Corporate Briefings: Churchill Downs, Inc.

July 2012

E.M. Lysonge, Esq.VP, Legal Affairs

Overview

Churchill Downs, Inc. (CHDN)

Business Segments, Issues, and Hot Topics: Thoroughbred Horse Racing (KY Derby and Oaks) Pari-Mutuel Wagering (TwinSpires.com) Casino Gaming (Harlow’s, Calder, and Fair Grounds) Technology (United Tote) Publishing and Multimedia (Bluff)

Future Growth Opportunities Casino Gaming Online Gaming (iPoker and Social Games) Large Scale Entertainment Events

COMPANY PROFILE

CHDN: Traded on the NASDAQ Global Select Market Founded: 1875 by the Louisville Jockey Club Headquartered: Louisville, Kentucky Market Cap: Over $1 Billion EBITDA (2011): $158.7 Million (almost double from 2010) Employees (2011): 4,000 company-wide Market Position:

8% of horse races run in 2011 (3,900 of 45,000) 7.4% of total US handle bet through TwinSpires ($10B) 165,000 highest attendance for US horse racing event

Total Attendance (2012): 277,859

December 2011: DOJ issued anopinion reversing itslongstanding interpretation ofthe Wire Act

DOJ opinion states that the WireAct of 1961 only applies tosports betting, and not otherforms of onlinegambling, including Poker andlotteries

Subsequently, Nevada makeshistory by issuing the firstinteractive gaming licenses inUnited States history to BallyTechnology and InternationalGaming Technologies