-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BHapaNFl3EqkAsoLv5zYbQEQYt0mLgBldxn1Z/WBp+5sbD9UqtEdvT8jy00g0/Ze
 toGLE4cULx8nYLW9S1rU8g==

<SEC-DOCUMENT>0001193125-08-089695.txt : 20080425
<SEC-HEADER>0001193125-08-089695.hdr.sgml : 20080425
<ACCEPTANCE-DATETIME>20080424192323
ACCESSION NUMBER:		0001193125-08-089695
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080421
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20080425
DATE AS OF CHANGE:		20080424

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33998
		FILM NUMBER:		08775659

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

	MAIL ADDRESS:	
		STREET 1:		700 CENTRAL AVENUE
		STREET 2:		700 CENTRAL AVENUE
		CITY:			LOUIVILLE
		STATE:			KY
		ZIP:			40208
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P
STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM&nbsp;8-K </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>PURSUANT TO
SECTION 13 OR 15(d) OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>April&nbsp;21, 2008 </B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Date of Report: (Date of earliest event reported) </B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>CHURCHILL DOWNS INCORPORATED </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact
Name of Registrant as Specified in Its Charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Kentucky</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>0-1469</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>61-0156015</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or Other Jurisdiction of Incorporation)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(IRS. Employer Identification Number)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>700 Central Avenue, Louisville, Kentucky 40208 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(502) 636-4400 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address, including
zip code, and telephone number, including area code, of registrant&#146;s principal executive offices) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Not Applicable
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Former Name or Former Address, if Changed Since Last Report) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;8.01. <U>Other Events</U> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">On April&nbsp;24, 2008, Churchill Downs Incorporated (the &#147;Company&#148;) filed a lawsuit (the &#147;THG Lawsuit&#148;) in the United States District Court for the Western District of Kentucky against the
Thoroughbred Horsemen&#146;s Group LLC (the &#147;THG&#148;) and the Florida Horsemen&#146;s Benevolent and Protective Association, Inc. (the &#147;Florida HBPA&#148;) alleging that the THG, the Florida HBPA and various other state Horsemen
associations (collectively with the Florida HBPA, the &#147;Horsemen&#146;s Groups&#148;) and certain individuals, violated Federal antitrust laws in connection with the interstate distribution of simulcast signals containing race content to
off-track betting systems, including advance deposit wagering (&#147;ADW&#148;) companies (collectively &#147;OTB Systems&#148;). A copy of a press release issued by the Company relating to the THG Lawsuit is attached hereto. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company generates a significant amount of its revenues from sending signals of races from its racetracks to OTB Systems in other states
(&#147;export&#148;) and receiving signals from racetracks in other states (&#147;import&#148;). Revenues are earned from pari-mutuel wagering and fees on both import and export signals. Under the Interstate Horseracing Act of 1978 (the
&#147;IHA&#148;), racetrack operators are permitted to contract with OTB Systems for the export of races and the right to accept wagers on such races by the OTB Systems, subject to compliance with the IHA. Compliance with the IHA requires, among
other things, (i)&nbsp;approval of the state racing commissions in the state from which the signal is exported and the state in which the wagers are taken and (ii)&nbsp;a written agreement with the Horsemen&#146;s Group which represents the majority
of the owners and trainers racing at the racetrack for those races proposed to be exported. Contractual arrangements between racetrack operators and OTB Systems provide for OTB Systems to pay a &#147;host fee&#148; to the racetrack operator on its
races, which is usually structured as a percentage of the wagers received by the OTB System on those races. These arrangements also commonly require ADW companies to pay a &#147;source market fee&#148; with respect to certain wagers placed by
customers who are located near the racetrack (e.g., within 25 miles). The racetrack operator then pays a portion of the host and source market fees received to horsemen as purses on the races run at the relevant racetracks pursuant to agreements
negotiated between the racetrack operator and the local Horsemen&#146;s Group. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">THG is an alliance of approximately seventeen
Horsemen&#146;s Groups covering over 45 racetracks, including the Company&#146;s Churchill Downs and Calder Race Course (&#147;Calder&#148;) racetracks. Certain Horsemen&#146;s Groups have appointed the THG as their agent for the purpose of
negotiating agreements with the Company relating to revenue sharing on ADW in an amount equal to one-third of the gross wagering takeout by the ADW, a level that is significantly in excess of current sharing. Pending the resolution of this demand,
certain of the Horsemen&#146;s Groups, including the Florida HBPA and Horsemen&#146;s Groups in Kentucky, Ohio and Delaware, have indicated that they are withholding, or intend to withhold, their consent under the IHA to import or export (as
applicable) racing signals to or from Calder and the export of racing signals from Churchill Downs to certain OTB Systems. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-Height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Currently, no purse sharing agreement is in place between Calder and the Florida HBPA, and the
Florida HBPA has refused to negotiate toward the execution of such an agreement. As a result, beginning with the commencement of the Calder racing season on April&nbsp;21</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>st</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2">, no export of racing signals has been made from the Calder racetrack to OTB Systems outside Florida, except to an OTB System located in New York. In addition, negotiations have taken place with the two
Horsemen&#146;s Groups in Kentucky concerning the export of racing signals from Churchill Downs to certain OTB Systems. While the Kentucky Horsemen&#146;s Groups have consented to the export of racing signals of the Kentucky Oaks, Kentucky Derby and
Woodford Reserve Race Classic races and the export of the other races from Churchill Downs to certain OTB Systems, they thus far have not consented to the export of racing signals for other races from Churchill Downs to ADW Companies or
Calder&#146;s OTB System. The racing season at Churchill Downs commences on April&nbsp;26, 2008. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The THG Lawsuit alleges, among other things, that the THG, various Horsemen&#146;s Groups and certain
individual co-conspirators have violated Section&nbsp;1 of the Sherman Act by contracting and conspiring to raise the amount of revenues they receive from ADW and by engaging in a group boycott involving the withholding of consents to export and
import racing signals by certain racetrack operators, including the Company. The THG Lawsuit requests an order dissolving the THG, an injunction preventing further violations of the Sherman Act and monetary damages. There can be no assurance,
however, that the THG Lawsuit will be successful in terminating the activities by the THG and the Horsemen&#146;s Groups or that it will result in money damages sufficient to compensate the Company for losses it suffers. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As a result of the actions of the THG and the Horsemen&#146;s Groups, the Company&#146;s business, financial condition and results of operations may be
materially and adversely impacted. The Company currently is not receiving revenues derived from (i)&nbsp;the export of racing signals from Calder to OTB Systems outside the State of Florida (other than an OTB System in New York) or (ii)&nbsp;the
import of racing signals to Calder&#146;s OTB System from the Beulah Park, River Downs and Delaware Park racetracks in Ohio and Delaware. Further, unless the two Kentucky Horsemen&#146;s Groups grant their consent prior to the commencement of racing
at Churchill Downs on April&nbsp;26th, on and after such date the Company will not receive revenues (other than with respect to the Kentucky Oaks, Kentucky Derby and Woodford Reserve Race Classic races) derived from the export of racing signals from
Churchill Downs to the Company&#146;s ADW platform, TwinSpires, and to certain other OTB Systems, including the Company&#146;s OTB System located at Calder. Additionally, the Company anticipates reduced revenues will be generated through TwinSpires
as a result of the inability to accept wagers on races run at Churchill Downs and Calder racetracks and other racetracks where a Horsemen&#146;s Group has withheld consent. During the pendency of the dispute with the Horsemen&#146;s Groups, the
Company may experience generalized decreases in live attendance at its racetracks and reduced traffic on TwinSpires due to the more limited racing content and wagering opportunities available to customers. Moreover, on April&nbsp;22, 2008 the
Company announced that it was reducing purses at the Calder racetrack by 30%, effective April&nbsp;27, 2008. Such reduction, together with similar purse reductions that may be required at Calder and/or Churchill Downs if the dispute continues, may
negatively impact the Company&#146;s ability to continue to attract high quality thoroughbreds to its racetracks. Although the Horsemen&#146;s Group in Illinois has not joined the THG or threatened to withhold its consent or otherwise sought to
re-negotiate contractual terms with the Company with respect to the Company&#146;s racetrack at Arlington Park, there can be no assurance that it will not do so. At this time, the Company cannot predict the outcome of the THG Lawsuit or of the
timing or manner in which the dispute with the Horsemen&#146;s Groups may be resolved. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Information set forth in this Current Report on
Form 8-K contains various &#147;forward-looking statements&#148; within the meaning of Section&nbsp;21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the &#147;Act&#148;) provides certain &#147;safe
harbor&#148; provisions for forward-looking statements. All forward-looking statements made in this Report are made pursuant to the Act. The reader is cautioned that such forward-looking statements are based on information available at the time
and/or management&#146;s good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking
statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.
Forward-looking statements are typically identified by the use of terms such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148;
&#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148; &#147;will,&#148; and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ </FONT>
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">materially from expectations include: the effect of global economic conditions; the effect (including possible increases in the cost of doing business)
resulting from the economic environment; the effect of any change in our accounting policies or practices; the financial performance of our racing operations; the impact of gaming competition (including lotteries and riverboat, cruise ship and
land-based casinos) and other sports and entertainment options in those markets in which we operate; the impact of live racing day competition with other Florida and Louisiana racetracks within those respective markets; a substantial change in law
or regulations affecting pari-mutuel and gaming activities; a substantial change in allocation of live racing days; our continued ability to effectively compete for the country&#146;s top horses and trainers necessary to field high-quality horse
racing; our continued ability to grow our share of the interstate simulcast market; the impact of wagering laws, including changes in laws or enforcement of those laws by regulatory agencies; the outcome of pending or threatened litigation,
including the outcome of any counter-suits or claims arising in connection with the THG Litigation; changes in our relationships with Horsemen&#146;s Groups and their memberships; and the volatility of our stock price. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>CHURCHILL DOWNS INCORPORATED</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Date: April&nbsp;24, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Robert L. Evans</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Robert L. Evans</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">President &amp; Chief Executive Officer</FONT></P></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>EXHIBIT INDEX </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:39pt"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">Exhibit&nbsp;99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Press Release issued by Churchill Downs dated April&nbsp;24, 2008</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">EXHIBIT 99.1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px">

<IMG SRC="g41417image002.jpg" ALT="LOGO"> </P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">FOR IMMEDIATE RELEASE</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Contact: Julie Koenig Loignon</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(502) 646-4502</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><U>Julie.Koenig@kyderby.com</U></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CHURCHILL DOWNS INCORPORATED FILES SUIT AGAINST THG AND FLHBPA </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>LOUISVILLE, Ky. (April 24, 2008)</B> &#150; Churchill Downs Incorporated, Calder Race Course and Churchill Downs Technology Initiatives Company today filed suit
against the Thoroughbred Horsemen&#146;s Group (&#147;THG&#148;), the Florida Horsemen&#146;s Benevolent and Protective Association (&#147;FLHBPA&#148;) and the officers of each organization in the United States District Court for the Western
District of Kentucky. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The suit alleges violations under the Sherman Antitrust Act and is a result of the FLHBPA&#146;s refusal, acting in
concert with the THG, to approve the distribution of Calder races to out-of-state off-track betting sites, including advance-deposit wagering (&#147;ADW&#148;) companies. The suit requests that THG, an alliance of horsemen&#146;s groups from around
the country, be dissolved and the defendants be prevented from boycotting racetracks and ADW operators that do not comply with their demands, which include uniform terms for the pricing of racing signals. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Compared to last year, the ADW host fees negotiated for Calder&#146;s simulcast signal have nearly doubled, as have the percentages of those host fees
payable to Florida horsemen. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;Florida horsemen are preventing horse racing enthusiasts from wagering on Calder races, which is
unfortunate for the racetrack, horsemen, and most important, our customers,&#148; said Steve Sexton, executive vice president of Churchill Downs Incorporated, Calder&#146;s parent company. &#147;Despite what we have accomplished for them, by nearly
doubling the host fee rate paid to Florida Horsemen, the FLHBPA and the THG, are simply seeking even more money to the detriment of all other parties. We are filing suit to ensure those interests are protected.&#148; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Calder opened for racing on Monday, April&nbsp;21, and resumes live racing on Friday, April&nbsp;25. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Churchill Downs Incorporated (&#147;Churchill Downs&#148;), headquartered in Louisville, Ky., owns and operates world-renowned horse racing venues
throughout the United States. Churchill Downs&#146; four racetracks in Florida, Illinois, Kentucky and Louisiana host many of North America&#146;s most prestigious races, including the Kentucky Derby and Kentucky Oaks, Arlington Million, Princess
Rooney Handicap and Louisiana Derby. Churchill Downs racetracks have hosted seven Breeders&#146; Cup World Championships. Churchill Downs also owns off-track betting facilities and has interests in various advance-deposit wagering, television
production, telecommunications and racing services companies, including a 50-percent interest in the national cable and satellite network HorseRacing TV&#153;, that support the Company&#146;s network of simulcasting and racing operations. Churchill
Downs trades on the NASDAQ Global Select Market under the symbol CHDN and can be found on the Internet at <U>www.churchilldownsincorporated.com</U>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Churchill Downs Incorporated Files Suit Against Files Suit Against THG and FLHBPA </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Page 2 of 2 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">April&nbsp;24, 2008 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Information set forth in this news release contains various &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the
Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the &#147;Act&#148;) provides certain &#147;safe harbor&#148; provisions for forward-looking statements. All
forward-looking statements made in this news release are made pursuant to the Act. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management&#146;s good faith belief with respect to
future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We
assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms
such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;might,&#148; &#147;plan,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;should,&#148;
&#147;will,&#148; and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such
expectations will prove to be correct. Important factors that could cause actual results to differ materially from expectations include: the effect of global economic conditions; the effect (including possible increases in the cost of doing
business) resulting from the economic environment; the effect of any change in our accounting policies or practices; the financial performance of our racing operations; the impact of gaming competition (including lotteries and riverboat, cruise ship
and land-based casinos) and other sports and entertainment options in those markets in which we operate; the impact of live racing day competition with other Florida and Louisiana racetracks within those respective markets; a substantial change in
law or regulations affecting pari-mutuel and gaming activities; a substantial change in allocation of live racing days; our continued ability to effectively compete for the country&#146;s top horses and trainers necessary to field high-quality horse
racing; our continued ability to grow our share of the interstate simulcast market; the impact of wagering laws, including changes in laws or enforcement of those laws by regulatory agencies; the outcome of pending or threatened litigation,
including the outcome of any counter-suits or claims arising in connection with the THG litigation; changes in our relationships with horsemen&#146;s groups and their memberships; and the volatility of our stock price. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">- END - </FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g41417image002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g41417image002.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!(`1`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^D8A5+'H
M!DTM4-;N/LNBW<N<$1D#ZGC^M3.2A%R?0:5W8ETV8W&G03'K(N[\ZM50T48T
M2R_ZXK_*K]32=Z<6^R"6["BBJ\,_FW5S&#Q$57\2,_UJVTK(18HHHI@%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!7,^-KGRM+BMP>9I.?H.?YXKIJ\^\97?GZP(5.5@0+^)Y/\`2N#,JG)A
MWYZ&M&-YH[/1O^0+9?\`7%?Y5>JCHW_(%LO^N*_RJ]771_AQ]$9RW85B>'KC
M[5+JDP.0UT<?0``?RK2U&X%IIUQ<$XV1DCZXXK!\$<Z7<$]3,<_D*PJS_P!H
MA#U9<5[C9T]%%%=9F%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`$5S.EK;23R'"1J6/X5Y/<SO=7,L\GWY&+'
M\:ZGQ;K8E7^SH`X7=F5RI`;'8>HKD:^;S3$JI44([+\SMH0Y5=]3U31O^0+9
M?]<5_E5ZLC2-1LH](M$>\MU98E!!D`(.*T8;NWN"?(GCEQUV,#_*O>HSBX12
M?1')).[,+QG=^3I"P`_-.X'X#D_TJ/P1_P`@J?\`Z['^0K#\77PNM9,2G*6Z
M[/\`@74_Y]JW/!'_`""I_P#KL?Y"O+IU?:9@[;)-&[CRT3IZ***]HY@JAJFM
M:;HD"S:E>16R.VU-YY=O10.6/L!5^O+_`(;3_P#"7>)_$?BR_'FRP7C6%@C\
MBWA7D[1V+9&30!V-KXTT*[U:#2ENI8KZX!,,-Q;2Q&4`9.W<H!XK?JE?Z;#>
MO;7#1JUS9R&:V9C@*Y4KS[88YKE_"/B[6/$>L:W87&G65J-(G-M(Z7#/YDG.
M"!M&%X[\T`=K17"^'?%^OZ]KFO:5_9NFP2:.XA>0W+L)7()7'R<+QSWJQX#\
M6ZGXST:YU*73[2SC25[>-%G:0M(O4GY1A?UH`[*BN!;QMKL/A37M;GTBQ4Z1
M<2PM"+I_W@BR&8'9QGC`^N:KR_$;4M+TGP_K6KZ3:_V7K+Q1A[6X9I+=I!E=
MRLH##&<X/:@#T:BN8UCQ:]OXB@\-Z/9"_P!8DB\^17D\N*VBSC?(V">3T`!)
M]J=%>>+H]2:TN=/TQXGMGDANH99`BR*5&QP1D9!)!'H>*`.EHKB_`_BW5_&6
M@W>I_P!GV5ILE>"&,SL^Z1>I8[1A?IDU'X,\7ZWXOTG4;U--L+5K:=[6-&N'
M??(F,DG:,+SQU-`'<45P?A3QIK7BGPG?ZW'IEA;M;N\<4+W#MN9/O;B%X'IU
MK2\`>*+WQCX;CUNYLH+.&=B(8HY3(V%)!+$@=QVH`ZJBN)UKQ?K&F^/=,\-0
M:=8RKJ2/)#</<,I14&6W*%//'&#7;4`8VM^*]#\.-&-7OUM/,^X71L,?0$#&
M>.G6JDOCWPS;;#<ZD;9'("R7%O+$F3_M,H`_.N6^-_\`R*VD?]AFW_\`9J]'
MO+.VU"SFM+N%)[>92DD<@RK*>H(H`DCD2:)9(G5XW`964Y#`]P:=7D?PIU/_
M`(1]_&/AV_NC_9_A^Z9X9)3GRX3N./H-N?Q-=38^(_$OB#1QK.AZ38K92@O:
MQ7T[+-<(.C?*I";NV<^^*`.SHKS2]^*DS>!9_$^E:0LQL)C!J5C<3%);=\@<
M$*00"?;BMGQ#X_MO"_AG1]6U!(Y#J,T*8A<[51^6<$C)"KS^5`'945S>N:YJ
MEGKND:9I=I:7/]H+(Q>:9E\I4`)<X!R.5'U(K#T?XD2/XZN/"7B'3X=.O00+
M6:*<R17#8!V@E1@X(('X=<9`/0**Y6;7];A\<)H9TZR-DULUX;OSVW")6"E=
MFW[V2.^*R-$\<ZYXETM->TG1[2;23>"W\CSV-UY>\*TF`-H(SNV^G>@#N+ZP
MMM1MV@N8PZGH>ZGU![5YIJ^F2Z3?-;R'<OWD?^\M>J50U'2;?4Y;5YP"('W8
M_O#'3Z9Q^5<&.P2Q$;Q^(VI5>1Z['*^'_"HND6\U!2(3RD70M[GVKI-5U"VT
M+328UC1\;88E`&3]/2M7I56\TZTU",I<P))D8W$<CZ&JAA%0I.-'XN[$ZG-*
M\MCRAW:1V=R2S$DD]S7=>"/^05/_`-=C_(5S6NZ))H]T`"7MY/\`5N?Y'WJ'
M2=/O=2N/(M'=%'+N&(5?KBO"PSJ8?$V<;RVL=4[3AOH>I45F:=HEMIZ#YI)I
M>\DKD_D.@K3KZ>#DU>2L_O.%VZ!7CWA"YC^&GCG6_#NMN+73-5N3=Z9>R_+$
MQ/5"QX#8P.?3W%>PU!>6-IJ%N;>]M8;F%NL<T8=3^!XJQ%<ZYI0NH;4:C:M/
M-GRXEE#,V!DG`[8[UY?X!L;36/&/CMEU2ZB(U4E19WAC##GDA3S]:]/LM"TC
M38Y$L=+LK9)%VNL-NJ!AZ'`Y%.M]%TJT??;:990OM*;HH%4[3U'`Z4`><_"X
MVT7CKQ[;PW?GXO8MK23>8[@!@23U//>E^#^HV>D^'M8TC4;J&TOK#4YS<13N
M$*J2"&Y[=>:]%MM%TJRF6:UTRS@E4$*\4"JP!Z@$"FW>@Z/?W:W=YI5C<7*_
M=EFMT=Q^)&:`//\`6&7_`(4[XMOV(CBU%KRY@W_+N1V.P\_W@`1]:Y5)1HVF
M>`->UFZ;5O#$<$4<D;A2MA<%1LD(4?,!R/FSC![FO<KJQM+Z$0W=K!<1`A@D
MT8<`^N#4<>D:9#:RVL6G6B6\IS)$L"A'/N,8-`'F$&H6_AGXVWNIZC<1KI/B
M&RC6RORP\G>H7Y-_09P?S%>GC5=.:8PB_M3*(S(4$JY"#JV,].1S0^DZ=)IX
ML'T^U:R'`MS"IC_[YQBHK?0-&M+>6WMM)L88)1B2..W15<>A`'-`'EOP>TNS
MU'P;=W!U:^A*:A/N2VOFC11D$$@'`SZUH_!*YM4\)ZP!=1LL>K7#,S2@D+\N
M&)]_6O1(M%TJ".6.'3+*-)EV2*D"@.OH0!R/K34T+1XDE2/2K%$E79(JVZ`.
MOH>.10!YM\([NV_X57JS_:(@JW5VS$N,*"."?2I?A%XATC2OA#937NI6L*VP
MF:56E4,N'8XQG.<=N^:]%30](CBEB32[%8Y@%D1;=`'`Z`C'-1'PSH+$$Z)I
MI(Z$VD?^%`'GGB35;%OC/X(NI+F*&-K*=SYSA"F]#M#9Z$UZ+::_IM_JTVF6
MEU'<7$$*S2^4P94#$@`D="<'CTI\^A:1=3--<:58S2N`&>2W1BP'3)(J2RTO
M3]-W_8;&UM=^-_D0JF['3.!S0!YO\=;JWM_"ND^;-&A&K0/M+#.T!B3CT%=U
M?^+-"TZP-Y-JEL\97*+#()'E]`BKDL3Z"KMUI&F7TPFO-.M+B4+M#S0J[`>F
M2.E-M-%TJPD\RSTRSMY.FZ&!4/Y@4`>7V'@?6+[P'XSO;F`V^L^)6>=+5C\T
M2`DQQM_M')!^M=/\./$6FS_#W3UFN8K:;3;=;:]AF<(UN\8VG>#TZ9Y]:[>L
MZZ\/Z-?77VJ[TFQGN/\`GK+;HS?F1F@#S;P!X=.NZ-XWNYX6BT[Q'>3&T#J1
MNB.X"3'H2V1]*I^`-$N?&G@NZL-<A,::?9R:)#NYPX;+R#W&V)?^`&O90`H`
M```X`%-BAB@5EAB2,,Q<A%`RQ.2>.Y-`'FOPHEU'58I+O5X62ZT:'^Q06.=S
M(Q,C?CB,?\!IMWH.D^/Y_%NDO=1I>6FHI+:W$3@O;R>3'AACG&001[>HKTR.
M&*'?Y4:)O8NVU0-S'J3[U6MM(TVSG,]KIUI!,009(H55L'KR!0!YEX.\0ZQ+
MXQET[Q+9NNM:+I4R3R)TND\R,I(OKD`_CZ=!F^(7T[PW8V'CWP#=B.34KF)9
MM+C<-%>[^J^7SMD!].G->SFW@-S]H,,?G[/+\W:-VW.=N>N,]JI6_A_1;2\^
MV6VDV,-SS^^CMT5^>O(&:`-&BBB@`HHHH`H:SIXU/3)K;`WD9C)[,.E5/L3Z
M/I4=O8@[NKN!RS<=?U_*BBN>K2C=U.MK7+C)[=#5MF=[=6DSN/J,'VXJ6BBM
MX[(AA7/7MVR>/=(M!=LB2V5R[0>;@.RM%M)7O@%_U]***8">+&O%73?[-OUM
MK\W/[F.23;'<D(S&)AW#8QGJ#@U/X5NS?Z0URRW2,]Q+F*Z)+Q$,04.>F,8]
M.***`*.G7B7FO:A!J-_);WMO>[;:U\[R]T(4%2%_C#?-D\^G&*N^*+R>SM+)
MDD:&V>\CCNYE.#'$<Y.?X1G:">P)HHH`9X9GGEFU:/SWN+"*[VV<SMNW(44L
M`W\0#%@#^':N=O-8N+?XBO;MJ,D5DEQ;K(3-E$WQ/B,IVWMM^;L0!WHHH`Z+
MQI=M8^$[ZX2X:W=`NV19?+.=XXW=L]*MZ#;WUMI[K?3F5GF=X@7WF.,G*J6_
MB('?^=%%`'+S:G?/-.1=RIK$6L+#'9A^&MMX'W.ZF,EMWJ#SQBMSQO=R6/A&
M]N8KEK>1/+VR+)Y9&74?>[<'%%%`!X/O7O-(E$]PTEQ%=3))$[;G@^<[8RW\
M6%QANX(-4=5\0RV?BJS9)U&E0RBRO/G7:LLHRA/.<@A!_P`#-%%`&GXNS'X7
MU&Z6[FM7MK:69'BE\OY@C8R?3.#CU`JWHD872+=Q<2W`E19=\DAD/(!X)[44
M4`<[X>U(7'BO5;>341+Y=U-'%%]L+M@!#CR^P'S<^^*N^);V&VUC08;C4#:0
MSSRK(/M'E!P(F(SR.C!:**`+?A66]FT,->O)(1/*L,LHP\D(<B-C[E<<]^O>
3MJBB@`HHHH`****`"BBB@#__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
