UNLESS CONTRARY DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR PROPOSAL NO.&nbsp;2, FOR PROPOSAL NO.&nbsp;3, FOR PROPOSAL NO.&nbsp;4, AND FOR THE ELECTION OF ALL CLASS&nbsp;I DIRECTORS DESIGNATED UNDER
PROPOSAL&nbsp;NO.&nbsp;1.</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=1>Please sign, date and return this Proxy promptly in the enclosed envelope.</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=3 VALIGN="TOP"><FONT SIZE=1><BR>
(Please sign this Proxy exactly as name(s) appear(s). Joint owners should each sign. When signing as attorney, executor, administrator, trustee, guardian or other fiduciary, please give full title.)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=1><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="43%"><FONT SIZE=1><BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=1> Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=1> Date</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%"><FONT SIZE=1><BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=1> Signature (Joint Owners)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=1><BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=1> Date</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;<BR></FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;<BR></FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;<BR></FONT></P>


<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;<BR></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;<BR>
V&nbsp;&nbsp;&nbsp;&nbsp;DETACH CARD HERE&nbsp;&nbsp;&nbsp;&nbsp;V </FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=1>PROXY </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>CHURCHILL
DOWNS INCORPORATED </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>700
Central Avenue<BR>
Louisville, Kentucky 40208 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1>ANNUAL
MEETING OF SHAREHOLDERS&#151;JUNE 15, 2006 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=1><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.  </B></FONT></P>

<P><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Susan E. Packard and Robert&nbsp;L. Fealy, and any of them, as Proxies with full power to appoint a substitute and hereby
authorizes them to represent and to vote, as designated on the reverse side, all shares of the undersigned at the Annual Meeting of Shareholders to be held on Thursday, June&nbsp;15, 2006, or any
adjournment thereof, hereby revoking any Proxy heretofore given. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>
<P><br><A NAME="06CHI1457_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dc1457_1">Annual Meeting of Shareholders To Be Held on June 15, 2006</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_de1457_1">Executive Officers of the Company</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg1457_1">Election of Directors (Proposal No. 1)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di1457_1">Corporate Governance</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1457_2">Executive Committee</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1457_3">Audit Committee</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1457_4">Compensation Committee</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1457_5">Nominating and Governance Committee</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_di1457_6">Strategic Planning Committee</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk1457_1">Proposed Amendment of the Churchill Downs Incorporated 2004 Restricted Stock Plan to Add 120,000 Shares of Common Stock by Increasing the Number of Shares of Common Stock Available for Issuance Under the Plan from
195,000 to 315,000 (Proposal No. 2)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm1457_1">Proposal to Approve the Performance Goals for the Payment of Compensation to the Chief Executive Officer and the Executive Vice President, General Counsel and Chief Development Officer Under the Incentive
Compensation Plan (Proposal No. 3)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do1457_1">Equity Compensation Plan Information(1)</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq1457_1">Compensation Committee Report on Executive Compensation</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ds1457_1">Stock Performance Graph</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dw1457_1">Executive Compensation</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dy1457_1">Compensation Committee Interlocks and Insider Participation</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dy1457_2">Certain Relationships and Related Transactions</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dy1457_3">Independent Public Accountants</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ea1457_1">Churchill Downs Incorporated Audit Committee Report</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ea1457_2">Approval of Minutes of 2005 Shareholders' Meeting and Other Matters (Proposal No. 4)</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ea1457_3">Section 16(a) Beneficial Ownership Reporting Compliance</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ec1457_1">Multiple Shareholders Sharing the Same Address</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ec1457_2">Proposals by Shareholders</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ee1457_1">EXHIBIT A</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ee1457_2">CHURCHILL DOWNS INCORPORATED 2004 RESTRICTED STOCK PLAN, AS AMENDED</A></FONT><BR>

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